(v) Provisions, contingent assets and contingent
liabilities

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

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

Contingent liability is disclosed for:

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

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

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

(w) Cash and cash equivalents

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

(x) Income taxes

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

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

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

In the situations where the company is entitled to a
tax holiday under the Income-tax Act, 1961 enacted in
India, no deferred tax (asset or liability) is recognized in
respect of temporary differences which reverse during
the tax holiday period, to the extent the concerned
entity''s gross total income is subject to the deduction
during the tax holiday period. Deferred tax in respect
of temporary differences which reverse after the tax
holiday period is recognized in the year in which the
temporary differences originate. However, the Company
restricts recognition of deferred tax assets to the extent
it is probable that sufficient future taxable income will be
available against which such deferred tax assets can be
realized. For recognition of deferred taxes, the temporary
differences which originate first are considered to
reverse first.

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

(y) Non-current assets held for sale

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

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

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

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

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

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

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

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

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

(z) Critical estimates and judgements

The preparation of the Company’s financial statements
requires management to make judgements, estimates
and assumptions that affect the reported amounts
of revenues, expenses, assets and liabilities, and
the accompanying disclosures, and the disclosure
of contingent liabilities. Uncertainty about these
judgements, assumptions and estimates could result
in outcomes that require a material adjustment to the
carrying amount of assets or liabilities affected in future
periods.

Judgements

Impairment of non-financial assets

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

Impairment of financial assets

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

Recognition of deferred tax assets

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

Provisions

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

Contingencies

In the normal course of business, contingent liabilities
may arise from litigation, taxation and other claims
against the Company. A tax provision is recognised
when the Company has a present obligation as a
result of a past event; it is probable that the Company
will be required to settle that obligation. Where it is

management''s assessment that the outcome cannot be
reliably quantified or is uncertain the claims are disclosed
as contingent liabilities unless the likelihood of an
adverse outcome is remote. Such liabilities are disclosed
in the notes but are not provided for in the financial
statements. When considering the classification of a
legal or tax cases as probable, possible or remote there
is judgement involved. This pertains to the application
of the legislation, which in certain cases is based upon
management’s interpretation of country specific tax
law, in particular India, and the likelihood of settlement.
Management uses in-house and external legal
professionals to inform their decision. Although there
can be no assurance regarding the final outcome of the
legal proceedings, the Company does not expect them
to have a materially adverse impact on the Company''s
financial position or profitability.

Leases

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

Estimates

Revenue and inventories

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

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

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

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

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

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

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

For projects executed through joint development with
area share arrangement, the Company has evaluated that
land owners are not engaged in the same line of business
as the Company and hence, has concluded that such

arrangements are contracts with customers. The revenue
from the development and transfer of constructed area
and the corresponding land/ development rights received
under joint development arrangements is measured
at the fair value of the estimated construction service
to be rendered to the land-owners plus an appropriate
margin and the same is accounted from launch of
the project. The fair value is estimated with reference
to the terms of the joint development arrangements
and the related cost that is allocable to discharge the
obligation of the Company under the joint development
arrangements. The management is of the view that the
fair value method and estimates are reflective of the
prevailing market condition at the relevant time.

Useful lives of depreciable/amortisable assets

Management reviews its estimate of the useful lives of
depreciable/amortisable assets at each reporting date,
based on the expected utility of the assets. Uncertainties
in these estimates relate to technical and economic
obsolescence that may change the utilisation of assets.

Fair value measurement

Management applies valuation techniques to determine
the fair value of financial instruments (where active
market quotes are not available). This involves

developing estimates and assumptions consistent with
how market participants would price the instrument.

Fair valuation of investment property

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

Defined benefit obligation (DBO)

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

Notes:

(i) Book value is considered as the best estimate of fair value.

(ii) These investments are not held for trading. Accordingly, the Company has elected to present changes in the fair
value of these investments in other comprehensive income.

(iii) The Company''s investment in Maa-Vaishno Net-Tech Limited was for funding the development of real estate project
in the subsidiary company. In the absence of visibility of future business activities for project development in near
future in the said subsidiary, the value of investment and other recoverable balances have been impaired.

(iv) The Board of Directors of the Company at their meeting held on 15 May 2025 decided to acquire the balance equity
shares of Indeed Fincap Private Limited (Indeed), a subsidiary company i.e. 415,600 equity shares of '' 10 each, at a
consideration of '' 28.23 million. Pursuant to the said acquisition of equity shares, Indeed has become a wholly owned
subsidiary of the Company with effect from 20 June 2025.

(v) These investments are on account of stock options issued to employees of subsidiaries and joint venture (refer note
42).

b. Terms/ rights attached to equity shares

The Company has only one class of equity shares having par value of '' 1 per share. Each holder of equity shares is
entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed
by the Board of Directors, if any, is subject to the approval of the shareholders in the ensuing Annual General
Meeting. In the event of liquidation of the Company, all preferential amounts, if any, shall be discharged by the
Company. The remaining assets of the Company shall be distributed to the holders of equity shares in proportion to
the number of shares held to the total equity shares outstanding as on that date. All shares rank equally with regard
to the Company''s residual assets.

d. Aggregate number of shares issued, for consideration other than cash

(i) During the year ended 31 March 2022, the Board of Directors of the Company had approved share split of equity shares
from '' 10 per share to '' 1 per share and the same was duly approved by the shareholders ofthe Company. Accordingly, the
number of issued, subscribed and fully paid up shares had increased from 5,687,940 shares to 56,879,400 shares.
Further, during the year ended 31 March 2022, the Company had also issued 56,879,400 bonus shares in the ratio
of 1:1 to the existing shareholders as on 23 March 2022 by utilising the securities premium account.

(ii) During the year ended 31 March 2023, the Board of Directors and the Shareholders of the Company had passed
a resolution to convert all CCDs of the Company into equity shares in connection with the Initial Public Offer by the
Company. Accordingly, such CCDs were converted into 11,089,554 equity shares at '' 417 per equity share (including
''416 per share as securities premium) in accordance with the terms of the agreements with the CCD holders.

