8) Provisions (other than employee benefits)

Provisions are recognized when the Company has
a present obligation (legal or constructive) as a
result of past event, it is probable that an outflow
of resources embodying economic benefits will
be required to settle the obligation and a reliable
estimate can be made of the amount of the
obligation. Expected future operating losses are
not provided for.

When the Company expects some or all of the
expenditure required to settle a provision will be
reimbursed by another party, the reimbursement
is recognized when, and only when, it is virtually
certain that reimbursement will be received if the
entity settles the obligation. The reimbursement is
treated as a separate asset.

The Company records a provision for site
restoration costs to be incurred for the restoration
of leasehold land at the end of the lease period.
The provision is measured at the present value of
the best estimate of the expected costs to settle
the obligation and recognized as part of the cost
of property, plant and equipment. The estimated
future costs of decommissioning are reviewed
annually and adjusted as appropriate. Changes in
the estimated future costs or in the discount rate
applied are added to or deducted from the costs of
the asset and site restoration obligation.

Provisions are determined by discounting the
expected future cash flows at 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 recognized as
finance cost.

Provisions are reviewed at each Balance Sheet
date.

9) Contingent liabilities

Contingent liability is a possible obligation
arising from past events 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. The Company does not
recognize a contingent liability but discloses its
existence in the standalone financial statements.

Contingent asset

Contingent asset is not recognized in standalone
financial statements since this may result in the
recognition of income that may never be realized.
However, when the realization of income is virtually
certain, then the related asset is not a contingent
asset and is recognized.

Contingent liabilities and contingent assets are
reviewed at each Balance Sheet date.

10) Employee benefits

(a) Short-term employee benefits

Employee benefits payable wholly within twelve
months of receiving employee services are
classified as short-term employee benefits. These
benefits include salaries and wages, short-term
bonus, compensated absences and ex-gratia. The
undiscounted amount of short-term employee
benefits to be paid in exchange for employee
services is recognized as an expense as the
related service is rendered by employees.

(b) Share based payment transactions

The grant date fair value of equity settled share-
based payment arrangements granted to
employees is generally recognized as an employee
benefit expense, with a corresponding increase in
equity, over the vesting period of the awards. The
amount recognized as an expense is adjusted to
reflect the number of awards for which the related
service and non-market performance conditions
are expected to be met, such that the amount
ultimately recognized is based on the number of
awards that meet the related service and non¬
market performance conditions at the vesting
date. For share-based payment awards with non¬
vesting conditions, the grant date fair value of the
share-based payment is measured to reflect such
conditions and there is no true-up for differences
between expected and actual outcomes.

When the terms of an equity-settled award are
modified, the minimum expense recognized by
the Company is the grant date fair value of the
unmodified award, provided the vesting conditions
(other than a market condition) specified on grant
date of the award are met.

Further, additional expense, if any, is measured
and recognized as at the date of modification, in
case such modification increases the total fair
value of the share-based payment plan, or is
otherwise beneficial to the employee.

(c) Post-employment benefits

Defined contribution plan - Provident fund and
Employee state insurance

A defined contribution plan is a post-employment
benefit plan under which an entity pays specified
contributions and has no obligation to pay any
further amounts. Provident fund scheme and
employee state insurance are defined contribution
schemes. The Company makes specified monthly
contributions towards these schemes. The
Company's contributions are recorded as an
expense in the profit or loss during the period in
which the employee renders the related service.
If the contribution already paid is less than the
contribution payable under the scheme for service
received before the balance sheet date, the deficit
payable under the scheme is recognized as a
liability after deducting the contribution already
paid. If the contribution already paid exceeds the
contribution due for services received before the
balance sheet date, then excess is recognized as
an asset to the extent that the pre-payment will
lead to a reduction in future payment or a cash
refund.

Defined benefit plan - Gratuity

The Company's gratuity scheme is a defined
benefit plan. The present value of obligations
under such defined benefit plans are determined
based on actuarial valuation carried out by an
independent actuary using the Projected Unit
Credit Method, which recognizes each period
of service as giving rise to an additional unit of

employee benefit entitlement and measures each
unit separately to build up the final obligation.

The obligation is measured at the present value
of estimated future cash flows. The discount
rates used for determining the present value of
obligation under defined benefit plans, are based
on the market yields on government securities as
at the balance sheet date, having maturity period
approximating to the terms of related obligations.

Remeasurement gains and losses arising from
experience adjustments and changes in actuarial
assumptions are recognized in the period in
which they occur, directly in standalone other
comprehensive income and are never reclassified
to profit or loss. Changes in the present value of
the defined benefit obligation resulting from plan
amendments or curtailments are recognized
immediately in the profit or loss as past service
cost.

