O. Provisions, contingent liabilities and contingent assets

Provisions are recognised when there is 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. If the effect of the time
value of money is material, provisions are determined by
discounting the expected future cash flows specific to
the liability. The unwinding of the discount is recognised
as finance cost.

A present obligation that arises from past events where
it is either not probable that an outflow of resources will
be required to settle or a reliable estimate of the amount
cannot be made, is disclosed as a contingent liability.
Contingent liabilities are also disclosed when there is a
possible obligation arising from past events, 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.

Claims against the Company where the possibility of
any outflow of resources in settlement is remote, are not
disclosed as contingent liabilities.

Contingent assets where it is probable that future
economic benefits will flow to the Company are not
recognised but disclosed in the financial statements.
However, when the realisation of income is virtually
certain, then the related asset is no longer a contingent
asset, but it is recognised as an asset.

P. Leases

At the inception of a contract, the Company assesses
whether a contract is or contains, a lease. A contract
is, or contains a lease if the contract conveys the right
to control the use of an identified asset for a period of
time in exchange of consideration. To assess whether a
contract conveys the right to control the use of an asset
the Company assesses whether:

• The contract involves the use of an identified
asset - this may be specified explicitly or implicitly,
and should be physically distinct or represent
substantially all of the capability of a physical
distinct asset. If the supplier has a substantive
substitution right, then the asset is not identified

• The Company has the right to obtain substantially
all of the economic benefits from use of the asset
throughout the period of use; and

• The Company has the right to direct the use of the
asset. The Company has this right when it has the
decision-making rights that are most relevant to
changing how and for what purpose the asset is
used.

a. Company as a lessor

At the inception of the lease the Company
classifies each of its leases as either an
operating lease or a finance lease. Payments
received under operating leases are
recognised in the Standalone Statement of
Profit and Loss on a straight- line basis over
the lease term. The Company is not required
to make any adjustments on transition to Ind
AS 116 for leases in which it acts as a lessor.
The Company accounted for its leases in
accordance with Ind AS 116 from the date of
initial application.

b. Company as a lessee

The Company recognises right-of-use
asset representing its right to use the
underlying asset for the lease term at the
lease commencement date. The cost of the
right-of-use asset measured at inception
shall comprise of the amount of the initial
measurement of the lease liability adjusted
for any lease payments made at or before the
commencement date less any lease incentives
received, plus any initial direct costs incurred
and an estimate of costs to be incurred by
the lessee in dismantling and removing the
underlying asset or restoring the underlying
asset or site on which it is located. The right-
of-use assets is subsequently measured
at cost less any accumulated depreciation,
accumulated impairment losses, if any and
adjusted for any remeasurement of the lease
liability. The right-of-use assets is depreciated
using the straightline method from the
commencement date over the shorter of lease
term or useful life of right-of-use asset. The
estimated useful lives of right-of use assets
are determined on the same basis as those of
property, plant and equipment. Right-of-use
assets are tested for impairment whenever
there is any indication that their carrying
amounts may not be recoverable. Impairment
loss, if any, is recognised in the statement of
profit and loss.

The Company measures the lease liability at the
present value of the lease payments that are not
paid at the commencement date of the lease.
The lease payments are discounted using the
interest rate implicit in the lease, if that rate can
be readily determined. If that rate cannot be
readily determined, the Company uses incremental
borrowing rate. For leases with reasonably similar
characteristics, the Company, on a lease by
lease basis, may adopt either the incremental
borrowing rate specific to the lease or the
incremental borrowing rate for the portfolio as a
whole. The lease payments shall include fixed
payments, variable lease payments, residual value
guarantees, exercise price of a purchase option
where the Company is reasonably certain to
exercise that option and payments of penalties for
terminating the lease, if the lease term reflects the
lessee exercising an option to terminate the lease.
The lease liability is subsequently remeasured
by increasing the carrying amount to reflect
interest on the lease liability, reducing the carrying
amount to reflect the lease payments made and
remeasuring the carrying amount to reflect any
reassessment or lease modifications or to reflect
revised in-substance fixed lease payments.
The Company recognises the amount of the re¬
measurement of lease liability due to modification
as an adjustment to the right-of-use asset and
statement of profit and loss depending upon the
nature of modification. Where the carrying amount
of the right-of-use asset is reduced to zero and
there is a further reduction in the measurement
of the lease liability, the Company recognises
any remaining amount of the re-measurement in
statement of profit and loss.