Notes:

Nature and purpose of other reserves

Securities premium

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

Capital reserve

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

Retained earnings

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

Employee stock compensation plan reserve

The Company has established an Employee Stock Options Plan (ESOP) to grant options to eligible employees, which
entitle them to purchase equity shares of the Company at a predetermined exercise price. In accordance with applicable
accounting standards, the cost of options granted under the ESOP is measured at fair value on the grant date and is
recognized as an employee compensation expense over the vesting period, with a corresponding credit to the ESOP
reserve under ''other equity''.

Debenture redemption reserve

Debenture Redemption Reserve (''DRR'') in respect of Non- convertible debentures issued by the Company, is not required
to be maintained as per Rule 18(7)(b)(iii) of Companies (Share Capital and Debentures) Rules, 2014.

33 EARNINGS PER SHARE

Earnings per share (''EPS'') is determined based on the net profit attributable to the shareholders. Basic earnings per share
is computed using the weighted average number of shares outstanding during the period. Diluted earnings per share is
computed using the weighted average number of common and dilutive common equivalent shares outstanding during the
period, except where the result would be anti-dilutive.

ii) Fair value hierarchy

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

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

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

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

35 FINANCIAL RISK MANAGEMENT

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

A) Credit risk

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

a) Credit risk management

i) Credit risk rating

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

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

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

Trade receivables

The Company closely monitors the credit-worthiness of customers, thereby, limiting the credit risk. The Company
uses a simplified approach (lifetime expected credit loss model) for the purpose of computation of expected credit
loss for trade receivables. Trade receivables also include receivables from group companies where the credit risk is
assessed as low.

Cash and cash equivalents and other bank balances

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

Loans and other financial assets

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

ii) Concentration of financial assets

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

b) Credit risk exposure

i) Provision for expected credit losses

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

The credit risk for cash and cash equivalents and other bank balances is considered negligible, since the counterparties
are reputable banks with high quality external credit ratings. Loan is given to subsidiaries. Accordingly, credit risk
for loan is considered negligible. Other financial assets includes fixed deposits, unbilled revenue, land advances,
security deposits receivable for which credit risk is considered negligible considering the Company is already in
possession of the property against which the deposit/advance is given and significant part of unbilled revenue is due
from subsidiary companies.

Expected credit loss for trade receivables under simplified approach

As at 31 March 2026 and 31 March 2025, the Company considered the individual probabilities of default of its
financial assets (other than trade receivables) and determined that in respect of counterparties with low credit risk,
no default events other than mentioned above are considered to be possible within the 12 months after the reporting
date. In respect of trade receivables, the Company measures the loss allowance at an amount equal to lifetime
expected credit losses using a simplified approach.

The Company measures the expected credit loss of trade receivables based on historical trend, industry practices
and the business environment in which the entity operates. Loss rates are based on the actual credit loss experience
and past trends. Based on historical data, loss of collection on receivables is not material. Hence, no additional
provision is required.

C) Market risk

Interest rate risk
i) Liabilities

The Company’s policy is to minimise interest rate cash flow risk exposures on financing. At 31 March 2026, the
Company is exposed to changes in market interest rates as the Company has borrowings from banks and financial
institutions.

ii) Assets

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

iii) Foreign exchange risk

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

There are no unhedged foreign currency exposures as at 31 March 2026 and 31 March 2025.

iv) Price risk

The Company’s exposure price risk arises from investments held and classified in the balance sheet either as fair
value through other comprehensive income or at fair value through profit or loss. To manage the price risk arising
from investments, the Company diversifies its portfolio of assets.

Customer related and other matters

(a) During the year ended 31 March 2026, the Company received orders from the Haryana RERA authority, awarding delay
compensation in favour of certain customers with respect to 1 of its real estate project. The Company has filed an appeal
before the Hon''ble Haryana Real Estate Appellate Tribunal (''HREAT'') and deposited '' 12.33 millions (31 March 2025:
6.59 millions) under protest. The Company is under litigation to defend its cause of delay due to Force Majeure events
beyond the Company’s control, specifically due to COVID-19 and National Green Tribunal (NGT) bans, non-availability
of raw material due to various orders of Hon’ble Punjab & Haryana High Court and NGT thereby regulating the mining
activities, brick kilns, regulation of the construction and development activities by the judicial authorities in NCR, on
account of the environmental conditions, restrictions on usage of water, etc.

The Hon’ble Punjab & Haryana High Court has remanded the matters back to HREAT for a fresh decision and the appeal
is currently pending for hearing.

The management has assessed the matter in consultation with its legal experts and is of the view that no material liability
shall devolve on the Company, in respect of the above matter. However, on a prudent basis, the management has
recorded a provision of '' 20.00 million and believes that no further adjustment is required in these standalone financial
statements.

(b) Litigation with contractor-Refer Note F

(c) The Company has certain other litigations involving customers, vendors, contractors labourers and land-owners in the
normal course of business. The management has assessed the above matters in consultation with its legal experts and is
of the view that no material liability shall devolve on the Company, requiring any adjustment in these standalone financial
statements.

A For assessment year 2014-15, an order was passed by DCIT Central Circle (4), New Delhi on 27 March 2023 against
the Company raising demand of '' 1.04 millions on account of various additions. On this, the Company had filed a
rectification request before assessing officer on 31 March 2023 which is currently pending disposal. The said demand
has been currently adjusted with the refund claim for assessment year 2022-23.

B For assessment year 2015-16, an order was passed by DCIT Central Circle (4), New Delhi on 28 March 2023
against the Company raising demand of '' 4.38 millions on account of various additions. On this, the Company had
filed an appeal before National Faceless Appeal Centre (NFAC), Delhi on 19 April 2023. In the said matter, CIT(A)
has passed an order on 22 February 2025 against the Company. In response, the Company has filed an appeal
before ITAT, Delhi. The appeal was allowed in favor of the Company by ITAT order on 03 July 2025. Earlier, the said
demand had been adjusted with the refund claim for assessment year 2022-23, now as per ITAT order, the refund of
'' 4.38 millions is receivable.

