s) Provisions, contingent liabilities and
contingent assets
Provisions are recognised when there is a present legal
or statutory obligation or constructive obligation as a
result of past events and where it is probable that there
will be outflow of resources to settle the obligation
and when a reliable estimate of the amount of the
obligation can be made.
Contingent liabilities are disclosed only when there
is a possible obligation arising from past events due
to occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of
the Company or where any present obligation cannot
be measured in terms of future outflow of resources or
where a reliable estimate of the obligation cannot be
made. Obligations are assessed on an ongoing basis
and only those having a largely probable outflow of
resources are provided for.
Contingent assets where it is probable that future
economic benefits will flow to the Company are not
recognised but disclosed in the financial statements.
However, when the realisation of income is virtually
certain, then the related asset is no longer a contingent
asset, but it is recognised as an asset.
t) Employee benefits
(i) Short-term obligations
Liabilities for wages and salaries, including non¬
monetary benefits that are expected to be settled
wholly within 12 months after the end of the
period in which the employees render the related
service are recognised in respect of employees'
services up to the end of the reporting period
and are measured at the amounts expected
to be paid when the liabilities are settled. The
liabilities are presented as current employee
benefit obligations in the balance sheet.
(ii) Post-employment obligations
The Company operates the following post¬
employment schemes:
Gratuity obligations -
Maintained as a defined benefit retirement plan
and contribution is made to the Life Insurance
Corporation of India. The liability or asset
recognised in the balance sheet in respect of
defined benefit gratuity plans is the present value
of the defined benefit obligation at the end of the
reporting period less the fair value of plan assets.
The defined benefit obligation is calculated by
actuaries using the projected unit credit method.
The present value of the defined benefit obligation
is determined by discounting the estimated future
cash outflows by reference to market yields at the
end of the reporting period on government bonds
that have terms approximating to the terms of
the related obligation.
The net interest cost is calculated by applying the
discount rate to the net balance of the defined
benefit obligation and the fair value of plan assets.
This cost is included in employee benefit expense
in the Statement of Profit and Loss.
Re-measurement gains and losses arising from
experience adjustments and changes in actuarial
assumptions are recognised in the period in
which they occur, directly in other comprehensive
income. They are included in retained earnings
in the Statement of changes in equity and in the
balance sheet.
Changes in the present value of the defined benefit
obligation resulting from plan amendments or
curtailments are recognised immediately in profit
or loss as past service cost.
Leave encashment on termination of service-
The liabilities for earned leave are expected to
be settled on termination/completion of service
of employee. They are therefore measured as
the present value of expected future payments
to be made in respect of services provided
by employees up to the end of the reporting
period using the projected unit credit method.
The benefits are discounted using the market
yields at the end of the reporting period that
have terms approximating to the terms of the
related obligation. Re-measurements as a result
of experience adjustments and changes in
actuarial assumptions are recognised in other
comprehensive income.
The obligations are presented as current liabilities
in the balance sheet if the entity does not have
an unconditional right to defer settlement for at
least twelve months after the reporting period,
regardless of when the actual settlement is
expected to occur.
Provident Fund -
The Company pays provident fund contributions
to a fund administered by Government Provident
Fund Authority. The Company has no further
payment obligations once the contributions have
been paid. The contributions are accounted for as
defined contribution plans and the contributions
are recognised as employee benefit expense
when they are due. Prepaid contributions are
recognised as an asset to the extent that a cash
refund or a reduction in the future payments
is available.
u) Dividends
Liability is created for the amount of any dividend
declared, being appropriately authorised and no
longer at the discretion of the entity.
v) Earnings per share
(i) Basic earnings per share
Basic earnings per share is calculated by dividing:
• the profit/(loss) for the year attributable to
equity shareholders of the Company.
• by the weighted average number of equity
shares outstanding during the financial year.
(ii) Diluted earnings per share
Diluted earnings per share adjusts the number of
equity shares used in the determination of basic
earnings per share to take into account:
• the after income tax effect of interest and
other financing costs associated with dilutive
potential equity shares, and
• the weighted average number of equity
shares including additional equity shares
that would have been outstanding assuming
the conversion of all dilutive potential equity
shares happened.
w) Government grants/incentives
Government grants / incentives that the Company
is entitled to on fulfillment of certain conditions, but
are available to the Company only on completion of
some other conditions, are recognised as income at
fair value on completion of such other conditions.
