7. Provision

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of
a 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.

8. Investments

(i) Investments are classified into current and non-current investments. Current investments
are stated at the lower of cost and fair value. Non-current investments are stated at cost. A
provision for diminution is made to recognise a decline, other than temporary, separately
for each individual non-current investment.

(ii) Investments that are readily realisable and are intended to be held for not more than one
year from the date, on which such investments are made, are classified as “Current
investments”.

(iii) All other investments are classified as “Non-current investments”.

9. Revenue recognition

(i) Sale of Land & Undivided Share of Land (UDS)

1. Sale of land and UDS (excluding land under agreement to sell) is recognised in the
financial year in which the sale deed is executed.

(ii) Revenue from Construction Contracts:

The Company has adopted Ind AS 115, Revenue from Contracts with Customers, with
effect from 01 April 2018.

1. The Company recognises revenue from contracts with customers when it satisfies
a performance obligation by transferring promised good or service to a customer.
The revenue is recognised to the extent of transaction price allocated to the
performance obligation satisfied. A performance obligation is satisfied over time if
the customer simultaneously receives and consumes the benefits provided by the
Company's performance as the Company performs. In cases where performance
obligations are not satisfied over time, they are satisfied at a point in time, which is
when control of the goods or services is transferred to the customer For
performance obligation satisfied over time, the revenue recognition is done by
measuring the progress towards complete satisfaction of performance obligation.
The progress is measured in terms of a proportion of actual cost incurred to-date,
to the total estimated cost attributable to the performance obligation.

2. T ransaction price is the amount of consideration to which the Company expects to
be entitled in exchange for transferring goods or service to a customer excluding
amounts collected on behalf of a third party. Variable consideration is estimated
using the expected value method or most likely amount as appropriate in a given
circumstance. Payment terms agreed with a customer are as per business practice
and there is no financing component involved in the transaction price.

3. Costs to obtain a contract which are incurred regardless of whether the contract
was obtained are charged-off in Statement of Profit and Loss immediately in the
period in which such costs are incurred. Incremental costs of obtaining a contract,
if any, and costs incurred to fulfil a contract are amortised over the period of
execution of the contract in proportion to the progress measured in terms of a
proportion of actual cost incurred to-date, to the total estimated cost attributable
to the performance obligation.

(iii) Advances received from customers in respect of contracts are treated as liabilities and
adjusted against progress billing as per terms of the contract.

(iv) Amounts due from contract customers represents the amount expected to be collected from
customers for completed contract work.

(v) Interest Income

1. Interest from various Short Term/ Long Term investments is recognised on time
proportion basis, taking into account the amount outstanding and the rate
applicable

10. Interest from customers under agreements to sell

Interest income from customers under agreements to sell or construction is recognized on a
cash basis when received.

11. Cost of revenue

(i) Land and plots development costs include land acquisition cost, internal development costs
and external development charges, which are not charged to the Statement of Profit and
Loss. They are carried forward as work in progress.

(ii) Cost of constructed properties and properties under construction includes cost of land
(excluding land under agreements to purchase), internal development costs, external
development charges, construction costs and development/ construction materials, which
is charged to the Statement of Profit and Loss based on the percentage of revenue
recognised as per accounting policy (7) above, in consonance with the concept of matching
costs and revenue. Final adjustment is made on completion of the applicable project.

12. Segment Reporting

(i) The Company is managed as a single operating unit that provides Property Development
Services only and therefore, has only one reportable business segment. Further, the
operations of the Company are limited within one geographical segment. Hence the
disclosure required by this standard is presently not applicable to the Company.

13. Tax Expenses

(i) The tax expenses for the period comprises of current tax and deferred income tax. Tax is
recognised in Statement of Profit and Loss, except to the extent that it relates to items
recognised in the Other Comprehensive Income. In which case, the tax is also recognised in
Other Comprehensive Income.

(ii) Current Tax

Current tax assets and liabilities are measured at the amount expected to be recovered from
or paid to the Income Tax authorities, based on tax rates and laws that are enacted at the
Balance sheet date.

(iii) Deferred Tax

Deferred tax is recognised on temporary differences between the carrying amounts of
assets and liabilities in the Financial Statements and the corresponding tax bases used in
the computation of taxable profit. Deferred tax assets are recognised to the extent it is
probable that taxable profit will be available against which the deductible temporary
differences, and the carry forward of unused tax losses can be utilised.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply
in the period in which the liability is settled or the asset realised, based on tax rates (and
tax laws) that have been enacted or substantively enacted by the end of the reporting
period. The carrying amount of Deferred tax liabilities and assets are reviewed at the end
of each reporting period.

