2.13 Provisions
Accounting Policy

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

Provisions are measured at the best estimate of the expenditure required to settle the present obligation at the Balance Sheet date.
Where the effect of the time value of money is material, the amount of a provision is determined by discounting the expected future
cash flows using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.
The unwinding of the discount is recognised as a finance cost in the Statement of Profit and Loss.

Provisions are reviewed at each reporting date and adjusted to reflect the current best estimate. If it is no longer probable that an out¬
flow of resources embodying economic benefits will be required to settle the obligation, the provision is reversed.

⁽¹⁾ The Company has received an advance amount towards the proposed sale of its equity investment in Binny New Re Energy Limited
in accordance with the terms mutually agreed upon with the buyer. The transfer of shares and completion of the transaction are
expected to be effected upon fulfilment of the necessary conditions.

Pending completion of the transaction, the amount received has been classified as an advance under Other Liabilities in the financial
statements as at the reporting date. The Company expects the transaction to be completed in the subsequent financial year.

Advance from joint developer

The Company has entered in to Joint Development Agreement (JDA) for development of land area of 63.89 acres into a Township
with M/s. SPR Construction Private Limited. As per the Second amended restated Joint Agreement dated 06-08-2025, the company has
received a sum of ' 623.51 Crs as on 06-08-2025,which includes a sum of ' 337.13 Crs received as Advance

2.16 Revenue recognition
Accounting Policy

Revenue is recognised upon the transfer of control of promised goods or services to customers or joint venture partners, in an amount
that reflects the consideration the Company expects to receive in exchange, in accordance with the principles of Ind AS 115 - Revenue
from Contracts with Customers.

The Company's primary sources of revenue include the sale of parcels of land, rental income from investment properties, and
participation in real estate development projects undertaken through joint venture arrangements. Under such arrangements, the
Company contributes land to a developer responsible for construction, marketing, and sale of the developed property. In return, the
Company is entitled to a share of the sale proceeds or a fixed consideration, depending on the specific terms of the joint venture
agreement.

Revenue from Rentals

Rental income is recognised on a straight-line basis over the term of the lease agreement in accordance with the respective lease
contracts. The Company recognises rental revenue when the right to receive payment is established, reflecting the pattern of benefits
derived from the leased property.

Revenue from Sale of Parcels of Land

Revenue from the sale of parcels of land is recognised at the point in time when the significant risks and rewards of ownership have
been transferred to the buyer, which is generally upon execution and registration of the Sale Deed. This timing reflects the transfer of
control of the land as required by Ind AS 115.

Revenue from Joint Venture Development agreements

Under the Joint Development Arrangements model, the Company's performance obligation relates to transferring its share of land
rights in the project to ultimate buyers.

Although the land is handed over to the developer for the purpose of construction and development, such transfer does not, by itself,
constitute satisfaction of a performance obligation, as the developer is not considered a customer under Ind AS 115 and control over
the land has not yet transferred to the end customer.

Accordingly, the Company recognises revenue only when the developed property (or the portion attributable to the Company's share
of land) is sold to the end customer and the sale deed is executed.

At that point, control over the relevant portion of land and constructed area is transferred, and the Company's right to consideration
becomes enforceable.

Revenue is therefore recognised at a point in time, measured with reference to the consideration receivable as per the terms of the JDA.
Contract Modification and Impact on Revenue Recognition

During the financial year 2025-26, the Company and its joint-venture partner amended the commercial terms of their existing
development arrangement on 6 August 2025, prior to the approval of these financial statements. The amendment replaced the earlier
revenue-share model, under which the Company was entitled to a specified percentage of the sale proceeds from each unit sold by
the developer, with a fixed-consideration model whereby the Company will receive a predetermined amount in full settlement of its
entitlement from the project.

The Company evaluated this amendment in accordance with the provisions of Ind AS 115 - Revenue from Contracts with Customers
and concluded that it constitutes a contract modification as described in paragraphs 20 and 21 of the Standard. The modification
does not introduce any additional or distinct goods or services and continues to relate to the same performance obligation, namely
the transfer of the Company's share of land rights in the project to end customers. Accordingly, the modification has been treated as
a continuation of the existing contract, and the accounting has been adjusted prospectively.