Grants/incentives that the Company is entitled to
unconditionally on fulfillment of certain conditions,
such grants/ incentives are recognised at fair value as
income when there is reasonable assurance that the
grant/incentives will be received.
x) Assets held for sale
Non-current assets (or disposal groups) are classified
as held for sale if their carrying amount will be
recovered principally through a sale transaction rather
than through continuing use and a sale is considered
highly probable. They are measured at the lower of
their carrying amount and fair value less costs to sell,
except for assets such as deferred tax assets, assets
arising from employee benefits, financial assets and
contractual rights under insurance contracts, which
are specifically exempt from this requirement.
An impairment loss is recognised for any initial or
subsequent write-down of the asset (or disposal group)
to fair value less costs to sell. A gain is recognised for
any subsequent increases in fair value less costs to sell
of an asset (or disposal group), but not in excess of any
cumulative impairment loss previously recognised. A
gain or loss not previously recognised by the date of
the sale of the non-current asset (or disposal group)
is recognised at the date of de-recognition.
Non-current assets (including those that are part of
a disposal group) are not depreciated or amortised
while they are classified as held for sale. Interest
and other expenses attributable to the liabilities of a
disposal group classified as held for sale continue to
be recognised.
Non-current assets classified as held for sale and the
assets of a disposal group classified as held for sale
are presented separately from the other assets in
the balance sheet. The liabilities of a disposal group
classified as held for sale are presented separately
from other liabilities in the balance sheet.
y) Exceptional Items
Exceptional items are disclosed separately in the
financial statements where it is necessary to do so
to provide further understanding of the financial
performance of the Company. These items are
identified by virtue of either their size or nature
or incidence. Exceptional items include, but are
not restricted to gains and losses on the disposal/
impairment of non-current investments.
z) Rounding of amounts
All amounts disclosed in the financial statements
and notes have been rounded off to the nearest
million with two decimals as per the requirement of
Schedule III, unless otherwise stated.
2 RECENT PRONOUNCEMENTS
Ministry of Corporate Affairs ("MCA") notifies new
standards or amendments to the existing standards
under Companies (Indian Accounting Standards)
Rules as issued from time to time. For the year ended
March 31, 2025, MCA has notified Ind AS - 117 Insurance
Contracts and amendments to Ind AS 116 - Leases,
relating to sale and leaseback transactions, applicable
w.e.f. April 1, 2024. The Company has reviewed the
new pronouncements as applicable and based on its
evaluation has determined that it does not have any
significant impact in its Financial Statements.
3 SIGNIFICANT ESTIMATES AND JUDGEMENTS
The preparation of financial statements requires
the use of accounting estimates which, by definition,
will seldom equal the actual results. Management
also needs to exercise judgement in applying the
Company's accounting policies.
This note provides information about the areas
involving a higher degree of judgement or complexity,
and of items which are more likely to be materially
adjusted due to estimates and assumptions turning
out to be different than those originally assessed.
Estimates and judgements are continually evaluated.
They are based on historical experience and other
factors, including expectations of future events that
may have a financial impact on the Company and that
are believed to be reasonable under the circumstances.
Detailed information about each of these estimates
or judgements is included in relevant notes together
with information about the basis of calculation for
each impacted line item in the financial statements.
A. Significant estimates:
Useful life of the hotel buildings [Refer note
1 (o) and note 4]
The Company has adopted useful life of property,
plant and equipment as stipulated by Schedule II
to the Companies Act, 2013 except for the hotel
buildings for computing depreciation. In the
case of the hotel building of the Company, due
to superior structural condition, management
decided to assess the balance useful life by
independent technical expert. As per the
certificates of the technical expert as at March 31,
2025, the balance useful life of the hotel buildings
ranges between 28 years to 50 years and the total
useful life of the buildings are higher than those
specified by Schedule II to the Companies Act,
2013. The carrying amount of the hotel building
is being depreciated over its residual life. Based
on management evaluation performed at each
reporting period, there has been no change in
the earlier assessed useful life.
