(m) Provisions And Contingencies

Provisions

Provisions are recognised when there is a present
obligation (legal or constructive) as a result of past
event, where it is probable that there will be outflow
of resources to settle the obligation and when a
reliable estimate of the amount of the obligation
can be made.

The amount recognised as a provision is the best
estimate of the consideration required to settle the
present obligation at the end of the reporting period,
taking into account the risks and uncertainties
surrounding the obligation.

If the effect of the time value of money is material,
provisions are discounted 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.

Contingencies

Contingent liabilities exist when there is a possible
obligation arising from past events, the existence
of which will be confirmed only by the occurrence
or non-occurrence of one or more uncertain future
events not wholly within the control of the Company,
or a present obligation that arises from past events
where it is either not probable that an outflow of
resources will be required or the amount cannot
be reliably estimated. Contingent liabilities are
appropriately disclosed unless the possibility of an
outflow of resources embodying economic benefits
is remote.

(n) Financial Instruments

A financialinstrument is any contract that gives
rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.

Financial Assets

• Initial recognition and measurement

Financialassets are classified, at initial
recognition, as subsequently measured at
amortised cost, fair value through other
comprehensive income (OCI), and fair value
through profit or loss.

The classification of financialassets at initial
recognition depends on the financialasset’s
contractual cash flow characteristics and the
Company’s business model for managing

them. With the exception of trade receivables
that do not contain a significant financing
component or for which the Company has
applied the practical expedient, the Company
initially measures a financial asset at its fair
value plus, in the case of a financial asset not
at fair value through profit or loss, transaction
costs. Trade receivables that do not contain
a significant financing component or for
which the Company has applied the practical
expedient are measured at the transaction
price determined under Ind AS 115. Refer to the
accounting policies in section (c) Revenue.

• Subsequent measurement

All recognised financial assets are subsequently
measured in their entirety at either amortised
cost or fair value, depending on the classification
of the financial assets.

• Financial assets at amortised cost

Financial assets are subsequently measured
at amortised cost if these financial assets are
held within a business model whose objective
is to hold assets for collecting contractual cash
flows and contractual terms of the asset give
rise on specified dates to cash flows that are
Solely Payments of Principal and Interest (SPPI)
on the principal amount outstanding. After
initial measurement, such financial assets are
subsequently measured at amortised cost
using the Effective Interest Rate (EIR) method.
Amortised cost is calculated by taking into
account any discount or premium on acquisition
and fees or costs that are an integral part of the
EIR. The EIR amortisation is included in other
income in the statement of profit and loss. The
losses arising from impairment are recognised
in the statement of profit and loss. This category
generally applies to trade receivables, loans and
other financial assets.

• Financial assets at fair value through other
comprehensive income (FVTOCI)

Financial assets are subsequently measured
at fair value through other comprehensive
income if these financial assets are held within
a business model whose objective is achieved
both by collecting contractual cash flows and
selling the financial assets and the asset’s
contractual cash flow represents SPPI.

Financial instruments included within the
FVTOCI category are measured initially as well

as at each reporting date at fair value. Fair
value movements are recognized in the other
comprehensive income (OCI). However, the
Company recognizes interest income, dividend
income, impairment losses and reversals and
foreign exchange gain or loss in the statement
of profit and loss. On derecognition of the asset,
cumulative gain or loss previously recognised in
OCI is reclassified from the equity to statement
of profit and loss.

• Financial assets at fair value through profit or
loss (FVTPL)

FVTPL is a residual category for financial assets.
Any financial assets, which does not meet the
criteria for categorization as at amortized cost
or as FVTOCI, is classified as at FVTPL. Financial
assets included within

the FVTPL category are measured at fair value
with all changes recognized in the statement of
profit and loss.

• Equity Instruments

All equity investments in scope of Ind AS 109
are measured at fair value. Equity instruments
which are held for trading and contingent
consideration recognised by an acquirer in
a business combination to which Ind AS103
applies are classified as at FVTPL. For all other
equity instruments, other than investment in
Subsidiary, the Company makes an irrevocable
election to present in other comprehensive
income subsequent changes in the fair
value. The Company makes such election
on an instrument-by-instrument basis. The
classification is made on initial recognition and
is irrevocable.

If the Company decides to classify an equity
instrument as at FVTOCI, then all fair value
changes on the instrument, excluding dividends,
are recognized in the OCI. There is no recycling
of the amounts from OCI to statement of profit
and loss, even on sale of investment. However,
the Company may transfer the cumulative gain
or loss within equity.

Equity instruments included within the FVTPL
category are measured at fair value with all
changes recognised in the statement of profit
and loss.

Investments in subsidiaries

Investment in subsidiaries, are carried at cost in the

financial statements.

• Derecognition

The Company derecognises a financialasset
when the rights to receive cash flows from the
asset have expired or it transfers the right to
receive the contractual cash flow on the financial
assets in a transaction in which substantially
all the risk and rewards of ownership of the
financial asset are transferred.

Financial liabilities

• Initial recognition and measurement

Financialassets are classified, at initial
recognition, as subsequently measured at
amortised cost, fair value through other
comprehensive income (OCI), and fair value
through profit or loss.

The classification of financial assets at initial
recognition depends on the financial asset’s
contractual cash flow characteristics and the
Company’s business model for managing
them. With the exception of trade receivables
that do not contain a significant financing
component or for which the Company has
applied the practical expedient, the Company
initially measures a financial asset at its fair
value plus, in the case of a financial asset not
at fair value through profit or loss, transaction
costs. Trade receivables that do not contain
a significant financing component or for
which the Company has applied the practical
expedient are measured at the transaction
price determined under Ind AS 115. Refer to the
accounting policies in section (c) Revenue.

• Subsequent measurement

The measurement of financial liabilities depends
on their classification, as described below:

• Financial liabilities at fair value through profit
or loss

Financial liabilities at fair value through profit or
loss include financial liabilities held for trading
and financial liabilities designated upon initial
recognition as at fair value through profit or
loss. Financial liabilities are classified as held
for trading if they are incurred for the purpose
of repurchasing in the near term. This category
also includes derivative financialinstruments
entered into by the Company that are not
designated as hedging instruments in hedge
relationships as defined by Ind AS 109. Gains
or losses on liabilities held for trading are
recognised in the profit or loss.

• Financial liabilities at amortised cost

After initial recognition, interest-bearing loans
and borrowings are subsequently measured at
amortised cost using the EIR method. Gains and
losses are recognised in the statement of profit
and loss when the liabilities are derecognised as
well as through the EIR amortisation process.

Amortised cost is calculated by taking into
account any discount or premium on acquisition
and fees or costs that are an integral part of the
EIR. The EIR amortisation is included as finance
costs in the statement of profit and loss.

• Derecognition

A financial liability is derecognised when the
obligation under the liability is discharged or
cancelled or expires. When an existing financial
liability is replaced by another from the same
lender on substantially different terms, or the
terms of an existing liability are substantially
modified, such an exchange or modification
is treated as the derecognition of the original
liability and the recognition of a new liability. The
difference in the respective carrying amounts is
recognised in the statement of profit and loss.

• Offsetting of financial instruments

Financial assets and financial liabilities are offset
and the net amount is reported in the Balance
Sheet if there is a currently enforceable legal
right to offset the recognised amounts and
there is an intention to settle on a net basis,
to realise the assets and settle the liabilities
simultaneously.

(o) Impairment

(a) Financial assets

The Company assessed the expected credit
losses associated with its assets carried at
amortised cost and fair value through other
comprehensive income based on the Company’s
past history of recovery, credit worthiness of the
counter party and existing and future market
conditions.

For allfinancialassets other than trade
receivables, expected credit losses are
measured at an amount equal to the 12-month
expected credit loss (ECL) unless there has been
a significant increase in credit risk from initial
recognition in which case those are measured
at lifetime ECL. For trade receivables, the
Company has applied the simplified approach
for recognition of impairment allowance as

provided in Ind AS 109 which requires the
expected lifetime losses from initial recognition
of the receivables.

(b) Non-financial assets

The Company assesses at each reporting date,
whether there is an indication that an asset
may be impaired. If any indication exists, or
when annual impairment testing for an asset
is required, the Company estimates the asset’s
recoverable amount. An asset’s recoverable
amount is the higher of an asset’s or cash¬
generating unit’s (CGU) fair value less costs
of disposal and its value in use. Recoverable
amount is determined for an individual asset,
unless the asset does not generate cash inflows
that are largely independent of those from
other assets or groups of assets. When the
carrying amount of an asset or CGU exceeds
its recoverable amount, the asset is considered
impaired and is written down to its recoverable
amount.