In accordance with Ind AS 115, the Company has Updated the transaction price to the fixed amount stipulated in the amended
contract;

Applied the cumulative catch-up approach to reflect the effect of the change in transaction price on revenue recognised to date; and

Continued to recognise revenue over time in proportion to the satisfaction of its performance obligation, which is linked to the sale of
developed property to end customers and the corresponding transfer of control to those customers."

Revenue under the amended arrangement is therefore recognised on a measure-of-progress basis, determined with reference to the
extent of development progress and sale of units to end customers during the reporting period.

The above modification represents a change in the contractual terms and not in the Company's accounting policy. Accordingly, the
effect of this amendment has been accounted for prospectively in these financial statements for the year ended 31 March 2024, with
no restatement of comparative figures.

The Company has made appropriate disclosures in accordance with paragraphs 116 to 127 of Ind AS 115, covering the nature of
the modification, the method used to measure progress, and the significant judgments involved in determining the timing of revenue
recognition.

2.17 Other income
Accounting Policy
Interest Income

The Company earns interest income from fixed deposits with banks. Interest income is accrued over time based on the amount
outstanding and the applicable rate of interest. The Company recognises such income in the financial statements as and when they
accrue.

Lease Rent

Lease rent income is recognised on a straight-line basis over the lease term, in accordance with the requirements of Ind AS 116 -
Leases, unless another systematic basis is more representative of the pattern in which benefit from the leased asset is diminished.

2.18 Purchases of stock in trade

The Company is engaged in the real estate business, and the purchases of stock-in-trade represent the acquisition of land intended for
sale in the ordinary course of business.

Such purchases include the cost of land acquisition, stamp duty, registration charges, and other directly attributable expenses incurred
to bring the land to its present condition and location for intended sale.

No other trading goods are purchased by the Company. Accordingly, the entire balance under Purchases of Stock-in-Trade relates
exclusively to land acquisitions during the year.

⁽¹⁾ Represents stock transferred from Mohan Breweries and Distilleries Limited pursuant to the resolution passed at the Extra-Ordinary
General Meeting. As the stock has not been sold till date and its value is considered to have diminished over time, the Company has
recognised a full provision for the same during the current financial year.

2.20 Employee benefits
Accounting Policy

Employee benefits are recognised in the financial statements when the employee has rendered service in exchange for such benefits
and the Company has a present obligation to make the payment, either legally or constructively, as a result of past events.

Employee benefits are classified into short-term benefits, post-employment benefits (comprising defined contribution and defined
benefit plans), and other long-term benefits.

Short-Term Employee Benefits

Short-term employee benefits include salaries, wages, bonus, ex-gratia, and compensated absences expected to be settled wholly
within twelve months after the end of the reporting period in which the employees render the related service.

These benefits are recognised as an expense in the period in which the related service is rendered. A liability is recognised for the
amount expected to be paid if the Company has a present legal or constructive obligation to pay this amount as a result of past service.

Provident Fund

Eligible employees of the Company receive benefits from the government-administered provident fund scheme, which is a defined
contribution plan under Indian law. Both the employee and the Company make monthly contributions to the provident fund at a
specified percentage of the employee's salary, in accordance with the provisions of the Employees' Provident Funds and Miscellaneous
Provisions Act, 1952.The Company's obligation with respect to this plan is limited to the amount of contributions made. The
contributions are remitted regularly to the Government authorities, and the Company has no further obligation for future fund shortfalls
or performance of the fund beyond its statutory contribution. Accordingly, the Company recognises such contributions as an expense
in the Statement of Profit and Loss in the period during which the employees render the related service.

Defined Contribution Plans

The Company's contributions to provident fund and other defined contribution retirement benefit schemes are recognised as an
expense in the Statement of Profit and Loss in the period during which the employees render the related services.

Once the contributions are made, the Company has no further payment obligations. The Company's liability in respect of such plans
is limited to the amount of contribution required to be made as per the applicable laws and rules.