The Company has elected not to apply the
requirements of Ind AS 116 Leases to short-term
leases of all assets that have a lease term of 12
months or less and leases for which the underlying
asset is of low value.

The lease payments associated with these leases
are recognised as an expense on a straight-line
basis over the lease term.

Q. Litigation

From time to time, the Company is subject to legal
proceedings the ultimate outcome of each being always
subject to many uncertainties inherent in litigation. A
provision for litigation is made when it is considered
probable that a payment will be made and the amount
of the loss can be reasonably estimated. Significant
judgement is made when evaluating, among other
factors, the probability of unfavourable outcome and the
ability to make a reasonable estimate of the amount of
potential loss. Litigation provisions are reviewed at each
accounting period and revisions made for the changes in
facts and circumstances.

R. Government Grants

Government grants are not recognised until there is
reasonable assurance that the Company will comply with
the conditions attaching to them and that the grants will
be received.

Government grants are recognised in Standalone
Statement of Profit and Loss on a systematic basis
over the periods in which the Company recognises as
expenses the related costs for which the grants are
intended to compensate. Specifically, government
grants whose primary condition is that the Company
should purchase, construct or otherwise acquire non¬
current assets are recognised as deferred revenue in the
Standalone Balance Sheet and transferred to Standalone
Statement of Profit and Loss on a systematic and rational
basis over the useful lives of the related assets.

S. Cash and cash equivalents

Cash and cash equivalent in the Standalone Balance
Sheet comprise cash at banks and on hand and short¬
term deposits with an original maturity of three months or
less, which are subject to an insignificant risk of changes
in value.

T. Cash flow statement

Cash flows are reported using indirect method, whereby
net profits before tax is adjusted for the effects of
transactions of a non-cash nature and any deferrals or
accruals of past or future cash receipts or payments and
items of income or expenses associated with investing
or financing cash flows. The cash flows from regular
revenue generating (operating activities), investing and
financing activities of the Company are segregated.

For the purpose of presentation in the statement of Cash
Flows, cash and cash equivalents includes cash in hand,
cash at bank and other deposits held at call with financial
institutions, other short-term, highly liquid investments
with original maturities of three months or less that are
readily convertible to known amounts of cash and which
are subject to an insignificant risk of changes in value.

U. Earnings Per Share ("EPS")

The basic Earnings Per Share ("EPS”) is computed
by dividing the net profit / (loss) after tax for the year
attributable to the equity shareholders by the weighted
average number of equity shares outstanding during the
year.

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

V. Share Capital - Ordinary equity shares

Incremental costs directly attributable to the issue of
ordinary equity shares are recognised as a deduction
from equity.

W. Exceptional items

The Company discloses certain financial information
both including and excluding exceptional items. The
presentation of information excluding exceptional items
allows a better understanding of the underlying operating
performance of the Company and provides consistency
with the Company's internal management reporting.
Exceptional items are identified by virtue of either their
size or nature so as to facilitate comparison with prior
periods and to assess underlying trends in the financial
performance of the Company.

X. Earnings before interest and depreciation and
amortisation ("EBITDA")

The Company has elected to present earnings before
interest, tax, depreciation and amortisation (EBITDA),
as a separate line item on the face of the Standalone
Statement of Profit and Loss. The Company measures
EBITDA, on the basis of profit / (loss) from continuing
operations including other income. In its measurement,
the Company does not include depreciation and
amortisation expense, finance costs, share of profit/
(loss) from associate and tax expense.

Accordingly, the Company presents adjusted EBITDA
in the Standalone Statement of Profit and Loss; this is
not specifically required by Ind AS 1. The terms adjusted
EBITDA are not defined in Ind AS. Ind AS complaint
Schedule III allows companies to present line items, sub¬
line items and sub-totals shall be presented as an addition
or substitution on the face of the financial statements
when such presentation is relevant to an understanding
of the Company's financial position or performance or to
cater to industry/sector-specific disclosure requirements
or when required for compliance with the amendments
to the Companies Act or under the Indian Accounting
Standards.