(d) Other long-term employee benefits -
compensated absences

The employees can carry-forward a portion of the
unutilized accrued compensated absences and
utilize it in future service periods or receive cash
compensation on termination of employment.
Since the compensated absences do not fall due
wholly within twelve months after the end of the
period in which the employees render the related
service and are also not expected to be utilized
wholly within twelve months after the end of
such period, the benefit is classified as a long¬
term employee benefit. The Company records an
obligation for such compensated absences in the
period in which the employee renders the services
that increase this entitlement. The obligation
is measured on the basis of independent
actuarial valuation using the projected unit
credit method. Remeasurements as a result of
experience adjustments and changes in actuarial
assumptions are recognized in the profit or loss.

11) Revenue recognition

Revenue is recognized at an amount that reflects
the consideration to which the Company expects
to be entitled in exchange for transferring the
goods or services to a customer i.e. on transfer
of control of the goods or service to the customer.
Revenue is net of indirect taxes and discounts.

Contract asset represents the Company's right to
consideration in exchange for services that the

Company has transferred to a customer when
that right is conditioned on something other than
the passage of time.

When there is unconditional right to receive
cash, and only passage of time is required to
do invoicing, the same is presented as Unbilled
revenue.

A contract liability is recognized if a payment is
received or a payment is due (whichever is earlier)
from a customer before the Company transfers
the related goods or services and the Company
is under an obligation to provide only the goods
or services under the contract. Contract liabilities
are recognized as revenue when the Company
performs under the contract (i.e., transfers control
of the related goods or services to the customer).

The specific recognition criteria described below
must also be met before revenue is recognized:

Room revenue, sale of food and beverages and
other services

Revenue is recognized at the transaction price
that is allocated to the performance obligation.
Revenue comprises room revenue, sale of food
and beverages, recreation and other services
(including banquet and allied services) relating
to hotel operations. Revenue is recognized upon
rendering of the services and sale of food and
beverages which is recognized at a point in time
once the rooms are occupied, food and beverages
are sold and other services have been provided as
per the contract with the customer.

Other services

Other services comprises amount billed to
subsidiary companies on account of core
business advisory, procurement, sourcing of
funds, guarantee commission, and other support
services. The income is recognized on accrual
basis as per the terms specified in the service
agreement over time, provided the consideration
is reliably determinable and no significant
uncertainty exists regarding the collection.

12) Borrowing costs

Borrowing costs are interest and other costs
(including exchange differences relating to
foreign currency borrowings to the extent that
they are regarded as an adjustment to interest
costs) incurred in connection with the borrowing
of funds. Borrowing costs directly attributable

to acquisition or construction of an asset which
necessarily take a substantial period of time to get
ready for their intended use are capitalized as part
of cost of that asset. Other borrowing costs are
recognized as an expense in the period in which
they are incurred.

13) Recognition of dividend income, interest income
or expense

Dividend income is recognized in profit or loss on
the date on which the Company's right to receive
payment is established.

Interest income or expense is recognized using
the effective interest method.

The 'effective interest rate' is the rate that exactly
discounts estimated future cash payments or
receipts through the expected life of the financial
instrument to:

- the gross carrying amount of the financial
asset; or

- the amortized cost of the financial liability.

In calculating interest income and expense, the
effective interest rate is applied to the gross
carrying amount of the asset (when the asset
is not credit-impaired) or to the amortized cost
of the liability. However, for financial assets that
have become credit-impaired subsequent to
initial recognition, interest income is calculated
by applying the effective interest rate to the
amortized cost of the financial asset. If the asset
is no longer credit-impaired, then the calculation
of interest income reverts to the gross basis.

14) Foreign currency

Foreign currency Transactions

Transactions in foreign currencies are translated
into the respective functional currencies of
Company companies at the exchange rates at the
dates of the transactions or an average rate if the
average rate approximates the actual rate at the
date of the transaction.

Monetary assets and liabilities denominated
in foreign currencies are translated into the
functional currency at the exchange rate at
the reporting date. Non-monetary assets and
liabilities that are measured at fair value in a
foreign currency are translated into the functional
currency at the exchange rate when the fair value
was determined. Non-monetary items that are

measured based on historical cost in a foreign
currency are translated at the exchange rate at
the date of the transaction. Foreign currency
exchange differences are generally recognized in
profit or loss.

15) Income taxes

Income tax expense comprises current tax and
deferred tax. It is recognized in profit or loss
except to the extent that it relates to a business
combination, or items recognized directly in equity
or in other comprehensive income.

Current tax

Current tax comprises the expected tax payable
or receivable on the taxable income or loss for
the year and any adjustment to the tax payable
or receivable in respect of previous years. The
amount of current tax payable or receivable is the
best estimate of the tax amount expected to be
paid or received that reflects uncertainty related to
income taxes, if any. It is measured using tax rates
enacted or substantively enacted at the reporting
date.

