(p) Provisions and contingent liabilities

A provision is recognized when the Company has a
present obligation (legal or constructive) as a result of
past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle
the obligation and a reliable estimate can be made of
the amount of the obligation. If the effect of the time

value of money is material, provisions are discounted
using a current pre-tax rate that reflects, when
appropriate, the risks specific to the liability. When
discounting is used, the increase in the provision due
to the passage of time is recognized as a finance cost.

A contingent liability is a possible obligation that
arises from past events and whose existence will be
confirmed only by the occurrence or non-occurrence
of one or more uncertain future events not wholly
within the control of the Company or a present
obligation that is not recognized because it is not
probable that an outflow of resources will be required
to settle the obligation. A contingent liability also
arises in extremely rare cases where there is a liability
that cannot be recognized because it cannot be
measured reliably. The Company does not recognize
a contingent liability but discloses it in the financial
statements, unless the possibility of an outflow of
resources embodying economic benefits is remote.

If the Company has a contract that is onerous, the
present obligation under the contract is recognised
and measured as a provision. However, before
a separate provision for an onerous contract is
established, the Company recognises any impairment
loss that has occurred on assets dedicated to that
contract.

(q) Financial Instruments

Financial assets and liabilities are recognized when the
Company becomes a party to the contractual provisions
of the instrument. Financial assets and liabilities are
initially measured at fair value at initial recognition.
Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial
liabilities are added to or deducted from the fair value
measured on initial recognition of financial asset or
financial liability, except for transaction costs directly
attributable to the acquisition of financial assets and
liabilities at fair value through profit or loss which are
immediately recognized in statement of profit and
loss. However, trade receivables that do not contain
a significant financing component are measured at
transaction price.

i. Financial assets at fair value through other
comprehensive income

Financial assets are measured at fair value through
other comprehensive income if these financial
assets are held within a business whose objective
is achieved by both collecting contractual
cash flows and selling financial assets and the

contractual terms of the financial asset give rise
on specified dates to cash flows that are solely
payments of principal and interest on the principal
amount outstanding.

ii. Financial assets at fair value through profit or loss

Financial assets are measured at fair value through
profit or loss unless it is measured at amortized
cost or at fair value through other comprehensive
income on initial recognition.

iii. Debt instruments at amortized cost

A 'debt instrument' is measured at the amortized
cost if both the following conditions are met:

a) The asset is held within a business model
whose objective is to hold assets for collecting
contractual cash flows, and

b) Contractual terms of the asset give rise on
specified dates to cash flows that are solely
payments of principal and interest (SPPI) on
the principal amount outstanding.

After initial measurement, such financial assets
are subsequently measured at amortized cost
using the effective interest rate (EIR) method.
Amortized cost is calculated by taking into account
any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR
amortization is included in finance income in the
profit or loss. The losses arising from impairment
are recognized in the profit or loss. This category
generally applies to trade and other receivables.

iv. Investment in subsidiaries, joint ventures and
associates

Investment in subsidiaries, joint ventures and
associates are carried at cost. Impairment
recognized, if any, is reduced from the carrying
value.

v. De-recognition of financial asset

The Company derecognizes a financial asset when
the contractual rights to the cash flows from the
financial asset expire or it transfers the financial
asset and the transfer qualifies for de-recognition
under Ind AS 109.

vi. Financial liabilities

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

liabilities include trade and other payables, loans
and borrowings including bank overdrafts. The
subsequent measurement of financial liabilities
depends on their classification, which is described
below.

vii. Financial liabilities at fair value through profit or
loss

Financial liabilities at fair value through profit or
loss include financial liabilities held for trading
and financial liabilities designated upon initial
recognition as at fair value through profit or
loss. Financial liabilities are classified as held
for trading if they are incurred for the purpose of
repurchasing in the near term.

viii. Financial liabilities at amortized cost

Financial liabilities are subsequently measured
at amortized cost using the effective interest
('EIR') method. Gains and losses are recognized in
profit or loss when the liabilities are derecognized
as well as through the EIR amortization process.
Amortized cost is calculated by taking into account
any discount or premium on acquisition and fees
or costs that are an integral part of the EIR. The
EIR amortization is included as finance costs in
the statement of profit and loss.

ix. De-recognition of financial liability

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

x. Fair value of financial instruments

In determining the fair value of its financial
instruments, the Company uses following
hierarchy and assumptions that are based on
market conditions and risks existing at each
reporting date.