Y. Standards / Specific amendments issued but not yet
effective

Ind AS 1 - Presentation of Financial Statements

For accounting periods beginning on or after 1 April 2026,
when an entity breaches any covenant of a long-term
loan arrangement on or before the end of the reporting
period with the effect that the liability becomes payable
on demand, it classifies the liability as current, even if
the lender agreed, after the reporting period and before
the approval of the financial statements for issue, not to
demand payment as a consequence of the breach. An
entity classifies the liability as current because, at the
end of the reporting period, it does not have the right to
defer its settlement for at least 12 months after that date.
However, an entity classifies the liability as non-current if
the lender agreed by the end of the reporting period to
provide a period of grace ending at least 12 months after
the reporting period, within which the entity can rectify
the breach and during which the lender cannot demand
immediate repayment.

This amendment is to be applied retrospectively for
annual reporting periods beginning on or after April 01,
2026, in accordance with Ind AS 8, Accounting Policies,
accounting Estimates and Errors.

Notes:

1) Refer note 20 and Note 24 for information on Property, plant and equipment pledged as security by the Company.

2) Refer note 43 (B) for contractual commitments with respect to property, plant and equipments.

3) The carrying value of property, plant and equipment in respect of Four Points by Sheraton Hotel comprising the hotel building,
apartments and a demarcated portion of leasehold land at Vashi, Navi Mumbai, purchased from K. Raheja Corp Private Limited
("KRCPL”), amounts to '604.60 million as at March 31, 2026 (March 31, 2025: ' 347.22 million) (refer note 43B)

4) On transition to Ind AS, the carrying values of all the property, plant and equipment (other than Freehold Land) under the
previous GAAP have been considered to be the deemed cost under Ind AS. The Company has chosen to reflect the fair value of
all freehold land as their respective deemed cost.

5) Title deeds of immovable properties not held in name of the Company:

The title deeds of all immovable properties (other than immovable properties where the Company is the lessee and the leases
agreements are duly executed in favour of the lessee) as disclosed in the Note 2 and Note 4.

Discount rate

The discount rate is a pre tax measure based on the rate of 10 year government bonds issued by the Government of India,
adjusted for a risk premium to reflect both the increased risk of investing in equities generally and the systematic risk of the
specific CGU.

Terminal value growth rate

Terminal value growth rate used for the purpose of calculation of terminal value has been determined based on the long-term
compound annual growth rate in EBITDA.

The above assumptions are reviewed annually as part of management's budgeting and strategic planning cycles. These estimates
may differ from actual results. The values assigned to each of the key assumptions reflect the Management's past experience as
their assessment of 5 year projection plan, and are consistent with external / internal sources of information.

Based on the above assumptions and analysis, no impairment was identified for any of the CGU as at March 31, 2026 and March
31, 2025 as the recoverable value of the CGU exceeded the carrying value.

With regard to the assessment of value in use, no reasonably possible change in any of the above key assumptions would cause
the carrying amount of the CGUs to exceed their recoverable amount.

NOTE 18 SHARE CAPITAL (CONTD.)

(e) Rights, preferences and restrictions attached to equity shares.

The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share
in the Company's residual assets on winding up. The equity shareholders are entitled to receive dividend as declared from
time to time, subject to preferential right of preference shareholders to payment of dividend. The voting rights of an equity
shareholder on a poll (not on show of hands) are in proportion to his/its share of the paid-up equity share capital of the Company.
Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable has not been paid.
Failure to pay any amount called up on shares may lead to their forfeiture. On winding up of the Company, the holders of equity
shares will be entitled to receive the residual assets of the Company, remaining after distribution of all preferential amounts, in
proportion to the number of equity shares held.
f) Employee stock option plan

Number of shares reserved for ESOP is 562,290 (March 31, 2025 : 1,100,999)

Term attached to stock options granted to employees are described in note 52.

NOTE 19 OTHER EQUITY (CONTD.)

Nature and purpose of reserves

Equity Component of Compound Instruments

Equity component of Component Instruments comprises of the impact of fair valuation of preference shares issued by the Company.
Securities premium account

Securities premium is used to record the premium on issue of shares. The reserve is utilized in accordance with the provisions of the
Companies Act, 2013.

General reserve

General reserve represents appropriation of retained earnings and are available for distribution to shareholders.

Capital reserve

The reserve comprises of profits/gains of capital nature earned by the Company and credited directly to such reserve.

Employee stock option plan reserve

Represents expense recognized towards employee stock option plans issued by the Company. (refer note 52 ).