In assessing value in use, the estimated future
cash flows are discounted to their present value
using a pre-tax discount rate that reflects current
market assessments of the time value of money
and the risks specific to the asset. In determining
fair value less costs of disposal, recent market
transactions are taken into account. If no such
transactions can be identified, an appropriate
valuation model is used.

Impairment losses including impairment on
inventories are recognised in the statement of
profit and loss.

For assets, an assessment is made at each
reporting date to determine whether there
is an indication that previously recognised
impairment losses no longer exist or have
decreased. If such indication exists, the Company
estimates the asset’s or CGU’s recoverable
amount. A previously recognised impairment
loss is reversed only if there has been a change
in the assumptions used to determine the
asset’s recoverable amount since the last
impairment loss was recognised. The reversal is
limited so that the carrying amount of the asset
does not exceed its recoverable amount, nor
exceed the carrying amount that would have
been determined, net of depreciation, had no
impairment loss been recognised for the asset
in prior years. Such reversal is recognised in the
statement of profit and loss.

For contract assets, the Company has applied
the simplified approach for recognition of
impairment allowance as provided in Ind AS
109 which requires the expected lifetime losses
from initial recognition of the contract assets.

(p) Cash and Cash Equivalents

Cash and cash equivalent in the balance sheet
comprise cash at banks and on hand and short-term
deposits with an original maturity of three months
or less, which are subject to an insignificant risk of
changes in value.

For the purpose of the statement of cash flows, cash
and cash equivalents consist of cash and short-term
deposits, as defined above, net of outstanding bank
overdrafts if any, as they are considered an integral
part of the Company’s cash management.

(q) Earnings Per Share (EPS)

Basic EPS is calculated by dividing the profit or loss
attributable to equity shareholders of the Company
by the weighted average number of equity
shares outstanding during the period. Diluted
EPS is determined by adjusting the profit or loss
attributable to equity shareholders and the weighted
average number of equity shares outstanding for
the effects of all dilutive potential equity shares.

(r) Segment Reporting

Segments are identified based on the manner in
which the chief operating decision-maker (CODM)
decides about the resource allocation and reviews
performance.

Segment revenue, segment expenses, segment
assets and segment liabilities have been identified
to segments on the basis of their relationship to the
operating activities of the segment.

(s) Borrowing Costs

Borrowing costs directly attributable to the
acquisition, construction or production of an asset
that necessarily takes a substantial period of time to
get ready for its intended use or sale are capitalised
as part of the cost of the asset. All other borrowing
costs are expensed in the period in which they
occur. Borrowing costs consist of interest and other
costs that an entity incurs in connection with the
borrowing of funds. Borrowing cost also includes
exchange differences to the extent regarded as an
adjustment to the borrowing costs.

Interest income earned on the temporary
investment of specific borrowings pending their
expenditure on qualifying assets is deducted from
the borrowing costs eligible for capitalization.

(t) Government Grants

Government grants are recognised where there is
reasonable assurance that the grant will be received,
and all attached conditions will be complied with.
When the grant relates to an expense item, it is
recognised as income on a systematic basis over
the periods that the related costs, for which it is
intended to compensate, are expensed. When the
grant relates to an asset, it is recognised as income
in equal amounts over the expected useful life of the
related asset.

When the Company receives grants of non¬
monetary assets, the asset and the grant are
recorded at fair value amounts and released to profit
or loss over the expected useful life in a pattern of
consumption of the benefit of the underlying asset
i.e. by equal annual instalments.

(u) Operating Cycle

The operating cycle is the time between the
acquisition of assets for processing and their
realisation in cash and cash equivalents. The
Company has identified twelve months as its
operating cycle.

!A. Application of new and revised standards

(a) Amendments to Ind AS 116 Leases - Lease
Liability in a Sale and Leaseback

The MCA notified the Companies (Indian Accounting
Standards) Second Amendment Rules, 2024, which
amend Ind AS 116, Leases, with respect to Lease
Liability in a Sale and Leaseback.

The amendment is effective for annual reporting
periods beginning on or after April 01,2024 and must
be applied retrospectively to sale and leaseback
transactions entered into after the date of initial
application of Ind AS 116.

Their adoption has not had any significant impact on
the amounts reported in the financial statements.

(b) Amendments to Ind AS 117 - Insurance
Contracts

The MCA notified the Ind AS 117, Insurance Contracts,
vide notification dated August 12, 2024, under
the Companies (Indian Accounting Standards)
Amendment Rules, 2024, which is effective from
annual reporting periods beginning on or after April
01, 2024.

Ind AS 117 Insurance Contracts is a comprehensive
new accounting standard for insurance contracts
covering recognition and measurement,
presentation and disclosure. Ind AS 117 replaces
Ind AS 104 Insurance Contracts. Ind AS 117 applies

to all types of insurance contracts, regardless of
the type of entities that issue them as well as to
certain guarantees and financial instruments with
discretionary participation features; a few scope
exceptions will apply. Ind AS 117 is based on a general
model, supplemented by:

• A specific adaptation for contracts with direct
participation features (the variable fee approach)

• A simplified approach (the premium allocation
approach) mainly for short-duration contracts

The application of Ind AS 117 does not have material
impact on the Company’s financial statements as
the Company has not entered any contracts in the
nature of insurance contracts covered under Ind AS
117.

(c) Standards issued but not yet effective

The new and amended standards and interpretations
that are issued, but not yet effective, up to the date of
issuance of the Company’s financial statements are
disclosed below. The Company will adopt this new
and amended standard, when it become effective:

Lack of exchangeability - Amendments to Ind AS
21

The Ministry of Corporate Affairs notified
amendments to Ind AS 21, The Effects of Changes
in Foreign Exchange Rates, to specify how an entity
should assess whether a currency is exchangeable
and how itshould determine a spot exchange rate
when exchangeability is lacking. The amendments
also require disclosure of information that enables
users of its financial statements to understand how
the currency not being exchangeable into the other
currency affects, or is expected to affect, the entity’s
financial performance, financial position and cash
flows.

The amendments are effective for annual reporting
periods beginning on or after April 01, 2025. When
applying the amendments, an entity cannot restate
comparative information.

The amendments are not expected to have a
material impact on the Company. The Company has
not early adopted any amendments which has been
notified but is not yet effective.

2B. Significant Accounting Judgements,
Estimates And Assumptions

In the application of the Company’s accounting policies,
which are described in Note 2, Management is required
to make judgements, estimates and assumptions about
the carrying amounts of assets and liabilities that are
not readily apparent from other sources. The estimates

and associated assumptions are based on historical
experience and other factors that are considered to be
relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed
on an ongoing basis. Revisions to accounting estimates
are recognized in the period in which the estimates are
revised if the revision affects only that period or in the
period of the revision and future periods if the revision
affects both current and future periods.

Key sources of estimation uncertainty
(a) Judgements

In the process of applying the Company’s accounting
policies, management has made the following
judgements, which have the most significant effect
on the amounts recognised in the standalone
financial statements.

Determining the lease term of contracts with
renewal and termination options - Company as
lessee

The Company determines the lease term as the
non-cancellable term of the lease, together with any
periods covered by an option to extend the lease if it
is reasonably certain to be exercised, or any periods
covered by an option to terminate the lease, if it is
reasonably certain not to be exercised.

The Company has lease contract that include
extension and termination options. The Company
applies judgement in evaluating whether it is
reasonably certain whether or not to exercise
the option to renew or terminate the lease. That
is, it considers all relevant factors that create an
economic incentive for it to exercise either the
renewal or termination. After the commencement
date, the Company reassesses the lease term if there
is a significant event or change in circumstances
that is within its control and affects its ability to
exercise or not to exercise the option to renew or to
terminate (e.g., construction of significant leasehold
improvements or costs relating to the termination of
the lease and the importance of the underlying asset
to Company’s operations taking into account the
location of the underlying asset and the availability
of suitable alternatives.) The lease term in future
periods is reassessed to ensure that the lease term
reflects the current economic circumstances.

Critical Judgements in Determining the Discount
Rate: The Company cannot readily determine the
interest rate implicit in the lease, therefore, it uses
its incremental borrowing rate (IBR) to measure
lease liabilities. The discount rate is generally based
on the incremental borrowing rate specific to the

lease being evaluated or for a portfolio of leases with
similar characteristics.

(b) Estimates and Assumptions:

The key assumptions concerning the future and
other key sources of estimation uncertainty at the
reporting date, that have a significant risk of causing
a material adjustment to the carrying amounts
of assets and liabilities within the next financial
year, are described below. The Company based its
assumptions and estimates on parameters available
when the consolidated financial statements were
prepared. Existing circumstances and assumptions
about future developments, however, may change
due to market changes or circumstances arising
that are beyond the control of the Company. Such
changes are reflected in the assumptions when they
occur.