Current tax assets and current tax liabilities are
offset only if there is a legally enforceable right to
set off the recognized amounts, and it is intended
to realize the asset and settle the liability on a net
basis or simultaneously.

Deferred tax

Deferred tax is recognized in respect of temporary
differences between the carrying amounts
of assets and liabilities for financial reporting
purposes and the corresponding amounts
used for taxation purposes. Deferred tax is also
recognized in respect of carried forward tax losses
and tax credits.

Deferred tax is not recognized for

• temporary differences arising on the initial
recognition of assets or liabilities in a
transaction that:

- is not a business combination; and

- at the time of the transaction (i) affects
neither accounting nor taxable profit or
loss and(ii) does not give rise to equal
taxable and deductible temporary
differences

• temporary differences related to investments
in subsidiaries, associates and joint

arrangements to the extent that the Company
is able to control the timing of the reversal of
the temporary differences and it is probable
that they will not reverse in the foreseeable
future;

• and taxable temporary differences arising on
the initial recognition of goodwill.

Deferred tax assets are recognized for unused
tax losses, unused tax credits and deductible
temporary differences to the extent that it
is probable that future taxable profits will be
available against which they can be used. Future
taxable profits are determined based on the
reversal of relevant taxable temporary differences.
If the amount of taxable temporary differences is
insufficient to recognize a deferred tax asset in full,
then future taxable profits, adjusted for reversals
of existing temporary differences, are considered,
based on the business plans of the Company.
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
realized; such reductions are reversed when the
probability of future taxable profits improves.

Deferred tax is measured at the tax rates that are
expected to apply to the period when the asset is
realized or the liability is settled, based on the laws
that have been enacted or substantively enacted
by the reporting date.

The measurement of deferred tax reflects the tax
consequences that would follow from the manner
in which the Company expects, at the reporting
date, to recover or settle the carrying amount of its
assets and liabilities. For this purpose, the carrying
amount of investment property is presumed to be
recovered through sale.

Deferred tax assets and liabilities are offset if
there is a legally enforceable right to offset current
tax liabilities and assets and they relate to income
tax levied by the same tax authority on the same
taxable entity, or on different tax entities, but they
intend to settle current tax liabilities and assets on
a net basis or their tax assets and liabilities will be
realized simultaneously.

16) Operating segments

An operating segment is a component of the
Company that engages in business activities from
which it may earn revenues and incur expenses,
including revenues and expenses that relate to

transactions with any of the Company's other
components and for which discrete financial
information is available. Operating segments are
reported in a manner consistent with the internal
reporting provided to the chief operating decision
maker (CODM). In accordance with Ind AS 108
"Operating Segments", the operating segments
used to present segment information are identified
on the basis of information reviewed by the CODM
to allocate resources to the segments and assess
their performance.

17) Earnings per share
Basic Earning Per Share

Basic earnings per share is calculated by dividing
the profit (or loss) attributable to the owners of
the Company by the weighted average number of
shares outstanding during the year. The weighted
average number of equity shares outstanding
during the year is adjusted for bonus issue, bonus
element in a rights issue to existing shareholders,
share split and reverse share split (consolidation
of shares).

Diluted Earning Per Share

Diluted earnings per share is computed by dividing
the profit (considered in determination of basic
earnings per share) after considering the effect
of interest and other financing costs or income
(net of attributable taxes) associated with dilutive
potential equity shares by the weighted average
number of equity shares considered for deriving
basis earnings per share adjusted for the weighted
average number of equity shares considered for
deriving basic earnings per share adjusted for the
weighted average number of equity shares that
would have been issued upon conversion of all
dilutive potential equity shares.

18) Leases

At 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
for consideration.

As a Lessee

At commencement or on modification of a
contract that contains a lease component, the
Company allocates the consideration in the
contract to each lease component on the basis

of its relative standalone prices. However, for the
leases of property the Company has elected not to
separate non-lease components and account for
the lease and non-lease components as a single
lease component.

The Company recognizes a right-of-use asset
and a lease liability at the lease commencement
date. The right-of-use asset is initially measured
at cost, which comprises the initial amount of the
lease liability adjusted for any lease payments
made at or before the commencement date, plus
any initial direct costs incurred and an estimate
of costs to dismantle and remove the underlying
asset or to restore the underlying asset or the site
on which it is located, less any lease incentives
received.