Contributions payable to the provident fund are recognised as liabilities when due and are charged to the Statement of Profit and Loss
on an accrual basis.

Defined Benefit plans

The Company's obligation towards gratuity constitutes a defined benefit plan. The liability recognised in the Balance Sheet for defined
benefit plans is the present value of the defined benefit obligation as at the Balance Sheet date, less the fair value of plan assets, if any.

The defined benefit obligation is determined using the Projected Unit Credit (PUC) method, as mandated by Ind AS 19. The PUC
method considers each period of service as giving rise to an additional unit of benefit entitlement and measures each unit separately
to build up the final obligation.

The valuation is carried out by an independent qualified actuary at each Balance Sheet date.

The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates
of government securities that have terms consistent with the estimated term of the obligation.

Actuarial gains and losses, arising from experience adjustments and changes in actuarial assumptions, are recognised immediately in
Other Comprehensive Income (OCI) and are not reclassified to profit or loss in subsequent periods.

Service cost and net interest on the net defined benefit liability (asset) are recognised in the Statement of Profit and Loss under
Employee Benefits Expense.

⁽¹⁾ Discount rate for this valuation is based on government bonds having similar term to duration of liabilities. Due to lack of a deep
and secondary bond market in India, government bond yields are used to arrive at the discount rate.

⁽²⁾ The average rate of increase in compensation levels is determined by the company, considering factors such as, the company's past
compensation revision trends, inflation in respective markets and management's estimate of future salary increases.

⁽³⁾ Attrition rate considered as the management's estimate based on the past long term trend of employee turnover in the Company. The
tenure has been considered taking into account the past long term trend of employees' average remaining service life which reflects
the average estimated term of post employment benefit obligations.

Market Risk (Discount rate)

Market risk is a collective term for risks that are related to the changes and fluctuations of the financial markets. The discount rate
reflects the time value of money. An increase in discount rate leads to decrease in Defined Benefit Obligation of the plan benefits &
vice versa. This assumption depends on the yields on the corporate/government bonds and hence the valuation of liability is exposed
to fluctuations in the yields as at the valuation date.

Longevity Risk

The impact of longevity risk will depend on whether the benefits are paid before retirement age or after . Typically for the benefits paid
on or before the retirement age , the longevity risk is not very material.

Actuarial Risk

Salary Increase Assumption : Actual Salary increase that are higher than the assumed salary escalation , will result in increase to the
Obligation at a rate that is higher than expected

Attrition/Withdrawal Assumption : If actual withdrawal rates are higher than assumed withdrawal rates, the benefits will be paid ear¬
lier than expected. Similarly if the actual withdrawal rates are lower than assumed, the benefits will be paid later than expected. The
impact of this will depend on the demography of the company and the financials assumptions.

Regulatory Risk

Any Changes to the current Regulations by the Government, will increase (in most cases) or Decrease the obligation which is not
anticapated. Sometimes, the increase is many fold which will impact the financials quite significantly.

Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Compan
weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed by
the net profit attributable to the equity holders of the Company by the weighted average number of equity shares consic
deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issu
conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receiv.
the equity shares been actually issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive
equity shares are deemed converted as at the beginning of the period, unless issued at a later date. Dilutive potential equity s
determined independently for each period presented.

The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for a
splits and bonus shares issues including for changes effected prior to the approval of the financial statements by the Board of C

The following is the computation of basic earnings per equity share:

2.24 Income taxes
Accounting policy

Income tax expense comprises current tax and deferred tax. It is recognised in the Statement of Profit and Loss, except to the extent
that it relates to items recognised directly in Other Comprehensive Income or equity, in which case it is recognised in those respective
statements.

Income Tax

Current tax represents the amount of income tax payable or recoverable in respect of the taxable income or loss for the year.

It is measured at the amount expected to be paid to or recovered from the Income-tax authorities, using the tax rates and tax laws
enacted or substantively enacted by the Balance Sheet date.

