1.17 PROVISIONS, CONTINGENT LIABILITIES AND
CONTINGENT ASSETS:

Provisions are recognized when there is a present
obligation as a result of past events, it is probable
that there will be 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. Provisions are measured at
the best estimate of the expenditure required to settle
the present obligation at the Balance Sheet date. If
the effect of the time value of money is material,
provisions are discounted to reflect its present value
using a current pre-tax rate that reflects the current
market assessments of the time value of money and
the risks specific to the obligation.

Contingent liabilities are disclosed when there is
a possible obligation arising from a past event,
the existence of which will be confirmed only by
the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control
of the company or a present obligation that arise
from a past event where it is either not probable that
an outflow of resources will be required to settle the
obligation or a reliable estimate of the amount cannot
be made.

1.18 SHARE-BASED PAYMENT:

Under the equity-settled share-based payment, the
fair value on the grant date of the awards given to
employees shall be recognised as ‘employee benefit
expenses' with a corresponding increase in equity
over the vesting period. The fair value of the options at
the grant date shall be calculated by an independent
valuer basis Black Scholes model. When the options
shall be exercised, the Company issues fresh equity
shares.

For cash-settled share-based payments, the fair
value of the amount payable to employees shall be
recognised as ‘employee benefit expenses' with a
corresponding increase in liabilities, over the period

of non-market vesting conditions getting fulfilled.
The liability shall be remeasured at each reporting
period up to and including the settlement date, with
changes in fair value recognised in employee benefits
expenses.

1.19 CASH AND CASH EQUIVALENTS:

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

For the purpose of the statement of cash flows, cash
and cash equivalents consist of unrestricted cash
and short-term deposits, net of outstanding bank
overdrafts as they are considered an integral part of
the Company's cash management. Cash flows are
reported using the indirect method, whereby profit
before tax is adjusted for the effects of transactions of
a non-cash nature, any deferrals or accruals of past or
future operating cash receipts or payment and items
of income or expenses associated with investing or
financing cash flows. The cash flows from operating,
investing and financing activities of the company are
segregated.

A. The carrying amounts of trade receivables, trade payables, current loans, capital creditors and cash and cash
equivalents, other financial assets, other financial liabilities are considered to be the same as their fair values, due to
their short-term nature.

B. The fair values of non-current borrowings and non-current Loans are same as their amortised cost since the
borrowings are interest bearing at the prevalent market rate.

NOTE-36 FINANCIAL RISK MANAGEMENT:-

The Company's activities expose it to market risk, liquidity risk and credit risk. In order to minimize any adverse effects on
the financial performance of the company, derivative financial instruments, such as foreign exchange forward contracts
and foreign currency option contracts are entered to hedge certain foreign currency risk exposures and interest rate
swaps to hedge variable interest rate exposures. Derivatives are used exclusively for hedging purposes and not as
trading or speculative instruments.

Credit Risk Management

Credit risk is the risk that a counterparty fails to discharge its obligation to the Company under a financial instrument or
customer contract leading to a financial loss. The Company's exposure to credit risk is influenced mainly by cash and
cash equivalents, trade receivables including contract assets and financial assets measured at amortised cost.

The Company continuously monitors defaults of customers and other counterparties and incorporates this information into
its credit risk controls. Credit risk related to cash and cash equivalents and bank deposits is managed by only accepting
highly rated banks and diversifying bank deposits. Other financial assets measured at amortized cost includes loans
to employees, security deposits and other credit risk related to other financial assets is managed by monitoring the
recoverability of such amounts continuously, while at the same time internal control system in place ensure the amounts
are within defined limits.

The Company has entered into contracts for the sale of residential and commercial units on an installment basis. The
installments are specified in the contracts. The Company is exposed to credit risk in respect of installments due. However,
the possession of residential and commercial units is handed over to the buyer only after all the installments are recovered.

In addition, installment dues are monitored on an ongoing basis with the result that the Company's exposure to credit risk
is not significant. The Company evaluates the concentration of risk with respect to trade receivables as low, as none of its
customers constitutes significant portions of trade receivables as at the year end.