Fair value hierarchy:

All assets and liabilities for which fair value is
measured or disclosed in the financial statements
are categorized within the fair value hierarchy,

comprise cash at banks and on hand and short-term
deposits with an original maturity of three months or
less, that are readily convertible to a known amount
of cash and subject to an insignificant risk of changes
in value. For the purpose of the Company's statement
of cash flows, cash and cash equivalents consist of
cash and short-term deposits, as defined above, net
of outstanding cash credit/bank overdrafts as they
are considered an integral part of the Company's cash
management.

(u) Events after the reporting period

If the Company receives information after the
reporting period, but prior to the date of approved for
issue, about conditions that existed at the end of the
reporting period, it will assess whether the information
affects the amounts that it recognises in its financial
statements. The Company will adjust the amounts
recognised in its financial statements to reflect any
adjusting events after the reporting period and update
the disclosures that relate to those conditions in light
of the new information. For non-adjusting events after
the reporting period, the Company will not change the
amounts recognised in its financial statements but
will disclose the nature of the non-adjusting event and
an estimate of its financial effect, or a statement that
such an estimate cannot be made, if applicable.

2.3 Significant accounting judgments, estimates and
assumptions

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

In the process of applying the Company's accounting
policies, management makes judgement, estimates and
assumptions which have the most significant effect on
the amounts recognized in the financial statements.

The key judgements, estimates and assumptions
concerning the future and other key sources of estimation
uncertainty at the reporting date, that have a significant
risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial
year, are described below. The Company based its
judgements, assumptions and estimates on parameters
available when the financial statements were prepared.

Existing circumstances and assumptions about future
developments, however, may change due to market
changes or circumstances arising that are beyond the
control of the Company. Such changes are reflected in the
assumptions when they occur.

i) Revenue from contracts with customers

The Company applied the following judgements that
significantly affect the determination of the amount
and timing of revenue from contracts with customers:

a) Identification of performance obligation

Revenue consists of sale of undivided share
of land and constructed area to the customer,
which have been identified by the Company as
a single performance obligation, as they are
highly interrelated/ interdependent. In assessing
whether performance obligations relating to
sale of undivided share of land and constructed
area are highly interrelated/ interdependent, the
Company considers factors such as:

O whether the customer could benefit from the
undivided share of land or the constructed area
on its own or together with other resources
readily available to the customer.

O whether the entity will be able to fulfil its
promise under the contract, to transfer the
undivided share of land without transfer of
constructed area or transfer the constructed
area without transfer of undivided share of
land.

b) Timing of satisfaction of performance obligation

Revenue from sale of real estate units is
recognised when (or as) control of such units is
transferred to the customer. The entity assesses
timing of transfer of control of such units to the
customers as transferred over time if one of the
following criteria are met:

O The customer simultaneously receives and
consumes the benefits provided by the entity's
performance as the entity performs.

O The entity's performance creates or enhances
an asset that the customer controls as the
asset is created or enhanced.

O The entity's performance does not create an
asset with an alternative use to the entity and
the entity has an enforceable right to payment
for performance completed to date.

If control is not transferred over time as above, the
entity considers the same as transferred at a point
in time.

For contracts where control is transferred at a
point in time the Company considers the following
indicators of the transfer of control of the asset to
the customer:

O When the entity obtains a present right to
payment for the asset.

O When the entity transfers legal title of the
asset to the customer.

O When the entity transfers physical possession
of the asset to the customer.

O When the entity transfers significant risks
and rewards of ownership of the asset to the
customer.

O When the customer has accepted the asset.