Current tax relating to prior periods is recognised as an adjustment to the amount of current tax in the period in which the assessment
or decision is finalised.

Current tax assets and current tax liabilities are offset only when the Company has a legally enforceable right to set off the recognised
amounts and intends to settle the asset and liability on a net basis or realise the asset and settle the liability simultaneously.

Deferred Tax

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts
in the financial statements.

Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets are recognised for
deductible temporary differences, unused tax credits, and carry-forward of unused tax losses, to the extent that it is probable that future
taxable income will be available against which these can be utilised.

Deferred tax is not recognised for

temporary differences arising from the initial recognition of assets or liabilities in a transaction that is not a business combination and
that affects neither accounting nor taxable profit at the time of the transaction and

temporary differences related to investments in subsidiaries or associates when the timing of the reversal of the temporary differences
can be controlled and it is probable that they will not reverse in the foreseeable future.

Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been enacted or substantively enacted by the
Balance Sheet date and that are expected to apply to the period when the asset is realised or the liability is settled.

The effect of a change in tax rates or tax laws on deferred tax balances is recognised in the Statement of Profit and Loss for the period
that includes the enactment or substantive enactment date.

Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax
benefit will be realised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it
becomes probable that future taxable income will allow the deferred tax asset to be recovered.

Measurement and Presentation

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax assets against current tax liabilities
and if the deferred tax balances relate to income taxes levied by the same taxation authority.

Current and deferred tax are recognised as income or expense in the Statement of Profit and Loss, except when they relate to items
recognised directly in equity or OCI, in which case the tax is also recognised in those statements.

Contingent liability is a possible obligation arising 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 entity or a present obligation that arises
from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be
required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability.

⁽¹⁾ As at March 31, 2024 and March 31,2023 claims against the company not acknowledged as debts in respect of Income tax matters,
Goods and Service Tax and Wealth tax amounts to ' 37,738.56 and ' 16,869.65

The Assessing Officer has re-assessed the Company's wealth-tax for Assessment Years 1993-94 to 2000-01 and 2005-06 to 2010¬
11 by reinstating the demands raised earlier, with an observation that the demand is liable to be modified based on the outcome of
the valuation report. The Company has filed appeals against the said demands and the matters are pending before the Income Tax
Appellate Tribunal (ITAT), Chennai.

Disputed demands relating to Income-tax and Goods and Services Tax (GST) matters are pending before the relevant income-tax and
GST authorities/appellate forums. The Company has contested these demands and the amounts involved are disclosed as contingent
liabilities to the extent applicable.

Amounts paid to statutory authorities against the above tax claims aggregated to ' 1,096.30 lakhs and ' 1,032.05 lakhs as at March
31, 2024 and March 31, 2023, respectively.

Pending resolution of the respective proceedings, it is not practicable for the Company to estimate the timings of cash outflows, if any,
in respect of the above as it is determinable only on receipt of judgements/decisions pending with various forums/authorities.

The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required
and disclosed as contingent liabilities where applicable, in its financial statements. Based on the advice from the Company's legal
counsel, management does not expect the outcome of these proceedings to have a materially adverse effect on its financial position.
The Company does not expect any reimbursements in respect of the above contingent liabilities.

The Company received an order from the Securities and Exchange Board of India (SEBI) dated 31 July 2024, which has been challenged
before the Hon'ble Securities Appellate Tribunal (SAT). SAT has stayed the operation of the SEBI order. Without prejudice to its legal
rights, the Company has undertaken/undertakes certain compliance actions, including (i) execution and registration of sale deeds for
the Chengalpattu lands, and (ii) in respect of Valasaravakkam land (12.43 acres), pursuing development through a joint development
arrangement (JDA) and entering into a term sheet with M/s Osian Construction Private Limited; the draft JDA is proposed to be placed
before for shareholder approval. The Company informed SAT of the proposed approach at the hearing held on 06 November 2025;
the matter has been posted for final hearing on 16 January 2026. The Company has also filed an affidavit of compliance before SAT
in relation to the above actions/instructions.