C (i) For assessment year 2016-17, an order was passed by DCIT Central Circle (4), New Delhi on 27 March 2023
against the Company raising demand of '' 13.28 millions on account of various additions. On this, the Company
had filed an appeal before National Faceless Appeal Centre (NFAC), Delhi on 19 April 2023. In the said matter,
CIT(A) has passed an order on 22 February 2025 against the Company. In response, the Company has filed
an appeal before ITAT, Delhi. The appeal was allowed in favor of the Company by ITAT order on 03 July 2025.
Earlier, the said demand had been adjusted with the refund claim for assessment year 2022-23, now as per
ITAT order, the refund of '' 13.28 millions is receivable.

(ii) For assessment year 2016-17, an order was passed by ACIT Central Circle (4), New Delhi on 9 March 2026
against the Company raising demand of '' 2.01 millions under Section 156 of Income tax act, 1961 on account
of various additions. The Company is in the process of filing a rectification request for the same.

D For assessment year 2019-20, an order was passed by DCIT Central Circle (4), New Delhi on 27 March 2023 against
the Company raising demand of '' 1.21 millions on account of various additions. On this, the Company had filed a
rectification request before assessing officer on 31 March 2023 which is currently pending disposal. The said demand
has been currently adjusted with the refund claim for assessment year 2022-23. During the year, there has been no
major update in the said matter.

E For financial year 2018-19, an order had been passed by the Sales Tax offiicer (SGST Delhi) on 16 April 2024
raising a demand against the company of '' 1.96 million. On this, the Company had filed an appeal on 13 July 2024.
Subsequently, the Company had withdrawn the appeal and filed the waiver application for Amnesty Scheme u/s
128A on 6 March 2025 and further, had deposited the entire demand of tax (excluding interest and penalty of '' 0.99
million as the same is eligible for waiver). The said application has been approved in favor of the Company as per
order dated 28 July 2025 by the goods and services tax authorities.

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

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

The progress of work by the contractor was slow due to inadequate deployment of requisite technical manpower,
labour equipment and plant and machinery at site, that resulted in overall slow progress at the project sites.
Consequently, the Company''s management served notice informing termination of the contracts and recovery of the
advances given. The management of the Company has also filed complaint u/s 138 of Negotiable Instrument Act
against the contractor and its group companies. The management of the Company believes that this matter has no
impact on the ongoing projects as new contractors have already been appointed.

During the current year, the contractor has filed eleven petitions under the Arbitration and Conciliation Act before
the Delhi High Court. After extensive hearings, the Delhi High Court disposed off six petitions on the ground of lack
of territorial jurisdiction. The remaining petitions were withdrawn by the contractor, owing to lack of jurisdiction.
Thereafter, the contractor has filed four fresh petitions before the Punjab and Haryana High Court, which are presently
pending adjudication.

The management of the Company has obtained a legal assessment from their legal counsel on the said matter.
On the basis of such legal opinion, and assessment of the financial strength of the contractor and its group companies,
the work already completed alongwith the construction assets and equipments of the contractor in Company''s
possession, the management of the Company is confident of recovering the due amount. However, considering the
passage of time, the Company, as at 31 March 2026, on conservative and prudent basis, is carrying the provision
towards the unsecured exposure amounting to '' 96.65 millions (31 March 2025: '' 83.70 millions) in these standalone
financial statements.

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

"Directors Ravi Aggarwal, Pradeep Kumar Aggarwal, Devender Aggarwal and Lalit Kumar Aggarwal and their relatives have also given
personal guarantees against long term and short term borrowing facilities availed by the Company. (refer note 19D)

***Certain subsidiary companies have also given corporate guarantee and created charge against their assets for borrowings obtained
by the Company (refer note 19D).

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

e) During the year ended 31 March 2026, pursuant to the ESOP scheme, the Company granted Stock Options to certain
eligible employees, including KMPs, under its Employees Stock Option plan [within the meaning of the Securities and
Exchange Board of India (Share based Employee Benefits) Regulations, 2021]. Since such stock options are not tradeable,
no perquisite or benefits is immediately conferred upon the employee by grant of such Stock Options, accordingly, the said
grants have not been considered as ''remuneration''. However, in accordance with Ind AS 102, the Company has recorded
employee benefit expenses by way of share-based payments to employees aggregating to '' 243.11 million for the year
ended 31 March 2026, of which '' 107.44 million is attributable to KMPs.

f) Terms and conditions:-

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

38 CAPITAL MANAGEMENT

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

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

The above sensitivity analysis is based on a change in an assumption of discount rate from 6.65% for the year
ended 31 March 2025 to 7.00% for the year ended 31 March 2026, while holding all other assumptions constant.
In practice, this is unlikely to occur and changes in some of the assumptions may be correlated. When calculating the
sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the
defined benefit obligation calculated with the projected unit credit method at the end of the reporting year) has been
applied which was applied while calculating the defined benefit obligation liability recognised in the balance sheet.
Further, there is no change in the method of valuation.

Compensated absences (unfunded)

Liability in respect of compensated absences becoming due or expected to be availed within one year from the balance
sheet date is recognised on the basis of undiscounted value of estimated amount required to be paid or estimated value of
benefit expected to be availed by the employees. Liability in respect of compensated absences becoming due or expected
to be availed more than one year after the balance sheet date is estimated on the basis of an actuarial valuation performed
by an independent actuary using the projected unit credit method. Actuarial gains and losses arising from past experience
and changes in actuarial assumptions are credited or charged to the statement of profit and loss in the year in which such
gains or losses are determined.

Based on the independent actuarial valuation, only a certain amount of provision has been presented as current while the
remaining amount has been presented as non-current. The same is in line with the Company''s leave policy as employees
do not have unconditional right to avail leaves at any time within next one year. During the current year, an amount of
'' 28.17 million (31 March 2025: '' 54.00 million) has been recognised in the statement of profit and loss.