The right-of-use assets is subsequently
depreciated using the straight-line method from
the commencement date to the earlier of the end
of the useful life of the right-of-use asset or the
end of the lease term, unless the lease transfers
ownership of the underlying asset to the Company
by the end of the lease term or the cost of the
right-of-use asset reflects that the Company will
exercise a purchase option. In that case the right-
of-use asset will be depreciated over the useful life
of the underlying asset, which is determined on the
same basis as those of property and equipment.
In addition, the right-of-use asset is periodically
reduced by impairment losses, if any, and adjusted
for certain remeasurements of the lease liability.

The lease liability is initially measured at the
present value of the lease payments that are not
paid at the commencement date, discounted
using the interest rate implicit in the lease or,
if the rate cannot be readily determined, the
Company's incremental borrowing rate. Generally,
the Company uses its incremental borrowing rate
as the discount rate.

The Company determine its incremental
borrowing rate by obtaining interest rates from
various external financing sources and makes
certain adjustments to reflect the terms of the
lease and type of the asset leased.

Lease payments included in the measurement of
the lease liability comprise the following:

• fixed payments, including in-substance fixed
payments;

• variable lease payments that depend on an
index or a rate, initially measured using the
index or rate as at the commencement date;

• amounts expected to be payable under a
residual value guarantee; and

• the exercise price under a purchase option
that the Company is reasonably certain
to exercise, lease payments in an optional
renewal period if the Company is reasonably
certain to exercise an extension option, and
penalties for early termination of a lease
unless the Company is reasonably certain
not to terminate early.

The lease liability is measured at amortized
cost using the effective interest method. It is
remeasured when there is a change in future
lease payments arising from a change in an index
or rate, if there is a change in the Company's
estimate of the amount expected to be payable
under a residual value guarantee, if the Company
changes its assessment of whether it will exercise
an purchase, extension or termination option
or if there is a revised in-substance fixed lease
payment.

When the lease liability is remeasured in this way, a
corresponding adjustment is made to the carrying
amount of the right-of-use asset, or is recorded in
profit or loss if the carrying amount of the right-of-
use asset has been reduced to zero.

Short-term leases and leases of low-value assets

The Company has elected not to recognize right-
of-use assets and lease liabilities for leases of
low-value assets and short-term leases, including
IT equipment. The Company recognizes the lease
payments associated with these leases as an
expense in profit or loss on a straight-line basis
over the lease term.

19) Cash and cash equivalents

Cash and cash equivalents include cash in hand,
balance with banks, demand deposits with banks
and other short-term highly liquid investments
with an original maturity of three months or less.

20) Measurement of earnings before finance costs,
depreciation and amortization, exceptional items
and tax (EBITDA)

The Company has elected to present
earnings before finance costs, depreciation

expense is classified as an exceptional item and
accordingly, disclosed in the standalone financial
statements.

22) Investments in subsidiaries

Investments in subsidiaries are carried at cost less
accumulated impairment losses, if any. Where
an indication of impairment exists, the carrying
amount of the investment is assessed and written
down immediately to its recoverable amount.
On disposal of investments in such entities,
the difference between net disposal proceeds
and the carrying amounts are recognized in the
Standalone Statement of Profit and Loss.

(March 31, 2024 - ' 6.39) which is repayable after 3 years from the date of first disbursement i.e. 21 January 2022.
During the previous year, the loan period was extended to 6 years from the date of first disbursement. The loan is
carrying interest rate of 11.50% p.a. (March 31,2024 - 11.50% p.a.) The loan is obtained in Indian '. These loans were
obtained from subsidiary company for meeting project expenses and business purpose requirements.

(b) Fully compulsory convertible debentures (FCCDs) (unsecured)

As per the debenture agreement dated August 12, 2014 between the Company and International Financial Corporation
( IFC ), each debenture must be mandatorily converted on liquidity event or maturity date (September 2024) whichever
is earlier. Further, IFC also has a right of voluntary conversion upon giving notice to the Company within maturity date.
Conversion ratio will be as provided under the Subscription Agreement. The Interest shall accrue for a period of first
thirty six (36) months from the date of the IFC Subscription and shall be compounded on an annual basis until such
interest has been paid by the Company to IFC.

The IFC Fully compulsory convertible debentures (FCCD's) bear interest at the rate of 8.5% per annum. If all IFC
CCDs have not been converted in accordance with the provisions hereof by the seventh (7th) anniversary of the IFC
Subscription, the Base Interest shall increase to 10% per annum (compounded on an annual basis). Any interest that
is due but not paid by the Company shall carry an additional interest of 2% per annum (compounded on an annual
basis) from the date of default in payment of such interest until the date of payment. However, no additional interest
shall be payable with respect to the interest accrued during the Grace Period (first 36 months) until the seventh (7th)
anniversary of the IFC Subscription.