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 to close out market
positions. Due to the dynamic nature of the underlying businesses, the company treasury maintains flexibility in funding
by maintaining availability under committed credit lines.

Management monitors rolling forecasts of the company's liquidity position and cash and cash equivalents on the basis
of expected cash flows. This is generally carried out at the local level in the operating companies of the company in
accordance with practice and limits set by the company. These limits vary by location to take into account the liquidity of
the market in which the entity operates. In addition, the company's liquidity management policy involves projecting cash
flows in major currencies and considering the level of liquid assets necessary to meet these, monitoring balance sheet
liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans.

NOTE-44 CONTINGENT LIABILITIES:

A. For the AY 2007-08 and 2009-10 assessment orders were passed under the Income-tax Act, 1961, and various
demands were raised by the Income-tax Department, against which the company had filed an appeal before the
CIT(A), Ahmedabad and the CIT(A) had given relief by giving the decision majority of the issues in favour of the
company and for some issues against the company. Hence, the Income-tax department and the company had filed
an appeal before the Income-tax Appellate Tribunal, Ahmedabad. The ITAT, Ahmedabad had passed the order
for all the years in favour of the company. Against the order of ITAT, the department has filed an appeal before the
Hon'ble Gujarat High Court at Ahmedabad and the Gujarat High Court at Ahmedabad has given relief for many
issues and a few issues appeal of the income-tax department admitted and pending before Gujarat High Court. The
income-tax department has filed a Special Civil Application before the Hon'ble Supreme Court for the relief granted
by the Gujarat High Court in favour of the company. The said issues are pending before the Hon'ble Supreme Court.

B. For the AY 2008-09 assessment order was passed under the Income-tax Act, 1961, and demand was raised by the
Income-tax Department, against which the company had filed an appeal before the CIT(A), Ahmedabad, and the
CIT(A) Ahmedabad had given relief by giving the decision most of the issues in favour of the company and for some
issues against the company. Hence, the Income-tax department and the company had filed an appeal before the
Income-tax Appellate Tribunal, Ahmedabad. The ITAT, Ahmedabad had passed the order in favour of the company.
Against the order of ITAT, Ahmedabad the department has filed an appeal before the Hon'ble Gujarat High Court.
The said appeal is pending before the Hon'ble Gujarat High Court.

C. For the AY 2015-16 the assessee was under scrutiny assessment under the Income-tax Act 1961 and the A.O. has

passed the order dated 21.12.2019 u/s. 143(3) r.w.s. 264 of the I.T. Act, 1961 and has raised the demand of ' 154.55

lakh. The Company has filed an appeal before CIT(A) for the addition made in the assessment order. The addition
made is a covered matter and covered by the decision in the case of the Company itself of the Hon'ble ITAT in favour
of the company. The Company has filed a stay application before the Assessing Officer and the stay application
is pending for disposal and the appeal filed by the Company before the CIT(A) is also pending for disposal. The
Income Tax department has recovered the outstanding demand for AY 2015-16 by adjusting the refund due to the
company against such demand.

D. For the AY 2017-18 the assessee was under scrutiny assessment under the Income-tax Act 1961 and the A.O. has

passed the order dated 18.12.2019 u/s. 143(3) of the I.T. Act, 1961 and has raised the demand of ' 83.32 lakh. The

Company has filed an appeal before CIT(A) for the addition made in the assessment order. The addition made is a
covered matter and covered by the decision in the case of the company itself of the Hon'ble ITAT in favour of the
company. The Company has filed a stay application before the Assessing Officer and the stay application is pending
for disposal and the appeal filed by the Company before the CIT(A) is also pending for disposal. The Income Tax
department has recovered the outstanding demand for AY 2017-18 by adjusting the refund due to the company
against such demand.

E. for AY 2019-20 CPC, Bengaluru while processing Income Tax Return u/s 143(1) has raised a demand of ' 136.33
lakh. The company has already paid taxes of ' 116.50 Lakh against the same and for the remaining amount, the
company has already filed an rectification application which is still pending for disposal.