Retained earnings

Retained earnings represents surplus/accumulated earnings of the Company and are available for distribution to shareholders. It
includes impact of fair valuation of land on transition to Ind AS and are presently not available for distribution to shareholders (net of
related tax impact): ' 4,263.67 million (March 31, 2025'4,263.67 million).

NOTE 24 BORROWINGS (CONTD.)

(d) Rights, Preferences and restrictions attached to preference shares.

The Company has two classes of preference shares having a par value of '100,000 each per share.

1,600 0.001% Non-cumulative redeemable preference shares of ' 100,000 each.

Preference shares issued by the Group are due for redemption at par. Accordingly, the preference shares are liable to be
redeemed at any time at the option of the Group but not later than December 21, 2026 (March 31, 2024 : December 21, 2026).
In the event of liquidation of the Group before redemption of the equity shares, holders of the preference shares will have priority
over equity shares in the payment of dividend and repayment of capital.

The Company has redeemed 1,600, 0.001% Non-Cumulative Redeemable Preference Shares bearing Face Value of '1,00,000
each at par on May 27, 2024.

Rights, Preferences and restrictions attached to 0.00% Non-cumulative redeemable preference shares The preference shares do
not carry any voting rights, even if dividend has remained unpaid for any year or dividend has not been declared by the Group
for any year. Preference shares shall, subject to availability of profits during any financial year, be entitled to nominal dividend of
'1 per preference share per year.

The Company has redeemed 1,600, 0.001% Non-Cumulative Redeemable Preference Shares bearing Face Value of '1,00,000
each at par on May 27, 2024.

10.000 0.00%(Series A) Non-cumulative, Non-convertible redeemable preference shares of ' 100,000 each.

10.000 0.00%(Series B) Non-cumulative, Non-convertible redeemable preference shares of ' 100,000 each.

Rights, Preferences and restrictions attached to 0.00% (Series A & Series B) Non-cumulative, Non-convertible redeemable
preference shares

The preference shares do not carry any voting rights.

With respect to the Residential project at Bengaluru ("Project”), w.e.f. June 04, 2018, the Promoter - Directors, have agreed
to provide the Company either by themselves or through their nominees, funds to meet the shortfall in cash flows for the
Project expenses, by subscribing to 0.00% Non- Cumulative Non-Convertible Redeemable Preference Shares ("NCRPS”) of the
Company of ' 2,000 million. During the current year redemption of NCRPS's amounting to ' 2,000 million was made from the
proceeds of the Project and the outstanding balance as at March 31, 2026 is Nil.

Pursuant to requirememt of Companies Act,

In persuant of the requirement of Companies Act sum of ' 2000 million has been transferred to Capital redemption reserve
The Preference Shares do not carry any voting rights whatsoever in any meetings of the shareholders of the Company or of
members of any class of shares of the Company.

Subject to applicable laws, other than the amounts payable for redemption, no amounts shall be payable to the Preference
Shareholders, whether by way of dividend or in any other manner whatsoever.

In the event of liquidation of the Company before redemption of the equity shares, holders of the preference shares will have
priority over equity shares in the payment of dividend and repayment of capital.

(e) Dividend on preference shares

On August 09, 2024 amount of ' 1,600/- was paid as preference dividend to 1,600 0.001% Non-cumulative redeemable preference
shares of ' 100,000 each.

NOTE 38 TAX EXPENSE (CONTD.)

The Company has recognized deferred tax asset to the extent that the same will be recoverable using the estimated future
taxable income based on the approved business plans and budgets of the Company. The business losses can be carried forward
for a year of 8 years as per the tax regulations and the Company expects to recover the losses.

Accordingly, the Company, has recognized deferred tax asset on the carried forward business losses after considering the
relevant facts and circumstances during each financial year to the extent that the Company had convincing evidence based on
its business plans and budgets to the extent that the deferred tax asset will be realized. Consequently, the Company has not
recognized deferred tax asset of ' Nil as at March 31, 2026 (March 31, 2025: '944.19 million) on the carried forward losses of
the Company.

Note:

1 Weighted average number of shares is the number of equity shares outstanding at the beginning of the year/ year adjusted by
the number of equity shares issued during year/ year, multiplied by the time weighting factor. The time weighting factor is the
number of days for which the specific shares are outstanding as a proportion of total number of days during the year.

The impact of dilution on account of ESOP will not be considered if they are anti-dilutive.