The following are the key assumptions concerning
the future, and other key sources of estimation
uncertainty at the reporting date, that have a
significant risk of causing a material adjustment to
the carrying amount of assets and liabilities within
the next financial year:

The following are the key assumptions concerning
the future, and other key sources of estimation
uncertainty at the reporting date, that have a
significant risk of causing a material adjustment to
the carrying amount of assets and liabilities within
the next financial year:

Impairment of Property, Plant and Equipment

Property, plant and equipment and intangible assets
that are subject to depreciation/ amortisation are tested
for impairment periodically including when events
occur or changes in circumstances indicate that the
recoverable amount of the cash generating unit is less
than its carrying value. The recoverable amount of cash
generating units is higher of value-in-use and fair value
less cost to sell. The calculation involves use of significant
estimates and assumptions which includes turnover and
earnings multiples, growth rates and net margins used
to calculate projected future cash flows, risk-adjusted
discount rate, future economic and market conditions.

Income taxes

Deferred tax assets are recognised to the extent that
it is regarded as probable that deductible temporary
differences and the carry forward of unused tax credits
and unused tax losses can be realized. The Company
estimates deferred tax assets and liabilities based on
current tax laws and rates and in certain cases, business
plans, including management’s expectations regarding
the manner and timing of recovery of the related assets.
Changes in these estimates may affect the amount of

deferred tax liabilities or the valuation of deferred tax
assets and thereby the tax charge in the Statement of
Profit and Loss.

Litigations

From time to time, the Company is subject to legal
proceedings the ultimate outcome of each being always
subject to many uncertainties inherent in litigation.
A provision for litigation is made when it is considered
probable that a payment will be made, and the amount
of the loss can be reasonably estimated. Significant
judgement is made when evaluating, among other
factors, the probability of unfavourable outcome and the
ability to make a reasonable estimate of the amount of
potential loss. Litigation provisions are reviewed at each
Balance Sheet date and revisions made for the changes
in facts and circumstances.

Defined benefit plans

The cost of the defined benefit plans and the present
value of the defined benefit obligation are based on

actuarial valuation using the projected unit credit
method. An actuarial valuation involves making various
assumptions that may differ from actual developments
in the future. These include the determination of the
discount rate, future salary increases and mortality rates.
All assumptions are reviewed at each Balance Sheet date
and disclosed in the Financial Statements.

Useful lives of property, plant and equipment and
intangible assets

The Company has estimated useful life of each class
of assets based on the nature of assets, the estimated
usage of the asset, the operating condition of the asset,
past history of replacement, anticipated technological
changes, etc. The Company reviews the useful life of
property, plant and equipment and intangible assets as
at the end of each reporting period. This reassessment
may result in change in depreciation and amortisation
expense in future periods.

Nature and Purpose of reserves:

Retained Earnings

Retained Earnings are the profit that the Company has earned till date less any transfer to reserve, dividends or other
distributions paid to share holders. Retained earnings includes remeasurement (gain) / loss on defined benefit plan net of
taxes that will not be reclassified to the Statement of Profit and Loss.

Securities Premium

The amount received in excess of face value of the equity shares is recognised in securities premium. This reserve is utilised
in accordance with the specific provisions of the Companies Act, 2013.

Risk Analysis:

The Company is exposed to the following Risks in the defined benefits plans :

Interest risk: The present value of the defined benefit obligation is calculated using a discount rate which is det
ermined by reference to market yields at the end of the reporting period on government bonds. A decrease in
bond Interest rate will increase the plan liability.

Longevity risk: The present value of the defined benefit plan liability is calculated by reference to the best estimate
of the mortality of plan participants both during and after their employment. An increase in the life expectancy
of the plan participants will increase the plan’s liability.

Salary growth risk: The present value of the defined benefit plan liability is calculated by reference to the future
salaries of plan participants. An increase in the salary of the plan participants will increase the plan’s liability.

(II) Defined Contribution Plan:

Amount recognized as an expense and included in note 32 - Contribution to Provident and other Funds: March 31,
2025: '' 626.78 Lakhs (March 31, 2024: '' 568.56 Lakhs).

38 - Financial Risk Management & Capital Management:

38.1 - Financial Risk Management

The Company’s financial liabilities include borrowings, lease liabilities, trade and other payables. The Company’s financial
assets include investments, loans, trade and other receivables, cash and cash equivalents and other bank balances. The
Company also holds FVOCI investments. The Company is exposed to market risk, credit risk and liquidity risk. The Board of
Directors of the Company oversee the management of these financial risks.

A. Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises two types of risk: currency risk and interest rate risk. Financial Instrument affected
by market risks include borrowings, lease liabilities, trade payable and other payables, loans, trade receivables and other
receivables.

i) Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes
in foreign exchange rates. The Company’s exposure to the risk of changes in foreign exchange rates relates to the
Company’s operating and financial activities.

(a) As at the end of the reporting period, the carrying amounts of the foreign currency denominated monetary
assets and liabilities are as follows:

The sensitivity analysis below has been determined based on the exposure to interest rate for borrowing that
have floating rate at the end of the reporting period and the stipulated change taking place at the beginning of
the financial year and held constant throughout the reporting period.

- If the interest rate had been 50 basis points higher or lower and all the other variables are held constant, the
Company’s profit for the year ended March 31, 2025 would decrease/increase by '' 436.14 Lakhs (March 31,
2024: '' 125.01 Lakhs).

B. Liquidity risk

Liquidity risk refers to the risk that the Company cannot meets its financial obligations. The objective of liquidity risk
management is to maintain sufficient liquidity and ensure that the funds are available for use as per the requirements.
The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing
facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial
assets and liabilities. The Company consistently generates sufficient cash flows from operations to meet its financial
obligations as and when they fall due.

Financing arrangements:

The table below summarises the maturity profile of the Company’s financial liabilities based on contractual
undiscounted payment as of March 31, 2025:

C. Credit Risk

Credit risk is the risk that customer or the counter party will not meet its obligation under a financial instrument
leading to a financial loss. The Company is exposed to credit risk from investments, trade receivables, cash and cash
equivalents, other bank balance, loans and other financial assets. The Company’s credit risk is minimized as the
Company’s financial assets are carefully allocated to counter parties reflecting the credit worthiness. Credit risk on
trade receivables are subject to the Company’s established policy, procedures and control relating to customer credit
risk management. Credit quality of a customer is assessed and individual credit limits are defined in accordance with
this assessment. Further, Company’s trade receivables are spread over a number of customers with no significant
concentration of credit risk. No single customer, accounted for 10% or more of the trade receivable during the current
and previous year.

Credit Risk on Cash and Cash Equivalent, other bank balances and mutual fund investment are limited as the counter
parties are Banks and fund houses with higher credit ratings assigned by the credit rating agencies.

Investment and Loan primarily comprises of Investment made and loan given to Subsidiary Companies.

Other financial assets primarily comprises of amount recoverable towards fixed deposits with banks with higher
credit ratings assigned by the credit rating agencies.

The carrying value of the financial assets represents the maximum credit exposure. The Company’s maximum
exposure to credit risk is disclosed in note 39 - Financial Instruments.

38.2 - Capital Management

For the purpose of managing capital, Capital includes issued equity share capital and reserves attributable to the equity
holders.

The objective of the Company’s capital management are to:

- Safeguard their ability to continue as going concern so that they can continue to provide benefits to their shareholders.

- Maximize the value of the shareholder.

- Maintain optimum capital structure to reduce the cost of the capital.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and
requirement of financial covenants. In order to maintain or adjust the capital structure, the Company may adjust the
dividend payment to shareholders, return capital to shareholders or issue new shares / infuse funds as required for the
operations of the Company. The Company monitors capital using a gearing ratio, which is net debt divided by total equity.
The capital structure of the Company consists of net debt off-set by cash and bank balances and total equity.

*Trade receivable are non interest bearing and generally on terms of 15 to 30 days.

“Considering the nature of business of the Company, the above contract liabilities are generally materialized as
revenue within the same operating cycle.

iv) Contract Liabilities:

The contract liabilities primarily relate to the advance consideration received from customers for which revenue is
recognized when the performance obligation is over / services delivered.

Advance Collections is recognized when payment is received before the related performance obligation is satisfied.
This includes advances received from the customer towards rooms/restaurant/ other services. Revenue is recognized
once the performance obligation is met i.e., on room stay / sale of food and beverage / provision of other hospitality
services. It also includes membership fee received in advance from customers / members as part of membership
program offered from time to time.

* Managerial remunerations excludes provision for gratuity and compensated absences, since these are provided on the
basis of an actuarial valuation of the Company’s liabilities for all its employee.

** Transaction cost in relation to Acquisition of Chartered Hotels Private Limited referred in Note 49 is borne by Juniper
Hotels Limited.