40 LEASES

a) Company as a lessee

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

42 The Company’s shareholders, at their Annual General Meeting held on 28 September 2024, had approved the
Signatureglobal Employee Stock Plan 2024 (“ESOP Plan”). The ESOP Plan is administered by the ''Nomination and
Remuneration Committee'' (‘NRC’) constituted by the Board of Directors of the Company. During the current year, the NRC
in their meeting held on 15 May 2025, approved the grant of 850,000 stock options to eligible employees of the Company,
its subsidiaries and joint venture, under the ESOP Plan, with graded vesting over the period of 1- 4 years, subject to
fulfilment of specified conditions as per the said ESOP Plan.

Vesting schedule

The Company has issued stock options on its own shares to specified employees of the Company, its subsidiaries and
its joint venture. The Company uses fair value to account for the compensation cost of stock options to empoyees in the
standalone financial statements. The following is the vesting pattern of Employee Stock Options Plan.

(ii) The Company has considered the fair value of equity shares for the purpose of ESOP accounting by using Black-Scholes

model of pricing.

(iii) Inputs used for valuation:

a) Time to Maturity: 2 to 4 years

b) Volatility: 38.14% to 43.60%

c) Risk free rate of interest: 5.94% to 6.10%

d) Expected dividend yield: 0.00%

e) Expected option life (in years): 2.5 to 5.5 years

f) Share price at grant date: '' 1,172.70 per share

Notes:

(i) Expected volatility for the options issued by the company has been determined after observing the historical volatility
of the Company and other listed peers.

(ii) Pursuant to recognition of employee stock expense at grant date fair value, expense amounting to '' 243.11 million
(31 March 2025: Nil) has been recognised in the Statement of Profit and Loss and '' 276.30 million (31 March 2025:
Nil) has been recorded as ''employee stock compensation plan reserve'' under ''Other Equity'' [includes '' 33.19 million
for employees of subsidiaries and joint venture].

Notes:

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

B Variance in ratio is attributable to increase in borrowings as the Company has availed additional loans and NCD''s were issued

during the year.

C Variance in ratio is attributable to higher revenue recognised on real estate projects in the previous year as compared to the current year.

D Variance in ratio is attributable to increase in inventories due to land acquisition and active development in existing projects during the year.

E Variance in ratio is attributable to decrease in revenue from operations and increase in trade receivables during the year in comparison

to previous year.

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

The accounting software used for maintaining accounting records of the Company has a feature of recording audit trail
(edit log) facility and the same has been enabled and operated throughout the year for all relevant transactions recorded in
the software at the application level. The ''Independent Service Auditor''s Assurance Report on the Description of Controls,
their Design and Operating Effectiveness'' (''Type 2 report'' issued in accordance with ISAE 3402, Assurance Reports on
Controls at a Service Organization’) was available for part of the year. This report does not provide information on audit
trail (edit logs) for any direct changes made at the database level.

Further, the accounting software used for maintaining accounting records of the customer and channel partner master
has a feature of recording audit trail (edit log) facility and the same has been enabled and operated throughout the
year for all relevant transactions recorded in the software at the application level. The ''Independent Service Auditor''s
Assurance Reports on the Description of Controls, their Design and Operating Effectiveness'' (''Type 2 report'' issued in
accordance with ISAE 3402, Assurance Reports on Controls at a Service Organization’) was available. However, the audit
trail logs are retained for six months for any direct data changes made at the database level and the audit trail logs are
not preserved as per the statutory requirements for record retention for any direct data changes made at the database
level. Furthermore, the accounting software used for maintenance of payroll related records has a feature of recording
audit trail (edit log) facility and the same has been enabled and operated throughout the year for all relevant transactions
recorded in the software as per the statutory requirements for record retention from the date the audit trail was enabled
for the software.

C The Company has not advanced or loaned or invested (either from borrowed funds or securities premium or any other
sources or kind of funds) to any person or any entity, including foreign entities (Intermediaries) with the understanding that
the intermediary shall:

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

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

D The Company has not received any fund from any person or any entity (other than disclosed below), 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.

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

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

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

I The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or

disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey
or any other relevant provisions of the Income Tax Act, 1961

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

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

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

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

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

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

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

47 CORPORATE SOCIAL RESPONSIBILITY ACTIVITIES*

In accordance with the provisions of section 135 of the Act, Schedule VII and Companies (Corporate Social Responsibility
Policy) Rules, 2014, the Company was required to spend '' Nil (31 March 2025: Nil) for Corporate Social Responsibility
activities. The Company has voluntarily incurred corporate social responsibility expenditure of '' 23.19 millions during the
current financial year (31 March 2025: '' 11.59 millions) for promoting education of under privileged children, promoting
healthcare, empowering women and animal welfare. The details of corporate social responsibility activities are as follows:

(i) The Company has opted to carry forward the excess amount '' 36.78 million (31 March 2025: '' 13.59 million) which
is spent over and above the gross amount required to be spent by the Company.

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

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

(iv) The Company does not have any ongoing project as at 31 March 2026 and in any previous year.

18 One of the subsidiary company- Gurugram Commercity Limited (‘GCL’), had been owning certain parcels of land at Sector

71, Southern Peripheral Road, Gurugram, Haryana, for the purpose of real estate development.

a) During the current year, GCL acquired additional development rights from third parties for use in development of real
estate project at Sector 71, for a variable consideration, linked to revenue to be earned from the sale of residential
portion of the said project.

b) The Company entered into a Business Transfer Agreement (BTA) with GCL on 29 March 2026, for the acquisition of
Residential Business Undertaking (comprising the business of development, construction, building or improvement
of any nature on the land admeasuring approximately 60 Kanal 02 Marla or 7.513 acres situated at Sector 71, District
Gurugram, Haryana alongwith identified liabilities relating to such Undertaking), on a slump sale basis, for aggregate
consideration of '' 500.00 million.