B. Significant judgements:
Contingent liabilities [Refer note 1 (s), note
45 (a) and 45 (b)]
The Company has ongoing litigations with various
regulatory authorities and third parties with
respect to tax/legal matters. Contingent liabilities
are possible obligations whose existence will
be confirmed only on the occurrence or non¬
occurrence of uncertain future events outside the
Company's control, or present obligations that are
not recognised because it is not probable that a
settlement will be required or the value of such
a payment cannot be reliably estimated. These
are subjective in nature and involve judgement
in determining the likely outcome of such tax/
legal matters. The Company has disclosed these
as contingent liability. [Refer note 45(a) and 45(b)
on Contingent liabilities]
(c) (i) Capital work-in-progress, whose completion is overdue
As at March 31, 2025
There were no projects in respect of which the completion is overdue compared to its original plan as at
March 31, 2025.
As at March 31, 2024
There were no projects in respect of which the completion is overdue compared to its original plan as at
March 31, 2024.
(c) (ii) There are no projects, which has exceeded its cost compared to its original plan as at March 31, 2025 and
March 31, 2024.
Assets held for sale includes:
(a) The Board of Directors of the Company, at its meeting held on 5th February, 2024, approved the sale of the Company's
freehold land measuring 442 square yards situated at Luniyawas, Jaipur, Rajasthan. Accordingly, the land was
classified as held for sale in the financial statements for the year ended 31st March, 2024 as per IndAS 105.
During the year ended 31st March, 2025, the Company has sold the land at Luniyawas for consideration of ' 3.31
million and has recognised a gain of ' 1.59 millions in the Statement of Profit and Loss.
The Board of Directors of the Company in its meeting held on 14th June 2024 recommended a bonus issue of 1 (one)
equity share for every 1 (one) equity shares of ' 10/- each held by shareholders of the Company as on the record date (13th
August 2024). The bonus issue was approved by shareholders at the Annual General Meeting held on 5th August 2025
and 30,468,147 equity shares of ' 10 each were alloted. Consequent to allotment of these shares, the issued, subscribed
and paid up capital of the Company has increased to ' 6,093.63 lakhs by capitalising a sum of ' 3,046.81 from Securities
Premium and the earning per share for previous periods have been restated and presented in accordance with IndAS
33 - Earning Per Share.
Nature and purpose of Reserves
(i) Capital redemption reserve
Capital redemption reserve represents the statutory reserve created by the Company for the redemption of its
preference share capital. The same can be utilised by the Company for issuing fully paid bonus shares.
(ii) Capital reserve
The Capital reserve includes government grant received in the nature of subsidy, where no repayment is ordinarily
expected in respect thereof and on amalgamation where the net value of the assets acquired exceeded the
purchase consideration.
(iii) Securities premium
This reserve represents the premium on issue of shares and can be utilised in accordance with the provisions of
the Companies Act, 2013.
(iv) General reserve
The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes.
There is no policy of regular transfer. As the general reserve is created by a transfer from one component of equity
to another and is not an item of other comprehensive income, items included in the general reserve will not be
reclassified subsequently to profit or loss.
(v) Retained earnings
Retained earnings represents accumulated profits of the Company. It can be utilised in accordance with the provisions
of the Companies Act, 2013.
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed financial
instruments that have quoted price. The fair value of all financial instruments which are traded in the stock exchanges
is valued using the closing price as at the reporting period. Fair value of mutual funds is determined based on the
closing NAV.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques which maximise the use of observable market data and rely as little as possible on entity-specific
estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in
level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included
in level 3. This is the case for unlisted equity securities, security deposits included in level 3.
(iii) Assets and liabilities which are measured at amortised cost for which fair values are disclosed
All the financial assets and financial liabilities measured at amortised cost, carrying value is an approximation of
their respective fair value.
(iv) Valuation technique used to determine fair value
Specific valuation techniques used to value financial instruments include:
- Investment in Green Infra Wind Generation Limited has been made pursuant to the contract for procuring electricity
supply at the hotel unit.
Investment in the said company is not usually traded in market. Considering the terms of the contract and best
information available in the market, cost of investment is considered as fair value of the investments.