The aforesaid indicators of transfer of control are
also considered for determination of the timing of
derecognition of investment property.

c) Accounting for revenue and land cost for
projects executed through joint development
arrangements ('JDA')

For projects executed through joint development
arrangements, 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/revenue
sharing arrangement and the corresponding
land/ development rights received under JDA
is measured at the fair value of the estimated
construction service rendered 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 JDA (whether revenue share or
area share) and the related cost that is allocated
to discharge the obligation of the Company
under the JDA. 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 not 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.

d) Significant financing component

For contracts involving sale of real estate unit,
the Company receives the consideration in
accordance with the terms of the contract in
proportion of the percentage of completion of
such real estate project and represents payments
made by customers to secure performance
obligation of the Company under the contract
enforceable by customers. Such consideration
is received and utilised for specific real estate
projects in accordance with the requirements of
the Real Estate (Regulation and Development) Act,
2016. Consequently, the Company has concluded
that such contracts with customers do not involve
any financing element since the same arises for
reasons explained above, which is other than for
provision of finance to/from the customer.

ii) Classification of property

The Company determines whether a property is
classified as investment property or inventory as
below.

Investment property comprises land and buildings
(principally office and retail properties) that are not
occupied substantially for use by, or in the operations
of, the Company, nor for sale in the ordinary course
of business, but are held primarily to earn rental
income and capital appreciation. These buildings are
substantially rented to tenants and not intended to be
sold in the ordinary course of business.

Inventory comprises property that is held for sale
in the ordinary course of business. Principally, this
is residential and commercial property that the
Company develops and intends to sell before or during
the course of construction or upon completion of
construction.

iii) Estimation of net realizable value for inventory and
land advance

Inventory is stated at the lower of cost and net
realizable value (NRV).

NRV for completed inventory property 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 property 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.

With respect to land inventory and land advance given,
the net recoverable value is based on the present value
of future cash flows, which depends on the estimate
of, among other things, the likelihood that a project
will be completed, the expected date of completion,
the discount rate used and the estimation of sale
prices and construction costs.

iv) Impairment of non-financial assets

Impairment exists when the carrying value of an
asset or cash generating unit exceeds its recoverable
amount, which is the higher of its fair value less costs
of disposal and its value in use. The fair value less
costs of disposal calculation is based on available data
from binding sales transactions, conducted at arm's
length, for similar assets or observable market prices
less incremental costs for disposing of the asset. The
value in use calculation is based on a DCF model. The
cash flows are derived from the budget for the next five
years and do not include restructuring activities that
the Company is not yet committed to or significant
future investments that will enhance the asset's
performance of the CGU being tested. The recoverable
amount is sensitive to the discount rate used for the
DCF model as well as the expected future cash-inflows
and the growth rate used for extrapolation purposes.
These estimates are most relevant to disclosure of
fair value of investment property recorded by the
Company.

v) Defined benefit plans - Gratuity

The cost of the defined benefit gratuity plan and other
post-employment medical benefits and the present
value of the gratuity obligation are determined using
actuarial valuations. An actuarial valuation involves
making various assumptions that may differ from
actual developments in the future. These include
the determination of the discount rate, future salary
increases and mortality rates. Due to the complexities
involved in the valuation and its long-term nature,
a defined benefit obligation is highly sensitive to
changes in these assumptions. All assumptions are
reviewed at each reporting date.

The parameter most subject to change is the discount
rate. In determining the appropriate discount rate for
plans operated in India, the management considers
the interest rates of government bonds. The mortality

rate is based on publicly available mortality tables.
Those mortality tables tend to change only at interval
in response to demographic changes. Future salary
increases are based on expected future inflation rates
and expected salary increase thereon.

vi) Measurement of financial instruments at amortized
cost

Financial instrument are subsequently measured
at amortized cost using the effective interest ('EIR')
method. The computation of amortized cost is
sensitive to the inputs to EIR including effective rate of
interest, contractual cash flows and the expected life
of the financial instrument. Changes in assumptions
about these inputs could affect the reported value of
financial instruments.

vii) Useful life and residual value of property, plant and
equipment, investment property and intangible
assets