The Company’s management has assessed that the acquisition does not meet the definition of ‘Business’ in
accordance with Ind AS 103 - Business Combination and accordingly, the said acquisition has been accounted for
as an ''asset acquisition''. The Company has allocated the consideration to the group of assets and liabilities acquired
as below:

c) During the current year, the Company entered into a Securities Subscription and Purchase Agreement (''SSPA'')
dated 14 February 2026 for strategic collaboration and creation of joint venture with Millennia Realtors Private
Limited (''RMZ'') of RMZ Group, for development of a mixed-use project, comprising of office buildings, hotel(s) and
retail space, utilizing approximately 3.94 million square feet of FSI on the Southern Peripheral Road in Gurugram,
subject to fulfilment of certain conditions. The transaction consummated on 29 March 2026 pursuant to execution
of Closing Agreement and consequently, the Company transferred 3,569,731 equity shares held in GCL to RMZ
for cash consideration of '' 567.03 million (out of these, Company yet to receive '' 373.67 million which is shown as
"Amount receivable from sale of shares") in other current financial assets. Simultaneously, as per the terms of the
executed SSPA, GCL issued and allotted 77,860,538 fresh equity shares at '' 158.84 each, to RMZ for aggregate
consideration of '' 12,367.71 million, that resulted in diluting the Company''s shareholding in GCL to 50%.

As per the terms of SSPA, all strategic, financial and operating decisions shall require unanimous consent of both
the shareholders (the Company and RMZ) and the Company has assessed that it does not solely control the relevant
activities of GCL. Consequently, the Company has ceased to exercise control over GCL effective 30 March 2026 and
accordingly, GCL has been classified as a ‘Joint Venture’ in accordance with Ind AS 28 ‘Investment in Associates
and Joint Ventures’ and Ind AS 111 ''Joint Arrangements'', effective from 30 March 2026.

In accordance with Ind AS 27 ''Separate Financial Statements'', the Company''s investment in GCL had been
accounted for at cost in the standalone financial statements. On account of the above transaction, the Company
has recognised a realised gain of '' 506.88 million (presented as ‘exceptional item’ in these standalone financial
statements), arising from the sale of partial stake in the wholly owned subsidiary company and further, upon loss of
control, the investment previously classified as ''Investment in Subsidiary'' has been reclassified to ''Investment in Joint
Venture'' at its carrying amount as at 30 March 2026.

49 The Government of India has consolidated 29 existing labour legislations into a united framework compr

(u) Provisions, contingent assets and contingent
liabilities

Provisions are recognized only when there is a
present obligation (legal or constructive), as a result

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

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

Contingent liability is disclosed for:

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

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

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

(v) Cash and cash equivalents

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

(w) Income taxes

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

The current income-tax charge is calculated on the
basis of the tax laws enacted at the balance sheet

date. Management periodically evaluates positions
taken in tax returns with respect to situations
in which applicable tax regulation is subject to
interpretation. It establishes provisions where
appropriate on the basis of amounts expected to be
paid to the tax authorities.

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

I n the situations where the company is entitled
to a tax holiday under the Income-tax Act, 1961
enacted in India, no deferred tax (asset or
liability) is recognized in respect of temporary
differences which reverse during the tax holiday
period, to the extent the concerned entity’s gross
total income is subject to the deduction during
the tax holiday period. Deferred tax in respect of
temporary differences which reverse after the tax
holiday period is recognized in the year in which
the temporary differences originate. However, the
Company restricts recognition of deferred tax assets
to the extent it is probable that sufficient future
taxable income will be available against which such
deferred tax assets can be realized. For recognition
of deferred taxes, the temporary differences which
originate first are considered to reverse first.

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

Minimum Alternate Tax (MAT) paid in a year is
charged to the statement of profit and loss as

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

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

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

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

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

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

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

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

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

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

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

(y) Critical estimates and judgements

The preparation of the Company’s financial
statements requires management to make
judgements, estimates and assumptions that affect
the reported amounts of revenues, expenses, assets
and liabilities, and the accompanying disclosures,
and the disclosure of contingent liabilities.
Uncertainty about these judgements, assumptions
and estimates could result in outcomes that require
a material adjustment to the carrying amount of
assets or liabilities affected in future periods.

Judgements

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

Impairment of financial assets

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

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

Provisions

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

Contingencies

In the normal course of business, contingent
liabilities may arise from litigation, taxation and
other claims against the Company. A tax provision
is recognised when the Company has a present
obligation as a result of a past event; it is probable
that the Company will be required to settle that
obligation. Where it is management’s assessment
that the outcome cannot be reliably quantified or
is uncertain the claims are disclosed as contingent
liabilities unless the likelihood of an adverse
outcome is remote. Such liabilities are disclosed in
the notes but are not provided for in the financial
statements. When considering the classification
of a legal or tax cases as probable, possible or
remote there is judgement involved. This pertains
to the application of the legislation, which in certain
cases is based upon management’s interpretation
of country specific tax law, in particular India, and
the likelihood of settlement. Management uses
in-house and external legal professionals to inform
their decision. Although there can be no assurance
regarding the final outcome of the legal proceedings,
the Company does not expect them to have a
materially adverse impact on the Company’s
financial position or profitability.

Leases

The Company evaluates if an arrangement
qualifies to be a lease as per the requirements
of Ind AS 116. Identification of a lease requires
significant judgment. The Company uses significant
judgement in assessing the lease term (including
anticipated renewals) and the applicable discount
rate. The Company determines the lease term as
the non-cancellable period of a lease, together
with both periods covered by an option to extend
the lease if the Company is reasonably certain
to exercise that option; and periods covered by
an option to terminate the lease if the Company
is reasonably certain not to exercise that option.

In assessing whether the Company is reasonably
certain to exercise an option to extend a lease,
or not to exercise an option to terminate a lease,
it considers all relevant facts and circumstances
that create an economic incentive for the Company
to exercise the option to extend the lease, or not
to exercise the option to terminate the lease.
The Company revises the lease term if there is a
change in the non-cancellable period of a lease.

Estimates

Revenue and inventories

The estimates around total budgeted cost i.e.,
outcomes of underlying construction and service
contracts, which further require estimates to
be made for changes in work scopes, claims
(compensation, rebates, etc.), the cost of meeting
other contractual obligations to the customers and
other payments to the extent they are probable,
and they are capable of being reliably measured.
For the purpose of making these estimates, the
Company used the available contractual and
historical information and also its expectations of
future costs. The estimates of the saleable area
are also reviewed periodically and effect of any
changes in such estimates is recognised in the
period such changes are determined.