Terms and conditions of transactions with related parties:

1. Rental Income (Sr No. 1)

The Company rents out room to related parties on the same terms as applicable to third parties in an arm’s length
transaction and in the ordinary course of business. The company mutually negotiates and agrees room rate with the
related parties by benchmarking the same to transactions with non-related parties with whom the Company enters
with contracts.

2. Loans Given, repayment received towards the loan given and Interest Income (Sr No. 2, 3, 8 & 15)

The loan given to the subsidiaries is for the purpose of meeting the working capital requirements. Subsidiaries operate
within the same group structure and contribute to the overall functioning and strategy of the parent entity. The Loan
given is on arm’s length price.

3. Borrowing, Loan repayment (including interest) and finance cost (Sr No. 4, 9 & 17)

The loan repayment is in respect of External Commercial borrowings (ECB) taken from related parties in prior years in
order to meet its general corporate purpose and for financing the capital expenditure of its business. Loan repayment
is inclusive of interest repayment. The Company agrees the interest rate and other terms with the related parties on
the basis of transfer pricing study undertaken by tax professional to compare the interest rate charged by related
parties to the Company vis-a-vis interest rate charged by third parties for similar ECB facility.

4. Purchase of shares of Jenipro Hotels Pvt Ltd (Sr No. 5 & 19)

On March 18, 2025, the Group had completed the acquisition of 100% equity in Jenipro Hotels Private Limited
(‘Jenipro’) for a cash consideration of '' 274.74 Lakhs. Jenipro has leased a 40,134 Sq Mtr. plot of land from Assam
Tourism Development Corporation Limited in Kaziranga, Assam for 99 years to develop a tourism infrastructure.

The consideration was paid in cash. The fair value of shares is calculated using the Net Asset value (NAV) method.

5. Purchase of shares of CHPL and issue of shares (Sr No. 6, 7 & 19)

The Company has acquired 100% equity in Chartered Hotels Private Limited (‘CHPL’) along with its subsidiary Chartered
Hampi Hotels Private Limited (‘CHPL and its Subsidiary together referred as Chartered Group’) for a consideration of ''
53,143.28 Lakhs which has with effect from that date become a subsidiary of the Company. The Chartered Group has
three operating hotels namely 1) Hyatt Raipur 2) Hyatt Regency Lucknow and 3) Hyatt Place Hampi.

The consideration was paid by way of issue of 28,802,384 shares of the Company. The fair value of shares is calculated
using the Discounted Cash Flow (DCF) Method.

6. Remuneration paid/payable including commission and Director sitting fees (Sr No. 10 & 14)

The amounts paid/payables are the amounts recognised as an expense during the financial year related to Key
Management Personnel and Directors. The amounts do not include expense, if any, recognised toward post -
employment benefits of Key Management Personnel. Such expenses are measured based on an actuarial valuation
done for Company. Hence, amounts attributable to KMPs are not separately determinable.

7. Management other fees and charges (Sr No. 11)

Management fees is being paid in relation to license fees towards use of trademark, service marks, words and logos
and marketing services availed from related parties in an arm’s length transaction and in ordinary course of business.
The fees is paid at an agreed rate of revenue from operations earned. The Company agrees the price and payment
terms with the related parties on the basis of transfer pricing study undertaken by tax professional to compare the
rate charged to the company is aligned with the rate charged by third parties companies operating in hospitality
industry and providing similar services.

8. Other expenses (Services availed) (Sr No. 12)

The company receives services in the nature of membership point scheme, room reservation, information technology
services, laundry services etc. from related parties in an arm’s length transaction and in ordinary course of business.
The Company agrees the price and payment terms with the related parties on the basis of transfer pricing study
undertaken by tax professional by comparing margin earned by the Company from its Hospitality activity with
margins earned by other comparable companies.

9. Reimbursement of Expenses (Sr No. 13)

These transactions represent expense incurred by the Company on behalf of related parties or expenses incurred by
related parties on behalf of the Company. This reimbursement / recovery of expenses is made on actual cost incurred
basis without mark-up.

10. Loans and advances / Supplier advances (Sr No. 15 & 16)

Advances outstanding are unsecured, interest free and will be settled against the provision of services by the related
parties. These advances have been paid as per the terms of contracts.

11. Guarantee Received and Guarantee and advisory fee payable (Sr No. 18 & 20)

The company has received financial guarantees from its related parties. The guarantee received will ensure that in
case the company fails to pay the amount in accordance with original terms of agreement, the related party will make
the payments. The company has to pay guarantee fees for the guarantee received. The amount of guarantee fees is
determined using transfer pricing study conducted by tax professionals.

12. Trade payables (Sr No. 21)

Trade payables and other payables balances are towards transactions undertaken with related parties at arm’s length
price. The balances are unsecured and interest free. No guarantee or other security has been given against these
payables.

13. Trade receivables (Sr No. 22)

Trade receivables and other receivables balances are towards transactions undertaken with related parties at arm’s
length price. The balances are unsecured and interest free. No guarantee or other security has been received against
these receivables. For the year ended March 31, 2025, the Company has not recorded any impairment of receivables
relating to amounts owed by related parties (March 31, 2024: Nil). This assessment is undertaken each financial year
through examining the financial position of the related party and the market in which the related party operates.

14. Security Deposit Given (Sr No. 23)

Security deposit given to related party is in relation to services availed from it and are non-interest bearing and on the
same terms as applicable to third parties in an arm’s length transaction and in the ordinary course of business.

constitutional validity of the Amendment Act. Following order of the court, the Company has paid the property taxes
at the pre-amended rates under old regime and also the 50% of the differential tax between old and new regime. As
matter is yet to be finalized, balance 50% of differential tax is disclosed as contingent liability.

The Municipal Corporation of Greater Mumbai (“Respondent”) filed a civil appeal against the Order before the
Supreme Court of India, New Delhi (“Supreme Court”), which was dismissed by way of an order dated November 7,
2022. Thereafter, the Petitioners filed a review petition in the Supreme Court, which was rejected by way of its order
dated March 14, 2023. The Company is awaiting directions from the Mumbai Municipal Corporation pursuant to the
aforementioned orders.

(iii) The sales tax authorities have raised demand for levy of value added tax on service tax collected from customers on
banquet sale and towards disallowance of Input tax credit. The Company has filed an appeal with higher Sales Tax
authorities.

(iv) The Sales Tax Authorities have raised demand for levy of Luxury tax on account of mismatch in turnover compared to
financial statements. The Company is in the process of filing an appeal before the higher authorities.

(v) Regional provident fund commissioner has raised demand from the period November 2008 to July 2019-20
for contribution towards provident fund and allied dues in respect of certain allowances and payments made to
International workers employed by the company. The Company believes that aforesaid demand is not tenable under
the law and has filed its submission before the regional provident fund commissioner and matter is pending for
disposal.

(vi) The Goods and Services tax authorities have passed assessment orders raising demand for various financial years. The
Company has filed its submission and appeal with higher authorities and matter is pending for disposal.

(vii) The Office of Commissioner of Central GST (erstwhile Services tax audit formations) has passed assessment orders
raising demand for various financial years. The Company has filed its submission and appeal with higher authorities
and matter is pending for disposal.

(viii) The Department of Excise, Entertainment and Luxury Tax (licensing authority) has passed order raising demand
amounting to '' 25.35 Lakhs for violation of the provisions and terms and conditions of the Delhi Excise Act 2009 &
Delhi Excise Rules 2010. The Company has paid the demand under protest and filed its submission and appeal with
higher authorities and matter is pending for disposal.

The Non-current assets (other than Financial instruments, deferred tax, post-employment benefits and rights arising
under insurance contracts) are located in India. The Company’s major revenue is from income from room rent and sale of
food and soft beverages. No single customer contributes more than 10% or more of the Company’s total revenue for the
reporting periods.

46 - Disclosure in respect of Leases

As a Lessor -

The Company leases spaces for retails and offices located within the properties under non-cancellable operating lease
for a term of 12 months to 60 months. The lease arrangements with the customers have varied terms, escalation clauses
and renewal rights. On renewal, the terms of the leases are re-negotiated. During the year an amount of '' 3,720.24 lakhs
(March 31, 2024: '' 3,220.62 lakhs) lease income has been recognised in the Statement of Profit and Loss. The following are
the disclosures of lease rent income in respect of non-cancellable operating leases during the year:

47 - Other Statutory Information

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

(ii) The Company does not have any transactions with companies struck off.

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

(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the current financial year.

(v) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall:

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

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

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

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

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

(vii) The Company has no such 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).

(viii) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with
the Companies (Restriction on number of Layers) Rules, 2017. The Company has not been declared wilful defaulter by
any bank or financial institution or other lender.

(ix) The Company has not been declared wilful defaulter by any bank or financial institution or other lender.