In earlier years, the following amendments were made to the IFC debenture agreement:

1. Removal of 21% IRR Cap for return on investment (foreign currency derivative)

2. Prior to payment of interest, the Company will issue a notification and IFC will have the option to choose either
of the following:

a) Receive the interest; or

b) Convert CCDs to equity shares of the Company in accordance with the agreed conversion formula. In the
event IFC does choose this option, the Company shall have no further liability with respect to the CCDs
after such conversion (including payment of any interest) or

c) Receive the interest at a later date.

During the year ended March 31, 2024, Fully compulsory convertible debentures (FCCDs) held by IFC had been
converted into one equity share of face value of ' 1 each at a premium of ' 237.15 per equity share and the interest
liability of ' 1,474.56 outstanding in books on the date of conversion has been paid from the IPO proceeds.

(c) Non Convertible Debentures (unsecured)

As per debenture agreement dated March 10, 2021 between the Company and the debenture holders, debentures
shall be redeemed after 36 months from the deemed date of allotment. These debentures shall bear interest at 25%
p.a. As per the repayment terms agreed, if the redemption date is after 6 months from the deemed date of allotment,
then a return of 2.5 times the principal amount will be paid to the debenture holders. These debentures carry an
effective interest rate of 35.72% p.a. The Interest payable on the NCDs shall be calculated from the deemed date of
allotment to the interest payment date as per debenture agreement. The redemption date can be extended with the
consent of all the debenture holders and such extension shall, under no circumstance, extend beyond 48 months
from the deemed Date of Allotment.

In earlier years, the redemption period for one of the debenture holder (GTI Capital Epsilon Private Limited) was
extended by 48 months from the deemed date of allotment. This had resulted in modification of financial instrument
and the revised effective interest rate is 26.20% p.a.

During the year ended March 31,2024, Non-convertible debentures (NCDs) having maturity value of ' 2,737.50 had
been paid from the IPO proceeds. The interest expense on these NCDs for the year ended March 31, 2025 is ' Nil
(March 31,2024: ' 806.39).

The Company's Chief Financial Officer under the directions of the Board of Directors implements financial risk
management policies across the Company. 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, to monitor risks and adherence
to limits in order to minimize the financial impact of such risks. The risk management policies and systems are
reviewed regularly to reflect changes in market conditions and the Company's activities.

(i) 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. The carrying amount of financial assets represent the maximum credit risk
exposure. The Company has credit policies in place and the exposures to these credit risks are monitored on an
ongoing basis.

The Company's policy is to place cash and cash equivalents and other bank balances with banks and financial
institution counterparties with good credit rating.

The Company has given security deposits to various statutory authorities and to vendors for securing services
from them and rental deposits for employee accommodations. The Company has other receivable balances
outstanding as at year end for indemnity receivables from shareholders, cost reimbursement and loan balance
from its KMP / employees.The Company does not expect any default from these parties and accordingly the risk
of default is negligible or nil.

In respect of credit exposures from trade receivables, the Company has policies in place to ensure that sales
on credit without collateral are made principally to travel agents and corporate companies with an appropriate
credit history. The Company has established a credit policy under which each new customer is analysed
individually for creditworthiness before entering into contract. Sales to other customers are made in cash or by
credit cards.

There are no significant concentrations of credit risk within the Company.

The Company establishes an allowance for impairment that represents its expected credit losses in respect of
trade receivables. The management uses a simplified approach for the purpose of computation of expected
credit loss for trade receivables. In monitoring customer credit risk, customers are grouped according to their
credit characteristics, including whether they are an individual or legal entity, industry and existence of previous
financial difficulties, if any.

The Company considers a financial asset to be in default when:

• the debtor is unlikely to pay its credit obligations to the Company in full; or

• the financial asset is more than two years past due.

The provision matrix used for determining loss allowance on trade receivables as at March 31,2025 is Less than
6 months: 3.26%, 6 months - 1 year: 25.31%, 1 - 2 years: 39.76% - 80.83%, More than 2 years: 100%. (March 31,
2024 - Less than 6 months: 3.57%, 6 months - 1 year: 22.69%, 1 - 2 years: 33.66% - 78.06%, More than 2 years:
100%)

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 Company's reputation.

Management monitors rolling forecasts of the Company's liquidity position and cash and cash equivalents on
the basis of expected cash flows to ensure it has sufficient cash to meet operational needs. Such forecasting
takes into consideration the Company's debt refinancing plans, undrawn committed borrowing facilities and
covenant compliance.

Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has established an
appropriate liquidity risk management framework for the management of the Company's short-term, medium
term and long-term funding and liquidity management requirements.

(a) 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 excluding future contractual interest payments.

Market risk is the risk that the changes in market prices such as foreign exchange rates and interest rates,
that will affect the Company's expense 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.