The useful life and residual value of property, plant and
equipment, investment property and intangible assets
are determined based on evaluation made by the
management of the expected usage of the asset, the
physical wear and tear and technical or commercial
obsolescence of the asset. Due to the judgements
involved in such estimates the useful life and residual
value are sensitive to the actual usage in future period.

viii) Provision for litigations and contingencies

Provision for litigations and contingencies is
determined based on evaluation made by the
management of the present obligation arising from
past events the settlement of which is expected to
result in outflow of resources embodying economic
benefits, which involves judgements around
estimates the ultimate outcome of such past events
and measurement of the obligation amount. Due to
judgements involved in such estimation the provision
is sensitive to the actual outcome in future periods.

ix) Fair value measurement of financial instruments

When the fair values of financial instruments recorded
in the balance sheet cannot be measured based on
quoted prices in active markets, their fair value is
measured using valuation techniques including the
DCF model. The inputs to these models are taken
from observable markets where possible, but where
this is not feasible, a degree of judgement is required
in establishing fair values. The fair valuation requires
management to make certain judgments about the
model inputs, including forecast cash flows, discount

rate, credit risk and volatility. Changes about these
factors could affect the reported fair value of financial
instruments.

2.4 New and amended standards

The Company applied for the first-time certain standards
and amendments, which are effective for annual periods
beginning on or after 1 April 2024. The Company has not
early adopted any standard, interpretation or amendment
that has been issued but is not yet effective.

(i) Ind AS 117 Insurance Contracts

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

Ind AS 117 Insurance Contracts is a comprehensive new
accounting standard for insurance contracts covering
recognition and measurement, presentation and
disclosure. Ind AS 117 replaces Ind AS 104 Insurance
Contracts. Ind AS 117 applies to all types of insurance
contracts, regardless of the type of entities that issue
them as well as to certain guarantees and financial
instruments with discretionary participation features;
a few scope exceptions will apply. Ind AS 117 is based
on a general model, supplemented by:

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

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

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

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

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

The amendment specifies the requirements that a
seller-lessee uses in measuring the lease liability
arising in a sale and leaseback transaction, to ensure
the seller-lessee does not recognise any amount of the
gain or loss that relates to the right of use it retains.

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

The amendments do not have a material impact on the
Company's financial statements.

b. Fair valuation information

The Company's investment properties consist of commercial properties in South India.

As at March 31, 2025 and March 31, 2024, the fair values of the properties are Rs. 32.22 crore and Rs.27.92 crore, respectively.
These valuations are based on valuations performed by independent external valuer, who specialise in valuing these types of
investment properties. The aforesaid independent external valuers are not registered valuer as defined under rule 2 of the
Companies (Registered Valuers and Valuation) Rules, 2017.

The fair value of investment properties is primarily based on discounted cashflow method ('DCF') and classified as level 3 fair
value in the fair value hierarchy due to the use of unobservable inputs. There has been no change in valuation techniques used
in current and previous years.

Under the DCF method, fair value is estimated using assumptions regarding the benefits and liabilities of ownership over the
asset's life including an exit or terminal value. This method involves the projection of a series of cash flows on a real property
interest. To this projected cash flow series, a market-derived discount rate is applied to establish the present value of the income
stream associated with the asset. The exit yield is normally separately determined and differs from the discount rate.

The duration of the cash flows and the specific timing of inflows and outflows are determined by events such as rent reviews,
lease renewal and related sub-leasing, redevelopment, or refurbishment. The appropriate duration is typically driven by market
behaviour that is a characteristic of the class of real property. Periodic cash flow is typically estimated as gross income less
vacancy, non-recoverable expenses, collection losses, lease incentives, maintenance cost, agent and commission costs and other
operating and management expenses. The series of periodic net operating income, along with an estimate of the terminal value
anticipated at the end of the projection period, is then discounted.

b) During the year, the investments made, guarantees provided, security given and the terms and conditions of the grant of all
loans, investments, securities and guarantees given to companies and Limited Liability Partnerships are not prejudicial to the
Company's interest, the loans, investments, securities and guarantees are given to such parties considering the Company's
economic interest and long-term trade relationship with such parties.