14. Employee Benefits

(i) Defined Contribution Plan

The company is not liable for contributions to defined contribution schemes such as provident
fund, employees' state insurance, labour welfare fund and superannuation scheme.

(ii) Short-term Benefits

Short-term employee benefits such as salaries, wages, performance incentives etc. are
recognised as expenses at the undiscounted amounts in the Statement of Profit and Loss of the
period in which the related service is rendered.

15. Contingent liabilities

(i) Depending upon the facts of each case and after due evaluation of legal aspects, claims
against the Company not acknowledged as debts are treated as contingent liabilities. In
respect of statutory dues that are disputed and contested by the Company, contingent
liabilities are disclosed but not provided for.

16. Earnings per share

(i) Basic earnings per share is calculated by dividing the net profit or loss for the period
attributable to equity shareholders (after deducting preference dividends and attributable
taxes) by the weighted average number of equity shares outstanding during the period. The
weighted average number of equity shares outstanding during the period are adjusted for
events including a bonus issue; bonus element in a rights issue to existing shareholders;
share split; and reverse share split (consolidation of shares).

(ii) For the purpose of calculating diluted earnings per share, the net profit or loss for the period
attributable to equity shareholders and the weighted average number of shares
outstanding during the period are adjusted for the effects of all dilutive potential equity
shares.

13.2 RIGHTS, PREFERENCES AND RESTRICTIONS ATTACHED TO SHARES

The company has two class of shares with equiy shares have a face value of Rs. 10 Per share and 0.01% Non¬
Convertible Redeemable Cumulative Preference shares have a face value of Rs. 10 per share

Each holder of equity shares is entitled to one vote per share.

The preference share capital are classified as Financial Liability as each preferential holder had preferential
rights in payment of dividend and repayment in case of winding up, and are Redeemable in nature.

The Preferential holder have voting rights as per the provisions of Sec 47 (2) of the Act
The company declares and pays dividends in Indian Rupees.

The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual
General Meeting, except for Interim Dividend

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining
assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the
number of equity shares held by the shareholders.

30 Disclosure as per Ind AS 115

a. The Company is engaged in the development, construction, and sale of residential and commercial properties.
Revenue from contracts with customers is recognized over time using the percentage of completion method,
which reflects the extent of progress toward completion of the performance obligations. The progress is
measured based on costs incurred relative to the estimated total costs of the project. This approach ensures
that revenue is recognized as control of the goods or services is progressively transferred to the customers, in
accordance with the terms of the contract.

Contract Assets: Contract assets represent the Company's right to consideration for work completed but not
yet billed as of the reporting date. These assets are reclassified to receivables when the right to payment
becomes unconditional, typically upon the issuance of an invoice to the customer. For the period ended 31
March 2025, an assessment was conducted in accordance with Ind AS 109, and no impairment of contract
assets was recognized.

Contract Liabilities: Contract liabilities primarily consist of advance payments received from customers for
residential and commercial units under construction. Revenue related to these contract liabilities is
recognized over time using the Percentage of Completion method, as the Company progresses towards
fulfilling its performance obligations under the contract.

Amounts Due from Contract Customers: These represent the gross unbilled amounts expected to be
collected from customers for work performed up to the reporting date. The amount is measured at cost plus
profit recognized to date, less progress billings and recognized losses, if any.

Amounts Due to Contract Customers: These represent the excess of progress billings over the revenue
recognized (including attributable profits) for the contract work performed to date. The measurement of
these amounts includes all costs directly attributable to specific projects, as well as an allocation of fixed and
variable overheads incurred in the Company's contract activities, based on normal operating capacity.

31 Financial Instruments, Financial Risk and Capital Management

31.1 Initial recognition

The Company recognizes financial assets and financial liabilities when it becomes a party to the
contractual provisions of the instrument. All financial assets and liabilities are recognized at fair value on
initial recognition, except for trade receivables which are initially measured at transaction price.
Transaction costs that are directly attributable to the acquisition or issue of financial assets and
financial liabilities, which are not at fair value through profit or loss, are added to the fair value on initial
recognition. Regular way purchase and sale of financial assets are accounted for at trade date.

31.2 Subsequent measurement

(a) Financial assets carried at amortized cost

A financial asset is subsequently measured at amortized cost if it is held within a business model whose
objective is to hold the asset in order to collect contractual cash flows 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.

(b) Financial assets at fair value through other comprehensive income (FVOCI)

A financial asset is subsequently measured at fair value through other comprehensive income if it is held
within a business model 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.

(c) Financial assets at fair value through profit or loss

A financial asset which is not classified in any of the above categories are subsequently fair valued
through profit or loss.