Currency risk

Currency risk for the Company is the risk that the future cash outflows on account of payables for management
fees and other expenditure will fluctuate because of changes in foreign exchange rates. The Company is
exposed to the effects of fluctuation in the prevailing foreign currency exchange rates on its financial position
and cash flows. Exposure arises primarily due to exchange rate fluctuations between the functional currency
and other currencies. The Management evaluates foreign exchange rate exposure arising from foreign currency
transactions on periodic basis and follows appropriate risk management policies.

41 CAPITAL MANAGEMENT

The Company's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and
to sustain future development of the business.

The Board of Directors of the Company 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 loan to value (LTV) method to ensure that the loan to value does not increase beyond 65% on any
given reporting date at Group level. Loan includes the current and non-current borrowings and Value refers to the market
capitalisation of the Group.

The Company is not subject to externally imposed capital requirements.

As a part of its capital management policy, the Company did not have any defaults in the repayment of loans and interest.
Further there have been no breach of loan covenant during the year.

42 TRANSFER PRICING

The Company has established a comprehensive system of maintenance of information and documents as required by the
transfer pricing regulation under Sections 92-92F of the Income-tax Act, 1961. Since the law requires existence of such
information and documentation to be contemporaneous in nature, the Company continuously updates its documentation
for the international transactions entered into with the associated enterprises during the year. The management is of the
opinion that its international transactions are at arm's length so that the aforesaid legislation will not have any impact on
the standalone financial information, particularly on the amount of tax expense and that of provision for taxation.

of listed closest peer companies for the historical period commensurate with the expected term. The expected life for
each tranche vesting has been considered based on the average vesting term and contractual life (3 years from the date
of vesting). The expected life may not necessarily be indicative of the exercise patterns that may occur. Dividend yield
considered as Nil as the Management do not plan to issue dividends in foreseeable future.

In accordance with the above mentioned Scheme, March 31,2025: ' 177.40; March 31,2024: ' 459.51 has been charged
to the Standalone Statement of Profit and Loss. During the current year ended March 31,2025, the Company has disclosed
share-based payments under head 'employee benefits expense'. For the year ended March 31, 2024, the same was
disclosed separately on the face of Standalone Statement of Profit and Loss owing to significance of amounts involved
in the previous year. The share-based payments expense for the year ended March 31, 2024 aggregating '. 459.51 mn
respectively has accordingly been grouped under head 'employee benefits expense'.

46 LEASE DISCLOSURES

The Company leases office spaces, hotel buildings and employee accommodation. These leases are
long term in nature and also contain option to renew the lease on or before the expiry of lease period.
The Company has discounted lease payments using the incremental borrowing rate of 9.72% for measuring the lease
liability in respect of the new lease entered in the current year.

47 NEW STANDARDS AND INTERPRETATIONS, NOT YET ADOPTED

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. On May 7, 2025, MCA issued the Companies (Indian
Accounting Standards) Amendment Rules, 2025, which made certain amendments to Ind AS 21 The Effects of Changes
in Foreign Exchange Rates, effective from April 1, 2025. These amendments define currency exchangeability and include
guidance on estimating spot exchange rates when a currency is not exchangeable. The Company does not expect this
amendment to have any significant impact in its financial statements.

49 OTHER STATUTORY INFORMATION

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

(ii) The Company do not have any transactions with companies struck off.

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

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

(v) The Company has 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

(vi) The Company has 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

(vii) The Company has not entered into 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.

(viii) The Company has not granted any loans or advances in the nature of loans to promoters, directors, KMPs and the related
parties (as defined under Companies Act, 2013) either severally or jointly with any other person that are repayable on
demand or without specifying any terms or period of repayment except for loans granted as disclosed below:

The above loans have been disclosed as deemed investment in susbsidiaries and current loans in these standalone
financial statements.

(ix) The Company has used the borrowings from banks and financial institutions for the specific purpose for which it was
taken.

(x) The Company has not been declared a willful defaulter by any bank or other lender (as defined under the Companies
Act, 2013), in accordance with the guidelines on willful defaulters.

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

(xii) The Company has not entered into any scheme of arrangement which has an accounting impact on current or
previous financial years.

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

(xiv) The Company is not required to submit quarterly returns or statements with banks during the current or previous
year.

51 INITIAL PUBLIC OFFERING (IPO)

During the year ended March 31, 2024, the Company had completed its Initial Public Offer ("IPO") of 108,738,095 equity
shares of face value of ' 1 each at an issue price of ' 126 per equity share (including share premium of ' 125 per equity
share) consisting of a fresh issue of 95,238,095 equity shares aggregating to ' 12,000.00 mn and an offer for sale of
13,500,000 equity shares aggregating to ' 1,701.00 mn. The equity shares of the Company were listed on National Stock
Exchange of India Limited (NSE) and BSE Limited (BSE) on September 22, 2023. As per Prospectus dated September
18, 2023, the IPO proceeds [net of offer expenses] ("Net IPO proceeds") were proposed to be utilized for repayment /
prepayment / redemption, in full or in part, of certain borrowings availed by the Company and its subsidiaries including
payment of interest accrued thereon and for general corporate purposes.