41 FINANCIAL RISK MANAGEMENT
The Company's activities expose it to market risk (including currency risk, interest rate risk and other price risk),
liquidity risk and credit risk.
This note explains the sources of risk which the entity is exposed to and how the entity manages the risk:
The Company's risk management is carried out by a treasury department under policies approved by the Board
of Directors. The Company treasury identifies, evaluates and hedges financial risks in close co-operation with the
Company's operating units. The Board of Directors provide principles for overall risk management, as well as policies
covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of non-derivative financial
instruments and investment of excess liquidity.
(A) Market risk
(i) Foreign currency risk
Foreign currency risk arises from future commercial transactions and recognised assets or liabilities denominated
in a currency that are not the Company's functional currency (').
The exposure of the Company to foreign currency risk is not significant. However, this is closely monitored by the
Management to decide on the requirement of hedging. The position of foreign currency exposure to the Company
as at the end of the year expressed in ' Million is as follows:
(C) Liquidity risk
The Company has a liquidity risk management framework for managing its short-term, medium-term and long-term
sources of funding vis-a-vis short-term and long-term utilisation requirement. This is monitored through a rolling
forecast showing the expected net cash flow, likely availability of cash and cash equivalents, and available undrawn
borrowing facilities.
(ii) Interest rate risk
As at the end of the reporting period, the Company does not have any variable rate borrowings outstanding,
therefore, the Company is not exposed to any interest rate risk.
(iii) Price risk
The Company's exposure to equity securities price risk arises from investments held by the Company in listed
securities and classified in the balance sheet as at fair value through profit or loss (refer note 8- Investments).
However, at the reporting date the Company does not hold material value of quoted securities. Accordingly, the
Company is not exposed to significant market price risk.
(B) Credit risk
Credit risk arises when a counter party defaults on contractual obligations resulting in financial loss to the Company.
Trade receivables consist of large number of customers, spread across diverse industries and geographical areas.
In order to mitigate the risk of financial loss from defaulters, the Company has an ongoing credit evaluation process
in respect of customers who are allowed credit period. In respect of walk-in customers the Company does not allow
any credit period and therefore, is not exposed to any credit risk.
The Company does not have any derivative transaction and therefore is not exposed to any credit risk on
account of derivatives. The Company does not have any long-term contracts for which there were any material
foreseeable losses.
The cash credit facility from HDFC Bank Limited (together with interest) is secured by way of hypothecation of
stock and book debts of the entire Company and hypothecation of entire movable plant and equipment including
all spare parts and other movable property, plant and equipment both present and future pertaining to Trident,
Chennai and by way of mortgage of the said property. The Company has not utilised the cash credit facility during
the year to the extent listed above.
The bank cash credit facilities and WCDL facility may be drawn at any time and may be terminated by the bank
without notice.
(ii) Maturities of financial liabilities
The tables below analyses the Company's financial liabilities into relevant maturity groupings based on their
contractual maturities for all non-derivative financial liabilities.
The amounts disclosed in the table are the contractual undiscounted cash flows.
42 CAPITAL MANAGEMENT
Risk management
The Company's objectives when managing capital are to
• safeguard its ability to continue as a going concern, so that it can continue to provide returns for shareholders
and benefits for other stakeholders, and
• maintain an optimal capital structure to reduce the cost of capital.
The Company's strategy is to maintain a gearing ratio within 30%. Gearing ratio is ratio of net debts to total equity.
The Company does not have any borrowings during the current and the previous year
43. i) Defined benefit plans
a) Gratuity
The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees
who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on
retirement/termination is the employees last drawn basic salary per month computed proportionately for 15 days
salary multiplied for the number of years of service. The gratuity plan is a funded plan and the Company makes
contributions to Life Insurance Corporation of India funds. Provision/write back, if any, is made on the basis of the
present value of the liability as at the Balance Sheet date determined by actuarial valuation following Projected Unit
Credit Method.
b) Leave encashment
As per the policy of the Company, leave obligations on account of accumulated leave of an employee is settled only
on termination/retirement of the employee. Such liability is recognised on the basis of actuarial valuation following
Projected Unit Credit Method. It is an unfunded plan.