(d) Financial liabilities

Financial liabilities are subsequently carried at amortized cost using the effective interest method,

31.3 Fair value of financial instruments

In determining the fair value of its financial instruments, the Company uses a variety of methods and
assumptions that are based on market conditions and risks existing at each reporting date. The
methods used to determine fair value include discounted cash flow analysis, available quoted market prices
and dealer quotes. All methods of assessing fair value result in general approximation of value, and such
value may never actually be realized.

31.4 In determining the fair value of its financial instruments, the Company uses a variety of methods and
assumptions that are based on market conditions and risks existing at each reporting date. The
methods used to determine fair value include discounted cash flow analysis, available quoted market prices
and dealer quotes. All methods of assessing fair value result in general approximation of value, and such
value may never actually be realized.

Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 - Inputs are other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 - Inputs are not based on observable market data (unobservable inputs). Fair values are
determined in whole or in part using a valuation model based on assumptions that are neither
supported by prices from observable current market transactions in the same instrument nor are they
based on available market data.

31.6 Financial Risk Management

The Company's activities expose it to a variety of financial risks: credit risk, liquidity risk, and market risk.
The Company's overall risk management program focuses on the unpredictability of financial markets
and seeks to minimize potential adverse effects on the Company's financial performance
(a) Credit Risk

Credit risk arises from cash and cash equivalents, deposits with banks, and credit exposures to
customers, including outstanding receivables. " '

Credit Risk Management: The Company assesses the credit quality of customers, taking into
account their financial position, past experience, and other factors. Individual risk limits are set
based on internal or external ratings, and the utilization of credit limits is regularly monitored.

Exposure to Credit Risk: The carrying amount of financial assets represents the maximum credit
exposure. The maximum exposure to credit risk at the reporting date was as follows:

Credit Quality and Impairment: None of the Company's cash equivalents, including time deposits
with banks, are past due or impaired. Regarding trade receivables and other receivables, and other
loans or receivables that are neither impaired nor past due, there were no indications as at March 31,
2025, and March 31, 2024, that defaults in payment obligations will occur.

(b) Liquidity Risk

Liquidity risk is managed by maintaining sufficient cash and marketable securities and by ensuring
the availability of funding through adequate credit facilities. Management monitors rolling forecasts
of the Company's liquidity reserve (comprising undrawn borrowing facilities and cash and cash
equivalents) on the basis of expected cash flows.

(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 includes three types of risk: currency risk, interest rate
risk, and other price risk.

Currency Risk: The Company is exposed to currency risk to the extent that there is a mismatch
between the currencies in which sales, purchases, and borrowings are denominated. The currency
risk is managed through natural hedging and forward contracts.

Interest Rate Risk: Interest rate risk arises from long-term borrowings with variable interest rates.
The Company monitors the interest rate exposure on a continuous basis and uses interest rate swaps
to hedge against the interest rate risk.

Other Price Risk: The Company is exposed to equity price risks arising from equity investments
classified as fair value through profit or loss (FVTPL).

31.7 Capital 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 to maintain an optimal capital structure to reduce the cost of capital.

The Company monitors capital using a gearing ratio, which is net debt divided by total equity. Net debt is
calculated as total borrowings (including current and non-current borrowings as shown in the balance
sheet) less cash and cash equivalents.

The Company's capital structure consists of equity (comprising issued capital, reserves, and retained
earnings) and debt, which includes borrowings and trade and other payables. The Company's strategy
remains unchanged from the previous year.

The Company is subject to externally imposed capital requirements as part of its debt covenants, which
require maintaining a minimum interest coverage ratio and a maximum debt-to-equity ratio. As of 31
March 2024, the Company has complied with all externally imposed capital requirements.

Contingent Liabilities And Commitments

The total outstanding demand of Income Tax is Rs. 8,12,14,228 as on date. The matter is pending at various
stages of appeal. Based on the interpretations of relevant provisions of the Income tax Act, the Company
³⁵ has been legally advised that the additional demand raised is likely to be either deleted or substantially
reduced and accordingly no provision is considered necessary.

Corresponding figures for the previous period have been regrouped wherever necessary to confirm the
current period classification.

Place: Chennai As per our report of even date attached Date:

30/05/2025 . „ '

For and on behalf of the Board For GASM DANSR AND CO

(Chartered Accountants)

(Anop Chand Jain) (Gajraj Jain) Firm Reg No : 005986S

Managing Director Joint Managing Director

(V Ranga Rao)

Partner

(Nitesh Jain) (Bilal Mohammed Ali) Membership No: 024963

CFO Company Secretary UDIN: 25024963BMKUJJ6869 ^