c) There are no amounts of loans and advances in the nature of loans granted to companies, firms, limited liability partnerships
or any other parties which are overdue for more than ninety days.

d) There were no loans granted to company and other parties which was fallen due during the year, that have been renewed or
extended or fresh loans granted to settle the overdues of existing loans given to the same parties.

e) The Company has granted loans or advances in the nature of loans, either repayable on demand or without specifying any terms
or period of repayment to companies and Limited Liability Partnerships. Of these following are the details of the aggregate
amount of loans or advances in the nature of loans granted to promoters or related parties as defined in clause (76) of section
2 of the Companies Act, 2013.

Nature and purpose of reserves:

1. Securities premium

Securities premium is used to record the premium on issue of shares, which can be utilised only in accordance with the
provisions of the Companies Act, 2013.

2. General reserve

General reserve represents amounts transferred from retained earnings, which can be utilised in accordance with the
provisions of the Companies Act, 2013.

3. Employee Stock Option(ESOP) Reserve

The ESOP reserve account is used to recognise the grant date fair value of options issued to employees under the Company's
Employee stock option plan over the vesting period.

4. Retained earnings

Retained earnings are the profits/(loss) that the Company has earned/incurred till date, less any transfers to general reserve,
dividends or other distributions paid to shareholders.

32a Exceptional items

During the quarter ended December 31, 2024, the Company has acquired an additional stake of 36.26% in an existing joint
venture partnership entity - Pune Projects LLP ('PPL') from another partner for a consideration of Rs.35.00 crore. Pursuant
to the said acquisition, the Company holds 68.26% share and control thereon in PPL, thereby PPL has become a subsidiary
of the Company from December 31, 2024. Further, the partners of PPL have agreed to revise their profit sharing ratio, which
has resulted in recognition of additional share of loss of Rs.33.33 crore by the Company and the said share of profit/(loss) in
partnership entity of Rs. 33.33 crore has been disclosed under Exceptional items.

33. Fair value measurements

The fair value of the financial assets and liabilities is determined as the amount at which the instrument could be exchanged in
a current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

> The management assessed the fair values of the unquoted debt instruments using a DCF model. The valuation requires
management to make certain assumptions about the model inputs, including forecast cash flows, discount rate, credit
risk and volatility. The probabilities of the various estimates within the range can be reasonably assessed and are used in
management's estimate of fair value for these unquoted instruments.

> The management assessed that the carrying values of cash and bank balances, trade receivables, trade payables, and other
financial assets and liabilities approximate their fair values largely due to their short-term maturities.

> The management assessed that the carrying values of bank deposits, borrowings and other financial assets and liabilities
approximate their fair values based on cash flow discounting using parameters such as interest rates, tenure of instrument,
creditworthiness of the customer and the risk characteristics of the financed project, as applicable.

> Refer note 4 with respect to investment properties.

> The quoted investments (mutual funds) are valued using the quoted market prices in active markets.

The Company's investments in its subsidiaries, joint ventures and associates are accounted at cost (refer note 6).

> The unquoted investments (other funds) are valued using the unquoted net asset value of the units.

These financial assets and financial labilities as summarised below are classified as level 3 fair values except otherwise stated

below in the fair value hierarchy due to the use of unobservable inputs as explained above. There have been no transfers

between levels during the year.

The details of fair value measurement of Company's financial assets/liabilities are as below:

34. Financial risk management

The Company's principal financial liabilities, comprise borrowings, trade payables and other payables. The main purpose of
these financial liabilities is to finance the Company's operations. The Company's principal financial assets include loans, trade
receivables, cash and bank balances and other receivables that derive directly from its operations.

The Company's activities expose it to market risk, liquidity risk and credit risk.

The Company's management oversees the management of these risks and ensures that the Company's financial risk activities
are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in
accordance with the Company's policies and risk objectives.

a. Credit risk

Credit risk is the risk of loss that may arise on outstanding financial instruments if a counterparty default on its obligations.
Credit risk arises from cash and cash equivalents, trade receivables and deposits with banks and financial institutions.