NOTE 40 GOVERNMENT GRANT

Export Promotion Capital Goods (EPCG) scheme

The Company under the EPCG scheme receives a grant from the Government towards import of capital goods without any levy of
import duty. The Company has an obligation towards future exports of the Company.

The Company has recognized a deferred grant at the point of waiver of import duty in relation to import of capital goods. Given that
the grant is conditional on fulfillment of future export obligation, the same is treated as a revenue grant and is accordingly recognized
in the Statement of Profit and Loss on fulfilment of such obligation.

a. The Company is a party to various other proceedings in the normal course of business and does not expect the outcome
of these proceedings to have an adverse effect on its financial conditions, results of operations or cash flows.

b. Further, claims by parties in respect of which the Management has been legally advised that the same are frivolous and
not tenable, have not been considered as contingent liabilities as the possibility of an outflow of resources embodying
economic benefits is highly remote.

c. In December 2005, the Company purchased buildings comprising of the hotel and apartments therein, together with a
demarcated portion of the leasehold rights to land at Vashi (Navi Mumbai) from K. Raheja Corp Private Limited ('K Raheja').
The Company has been operating its hotel, Four Points By Sheraton, Navi Mumbai, Vashi at the said premises. Based on
two Public Interest Litigations, during the financial year 2014-15, the Honourable High Court of Bombay ordered K. Raheja
to demolish the structure and hand back the land to City & Industrial Development Corporation of Maharashtra Limited
('CIDCO'). In response, K Raheja filed a special leave petition (SLP) against the order, in the Honourable Supreme Court of
India ('Supreme Court'). On January 22, 2015, the Supreme Court directed the maintenance of a status quo and ordered
that the interim orders remain in force until further hearings.

K Raheja had also applied to the State Government for regularization of the land allotment, without prejudice to the pending
SLP and made submissions to the recommendatory committee. The recommendatory committee, vide its letter dated June
4, 2019 to the Managing Director, CIDCO, advised that the Board of Directors of CIDCO should decide on the regularization
in line with similar cases and inform the Supreme Court, subject to the outcome of the pending SLP.

In the current year, vide its order dated October 27, 2025, the Supreme Court has granted leave to K Raheja and has
converted the SLP into Civil Appeals. Further, it also directed CIDCO to file an affidavit within six weeks regarding steps
taken pursuant to the State Government's 2019 recommendation on regularising the land allotted to K Raheja. Pursuant to
directions of the Supreme Court, CIDCO, vide Board Resolution no. 13178, dated February 4, 2026, approved regularization
of the allotment in favour of K Raheja, subject to payment of a differential premium, interest and applicable taxes. CIDCO
placed the Board Resolution on record with the Supreme Court vide its affidavit dated March 9, 2026.

As at March 31, 2026, the matter continues to be pending before the Supreme Court. Accordingly, there remains uncertainty
regarding the imposition of any penalty on the Company and its quantum, if any. Meanwhile, the interim orders shall
continue to remain in force. Pending the final outcome of proceedings and basis legal advice obtained, no adjustments
have been made in the consolidated financial statement.

The balance of prepaid lease rental in relation to this leasehold land is ' 44.95 million as at March 31, 2026 (March 31, 2025:
' 46.14 million) and carrying value of property, plant and equipment as at March 31, 2026 is ' 604.60 million (March 31, 2025
' 347.22 million).

* Given the proximity of the issue date to the financial year-end and considering that the NCDs were issued at market terms,

there has been no material change in market conditions between the issue date and the reporting date.

Fair value hierarchy:

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable

or unobservable and consists of the following three levels:

(a) Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices in an active market. This includes
listed equity instruments, traded debentures and mutual funds that have quoted price/ declared NAV. The fair value of all
equity instruments (including debentures) which are traded in the stock exchanges is valued using the closing price as at
the reporting period.

(b) Level 2: Level 2 hierarchy includes financial instruments that are not traded in an active market (for example,traded bonds/
debentures, over the counter derivatives). The fair value in this hierarchy is determined using valuation techniques which
maximize the use of observable market data and rely as little as possible on entityspecific estimates. If all significant inputs
required to fair value an instrument are observable, the instrument is included in level 2.

(c) Level 3: If one or more of the significant Inputs is not based on observable market data, the instrument is included in level
3. 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.
Financial instruments such as unlisted equity shares, loans are included in this hierarchy.