(x) The Company is maintaining its books of account in electronic mode and these books of account are accessible in
India at all times and the back-up of books of account has been kept in servers physically located in India on a daily
basis except that in respect of six applications operated by third party service provides for which, in the absence

of Service Organisation Controls report, management is unable to comment on whether the backup of books of
account and other books and papers of those applications maintained in electronic mode has been maintained on
a daily basis on servers physically located in India and in respect of another one application operated by third party
service provider, the Company does not have server physically located in India for daily backup of the books of account
and other books and papers maintained in electronic mode.

(xi) The Company has used nine accounting softwares for maintaining its books of account which has a feature of
recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions
recorded in the software, except that a) audit trail feature was enabled for part of the year from May 28, 2024 in respect
of one accounting software used for maintenance of books of accounts and; b) for another accounting software, audit
trail has not been enabled for direct changes to data when using certain access rights. Further no instance of audit
trail feature being tampered with was noted in respect of the accounting software operated by the Company for
which audit trail feature was enabled. Additionally, the Company has preserved audit trail in full compliance with the
requirements of section 128(5) of the Companies Act, 2013, in respect of the financial year ended March 31, 2025 to the
extent it was enabled and recorded during the year ended March 31, 2025.

Further, in case of seven accounting softwares operated by third-party software service providers management
has not received the Service Organisation Controls (‘SOC’) report commenting on audit trail feature, accordingly
management is unable to determine whether audit trail feature of these software was enabled.

48 The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post employment
benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. Certain
sections of the Code came into effect on 3 May 2023. However, the final rules/interpretation have not yet been issued. The
Company will assess the impact of the code when it comes into effect and will record any related impact in the period the
code becomes effective.

49 - Acquisition of Chartered Hotels Private Limited

On September 20, 2023, the Company has acquired 100% equity in Chartered Hotels Private Limited (‘CHPL’) along with
its subsidiary Chartered Hampi Hotels Private Limited (“CHPL and its Subsidiary together referred as Chartered Group”)
for a consi

(m) Provisions And Contingencies Provisions

Provisions are recognised when there is a present obligation (legal or constructive) as a result of past event, where it is probable that there will be outflow of resources to settle the obligation and when a reliable estimate of the amount of the obligation can be made.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

If the effect of the time value of money is material, provisions are discounted 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.

Contingencies

Contingent liabilities exist when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or nonoccurrence of one or more uncertain future events not wholly within the control of the Company, or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required or the amount cannot be reliably estimated. Contingent liabilities are appropriately disclosed unless the possibility

of an outflow of resources embodying economic benefits is remote.

(n) Financial Instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

Financial Assets

a Initial recognition and measurement

All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset.

a Subsequent measurement

All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.

a Financial assets at amortised cost

Financial assets are subsequently measured at amortised cost if these financial assets are held within a business model whose objective is to hold assets for collecting contractual cash flows and contractual terms of the asset give rise on specified dates to cash flows that are Solely Payments of Principal and Interest (SPPI) on the principal amount outstanding. After initial measurement, such financial assets are subsequently measured at amortised cost using the Effective Interest Rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in other income in the statement of profit and loss. The losses arising from impairment are recognised in the statement of profit and loss. This category generally applies to trade receivables, loans and other financial assets.

a Financial assets at fair value through other comprehensive income (FVTOCI)

Financial assets are subsequently measured at fair value through other comprehensive income if these financial assets are held within a business model whose objective is achieved both by collecting contractual cash flows and selling the financial assets and the asset''s contractual cash flow represents SPPI.

Financial instruments included within the FVTOCI category are measured initially as well as at each reporting date at fair value. Fair value movements are recognized in the other comprehensive income (OCI). However, the Company recognizes interest income, dividend income, impairment losses and reversals and foreign exchange gain or loss in the statement of profit and loss. On derecognition of the asset, cumulative gain or loss previously recognised

in OCI is reclassified from the equity to statement of profit and loss.

a Financial assets at fair value through profit or loss (FVTPL)

FVTPL is a residual category for financial assets. Any financial assets, which does not meet the criteria for categorization as at amortized cost or as FVTOCI, is classified as at FVTPL. Financial assets included within

the FVTPL category are measured at fair value with all changes recognized in the statement of profit and loss.

a Equity Instruments

All equity investments in scope of Ind AS 109 are measured at fair value. Equity instruments which are held for trading and contingent consideration recognised by an acquirer in a business combination to which Ind AS103 applies are classified as at FVTPL. For all other equity instruments, other than investment in Subsidiary, the Company makes an irrevocable election to present in other comprehensive income subsequent changes in the fair value. The Company makes such election on an instrument-by-instrument basis. The classification is made on initial recognition and is irrevocable.

If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividends, are recognized in the OCI. There is no recycling of the amounts from OCI to statement of profit and loss, even on sale of investment. However, the Company may transfer the cumulative gain or loss within equity.

Equity instruments included within the FVTPL category are measured at fair value with all changes recognised in the statement of profit and loss.

Investments in subsidiaries

Investment in subsidiaries, are carried at cost in the financial statements.

a Derecognition

The Company derecognises a financial asset when the rights to receive cash flows from the asset have expired or it transfers the right to receive the contractual cash flow on the financial assets in a transaction in which substantially all the risk and rewards of ownership of the financial asset are transferred.

Financial liabilities

a Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, as appropriate.

All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.

a Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:

a Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Company that are not designated as hedging instruments in hedge relationships as defined by Ind AS 109. Gains or losses on liabilities held for trading are recognised in the profit or loss.

a Financial liabilities at amortised cost

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in the statement of profit and loss when the liabilities are derecognised as well as through the EIR amortisation process.

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit and loss.

a Derecognition

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit and loss.

a Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the Balance Sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.

o) Impairment

(a) Financial assets

The Company assessed the expected credit losses associated with its assets carried at amortised cost and fair value through other comprehensive income based on the Company''s past history of recovery, credit worthiness of the counter party and existing and future market conditions.

For all financial assets other than trade receivables, expected credit losses are measured at an amount equal to the 12-month expected credit loss (ECL) unless there has been a significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL. For trade receivables, the Company has applied the simplified approach for recognition of impairment allowance as provided in Ind AS 109 which requires the expected lifetime losses from initial recognition of the receivables.

(b) Non-financial assets

The Company assesses at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset''s recoverable amount. An asset''s recoverable amount is the higher of an asset''s or cash-generating unit''s (CGU) fair value less costs of disposal and its value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used.

Impairment losses including impairment on inventories are recognised in the statement of profit and loss.

For assets, an assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Company estimates the asset''s or CGU''s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset''s recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the statement of profit and loss.

For contract assets, the Company has applied the simplified approach for recognition of impairment allowance as provided in Ind AS 109 which requires the expected lifetime losses from initial recognition of the contract assets.

(p) Cash and Cash Equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value.

For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Company''s cash management.

(q) Earnings Per Share (EPS)

Basic EPS is calculated by dividing the profit or loss attributable to equity shareholders of the Company by the weighted average number of equity shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to equity shareholders and the weighted average number of equity shares outstanding for the effects of all dilutive potential equity shares.

(r) Segment Reporting

Segments are identified based on the manner in which the chief operating decision-maker (CODM) decides about the resource allocation and reviews performance.

Segment revenue, segment expenses, segment assets and segment liabilities have been identified to segments on the basis of their relationship to the operating activities of the segment.

(s) Borrowing Costs

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Borrowing cost also includes exchange differences to the extent regarded as an adjustment to the borrowing costs.

Interest income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization.

(t) Government Grants

Government grants are recognised where there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of the related asset.

When the Company receives grants of non-monetary assets, the asset and the grant are recorded at fair value amounts and released to profit or loss over the expected useful life in a pattern of consumption of the benefit of the underlying asset i.e. by equal annual instalments.

(u) Operating Cycle

The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash equivalents. The group has identified twelve months as its operating cycle.

2A. Recent accounting pronouncements issued but not yet effective

There are no standards that are notified and not yet effective as on the date.

2B. Significant Accounting, Judgements Estimates And Assumptions

In the application of the Company''s accounting policies, which are described in Note 2, Management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

Key sources of estimation uncertainty

The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year:

Impairment of Property, Plant and Equipment

Property, plant and equipment and intangible assets that are subject to depreciation/ amortisation are tested for impairment periodically including when events occur or changes in circumstances indicate that the recoverable amount of the cash generating unit is less than its carrying value. The recoverable amount of cash generating units is higher of value-in-use and fair value less cost to sell. The calculation involves use of significant estimates and assumptions which includes turnover and earnings multiples, growth rates and net margins used to calculate projected future cash flows, risk-adjusted discount rate, future economic and market conditions.