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

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

For projects executed through joint development
arrangements with revenue sharing arrangements,

the Company has evaluated that land owners
are engaged in the same line of business as the
Company and such contracts are not contracts with
customers, but a transaction for purchase of land/
development rights.

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

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

For projects executed through joint development
with area share arrangement, the Company has
evaluated that land owners are not engaged in
the same line of business as the Company and
hence, has concluded that such arrangements
are contracts with customers. The revenue from
the development and transfer of constructed area
and the corresponding land/ development rights
received under joint development arrangements
is measured at the fair value of the estimated
construction service to be rendered to the
land-owners plus an appropriate margin and the
same is accounted from launch of the project.
The fair value is estimated with reference to the
terms of the joint development arrangements
and the related cost that is allocable to discharge
the obligation of the Company under the joint
development arrangements. The management is of
the view that the fair value method and estimates
are reflective of the prevailing market condition at
the relevant time.

Useful lives of depreciable/amortisable assets

Management reviews its estimate of the useful lives
of depreciable/amortisable assets at each reporting
date, based on the expected utility of the assets.

Uncertainties in these estimates relate to technical
and economic obsolescence that may change the
utilisation of assets.

Fair value measurement

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

Fair valuation of investment property

Investment property is stated at cost. However, as
per Ind AS 40, there is a requirement to disclose fair
value as at the balance sheet date. The Company
engaged independent valuation specialists to
determine the fair value of its investment property

as at reporting date. Sales comparison method/
market survey method under market approach
is used to estimate the market value of the land.
Cost of construction method under cost approach
is adopted for building valuation. The determination
of the fair value of investment properties requires
the prevailing market rates for similar size plots in
the same locality which is to be considered after
enquiries being done from local property dealers
and real estate agents.

Defined benefit obligation (DBO)

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

(a) The Company had been eligible for deduction under section 80-IBA of Income-tax Act, 1961 (subject to
compliance of conditions specified under that section) in respect of its profits and gains derived from the business
of developing and building its housing project. Pursuant to Taxation Laws (Amendment) Act, 2019 effective 1
April 2019, domestic companies have the option to pay corporate income tax at the lower rate (‘new tax regime’),
subject to certain conditions. As at 31 March 2024, the Company did not have plans to opt the new tax regime
considering the value of deductions under the Income- tax Act, 1961 were greater than the benefit that would
have accrued by opting the new tax regime and consequently, the Company had not created deferred tax asset
in respect of timing differences that shall reverse during the tax holiday period.

The Company reassesses the above- mentioned tax regime options as at each reporting date. As at 31
March 2025, the Company taking into account the future business projections and outlook, has decided to opt
for the new tax regime under Section 115BAA effective current financial year and the consequential impact
thereof, has been considered in the current tax and deferred tax computation for the current year.

Based on the future business projections of taxable earnings, the Company has recognized deferred tax
asset (net) amounting to '' 576.70 million as at 31 March 2025, on carry forward business losses [pertaining to
assessment year 2022-23 to assessment year 2024-25 and eligible for carry forward for 8 subsequent years
from the respective assessment year], unabsorbed depreciation [having indefinite time period for carryforward
and set off] and other timing/ temporary differences, at the tax rates at which such assets are expected to
be realized. The management is reasonably certain of realization of the above-mentioned deferred tax asset
in near future.

d. Aggregate number of shares issued, for consideration other than cash

(i) During the year ended 31 March 2022, the Board of Directors of the Company had approved share split of
equity shares from '' 10 per share to '' 1 per share and the same was duly approved by the shareholders of the
Company. Accordingly, the number of issued, subscribed and fully paid up shares had increased from 5,687,940
shares to 56,879,400 shares.

Further, during the year ended 31 March 2022, the Company had also issued 56,879,400 bonus shares in the
ratio of 1:1 to the existing shareholders as on 23 March 2022 by utilising the securities premium account."

(ii) During the year ended 31 March 2023, the Board of Directors and the Shareholders of the Company had passed
a resolution to convert all CCDs of the Company into equity shares in connection with the Initial Public Offer
by the Company. Accordingly, such CCDs were converted into 11,089,554 equity shares at '' 417 per equity
share (including ''416 per share as securities premium) in accordance with the terms of the agreements with
the CCD holders.

Trade receivables

The Company closely monitors the credit-worthiness of customers, thereby, limiting the credit risk. The Company
uses a simplified approach (lifetime expected credit loss model) for the purpose of computation of expected
credit loss for trade receivables. Trade receivables also include receivables from group companies where the
credit risk is assessed as low.

Cash and cash equivalents and other bank balances

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

Loans and other financial assets

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

ii) Concentration of financial assets

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

b) Credit risk exposure

i) Provision for expected credit losses

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

The credit risk for cash and cash equivalents and other bank balances is considered negligible, since the
counterparties are reputable banks with high quality external credit ratings. Loan is given to subsidiaries.
Accordingly, credit risk for loan is considered negligible. Other financial assets includes fixed deposits, unbilled
revenue, land advances, security deposits receivable for which credit risk is considered negligible considering
the Company is already in possession of the property against which the deposit/advance is given and significant
part of unbilled revenue is due from subsidiary companies.

Expected credit loss for trade receivables under simplified approach

As at 31 March 2025 and 31 March 2024, the Company considered the individual probabilities of default of its
financial assets (other than trade receivables) and determined that in respect of counterparties with low credit
risk, no default events other than mentioned above are considered to be possible within the 12 months after the
reporting date. In respect of trade receivables, the Company measures the loss allowance at an amount equal
to lifetime expected credit losses using a simplified approach.

The Company measures the expected credit loss of trade receivables based on historical trend, industry
practices and the business environment in which the entity operates. Loss rates are based on the actual credit
loss experience and past trends. Based on historical data, loss of collection on receivables is not material.
Hence, no additional provision is required.

B) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Company''s approach to managing liquidity
is to ensure as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due.