Credit risk management

Other financial assets like bank deposits and other receivables are mostly with banks and hence, the Company does not
expect any credit risk with respect to these financial assets.

With respect to trade receivables, the Company has constituted teams to review the receivables on periodic basis and to
take necessary mitigations, wherever required. For trade receivables and contract assets, the Company applies a simplified
approach in calculating ECLs. Therefore, the Company does not track changes in credit risk, but instead recognises a loss
allowance based on lifetime ECLs at each reporting date. The recoverability of trade receivables is considered good as the
handover/possession of residential/commercial units to the customers in case of real estate arrangements or refund of
security deposit in case of lease arrangements is not processed till the time the Company collects the entire receivables.
Accordingly, the Company does not have any loss allowance based on historical life time credit loss experience and forward
looking factor as detailed above.

b. Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of
funding through an adequate amount of committed credit facilities to meet obligations when due and also generating cash
flow from operations.

Management monitors the Company's liquidity position and cash and cash equivalents on the basis of expected cash flows
and maintaining debt financing plans.

The break-up of cash and cash equivalents and other current bank balances is as below:

c. Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises two types of risk: interest rate risk and other price risk, such as equity price risk and
commodity/ real-estate risk.

The sensitivity analysis in the following sections relate to the position as at March 31,2025 and March 31, 2024. The analysis
excludes the impact of movements in market variables on the carrying values of gratuity and other post retirement
obligations/provisions.

The below assumption has been made in calculating the sensitivity analysis:

The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks. This is
based on the financial assets and financial liabilities held at March 31, 2025 and March 31, 2024.

Interest rate risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in
Interest rate. The entity's exposure to the risk of changes in Interest rates relates primarily to the entity's operating
activities (when receivables or payables are subject to different interest rates) and the entity's net receivables or payables.
The Company is affected by the price volatility of certain commodities/ real estate. Its operating activities require the
ongoing development of real estate. The Company's management has developed and enacted a risk management strategy
regarding commodity/ real estate price risk and its mitigation. The Company is subject to the price risk variables, which are
expected to vary in line with the prevailing market conditions.

Interest rate sensitivity

Profit or loss is sensitive to higher/lower interest expense from borrowings as a result of changes in interest rates. The
following table demonstrates the sensitivity to a reasonably possible change in interest rates, with all other variables held
constant. The impact on the entity's profit before tax is due to changes in the fair value of financial assets and liabilities.

35. Capital Management

The Company's objectives when managing capital are to maximise returns for shareholders and benefits for other stakeholders,
and maintain an optimal capital structure to reduce the cost of capital.

In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders,
return capital to shareholders, issue new shares or sell assets to reduce debt.

The Company monitors its capital using gearing ratio, which is net debt divided by total equity. Net debt comprises long term
borrowings, short term borrowings, current maturities of long term borrowings less cash and cash equivalents and other bank
balances. Total equity comprises equity share capital and other equity.

In order to achieve the objective of maximize shareholders value, the Company's capital management, amongst other things, aims
to ensure that it meets financial covenants attached to the interest-bearing borrowings that define capital structure requirements.
Any significant breach in meeting the financial covenants would allow the bank to call borrowings. There have been no breaches in
the financial covenants of above-mentioned interest-bearing borrowing.

No changes were made in the objectives, policies or processes for managing capital during the current and previous years.

38. Commitments and contingencies
a. Other commitments

(i) As at March 31, 2025, the Company has contracts remaining to be executed on capital account amounting to Rs.1.29
crore that were not provided for (March 31, 2024: Rs.4.77 crore).

(ii) As at March 31, 2025, the Company has given Rs.441.77 crore (March 31,2024: Rs.299.73 crore) as advances/deposits for
purchase of land/ joint development. Under the agreements executed with the land owners, the Company is required
to make further payments and/or give share in area/ revenue from such development in exchange of undivided share in
land based on the agreed terms/ milestones.