Income taxes:

Deferred tax assets are recognised to the extent that it is regarded as probable that deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be realized. The Company estimates deferred tax assets and liabilities based on current tax laws and rates and in certain cases, business plans, including management''s expectations regarding the manner and timing of recovery of the related assets. Changes in these estimates may affect the amount of deferred tax liabilities or the valuation of deferred tax assets and thereby the tax charge in the Statement of Profit and Loss.

Litigations

From time to time, the Company is subject to legal proceedings the ultimate outcome of each being always subject to many uncertainties inherent in litigation. A provision for litigation is made when it is considered probable that a payment will be made, and the amount of the loss can be reasonably estimated. Significant judgement is made when evaluating, among other factors, the probability of unfavourable outcome and the ability to make a reasonable estimate of the amount of potential loss. Litigation provisions are reviewed at each Balance Sheet date and revisions made for the changes in facts and circumstances.

Defined benefit plans

The cost of the defined benefit plans and the present value of the defined benefit obligation are based on actuarial valuation using the projected unit credit method. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. All assumptions are reviewed at each Balance Sheet date and disclosed in the Financial Statements.

Useful lives of property, plant and equipment and intangible assets

The Company has estimated useful life of each class of assets based on the nature of assets, the estimated usage of the asset, the operating condition of the asset, past history of replacement, anticipated technological changes, etc. The Company reviews the useful life of property, plant and equipment and intangible assets as at the end of each reporting period. This reassessment may result in change in depreciation and amortisation expense in future periods.

Risk Analysis:

The Company is exposed to the following Risks in the defined benefits plans :

Interest risk: The present value of the defined benefit obligation is calculated using a discount rate which is determined by reference to market yields at the end of the reporting period on government bonds. A decrease in bond Interest rate will increase the plan liability.

Longevity risk: The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan''s liability.

Salary growth risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. An increase in the salary of the plan participants will increase the plan''s liability.

(II) Defined Contribution Plan:

Amount recognized as an expense and included in note 32 - Contribution to Provident and other Funds: March 31, 2024: '' 568.56 Lakhs (March 31, 2023: '' 491.43 Lakhs).

38 - Financial Risk Management & Capital Management:

38.1 - Financial Risk Management

The Company''s financial liabilities include borrowings, lease liabilities, trade and other payables. The Company''s financial assets include investments, loans, trade and other receivables, cash and cash equivalents and other bank balances. The Company also holds FVOCI investments. The Company is exposed to market risk, credit risk and liquidity risk. The Board of Directors of the Company oversee the management of these financial risks.

A. Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises two types of risk: currency risk and interest rate risk. Financial Instrument affected by market risks include borrowings, lease liabilities, trade payable and other payables, loans, trade receivables and other receivables.

i) Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company''s exposure to the risk of changes in foreign exchange rates relates to the Company''s operating and financial activities.

(a) As at the end of the reporting period, the carrying amounts of the foreign currency denominated monetary assets and liabilities are as follows:

ii) Interest rate risk

(a) 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 Company''s exposure to the risk of changes in market interest rates relates primarily to the Company''s long-term debt obligation with floating interest rates. The Company manages its interest rate risk by having a portfolio of fixed and variable rate borrowings. The following table provides a breakup of the Company''s fixed and floating rate borrowings.

The sensitivity analysis below has been determined based on the exposure to interest rate for borrowing that have floating rate at the end of the reporting period and the stipulated change taking place at the beginning of the financial year and held constant throughout the reporting period.

- If the interest rate had been 50 basis points higher or lower and all the other variables are held constant, the Company''s loss for the year ended March 31, 2024 would decrease/increase by '' 125.01 Lakhs (March 31, 2023: '' 814.57 Lakhs).

B. Liquidity risk

Liquidity risk refers to the risk that the Company cannot meets its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that the funds are available for use as per the requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. The Company consistently generates sufficient cash flows from operations to meet its financial obligations as and when they fall due.

C. Credit Risk

Credit risk is the risk that customer or the counter party will not meet its obligation under a financial instrument leading to a financial loss. The Company is exposed to credit risk from investments, trade receivables, cash and cash equivalents, other bank balance, loans and other financial assets. The Company''s credit risk is minimized as the Company''s financial assets are carefully allocated to counter parties reflecting the credit worthiness. Credit risk on trade receivables are subject to the Company''s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed and individual credit limits are defined in accordance with this assessment. Further, Company''s trade receivables are spread over a number of customers with no significant concentration of credit risk. No single customer, accounted for 10% or more of the trade receivable during the current and previous year.

Credit Risk on Cash and Cash Equivalent, other bank balances and mutual fund investment are limited as the counter parties are Banks and fund houses with higher credit ratings assigned by the credit rating agencies. Investment and Loan primarily comprises of Investment made and loan given to Subsidiary Companies. Other financial assets primarily comprises of amount recoverable towards fixed deposits with banks with higher credit ratings assigned by the credit rating agencies. The carrying value of the financial assets represents the maximum credit exposure. The Company''s maximum exposure to credit risk is disclosed in note 39 - Financial Instruments.

38.2 - Capital Management

For the purpose of managing capital, Capital includes issued equity share capital and reserves attributable to the equity holders.

The objective of the Company''s capital management are to:

- Safeguard their ability to continue as going concern so that they can continue to provide benefits to their shareholders.

- Maximize the value of the shareholder.

- Maintain optimum capital structure to reduce the cost of the capital.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and requirement of financial covenants. In order to maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares / infuse funds as required for the operations of the Company. The Company monitors capital using a gearing ratio, which is net debt divided by total equity. The capital structure of the Company consists of net debt off-set by cash and bank balances and total equity.

ring rinn Deities of thr£^ nf tho r^nvc^rti rin r\£*rir\H o rc± ac f/~>l l/~>\ a/c^-

iv) Contract Balances

The contract liabilities primarily relate to the advance consideration received from customers for which revenue is recognized when the performance obligation is over / services delivered.

Advance Collections is recognized when payment is received before the related performance obligation is satisfied. This includes advances received from the customer towards rooms/restaurant/ other services. Revenue is recognized once the performance obligation is met i.e. on room stay / sale of food and beverage / provision of other hospitality services. It also includes membership fee received in advance from customers / members as part of membership program offered from time to time.

Note:

(i) The Income tax authorities have passed assessment orders raising demand for various assessment years. The Company has filed an appeal with higher authorities and matter is pending for disposal.

(ii) In respect of property tax, Demand for various years from F.Y. 2010-2011 to F.Y. 2023-2024 has been raised by Mumbai Municipal Corporation due to amendment to the Mumbai Municipal Corporation Act, 1888 regarding the levy of property tax, which has been challenged by Property Owners'' Association via writ petition in Bombay High Court (‘Court'') on the constitutional validity of the amendment. The Court vide Interim order dated 24 February 2014 ordered the property owners to pay municipal taxes at the pre-amended rates under old regime and also the additional tax at the rate of 50% of the differential tax between the tax payable under the old regime and new regime along with an undertaking to pay balance amount of tax and the interest in case the court negatives the challenge to the constitutional validity of the Amendment Act. Following order of the court, the Company has paid the property taxes at the pre-amended rates under old regime and also the 50% of the differential tax between old and new regime. As matter is yet to be finalized, balance 50% of differential tax is disclosed as contingent liability. The Municipal Corporation of Greater Mumbai (“Respondent”) filed a civil appeal against the Order before the Supreme Court of India, New Delhi (“Supreme Court”), which was dismissed by way of an order dated November 7, 2022. Thereafter, the Petitioners filed a review petition in the Supreme Court, which was rejected by way of its order dated March 14, 2023. The Company is awaiting directions from the Mumbai Municipal Corporation pursuant to the aforementioned orders.

(iii) The sales tax authorities have raised demand for levy of value added tax on service tax collected from customers on banquet sale and towards disallowance of Input tax credit. The Company has filed an appeal with higher Sales Tax authorities.

(iv) The Sales Tax Authorities have raised demand for levy of Luxury tax on account of mismatch in turnover compared to financial statements. The Company is in the process of filing an appeal before the higher authorities.

(v) Regional provident fund commissioner has raised demand from the period November 2008 to July 2019-20 for contribution towards provident fund and allied dues in respect of certain allowances and payments made to International workers employed by the company. The Company believes that aforesaid demand is not tenable under the law and has filed its submission before the regional provident fund commissioner and matter is pending for disposal.

(vi) The Goods and Services tax authorities have passed assessment orders raising demand for various financial years. The Company has filed its submission and appeal with higher authorities and matter is pending for disposal.

45 - Segment Reporting:

The Company is engaged in the business of Hospitality (Hotels). The information is reported to and evaluated regularly by chief operating decision-maker (CODM) for the purpose of allocating resources and assessing performance of the Company focuses on the business as a whole. Accordingly, “Hotel Services” has been identified to be the Company''s sole operating segment.