Maturities of financial liabilities

The tables below analyse the Company’s financial liabilities into relevant maturity groupings based on their
contractual maturities.

iii) Foreign exchange risk

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

There are no unhedged foreign currency exposures as at 31 March 2025 and 31 March 2024.

Customer related and other matters

(a) During the year ended 31 March 2025, the Company received orders from the Haryana RERA authority, awarding
delay compensation in favour of certain customers with respect to 1 of its real estate project. The Company has filed
an appeal before the Hon''ble Haryana Real Estate Appellate Tribunal (''HREAT'') and deposited '' 6.59 million (31
March 2024: Nil) under protest. The appeal is currently pending for hearing.

The management has assessed the matter in consultation with its legal experts and is of the view that no material
liability shall devolve on the Company, in respect of the above matter, requiring any adjustment in these standalone
financial statements.

(b) Litigation with contractor - Refer Note G

(c) The Company has certain other litigations involving customers, vendors, contractors labourers and land-owners
in the normal course of business. The management has assessed the above matters in consultation with its legal
experts and is of the view that no material liability shall devolve on the Company, requiring any adjustment in these
standalone financial statements.

A For assessment year 2014-15, an order was passed by DCIT Central Circle (4), New Delhi on 27 March 2023

against the Company raising demand of '' 1.04 millions on account of various additions. On this, the Company
had filed a rectification request before assessing officer on 31 March 2023 which is currently pending disposal.
The said demand has been currently adjusted with the refund claim for assessment year 2022-23.

B For assessment year 2015-16, an order was passed by DCIT Central Circle (4), New Delhi on 28 March 2023

against the Company raising demand of '' 4.38 millions on account of various additions. On this, the Company
had filed an appeal before National Faceless Appeal Centre (NFAC), Delhi on 19 April 2023. In the said matter,
CIT(A) has passed an order on 22 February 2025 against the Company. In response, the Company has filed an
appeal before ITAT, Delhi which is yet to be heard. The said demand has been currently adjusted with the refund
claim for assessment year 2022-23.

C For assessment year 2016-17, an order was passed by DCIT Central Circle (4), New Delhi on 27 March 2023

against the Company raising demand of '' 13.28 millions on account of various additions. On this, the Company
had filed an appeal before National Faceless Appeal Centre (NFAC), Delhi on 19 April 2023. In the said matter,
CIT(A) has passed an order on 22 February 2025 against the Company. In response, the Company has filed an
appeal before ITAT, Delhi which is yet to be heard. The said demand has been currently adjusted with the refund
claim for assessment year 2022-23.

D For assessment year 2016-17, an order was passed by DCIT Circle-23(2), New Delhi against the Company
raising demand of '' 111.88 millions on account of various additions. On this, the Company filed an appeal before
Commissioner of CIT(A) and CIT(A) passed an order dated 16 September 2019 in favour of the Company.
On 20 November 2019, Income tax department had filed an appeal before ITAT. On 7 February 2025, the order
has been passed by ITAT in favor of the Company.

E For assessment year 2019-20, an order was passed by DCIT Central Circle (4), New Delhi on 27 March 2023

against the Company raising demand of '' 1.21 millions on account of various additions. On this, the Company
had filed a rectification request before assessing officer on 31 March 2023 which is currently pending disposal.
The said demand has been currently adjusted with the refund claim for assessment year 2022-23.

F For financial year 2018-19, an order has been passed by the Sales Tax offiicer (SGST Delhi) on 16 April 2024
raising a demand against the company of '' 1.96 million. On this, the Company had filed an appeal on 13
July 2024. Subsequently, the Company had withdrawn the appeal and filed the waiver application for Amnesty

Scheme u/s 128A on 6 March 2025 and further, had deposited the entire demand of tax (excluding interest and
penalty of '' 0.99 million as the same is eligible for waiver). The said application is yet to be approved by the
GST authorities.

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

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

The progress of work by the contractor was slow due to inadequate deployment of requisite technical manpower,
labour equipment and plant and machinery at site, that resulted in overall slow progress at the project sites.
Consequently, the Company''s management served notice informing termination of the contracts and recovery of
the advances given. The management of the Company has also filed complaint u/s 138 of Negotiable Instrument
Act against the contractor and its group companies. The management of the Company believes that this matter
will not have any impact on the ongoing projects as new contractors have already been appointed.

The management of the Company has obtained a legal assessment from their legal counsel on the said matter.
On the basis of such legal opinion, and assessment of the financial strength of the contractor and its group
companies, the work already completed alongwith the construction assets and equipments of the contractor
in Company''s possession. The management of the Company is confident of recovering the due amount.
However, considering the financial capability of the contractor and passage of time, the Company, during the
current year on conservative and prudent basis, has recorded the provision towards the unsecured exposure
amounting to '' 83.70 millions in these standalone financial statements.

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

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

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

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

e) Terms and conditions:-

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

40 CAPITAL MANAGEMENT

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

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

The above sensitivity analysis is based on a change in an assumption of discount rate from 7.15% for the year ended
31 March 2024 to 6.65% for the year ended 31 March 2025, while holding all other assumptions constant. In practice,
this is unlikely to occur and changes in some of the assumptions may be correlated. When calculating the sensitivity of
the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit
obligation calculated with the projected unit credit method at the end of the reporting year) has been applied which was
applied while calculating the defined benefit obligation liability recognised in the balance sheet.

Further, there is no change in the method of valuation.

Compensated absences (unfunded)

Liability in respect of compensated absences becoming due or expected to be availed within one year from the balance
sheet date is recognised on the basis of undiscounted value of estimated amount required to be paid or estimated value of
benefit expected to be availed by the employees. Liability in respect of compensated absences becoming due or expected
to be availed more than one year after the balance sheet date is estimated on the basis of an actuarial valuation performed
by an independent actuary using the projected unit credit method. Actuarial gains and losses arising from past experience
and changes in actuarial assumptions are credited or charged to the statement of profit and loss in the year in which such
gains or losses are determined.