2.26 Segment reporting

Ind AS 108 Operating Segments prescribes the principles for reporting information about an entity's operating segments and for related
disclosures regarding products and services, geographical areas and major customers. The Company's operations predominantly
comprise sale of land/land rights and sale of properties developed under a joint development arrangement (JDA) model.

The accounting policies adopted for segment reporting are the same as those applied in the preparation of the financial statements,
as set out in the significant accounting policies. Segment revenue and expenses are measured on the same basis as used for internal
reporting.

The Company derives revenue primarily from:

Sale of land, and

Sale of developed properties under Joint Development Arrangements (JDA).

Segment information and measure of segment performance

Since the Company has a single reportable segment, the segment revenue, results, assets and liabilities are the same as those disclosed
in the financial statements.

The accounting policies of the segment are the same as those described in the significant accounting policies.

2.28 Corporate Social Responsibility (CSR)

As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least 2% of its
average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. The areas for
CSR activities are promoting education, promoting gender equality by empowering women, healthcare, environment sustainability,
art and culture, destitute care and rehabilitation, disaster relief, COVID-19 relief and rural development projects. A CSR committee
has been formed by the Company as per the Act. The details of funds primarily utilized through the year on these activities which are
specified in Schedule VII of the Companies Act, 2013 are as follows:

2.29 Prior Period Items

During the year ended 31 March 2024, the Company recognised expenses aggregating ' 325.28 lakhs disclosed in Note 2.22 relating
to earlier financial years. These expenses were identified/crystallised during the current year and, based on management's assessment,
do not represent correction of a prior period error under Ind AS 8. Accordingly, these have been recognised in the Statement of Profit
and Loss for the year ended 31 March 2024 under the relevant expense heads and comparative figures have not been restated.

2.30 Events after the reporting period

Subsequent to the year ended 31 March 2024 and prior to the approval of these standalone financial statements, the Company
entered into an amendment / settlement agreement dated 6 August 2025 with one of its joint development partners in relation to the
arbitration proceedings and Phase I of the project. The agreement provides for receipt of an additional ' 30,000 lakhs, over and above
' 62,351.95 lakhs received up to 31 March 2024, and revises the commercial terms including the methodology of consideration/
revenue sharing.

The Company has considered the above as an adjusting event in accordance with Ind AS 10, as the settlement/amendment provides
additional evidence of conditions that existed as at 31 March 2024 (including the rights and obligations under the joint development
arrangement and the dispute pending as at the reporting date). Accordingly, the Company has adjusted the amounts recognised in
these standalone financial statements for the year ended 31 March 2024. The related impact has been disclosed in the relevant note
on Revenue from Operations.

2.31 Capital Management

The Company's capital management, capital includes issued equity capital, convertible preference shares, share premium and all
other equity reserves attributable to the equity holders of the parent. The primary objective of the Company's capital management is
to maximise the shareholder value.

The Company's policy is to maintain a strong capital base to maintain investor, creditor and market confidence and to sustain future
development of the business. Management monitors the return on capital. The Board of Directors seeks to maintain a balance between
the higher returns that might be possible with higher levels of borrowing and the advantages and security afforded by a sound capital
position.

The Company monitors capital using a ratio of 'adjusted net debt' to 'adjusted equity'. For this purpose, adjusted net debt is defined
as total liabilities, comprising interest-bearing loans and borrowings less cash and cash equivalents. Adjusted equity comprises all
components of equity other than amounts accumulated in the effective portion of cash flow hedges. the Company's adjusted net debt
to equity ratio at the respective dates (mentioned below) was as follows:

In order to achieve this overall objective, the Company's capital management, amongst other things, aims to ensure that it meets
financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in
meeting the financial covenants would permit the bank to immediately call loans and borrowings.

2.32 The Company has not prepared consolidated financial statements for the reporting period, as the financial statements of the
subsidiary have not been prepared for the period. Accordingly, the Company has presented only standalone financial statements and
has not consolidated the financial results of the subsidiary.

2.33 Previous years' figures have been regrouped / reclassified / restated wherever necessary to confirm to current years' classification.