(i) Valuation techniques used to determine fair value

Specific valuation techniques used to value financial instruments include :

- the fair value of certain unlisted equity shares are determined based on the income approach or the comparable
market approach, and for certain equity shares equals to the cost.

- the fair value for the currency swap is determined using forward exchange rate for balance maturity.

- the fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based
on observable yield curves

- the fair value of the forward foreign exchange contracts is determined using forward exchange rates at the
balance sheet date.

- the fair value preference shares and the remaining financial instruments is determined using discounted cash
flow analysis. 'The valuation model considers the present value of expected receipt/payment discounted using
appropriate discounting rates.

The investments included in level 3 of the fair value hierarchy have been valued using the discounted cash flow

technique to arrive at the fair value.

(iii) Sensitivity analysis

The Company has invested in equity shares of entities engaged in generation of hydro power for securing the supply
of renewable energy. The Company does not have any exposure or rights to variable returns. Hence no sensitivity is
required for such equity shares.

Financial risk management

The Company has exposure to the following risks arising from financial instruments:

Ý Credit risk;

Ý Liquidity risk;

Ý Market risk;

Ý Interest risk;

Risk management framework

The Company's Board of Directors has overall responsibility for the establishment and oversight of the Company's
risk management framework. The board of directors is responsible for developing and monitoring the Company's risk
management policies.

The Company's risk management policies are established to identify and analyse the risks faced by the Company, to
set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and
systems are reviewed regularly to reflect changes in market conditions and the Company's activities. The Company,
through its training and management standards and procedures, aims to maintain a disciplined and constructive
control environment in which all employees understand their roles and obligations.

The Audit Committee oversees how management monitors compliance with the Company's risk management policies
and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the
Company. The audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular
and ad hoc reviews of risk management controls and procedures, the results of which are reported to the audit
committee.

(B) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its
contractual obligations, and arises principally from the Company's receivables from customers, cash and cash equivalents and
other bank balances, derivatives and investment securities. The carrying amounts of financial assets represent the maximum
credit exposure.

(a) Trade receivables from customers

The Company does not have any significant credit exposure in relation to revenue generated from hospitality business. For
other segments the Company has established a credit policy under which each new customer is analysed individually for
creditworthiness before entering into contract. Sale limits are established for each customer, reviewed regularly and any
sales exceeding those limits require approval from the appropriate authority. There are no significant concentrations of
credit risk within the Company.

(b) Cash and cash equivalents and other bank balances

The cash and cash equivalents and other bank balances are held with bank and financial institution counterparties with
good credit rating.

(c) The derivatives are entered into with banks, financial institutions and other counterparties with good credit ratings.
Further exposures to counter-parties are closely monitored and kept within the approved limits. There are no outstanding
derivatives as at the current year.

(d) Other financial assets

Other financial assets are neither past due nor impaired.

(C) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities
that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure, as
far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed
conditions, without incurring unacceptable losses or risking damage to the Company's reputation.

Exposure to liquidity risk

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and
undiscounted, and include estimated interest payments and exclude the impact of netting agreements.

The Company has sufficient current assets comprising of Trade Receivables, Cash & Cash Equivalents, Other Bank Balances
(other than restricted balances), Loans and Other Current Financial Assets to manage the liquidity risk, if any in relation to
current financial liabilities.The Company has overdraft facilities, general corporate borrowings, which are used to ensure that the
financial obligations are met as they fall due in case of any deficit.

(D) Market risk

Market risk is the risk that the changes in market prices such as foreign exchange rates, interest rates and equity prices will
affect the Company's income or the value of its holdings of financial instruments. The objective of market risk management is
to manage and control market risk exposures within acceptable parameters, while optimising the return. The Company uses
derivative to manage market risk.

(E) Currency risk

The Company is exposed to currency risk on account of its operating and financing activities. The functional currency of the
Company is Indian Rupee. The exchange rate between the Indian rupee and foreign currencies has changed substantially in recent
years and may continue to fluctuate substantially in the future. Consequently, the Company uses derivative instruments, i.e.,
foreign exchange forward contracts to mitigate the risk of changes in foreign currency exchange rates in respect of recognized
liabilities. The Company enters into foreign currency forward contracts which are not intended for trading or speculative
purposes but for hedge purposes to establish the amount of reporting currency required or available at the settlement date of
certain payables.