The Non-current assets (other than Financial instruments, deferred tax, post-employment benefits and rights arising under insurance contracts) are located in India. The Company''s major revenue is from income from room rent and sale of food and soft beverages. No single customer contributes more than 10% or more of the Company''s total revenue for the reporting periods.

46 - Disclosure in respect of Leases

As a Lessor -

The Company leases spaces for retails and offices located within the properties under non-cancellable operating lease for a term of 12 months to 48 months. The lease arrangements with the customers have varied terms, escalation clauses and renewal rights. On renewal, the terms of the leases are re-negotiated. During the year an amount of '' 3,220.62 lakhs (March 31, 2023: '' 3,386.07 lakhs) lease income has been recognised in the Statement of Profit and Loss. The following are the disclosures of lease rent income in respect of non-cancellable operating leases during the year:

47 - Other Statutory Information

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

(ii) The Company does not have any transactions with companies struck off.

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

(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the current financial year.

(v) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

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

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

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

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

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

(vii) The Company has no such 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).

(viii) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017. The Company has not been declared wilful defaulter by any bank or financial institution or other lender.

(ix) The Company has not been declared wilful defaulter by any bank or financial institution or other lender.

(x) The Company is maintaining its books of account in electronic mode and these books of account are accessible in India at all times and the back-up of books of account has been kept in servers physically located in India on a daily basis except in respect of two applications operated by third party service provides for which, in the absence of Service Organisation Controls report, management is unable to comment on whether the backup of books of account and other books and papers of those applications maintained in electronic mode has been maintained on a daily basis on servers physically located in India and in respect of another two applications operated by third party service provider, the Company does not have server physically located in India for daily backup of the books of account and other books and papers maintained in electronic mode.

(xi) The Company has used nine accounting softwares for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout theyear for all relevant transactionsrecorded in the softwa re, except that audit trail feature of an accounting software used by the Company for maintenance of books of accounts at Corporate office did not operate throughout the year and audit trail has not been maintained for direct changes to data when using certain access right and for deletion of logs performed by users having such access in case of another accounting software used for maintenance of books of account at operating units level. Further no instance of audit trail feature being tampered with was noted in respect of the accounting software operated by the Company for which audit trail feature was enabled. Further, in case of 7 accounting softwares operated by third-party softwares service providers management has not received the Service Organisation Controls (''SOC’) report commenting on audit trail features. Accordingly, management is unable to determine whether audit trail feature was enabled for these softwares.

48 The Code on Social Security, 2020 (''Code’) relating to employee benefits during employment and post-employment benefits received Presidential assent in Sep 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.

49 - Acquisition of Chartered Hotels Private Limited

On September 20, 2023, the Company has acquired 100% equity in Chartered Hotels Private Limited (''CHPL’) along with its subsidiary Chartered Hampi Hotels Private Limited (“CHPL and its Subsidiary together referred as Chartered Group”) for a consideration of INR 53,143.28 Lakhs which has with effect from that date become a subsidiary of the Company. The consideration was paid by way of issue of 28,802,384 equity shares of the Company at face value of '' 10 each at a premium of '' 174.516 each to the shareholders of CHPL. The Chartered Group has three operating hotels namely 1) Hyatt Raipur 2) Hyatt Regency Lucknow and 3) Hyatt Place Hampi.

50 - Utilisation of IPO Funds

During the year ended March 31, 2024, the Company has completed its Initial Public Offering (IPO) of 50,000,000 equity shares of face value of '' 10 each at an issue price of '' 360 per share (including a share premium of '' 350 per share) aggregating to '' 180,000.00 lakhs. The equity shares of the Company were listed on National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on February 28, 2024.

@ Includes borrowings repaid of '' 17,216.49 Lakhs not forming part of outstanding borrowings listed in prospectus under ‘Objects of the Issue'' section as ‘Details of the Objects'' but were part of the total debt outstanding of the Company and its subsidiaries as at September 30, 2023 as mentioned in the prospectus.

** Amount of '' 23,308.40 Lakhs was originally proposed in offer document as part of general corporate purpose has been increased by '' 120.06 Lakhs on account of saving in offer expenses.

51 - Subsequent Event

There are no significant subsequent events that have occurred after the reporting period till the date of this standalone financial statement.

As per our report of even date attached

For S R B C & CO LLP For and on behalf of the Board of directors of

Chartered Accountants Juniper Hotels Limited

ICAI Firm Registration No.: 324982E/E300003

per Aruna Kumaraswamy David Peters Arun Kumar Saraf

Partner Director Chairman and Managing Director

Membership No.: 219350 DIN: 08262295 DIN: 00339772

Tarun Jaitly Sandeep L. Joshi

Chief Financial Officer Company Secretary

Place: Mumbai Place: Mumbai

Date: May 27,2024 Date: May 27,2024

4. Leases

The Company has taken land on lease on which Andaz - Delhi Hotel is situated. The lease has an original term of 27 years and 1 month and it contains rights of renewal for additional 30 years. The Company is restricted from assigning and sub-leasing the leased assets though it can sub-lease assets constructed on the said land.

The Company also has lease of cars with lease term of 12 months or less. The Company applies exemption for recognition of short term lease for these leases.

Notes:

(i) Refer Note 20 and Note 24 for details of receivables pledged as security for loan taken from banks.

(ii) Trade receivable balances have increased on account of increase in operations in March, 2023 compared to operations in March, 2022 period.

(iii) Trade receivable are non interest bearing and generally on terms of 15 to 30 days.

(iv) The Company applies the expected credit loss (ECL) model for measurement and recognition of impairment losses on trade receivables. The Company follows the simplified approach for recognition of impairment allowance on trade receivables. The application of the simplified approach does not require the Company to track changes in credit risk. Rather, it recognises impairment allowance based on lifetime ECLs at each reporting date. ECL impairment loss allowance (or reversal) recognised durirg the period is recognised in the Statement of Profit and Loss. This amount is reflected under the head ''other expenses'' in the Statement of Profit and Loss.

b) Rights, preferences and restrictions attached to shares:

The Company has one class of equity shares having a par value of ?10 onr sharp Farh ?haroh«w«r

Nature and Purpose of reserves:

Retained Earnings

Retained Earnings are the profit that the Company has earned till date less any transfer to reserve, dividends or other distributions paid to share holders. Retained earnings includes remeasurement (gain) / loss on defined benefit plan net of taxes that will not be reclassified to the Statement of Profit and Loss.

37 - Employee Benefits:

(I) Defined benefit plans:

The Company has a defined benefit gratuity plan which is unfunded. Every employee who has completed 5 years or more of service get a gratuity at 15 days salary (last drawn salary) for each completed year of service. The Gratuity plan is governed by the Payment of Gratuity Act,1972.

The following table below summaries the components of net benefit expenses recognised in statement of profit or loss, other comprehensive income, the funded status and amount recognised in the balance sheet for the respective plans as on the reporting dates:

The above sensitivity analysis may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.

Further, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognised in the balance sheet.

Risk Analysis:

The Company is exposed to the following Risks in the defined benefits plans :

Interest risk: The present value of the defined benefit obligation is calculated using a discount rate which is determined by reference to market yields at the end of the reporting period on government bonds. A decrease in bond Interest rate will increase the plan liability.

Longevity risk: The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan''s liability.

Salary growth risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. An increase in the salary of the plan participants will increase the plan''s liability.

(II) Defined Contribution Plan:

Amount recognized as an expense and included in note 32 - Contribution to Provident and other Funds: ? 491.43 Lakhs (Previous year ? 385.86 Lakhs).

38.1 - Financial Risk Management

The Company''s financial liabilities include borrowings, lease liabilities, trade and other payables. The Company''s financial assets include investments, loans, trade and other receivables, cash and cash equivalents and other bank balances. The Company also holds FVOCI investments. The Company is exposed to market risk, credit risk and liquidity risk. The Board of Directors of the Company oversee the management of these financial risks.

A. Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises two types of risk: currency risk and interest rate risk. Financial Instrument affected by market risks include borrowings, lease liabilities, trade payable and other payables, loans, trade receivables and other receivables.

it Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company''s exposure to the risk of changes in foreign exchange rates relates to the Company''s operating and financial activities.

ii) Interest rate risk

(a) 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 Company''s exposure to the risk of changes in market interest rates relates primarily to the Company''s long-term debt obligation with floating interest rates. The Company manages its interest rate risk by having a portfolio of fixed and variable rate borrowings. The following table provides a breakup of the Company''s fixed and floating rate borrowings.

The sensitivity analysis below have been determined based on the exposure to interest rate for borrowing that have floating rate at the end of the reporting period and the stipulated change taking place at the beginning of the financial year and held constant throughout the reporting period.