(ii) Defined contribution plans
The Company also has certain defined contribution plans. Contributions are made to provident fund in India for
employees as per applicable regulations. The contributions are made to registered provident fund administered
by the government. The obligation of the Company is limited to the amount contributed and it has no further
contractual nor any constructive obligation. The expense recognised during the year towards contribution plans is
' 27.16 million (March 2024 - ' 25.75 million)
(vii) Risk exposure
The defined benefit obligations have the under-mentioned risk exposures:
Interest rate risk: The defined benefit obligation is calculated using discount rate based on government bonds. If
bond yields fall, the defined benefit obligation will likely to increase.
Salary Inflation risk: Higher than expected increases in salary will increase the defined benefit obligation.
Demographic risk: This is the risk of variability of results due to unsystematic nature of decrements that include
mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation
depends upon the combination of salary increase, discount rate and vesting criteria.
Investment risk: This may arise from volatility in asset values due to market fluctuations and impairment of assets
due to credit losses. LIC of India primarily invests in debt instruments such as Government securities and highly
rated corporate bonds wherein the risk of downward fluctuation in value is minimal.
(viii) Defined benefit liability and employer contributions
Expected contributions to post employment benefit plan for the year ending March 31, 2026 is ' 3.51 million.
The weighted average duration of defined benefit obligation in case of Gratuity is 6.2 years (2024-6.8 years) and in
case of Leave obligation 8 years (2024-7 years)
The expected maturity analysis of undiscounted Gratuity and Leave Encashment is as follows:
Note:
The matters listed above are in the nature of statutory dues, namely, property tax, value added tax, income tax,
service tax, luxury tax, goods and services tax, land and building tax and other claims, all of which are under
litigation, the outcome of which would depend on the merits of facts and law at an uncertain future date. The
amounts shown in the items above represent the best possible estimates arrived at, are on the basis of currently
available information. The Company engages reputed professional advisors to protect its interest, and cases that
are disputed by the Company are those where the management has been advised that it has strong legal positions.
Hence, the outcomes of these matters are not envisaged to have any material adverse impact on the Company's
financial position.
(b) Pending litigation
In respect of an order passed by the Revenue Minister of the State of Rajasthan and a subsequent order passed by
the District Collector, Jaipur in earlier years, unilaterally withdrawing the lease deed related to Trident Hotel, Jaipur,
the Company had filed a civil writ petition and a civil miscellaneous appeal ("Appeal") before the Rajasthan High
Court at Jaipur. The Hon'ble High Court had granted an interim order of status quo in favour of the Company with
respect to the order of the District Collector and had appointed an arbitrator to decide inter-alia the validity of the
order of the District Collector. The arbitrator had passed the arbitral award in favour of the Company and had set
aside the order of the District Collector whereby the lease was withdrawn.
During the year ended March 31,2022, the Company withdrew its appeal pending before the Hon'ble High Court of
Rajasthan. Subsequently, the District Collector, Jaipur, filed an appeal in the Commercial Court of Jaipur seeking to
set aside the arbitral award. On August 14, 2023, the Commercial Court ruled in favor of the Company. The District
Collector's appeal against this decision before the Hon'ble High Court of Rajasthan was later dismissed on January
21, 2025. The civil writ petition filed by the Company in respect of the order of the Revenue Minister is pending
before the Hon'ble High Court of Rajasthan.
Further, a settlement agreement had been entered into in respect of the ongoing disputes amongst the Company
and other parties (collectively referred to as "parties"), with respect to the lease deed of the land related to Trident
Hotel, Jaipur. Based on the settlement agreement the parties have withdrawn/ settled all pending cases except for
one case filed by the Company which is pending consideration before Rajasthan High Court and will be taken up
for hearing in due course.
(b) Company as a lessor
During the year ended 31st March 2025, the Company entered into an agreement to sub-lease the land along with
building and facilities at Cochin, operated as "Trident Hotel, Cochin" for the residual period of head lease which ends
on 27th April 2032 with handover date of 1st November 2024. The Lease has been classified as finance lease. The
arrangement has been recorded in terms of IndAS 116 - Leases with effect from 1st November 2024 and recognised
loss of ' 8.81 millions in the Statement of Profit or Loss account.