(F) Interest rate risk

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of
changes in fair values of fixed interest bearing financial assets or borrowings because of fluctuations in the interest rates, if such
assets/borrowings are measured at fair value through profit or loss. Cash flow interest rate risk is the risk that the future cash
flows of floating interest bearing borrowings will fluctuate because of fluctuations in the interest rates.

The Company adopts a policy to hedge the interest rate movement in order to mitigate the risk with regards to floating rate
linked loans based on the market outlook on interest rates. This is achieved partly by entering into fixed rate instruments and
partly by borrowing at a floating rate and using interest rate swaps as hedges of the variability in cash flows attributable to
interest rate risk.

NOTE 53 SCHEME OF AMALGAMATION WITH WHOLLY OWNED SUBSIDIARY AND A SUBSIDIARY

The Company ('Transferee Company') at its meeting held on October 25, 2023 had approved Composite Scheme of Arrangement
and Amalgamation ('Scheme') of Sonmil Industries Private Limited ('Sonmil/ Transferor Company No. 1') (wholly owned subsidiary)
and The Dukes Retreat Private Limited ('Dukes/ Transferor Company No. 2') (subsidiary), with the Holding Company under Section
230 to 232 of the Companies Act, 2013, with effect from 1st April 2024 for Sonmil ('Appointed Date- Stage 1 Amalgamation') and from
the date falling after the Effective Date- Stage 1 Amalgamation as fixed by the Board of Directors of the Holding Company for Dukes
('Appointed Date- Stage 2 Amalgamation'), subject to the approval of the statutory and regulatory authorities.

An application for approval of the Scheme was filed with the Honourable National Company Law Tribunal ('Honourable NCLT') on
October 8, 2024. Further to approval accorded by the Equity Shareholders of the Transferee Company for the Scheme at their meeting
held on May 13, 2025, pursuant to the order of the Honourable NCLT dated March 18, 2025, a Company Scheme Petition(CSP) has
been filed with the Honourable NCLT on May 24, 2025. The Order of the Honourable NCLT is awaited. Pending the requisite approvals,
no adjustments are carried out in the Standalone financial statement.

Revenue is recognized upon transfer of control of residential units to customers for an amount that reflects the consideration which
the Company expects to receive in exchange for those units. The trigger for revenue recognition is on hand over of possession to the
customers, as determined by the terms of contract with customers, post which the contract becomes non-cancellable by the parties.
Any costs incurred that do not contribute to satisfying performance obligations are excluded from the Company's input methods of
revenue recognition as the amounts are not reflective of our transferring control of the system to the customer.

Significant judgment is required to evaluate assumptions related to the amount of net contract revenues, including the impact of any
performance incentives, liquidated damages, and other forms of variable consideration.

If estimated incremental costs on any contract, are greater than the net contract revenues, the Company recognises the entire
estimated loss in the period the loss becomes known.

NOTE 54 DISCLOSURE UNDER IND AS 115, REVENUE FROM CONTRACTS WITH CUSTOMERS (CONTD.)

Variations in contract work, claims, incentive payments are included in contract revenue to the extent that may have been agreed with
the customer and are capable of being reliably measured.

The aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied)
as at March 31, 2026 is ' 4,631.42 million (Previous Year: ' 8,273.92 million ), which will be recognized as revenue over a period of 1
year

Hospitality and Rental Annuity Business

The Group applies practical expedient in paragraph 121 of Ind AS 115 and does not disclose information about remaining performance
obligations that have original expected duration of one year or less.

The Company in its board meeting dated January 24, 2024 and through shareholders' approval in postal ballot dated March 10, 2024
has approved to raise capital by way of private placement under qualified institutions placement (QIP) to eligible investors through an
issuance of equity shares for an amount not exceeding '20,000 million. Subsequent to year end, the Holding Company has raised an
amount of ' 10,000 million at the issue price of ' 792 per equity share and allotted 1,26,26,263 fully paid equity shares of face value
' 10 each on April 03, 2024.

The proceeds from the issue, net of issue expenses, will be utilized mainly for repayment /pre-payment, in full or in part, of certain
outstanding borrowings and balance is used for General corporate purposes.