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

iii) The Company has entered into an arrangement with Vistra ITCL India Limited ('Trustee') and Purva Asset Management
Private Limited ('Fund Manager' ) and has agreed to act as a sponsor of Purva Real Estate Fund ('Trust'), which is being
controlled by the Trustee. As part of the aforesaid arrangement, the Company and the Fund Manager (a wholly owned
subsidiary of the Company) have agreed to make capital contribution of upto Rs.14.83 crore (March 31, 2024: Rs. 9.00
crore) and Rs.1.00 crore (March 31, 2024: Rs. 1.00 crore), respectively. The funds raised by the Trust are to be invested in
entities engaged in residential projects developed by the Company and its affiliates and the Company has committed
to fund any shortfall in internal rate of return of 12% on such investments. The Company has assessed and is of the
view that the surplus from the respective projects will be sufficient to repay the committed return. Accordingly, the
Company doesn't expect any further liability in this regard.

38. Commitments and contingencies (continued)

(iv) Ongoing legal proceedings related to property, income tax search and other matters

a) The Company is subject to ongoing legal proceedings in respect of the following matters as summarised below.

(i) Deposits and advances of Rs. 54.10 crore (March 31, 2024: Rs. 45.50 crore) towards joint development arrangements
and land acquisitions which are subject to legal proceedings related to obtaining clear and marketable tittle for
underlying properties.

(ii) Inventories related to launched project of Rs.78.30 crore (March 31, 2024: Rs. Nil) under land acquisition proceedings
by government authorities.

(iii) Other balances of Rs.6.20 crore (March 31, 2024: Rs. 6.20 crore) recoverable from joint development partners and
other parties which are subject to litigations.

Pending resolution of the aforesaid legal proceedings, no provision has been made towards aforesaid claims and
the deposits, advances, inventory and other balances referred above are classified as good and recoverable in the

accompanying standalone financial statements based on the legal evaluation by the management of the ultimate
outcome of the legal proceedings.

b) A search under section 132 of the Income Tax Act ('the Act') was conducted in October 2023 in case of the Company,
certain group companies and its promoters. Pursuant to the proceedings of the Income tax authorities ('the authorities'),
requisite information was provided by the Company to the authorities.

During the quarter ended March 31, 2025, the Company has received assessment orders from the authorities disallowing
certain expenses on the grounds that the same are not incurred for the purpose of business, with potential tax impact
of Rs.3.50 crore, Rs.3.19 crore and Rs.5.35 crore for AY 2020-21, AY 2022-23 and AY 2023-24, respectively. The Company
is of the view that these expenses have been incurred in the ordinary course of business towards its ongoing real estate
development projects. The Company has filed appeal against such assessment orders and is reasonably confident of
providing necessary supporting evidences to the authorities in support of allowance of such expenses.

Pending resolution of the aforesaid legal proceedings, no provision has been made towards the consequential impact
arising from such assessment orders in the accompanying standalone financial statements, based on the legal
evaluation by the management of the ultimate outcome of the legal proceedings.

v) The Company is also subject to certain legal proceedings and claims, which have arisen in the ordinary course
of business, including certain litigation for commercial development or land parcels held for construction
purposes, either through joint development arrangements or through outright purchases, the impact of which
is not quantifiable. These cases are pending with various courts/statutory authorities. After considering the
circumstances and legal evaluation thereon, the management believes that these cases will not have an adverse
effect on these financial statements.

vi) The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post employment
benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India.
Certain sections of the Code came into effect on May 03, 2023. However, the final rules/interpretation have not
yet been issued. Based on a preliminary assessment, the entity believes the impact of the change will not be
significant.

Note: The Company does not expect any reimbursement in respect of the above contingent liabilities and it is not
practicable to estimate the timing of the cash outflows, if any, in respect of aforesaid matters and it is not probable
that an outflow of resources will be required to settle the above obligations/claims.

V. Compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

During the year ended March 31, 2024, the Company had entered into transactions with a joint venture entity, in the nature of
loans and guarantees given aggregating to Rs.156.20 crores without prior approval of its shareholders. Based on legal advice,
the Company had reassessed and was in the process of regularising the requirements of Regulation 23(4) of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 and obtaining approval from its shareholders in the ensuing
general meeting for such related party transactions. In July 2024, the shareholders of the Company through postal ballet, have
ratified the aforesaid related party transactions.

41. Defined benefit plan - Gratuity

A. The Company has gratuity as defined benefit retirement plan for its employees. 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 at the rate of 15 days basic salary for each year of service until the retirement age. As at March 31, 2025
and March 31, 2024 the plan assets were invested in insurer managed funds.

42. Segmental information

The Company's business activities fall within a single reportable segment, i.e. real estate development. Hence, there are no
additional disclosures to be provided under Ind-AS 108 - Segment information with respect to the single reportable segment, other
than those already provided in these financial statements.

The Company is domiciled in India. The Company's revenue from operations from external customers relate to real estate
development in India and all the non-current assets of the Company are located in India.

43. Share Based Payments

Equity Settled Share Based Payment Transaction

Certain employees of the Company and its subsidiary are covered under the group-wide share-based schemes of the Company,
wherein the Company has the obligation to settle the share-based transaction with equity settled options. Further, there is no
recharge arrangement between the Company and its subsidiary for the aforesaid share-based transactions.

The Company had approved a scheme of Employees Stock Option Plan vide shareholders' special resolution dated September 27,
2022.

The eligible employees including members of key management personnel of the Company and its subsidiary as may be decided
by the Board and/or the Nomination and Remuneration committee at its own discretion are covered under the share-based
schemes of Puravankara Employee Stock Option Plan 2022. The Nomination and remuneration committee, in its meeting held
on January 23, 2024, has approved the grant of options to eligible employees of the Company and its subsidiary under the
"Puravankara Employee Stock Option Plan 2022"

There are no cash settlement alternatives. The Company accounts for the options as an equity-settled plan.

The Company determines expected volatility on all options granted using available implied volatility rates. The Company believes
that market-based measures of implied volatility are currently the best available indicators of the expected volatility used in
these estimates.

The Company determines expected lives of options based on the weighted average life of the options. The Company believes that
the weighted average life of the options is the best estimate currently available.

Risk-free interest rates based on the yields on government bonds of term equivalent to the expected life of the option as on the
date of grant. Dividend yield to be Zero as the Company does not have a dividend payment policy in place in the visible future.

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

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

(v) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or
kind of funds) by the Company 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, whether, 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.

(vi) No funds have been received by the Company from any persons or entities, including foreign entities ("Funding Parties"), with
the understanding, whether recorded in writing or otherwise, that the Company shall, whether, 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.

46. The Company has defined process to take daily back-up of books of account in electronic mode on servers physically located
in India.

The Company has used accounting software for maintaining its books of account which has a feature of recording audit trail
(edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the accounting
software, except that audit trail feature is not enabled for direct changes to data when using certain access rights as the audit
trail feature is not enabled at the database level insofar as it relates to SAP S/4 HANA accounting software. Further no instance
of audit trail feature being tampered with was noted in respect of the accounting software to the extent it was enabled.
Additionally, the audit trail of relevant prior year has been preserved by the Company as per the statutory requirements for
record retention to the extent it was enabled and recorded in the respective year.

47. Standards issued but not yet effective:

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

Lack of exchangeability - Amendments to Ind AS 21:

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

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

The amendments are not expected to have a material impact on the Company's financial statements.

For S.R. Batliboi & Associates LLP For and on behalf of the Board of Directors of

Chartered Accountants Puravankara Limited

ICAI Firm registration number: 101049W/E300004 CIN: L45200KA1986PLC051571

per Sudhir Kumar Jain Ashish R Puravankara Abhishek Nirankar Kapoor

Partner Managing Director Whole-time Director and CEO

Membership no.: 213157 DIN 00504524 DIN 03456820

Deepak Rastogi Sudip Chatterjee

Chief Financial Officer Company Secretary

Bengaluru Bengaluru

May 30, 2025 May 30, 2025