- If the interest rate had been 50 basis points higher or lower and all the other variables are held constant, the Company''s loss for the year ended March 31,2023 would decrease/increase by? 814.57 Lakhs (March 31, 2022: ? 852.48 Lakhs).

8. Liquidity risk

Liquidity risk refers to the risk that the Company cannot meets its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that the funds are available for use as per the requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. The Company consistently generates sufficient cash flows from operations to meet its financial obligations as and when they fall due.

C. Credit Risk

Credit risk is the risk that customer or the counter party will not meet its obligation under a financial instrument leading to a financial loss. The Group is exposed to credit risk from investments, trade receivables, cash and cash equivalents, other bank balance, loans and other financial assets. The Group''s credit risk is minimized as the Group''s financial assets are carefully allocated to counter parties reflecting the credit worthiness. Credit risk on trade receivables are subject to the Group’s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed and individual credit limits are defined in accordance with this assessment. Further, Group''s trade receivables are spread over a number of customers with no significant concentration of credit risk. No single customer, accounted for 10% or more of the trade receivable in any of the year presented.

Credit Risk on Cash and Cash Equivalent, other bank balances and mutual fund investment are limited as the counter parties are Banks and fund houses with higher credit ratings assigned by the credit rating agencies.

Investment and Loan primarily comprises of Investment made and loan given to Subsidiary Company.

Other financial assets primarily comprises of amount recoverable towards export incentive from Government authorities.

The carrying value of the financial assets represents the maximum credit exposure. The Company''s maximum exposure to credit risk is disclosed in note 39 - Financial Instruments.

38.2 - Capital Management

For the purpose of managing capital. Capital includes issued equity share capital and reserves attributable to the equity holders.

The objective of the Company''s capital management are to:

- Safeguard their ability to continue as going concern so that they can continue to provide benefits to thair shareholders.

- Maximize the value of the shareholder.

- Maintain optimum capital structure to reduce the cost of the capital.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and requirement of financial covenants. In order to maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares / infuse funds as required for the operations of the Company. The Company monitors capital using a gearing ratio, which is net debt divided by total equity. The capital structure of the Company consists of net debt off-set by cash and bank balances and total equity.

iv) Contract Balances

The contract liabilities primarily relate to the advance consideration received from customers for which revenue is recognized when the performance obligation is over / services delivered.

Advance Collections is recognized when payment is received before the related performance obligation is satisfied. This includes advances received from the customer towards rooms/restaurant/ other services. Revenue is recognized once the performance obligation is met i.e. on room stay / sale of food and beverage / provision of other hospitality services. It also includes membership fee received in advance from customers / members as part of membership program offered from time to time.

Note:

(i) The Income tax authorities have raised demand in respect of non-deduction and lower deduction of withholcing tax (''TDS''). The Company has filed an appeal with higher income tax authorities

(ii) In respect of property tax, Demand for various years from F.Y. 2010-2011 to F.Y. 2022-2023 has been raised by Mumbai Municipal Corporation due to amendment to the Mumbai Municipal Corporation Act, 1888 regarding the levy of property tax, which has been challenged by Property Owners'' Association via writ petition in Bombay High Court (''Court'') on the constitutional validity of the amendment. The Court vide Interim order dated 24 February 2014 ordered the property owners to pay municipal taxes at the preamended rates under old regime and also the additional tax at the rate of 50% of the differential tax between the tax payable under the old regime and new regime along with an undertaking to pay balance amount of tax and the interest in case the court negatives the challenge to the constitutional validity of the Amendment Act. Following order of the court, the Company has paid the property taxes at the pre-amcnded rates under old regime and also the 50% of the differential tax between old and new regime. As matter is yet to be finalized, balance 50% of differential tax is disclosed as contingent liability.

(iii) The sales tax authorities have raised demand for levy of value added tax on service tax collected from customers on banquet sale and towards disallowance of Input tax credit. The Company has filed an appeal with higher Sales Tax authorities.

(iv) The Sales Tax Authorities have raised demand for levy of Luxury tax on account of mismatch in turnover compared to financial statements. The Company is in the process of filing an appeal before the higher authorities.

45 - Segment Reporting:

The Company is engaged in the business of Hospitality (Hotels). The information is reported to and evaluated regularly by chief operating decision-maker (CODM) for the purpose of allocating resources and assessing performance of the Company focuses on the business as a whole. Accordingly, "Hotel Services" has been identified to be the Company''s sole operating segment.

The Non-current assets (other than Financial instruments, deferred tax, post-employment benefits and rights arising under insurance contracts) arc located in India. The Company''s major revenue is from income from room rent and sale of food and soft beverages. No single customer contributes more than 10% or more of the Company''s total revenue for the reporting periods.

46 - Disclosure in respect of Leases As a Lessor -

The Company leases spaces for retails and offices located within the properties under non-cancellable operating lease for a term of 12 months to 48 months. The lease arrangements with the customers have varied terms, escalation clauses and renewal rights. On renewal, the terms of the leases are re negotiated. During the year an amount of T 3,386.07 lakhs (March 31, 2022: f 2,405.12 lakhs) lease income has been recognised in the Statement of Profit and Loss. The following are the disclosures of lease rent income in respect of non-cancellable operating leases during the year:

47 - Going Concern:

As at March 31, 2023, the Company had a net current liability of INR 11,520.71 Lakhs and has incurred a loss of INR 159.25 Lakhs during the current year. The Company''s operations were significantly impacted due to the pandemic between 2020-2022 resulting in an accumulation of losses and erosion of equity. The Company has long term borrowings amounting to INR 1,37,749.59 Lakhs which is due for repayment in April-May 2024. The Company is evaluating options for alternative sources of finance/refinancing the existing borrowing. The Company has received a term sheet from another bank for sanctioning refinancing of the aforesaid borrowing with long term financing of atleast 12 years.

Considering the positive growth experienced by the hospitality industry during the year ard several operational measures implemented by the management, the Company has achieved a substantial growth during the year resulting in significant increase in revenue and improved earnings. Basis the cashflow projections of the Company at current level of operations, the management is confident that upon refinancing of the existing loan, it would be able to meet the cash outflows through internal accruals over a period of 8-10 years.

Parallelly, the Board of Directors vide their meeting dated Sep 08, 2023 have approved additional funding to be raised through an Initial Public Offer with the objective of utilising majority of IPO proceeds towards repayment of loans falling due in Apr-May''24 and the Board is in the process of taking steps in this regard.

Further, the current shareholders of the Company have also provided a commitment in the form of a support letter to provide the necessary financial support to the Company to meets its operational and financial obligations as and when they fall due and the abovementioned loans falling due in Apr-May''24 are also guaranteed by the Two Seas Holdings Limited, one of the shareholders of the Company and Hyatt Hotels Corporation (U.S.), the parent company of one of the shareholders of the Company.

Based on the business plans of the Company, cash flow projections, refinance options available with the Company including the ongoing process of raising funds through an IPO and support letter from shareholders, management is confident that the Company will be able to meet its financial obligations as they arise. Accordingly, these financial statements have been prepared on the basis that the Company will continue as a going concern for the foreseeable future.

48 - Other Statutory Information

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

(ii) The Company does not have any transactions with companies struck off.

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

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

(v) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

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

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

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

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

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

(vii) The Company has no such 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, searcn or survey or any other relevant provisions of the Income Tax Act, 1961).

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

(ix) The Company is maintaining its books of account in electronic mode and these books of account are accessible in India at all times and the back-up of books of account has been kept in servers physically located in India on a daily basis from the applicability date of the Companies (Accounts) Rules, 2014, i.e. August 05, 2022 onwards, except that in respect of two applications the Company does not have server physically located in India for daily backup of the books of account and other books and papers maintained in electronic mode.

49 - The Code on Social Security, 2020 (''Code'') relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.

50 - Acquisition of Chartered Hotels Private Limited

Subsequent to period ended March 31,2023, the Company has entered into Share sale and Purchase Agreement dated September 13, 2023 with Chartered Hotels Private Limited (CHPL), to acquire 100% equity shares of CHPL for consideration of ? 53,145.00 Lakhs and has agreed to pay the consideration by issue of 2,88,02,384 equity shares of the Company of a face value of X 10 each at a premium of ? 174.516 each to the shareholders of CHPL.

51 - Subsequent Event

(i) Subsequent to period ended March 31, 2023, the Board of Directors of the Holding Company in their meeting held on August 04, 2023 has approved the conversion of the Company from private company to public company which led to change in the name of the Holding Company from Juniper Hotels Private Limited to Juniper Hotels Limited.The said conversion was approved by Ministry of Company Affairs, effective from August 28, 2023.

(ii) Subsequent to period ended March 31, 2023, the Company has acquired Chartered HotehPrivate Limited. (Refer note 50).

52 - Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification/ disclosure.