Based on the independent actuarial valuation, only a certain amount of provision has been presented as current while the
remaining amount has been presented as non-current. The same is in line with the Company’s leave policy as employees
do not have unconditional right to avail leaves at any time within next one year. During the current year, an amount of
'' 54.00 million (31 March 2024: '' 30.27 million) has been recognised in the statement of profit and loss.

42 LEASES

a) Company as a lessee

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

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

Notes:

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

B Variance in ratio is attributable to increase in borrowings as the Company has availed additional loans during the year.

C Variance in the ratio is attributable to the increase in revenue recognition during the current year on account of higher
number of units for which revenue recognition conditions got fulfilled during the year.

D Variance in ratio is attributable to increase in earnings on account of higher revenue recognition on real estate projects.

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

The accounting software used for maintaining accounting records of the Company has a feature of recording audit trail
(edit log) facility and the same has been enabled and operated throughout the year for all relevant transactions recorded in
the software at the application level. The ''Independent Service Auditor''s Assurance Report on the Description of Controls,
their Design and Operating Effectiveness'' (''Type 2 report'' issued in accordance with ISAE 3402, Assurance Reports on
Controls at a Service Organization’) was available for part of the year. This report does not provide information on audit
trail (edit logs) for any direct changes made at the database level.

Further, the accounting software used for maintaining accounting records of the customer and channel partner master has
a feature of recording audit trail (edit log) facility and the same has been enabled and operated throughout the year for
all relevant transactions recorded in the software at the application level. The ''Independent Service Auditor''s Assurance
Reports on the Description of Controls, their Design and Operating Effectiveness'' (''Type 2 report'' issued in accordance
with ISAE 3402, Assurance Reports on Controls at a Service Organization’) was available. However, the audit trail logs
are retained for six months for any direct data changes made at the database level. Furthermore, the accounting software
used for maintenance of payroll related records has a feature of recording audit trail (edit log) facility and the same has
been enabled and operated throughout the year for all relevant transactions recorded in the software. However, the audit
trail logs from 1 August 2023 (date of implementation of software) to 31 March 2024 have not been preserved for the
details of who made the changes i.e., User Id and when the changes were made i.e., timestamp at the application level by
the Company as per the statutory requirements for record retention.

R

C The Company has not advanced or loaned or invested funds to any person or any entity, including foreign entities j!
(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.

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

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

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

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

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

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

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

I The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered

or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or
survey or any other relevant provisions of the Income Tax Act, 1961

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

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

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

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

N The figures of previous year have been regrouped/ reclassed to make them comparative with those of current year
wherever considered necessary. The impact of such reclassification/regrouping is not material to the standalone
financial statements.

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

49 CORPORATE SOCIAL RESPONSIBILITY ACTIVITIES*

In accordance with the provisions of section 135 of the Act, Schedule VII and Companies (Corporate Social Responsibility
Policy) Rules, 2014, the Company was required to spend '' Nil (31 March 2024: Nil) for Corporate Social Responsibility
activities. The Company has voluntarily incurred corporate social responsibility expenditure of '' 11.59 millions during the
current financial year (31 March 2024: '' 2.00 millions) for promoting education of under previleged children, promoting
healthcare and empowering women. The details of corporate social responsibility activities are as follows:

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

(iv) The Company does not have any ongoing project as at 31 March 2025 and in any previous year.

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

51 As per Ind AS 108 "Operating Segments", if a financial report contains both consolidated financial results and the separate
financial results of the Parent Company, segment information may be presented on the basis of the consolidated financial
statements. Thus, disclosure required on segment information has been furnished in consolidated financial statements.

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

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

Chartered Accountants Signatureglobal (India) Limited

Firm''s Registration No.: 001076N/N500013

Deepak Mittal Ravi Aggarwal Pradeep Kumar Aggarwal

Partner Managing Director Chairman and Whole Time Director

Membership No.: 503843 DIN-00203856 DIN-00050045

Sanjeev Kumar Sharma M R Bothra

Chief Financial Officer Company Secretary

Membership No. 094855 Membership No. F6651

Place: Gurugram Rajat Kathuria

Date: 15 May 2025 Chief Executive Officer

(u) Provisions, contingent assets and contingent liabilities

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

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

Contingent liability is disclosed for:

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

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

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

(v) Cash and cash equivalents

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

(w) Income taxes

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(y) Critical estimates and judgements

The preparation of the Company’s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these judgements, assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

Judgements

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

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

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

Provisions

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

Contingencies

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

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

Leases

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

Estimates

Revenue and inventories

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

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

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

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

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

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

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

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

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

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

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

Fair value measurement

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

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

Defined benefit obligation (DBO)

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

Nature and purpose of other reserves

Securities premium

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

Debenture redemption reserve

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

Capital reserve

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

Retained earnings

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

ii) Fair value hierarchy

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

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

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

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

37 FINANCIAL RISK MANAGEMENT

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

A) Credit risk

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

a) Credit risk management

i) Credit risk rating

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

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

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

Trade receivables

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

Cash and cash equivalents and other bank balances

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

Loans and other financial assets

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

ii) Concentration of financial assets

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

b) Credit risk exposure

i) Provision for expected credit losses

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

C) Market risk

Interest rate risk i) Liabilities

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

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

ii) Assets

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

iii) Foreign exchange risk

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

e) Terms and conditions:-

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

40 CAPITAL MANAGEMENT

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

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

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

Compensated absences (unfunded)

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

42 LEASES

a) Company as a lessee

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

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

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

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

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

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

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

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

projects during the year.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

49 CORPORATE SOCIAL RESPONSIBILITY ACTIVITIES*

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

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

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

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

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

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

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

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

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

Chartered Accountants Signatureglobal (India) Limited

Firm''s Registration No.: 001076N/N500013

Deepak Mittal Ravi Aggarwal Pradeep Kumar Aggarwal

Partner Managing Director Chairman and Whole Time Director

Membership No.: 503843 DIN-00203856 DIN-00050045

Manish Garg M R Bothra

Chief Financial Officer Company Secretary

Membership No. - 098408 Membership No. F6651

Place: Gurugram Rajat Kathuria

Date: 15 May 2024 Chief Executive Officer