F. For the AY 2022-23, the assessment order was passed u/s. 143(3) r.w.s. 144B of the Act and a demand of ' 2673.17
lakh has been raised by the Income Tax Department. The company filed an appeal before the CIT(A) National
Faceless Appeal Centre (NFAC) in respect of the addition made in the assessment order. The company has filed a
stay application before the Assessing Officer and the said stay application is pending for disposal and the appeal
filed by the company before the CIT(A) NFAC is also pending for disposal.

G. For AY 2024-25 CPC, Bengaluru while processing Income Tax Return u/s 143(1) has raised a demand of ' 66.91
lakh by not giving full credit of TDS/TCS which is correctly claimed by the company. The company is going to file a
rectification application within the prescribed time.

H. There are several cases being fought at various statutes level pertaining to taxation both direct & indirect, where the
company has won the matter at lower-level statutes and the concerned department has preferred an appeal.

I. There are several cases filed by the company and against the company pertains to land disputes which are being
fought at various statutes level. The no. of cases keeps on changing.

NOTE-52

There are no proceedings initiated or pending against the Company for holding any Benami Property under the Benami
Transactions (Prohibitions) Act, 1988.

NOTE-53

There are no transactions recorded in the books of accounts but disclosed as income during the income tax assessment
or survey which have now been recovered in the books of accounts during the year.

NOTE-54

During the year Company has not traded or invested in Crypto Currency.

NOTE-55

The company has complied with number of layers prescribed under section 2(87) read with Companies (Restriction on
Number of Layers) Rules, 2017 from the date of their implementation.

NOTE-56

There is no transaction with companies struck off under section 248 of the Companies Act, 2013 or section 560 of the
Companies Act, 1956 by the company.

NOTE-57

The Company does not have any immovable property in Property, Plant & Equipment for which the title deeds of immovable
property are not held in the name of the company.

NOTE-58 DIVIDEND:

Dividends paid during the year ended 31st March 2025 include an amount of ' 11.00 per equity share towards the final
dividend for the year ended 31st March 2024.

The final dividend on the shares is recorded as a liability on the date of approval by the shareholders. The Company
declares and pays dividends in Indian rupees. Companies are required to pay/distribute dividends after deducting
applicable taxes. The remittance of dividends outside India is governed by Indian law on foreign exchange and is also
subject to withholding tax at applicable rates.

The Board of Directors at its meeting held on 14th May 2025, recommended a final dividend of ' 5.00 per equity share for
the financial year ended 31st March 2025. The payment is subject to the approval of the shareholders in the upcoming
Annual General Meeting and has not been included as a liability in the Standalone Financial Statements and if approved,
would result in a net cash outflow of approximately ' 4169.35 Lakh.

NOTE-59 STANDARD ISSUED BUT NOT YET EFFECTIVE:

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. During 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 lease back
transactions, applicable from April 1,2024. The Company has assessed that there is no significant impact on its financial
statements.

On May 9, 2025, MCA notifies the amendments to Ind AS 21 - Effects of Changes in Foreign Exchange Rates. These
amendments aim to provide clearer guidance on assessing currency exchangeability and estimating exchange rates
when currencies are not readily exchangeable. The amendments are effective for annual periods beginning on or after
April 1,2025. The Company has assessed that there is no significant impact on its financial statements.

AS PER OUR REPORT OF EVEN DATE ON BEHALF OF THE BOARD OF DIRECTORS

FOR J M PARIKH & ASSOCIATES

CHARTERED ACCOUNTANTS DIPAKKUMAR G. PATEL SHEKHAR G. PATEL

FRN:- 118007W CHAIRMAN & WHOLE-TIME DIRECTOR MANAGING DIRECTOR & CEO

[DIN:00004766] [DIN:00005091]

JATIN PARIKH

PARTNER

MEM. NO. 033811 RAJENDRA SHAH JASMIN JANI

UDIN:- 25033811BMKRYJ6041 CHIEF FINANCIAL OFFICER COMPANY SECRETARY

PLACE:AHMEDABAD PLACE:AHMEDABAD

DATE : 14/05/2025 DATE : 14/05/2025