The Company had estimated ' 671.22 mn as IPO related expenses and allocated such expenses between the Company
' 585.90 mn and selling shareholders ' 85.32 mn. Such amounts were allocated based on agreement between the
Company and selling shareholders and in proportion to the total proceeds of the IPO.

The Company has received an amount of ' 11,414.10 mn (net of estimated IPO expenses of
' 585.90 mn) from proceeds out of fresh issue of equity shares.

Subsequently, actual offer expenses incurred by the Company amounted to ' 664.54 mn (' 580.05 mn for fresh issue and
' 84.49 mn for offer for sale). During the year ended March 31, 2025, the surplus amount remaining of ' 6.68 mn was
transferred from Public Offer Account to the Monitoring Account.

a) During the year ended March 31, 2024, the Company had acquired a land parcel (leasehold land) situated at Navi
Mumbai as a part of the ACIC Portfolio acquisition explained in note 57 below. The said land parcel was allotted on
lease by Maharashtra Industrial Development Corporation ('MIDC'). During the quarter ended December 31,2023, the
Company was in the process of obtaining relevant approvals and permits from MIDC for commencing development
work. During the quarter ended March 31,2024, the Company has received a notice from MIDC for lease termination.
The management has filed a writ petition against the aforesaid notice before the Bombay High Court which is pending
for disposal. In the event of an actual loss, the management also plans to claim available contractual indemnities for
the aforesaid loss from the Sellers as stated in SSPA.

Accordingly, based on the above, the following have been reflected as exceptional items on a net basis in the
standalone financial statements:

- Provision for impairment of investment in subsidiary: ' 840.27

- Expected recovery of indemnity from the Sellers based on legal advice: ' 100.00

b) In accordance with the requirements of Ind AS 36 "Impairment of Assets", the Company has performed an impairment
assessment of its investments in subsidiaries. Consequent to such impairment assessment, the Company has
recorded an impairment of ' 54.78 against deemed investment of ACIC Advisory Private Limited, an impairment
reversal of ' 298.04 against investments in the equity shares of SAMHI Hotels (Gurgaon) Private Limited and and
an impairment reversal of ' 370.05 against investments in the equity shares of Ascent Hotels Private Limited in the
current year. Further, an impairment reversal of ' 990.74 against investments in the equity shares of SAMHI Hotels
(Ahmedabad) Private Limited in the previous year. The reason for reversal of impairment is due to improved actual
performance of the respective CGU in the subsidary companies as compared to budget.

c) During the year ended March 31, 2025, the Company has sold its investment in equity shares and debentures of
Duet India Hotels (Chennai OMR) Private Limited on February 16, 2025. The difference between sale price of ' 28.39
mn (excluding consideration against assignment of loan provided by the Company amounting to ' 506.68 mn) and
carrying value of such investment of ' 498.48 mn has been recorded as exceptional item in the standalone financial
statements. Further, certain expenses amounting to ' 8.60 in relation to such sale of investment has also been
recorded as exceptional item.

53 IMPAIRMENT OF ASSETS

a) Impairment testing for cash-generating units

In accordance with Ind AS 36 "Impairment of Assets", the Company had identified individual hotels (consisting of
property, plant and equipment, intangible assets and right of use assets) as a separate cash generating unit for the
purpose of impairment review. Management periodically assesses whether there is an indication that an asset may
be impaired using a comparison between carrying value of assets in books and the recoverable value. Recoverable
value is considered as higher of fair value less costs of disposal and value in use.

Recoverable amount is value in use of the hotel and is based on discounted cash flow method which was classified
as a level 3 fair value in the fair value hierarchy due to the inclusion of one or more unobservable inputs. There has
been no change in the valuation technique as compared to previous years.

* During the current financial year ended March 31, 2025, the Company has remeasured the carrying value of
the assets for Fairfield by Marriott - Bangalore, City Center and reversed the impairment loss of ' 54.42 (net of
depreciation) recorded in books in earlier years. The reason for reversal of impairment is due to improved actual
performance of this CGU as compared to budgets. The same has been recorded as gain on reversal of impairment
under the head exceptional item in the current year.