Issue of Shares (Qualified Institutional Placement)

The Company, during the year has issued 12,626,263 equity shares of face value of '10 each through Qualified Institutional Placement
(QIP) on April 3, 2025, at an issue price of ' 792 per equity share (including a securities premium of ' 782 per equity share).The total
amount raised through QIP amounts to ' 10,000 million.

Following are the details of utilization of proceeds of ' 9,799.74 million post meeting issue expenses of ' 200.26 million

During the previous year, Goods and Services Tax (GST) Investigation Department, Maharashtra State (GST Authorities) had conducted
search proceedings pursuant to Section 67 of the Goods and Services Tax Act 2017. The Goods and Services Tax (GST) officials have
identified certain matters relating to input tax credit pertaining to the period July 2017 to Financial year 2022-23, which the Authority
believes are ineligible for such claims. Accordingly, the Company evaluated the same and made a payment of Goods and Services Tax
(GST) amounting ? 107.54 million during the year ended March 31, 2024. The business operations of the Company continue as usual
and are not impacted. Further, the finding of said proceeding being initiated separately under section 74 of the Goods and Services
Tax Act 2017 by the Assessing Officer.

i) The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:

(a) 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

(b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

ii) The Company have not received any fund from any person(s) or entity(ies), including foreign entities (funding party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:

(a) 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

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
NOTE 65

Other Additional regulatory information pursuant to the requirement in Division II of Schedule III to the Companies Act 2013

(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for
any Benami property.

(ii) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both
during the current or previous year.

(iii) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

(iv) The Company has not any such transaction which is not recorded in the books of accounts that has been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any
other relevant provisions of the Income Tax Act, 1961

(v) The Group has not drawn any borrowing from any bank or financial institutitions on the basis of security of current assets.

(vi) The Company has not been declared wilful defaulter by any Bank or Financial institution or government or any government
authority.

(vii) The Company has borrowings from banks and financial institutions on the basis of security of current assets. The quarterly
returns or statements of current assets filed by the group with banks and financial institutions are in agreement with the books
of accounts.

(vii) The Company has complied with the number of layers prescribed under the Companies Act, 2013.

(viii) The Company has not entered into any scheme of arrangement during the year which has an accounting impact on current or
previous financial year, except note no. 52.

NOTE 66

As per the MCA Notification dated August 6, 2022, the Central Government has notified the Companies (Accounts) Fourth Amendment
Rules, 2022. As per the amended rules, the Company is required to maintain a backup of the books of account and other relevant
books and papers in electronic mode that should be accessible in India at all the time. Also, the Company is required to create backup
of accounts on servers physically (which has a feature of recording audit trail (edit log) facility) located in India on a daily basis.

The books of account along with other relevant records and papers of the Company is maintained in electronic mode, across all units.
These are readily accessible in India at all times and currently a backup is maintained on a cloud based server. Such servers are
located in India, with the exception of certain units, which are located overseas. The Company is in the process of complying with the
requirement of maintaining server(s) in India for these units for backup of books of account and other relevant books and papers, on
a daily basis, pursuant to the amendment.

NOTE 67

The Government of India has consolidated 29 existing labour legislations into a unified framework comprising four labour codes viz
the Code on Wages, 2019, the Code on Social Security, 2020, the Industrial Relations Code, 2020, and the Occupational Safety,
Health and Working Conditions Code, 2020 (collectively referred to as the "Codes”). The Codes have been made effective from 21
November, 2025. In accordance with the new Labour Codes, the Company has currently estimated the incremental impact on retiral
benefits and the impact of the Labour Codes is recognized under "Exceptional Items” in the financial statements for the year ended
31 March, 2026. Accordingly, adjustment has been recognized in respect of employee benefit expenses in the current year. The
Company continues to monitor developments on the Rules to be notified by regulatory authorities, including clarifications and will
continue to assess the accounting implications, basis such developments/ guidance.

NOTE 68

subsequent event

i) The Board of Directors of the Company have declared a final dividend of f 1 per equity share (Face value f 10/- per equity share)
amounting to f 218.99 million.

ii) Board of Directors approved the acquisition of Seasons Hotels Private Limited, owning Company of a 144 room hotel viz. Inder
Residency Resort & Spa, Udaipur in the state of Rajasthan for a consideration of '1,710 million

iii) Management of the Company has approved allotment of 3,000 Listed, Rated, Taxable, Transferable Commercial Paper ('CPs')
aggregating to '1500 million on a Private Placement basis.