The Statement of Profit and Loss shows the following amount relating to leases:
52 There has been no delay in transferring amounts, required to be transferred to the Investor Education and
Protection Fund by the Company.
53 The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment
received Presidential assent on September 28, 2020. The Code has been published in the Gazette of India and
subsequently on November 13, 2020 draft rules were published and invited for stakeholders suggestions. However,
the date on which the Code will come into effect has not been notified. The Company will assess the impact of the
Code when it comes into effect and will record any related impact in the period the Code and rules thereunder
become effective.
56 OTHER STATUTORY INFORMATION
1. Title deeds of immovable properties are in the name of the Company, other than as disclosed in note 54(i), and
details where the title/lease agreements are under dispute/ litigation are set out in note 54(ii).
2. The Company had not granted any loans or advances in the nature of loans to promoters, directors, KMPs and the
related parties (as defined under Companies Act, 2013), either severally or jointly with any other person, that are
repayable on demand or without specifying any terms or period of repayment.
3. The Company was not holding any benami property and no proceedings were initiated or pending against the
Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and
rules made thereunder.
4. The Company had not been declared a wilful defaulter by any bank or financial institution or other lender (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.
5. Transactions with struck off companies under Section 248 of the Companies Act, 2013 or Section 560 of Companies
Act, 1956.
6. The Company did not have any charges or satisfaction which were yet to be registered with ROC beyond the
statutory period.
7. The Company has not traded or invested in Crypto currency or Virtual Currency during year ended March 31,2025.
8. The Company has not advanced or loaned or invested (either from borrowed funds or share premium or any other
sources or kind of funds) any funds to or in any other persons or entities, including foreign entities ("Intermediaries"),
with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
9. The Company has not received any funds from any persons or entities, including foreign entities ("Funding Parties"),
with the understanding, whether recorded in writing or otherwise, that the Company shall, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
10. The Company did not have any transaction which had not been recorded in the books of account that had 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).
11. The Company has been sanctioned a fund based and non-fund based working capital facility from the HDFC Bank
Limited on the basis of security of current assets. Based on sanction letter/acknowledgement of correspondence
with the bank, the quarterly returns or statements comprising stock statements and book debt statements filed
by the Company with the bank till the date of this report are in agreement with unaudited books of account of the
Company for the quarter ended June 30, 2024, September 30, 2024 and December 31, 2024. The Company intends
to submit the return/statement as at March 31, 2025 within the stipulated timelines.
57 The Company has maintained books of account as required by law including back up on daily basis of books of
account maintained in electronic mode in a server physically located in India.
58 As per the requirements of the rule 3(1) of the Companies (Accounts) rule 2014, the Company uses only such
accounting softwares for maintaining its books of account that have 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 who made those changes within such accounting softwares except for
(a) one software, audit trail feature was not enabled at the database level to log any direct data changes during
the period from April 1, 2024 to April 30, 2024,
(b) certain other softwares did not have a feature of recording audit trail (edit log) facility at the database level to
log any direct data changes.
The Company has not noted any tampering of the audit trail feature in respect of the software for which the audit
trail feature was operating. Additionally, the audit trail that was enabled and operated for the year ended March
31, 2024, has been preserved by the Company as per the statutory requirements for record retention.
The Company has established and maintained internal financial controls over financial reporting and such internal
financial controls were operating effectively throughout the year.
59 The financial statements were approved for issue by the Board of Directors on May 16, 2025.
As per our report of even date attached.
For Deloitte Haskins & Sells LLP For and on behalf of the Board of Directors
Chartered Accountants
(Firm's Registration Number 117366W/W-100018)
Jitendra Agarwal Vikramjit Singh Oberoi Surin Shailesh Kapadia
Partner Managing Director Director
(Membership No. 87104) (DIN No.: 00052014) (DIN No.: 00770828)
Place: New Delhi Place: New Delhi Place: New Delhi
Date: May 16, 2025 Date: May 16, 2025 Date: May 16, 2025
Samidh Das Tejasvi Dixit
Chief Financial Officer Company Secretary
Place: New Delhi Place: New Delhi
Date: May 16, 2025 Date: May 16, 2025
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