In view of the management, the primary reasons for recognition of impairment loss in respect to the aforementioned
hotel properties were high carrying value of property, plant and equipment due to fair value of land recorded in books
as deemed cost in prior years and under performance of hotel properties.

b) Impairment testing for investments in subsidiaries

The Company has long term investments in subsidiaries which are measured at cost less impairment. The
management assesses the performance of these entities including the future projections and relevant economic
and market conditions in which they operate to identify if there is any indicator of impairment (including impairment
reversal) in the carrying value of the investments. ln case indicators of impairment exist, the impairment loss is
measured by estimating the recoverable amounts based on the 'value-in-use' estimates determined using discounted
cash flow projections (level 3). The future cash flow projections are specific to the entity based on its business plan
and may not be the same as those of market participants. The future cash flows consider key assumptions such
as occupancy, average room revenue, operating margin etc. with due consideration for the potential risks given the
current economic environment in which the entity operates. The discount rates used are based on weighted average
cost of capital and reflects market's assessment of the risks specific to the asset as well as time value of money.

As at March 31, 2025, impairment loss recognised in books in respect to the carrying value of investments in
subsidiaries is as follows:

54 The Board of Directors of the Company at their meeting held on March 27, 2023 approved a Share Subscription and
Purchase Agreement ("SSPA") between SAMHI Hotels Limited and ACIC Mauritius 1, ACIC Mauritius 2 (ACIC Mauritius 1
and ACIC Mauritius 2 are collectively referred as "Sellers") and Duet India Hotels (Jaipur) Private Limited, Duet India Hotels
(Pune) Private Limited, Duet India Hotels (Ahmedabad) Private Limited, Duet India Hotels (Hyderabad) Private Limited, Duet
India Hotels (Chennai) Private Limited, Duet India Hotels (Bangalore) Private Limited, Duet India Hotels (Chennai OMR)
Private Limited, ACIC Advisory Private Limited and Duet India Hotels (Navi Mumbai) Private Limited (herein collectively
referred as the 'ACIC Portfolio') to acquire the entire securities held by Sellers in the ACIC Portfolio ("Acquisition").

During the year ended March 31, 2024, Company has acquired 100% of the securities held by Sellers in ACIC Portfolio
as part of a share swap transaction, wherein the purchase consideration has been discharged by issue and allotment
of 37,462,680 equity shares of face value ' 1 each at a premium of ' 237.15 to the Sellers. The Company has incurred
acquisition related cost such as legal fees and due diligence costs amounting to ' 15.01. These costs have been adjusted
from securities premium.

55 The Board of Directors of the Company at their meeting held on October 4, 2024 approved a Share Purchase Agreement
("SPA") to acquire 100% share capital of Innmar Tourism and Hotels Private Limited ("Innmar") constituting 8,437,500
equity shares of ' 10 each on October 4, 2024 at a purchase consideration of ' 2,140.18 mn.

56 The Company vide its share-holder meeting dated May 20, 2025 approved primary investment and subscription of equity
shares by Reco Bellflower Private Limited, an affiliate of GIC Pte. Limited ('Investor') to hold 35% of the equity share
capital (on a fully-diluted basis) of Ascent Hotels Private Limited, SAMHI JV Business Hotels Private Limited and Innmar
Tourism and Hotels Private Limited ('Target Companies'). The combined enterprise value of the Target Companies has

been ascribed at ' 22,000.00 mn.

57 During the year ended March 31, 2024, the Company had sold its investment in Duet India Hotels (Bangalore) Private
Limited to Duet India Hotels (Hyderabad) Private Limited through transfer of 100% equity shares. Both companies are
wholly owned subsidiaries of the Company. Further, a scheme of amalgamation dated March 23, 2024 was filed during the
quarter ended March 31, 2024 for merger of Duet India Hotels (Bangalore) Private Limited (Transferor company) with Duet
India Hotels (Hyderabad) Private Limited (Transferee company). During the year ended March 31, 2025, the regulatory
authorities have approved the said scheme on November 3, 2024 (Appointed date: February 29, 2024).

58 On May 14, 2025, 6,726,394 optionally convertible redeemable debentures ('OCRDs') issued by Ascent Hotels Private
Limited (Subsidiary Company) to Vascon Engineers Limited have been converted into equivalent number of equity
shares. Further on May 16, 2025, the Company has acquired these equity shares to retain 100% of the share capital in the
Subsidiary Company.

As per our report of even date attached

For B S R & Co. LLP For and on behalf of Board of Directors of

Chartered Accountants SAMHI Hotels Limited

ICAI Firm Registration No.: 101248W/W-100022

Rahul Nayar Ashish Jakhanwala Rajat Mehra Sanjay Jain

Partner Chairman, Managing Director and CEO Chief Financial Officer Company Secretary

Membership No.: 508605 ^DIN:0330⁴34-5 MembemNp ^No.^{: F}6!3⁷

Place: Gurugram Place: Gurugram Place: Gurugram Place: Gurugram

Date: May 29, 2025 Date: May 29, 2025 Date: May 29, 2025 Date: May 29, 2025