L. Provisions, Contingent liabilities, Contingent assets and Commitments General

Provisions are recognized when the company has a present obligation (legal or constructive) as a
result of a past event, it is probable that an outflow of resources embodying economic benefits
will be required to settle the obligation and a reliable estimate can be made of the amount of
the obligation. When the company expects some or all of a provision to be reimbursed, for
example, under an insurance contract, the reimbursement is recognized as a separate asset, but
only when the reimbursement is virtually certain. The expense relating to a provision is presented
in the statement of profit and loss net of any reimbursement.

Contingent liability is disclosed in the case of:

1. A present obligation arising from the past events, when it is not probable that an outflow of
resources will be required to settle the obligation;

2. A present obligation arising from the past events, when no reliable estimate is possible;

3. A possible obligation arising from the past events, unless the probability of outflow of resources
is remote.

Commitments include the amount of purchase order (net of advances) issued to parties for
completion of assets.

Provisions, contingent liabilities, contingent assets and commitments are reviewed at each balance
sheet date.

M. Dividend

Provision is made for the amount of any dividend declared, being appropriately authorized and no
longer at the discretion of the entity, on or before the end of the reporting period but not
distributed at the end of the reporting period.

The Company recognizes a liability to make cash distributions to equity holders of the Company
when the distribution is authorized, and the distribution is no longer at the discretion of the
Company. Final dividends on shares are recorded as a liability on the date of approval by the
shareholders and interim dividends are recorded as a liability on the date of declaration by the
Company’s Board of Directors. The interim dividends declared during the year are approved by
the Board of Directors.

However no dividend has been paid by Company during the year.

N. Earnings per share

Basic earnings per share are calculated by dividing the net profit for the period attributable to
equity shareholders by the weighted average number of equity shares outstanding during the
period. Earnings considered in ascertaining the company's earnings per share is the net profit for
the period after deducting preference dividends and any attributable tax thereto for the period. The
weighted average number of equity shares outstanding during the period and for all periods
presented is adjusted for events, such as bonus shares, other than the conversion of potential
equity shares that have changed the number of equity shares outstanding, without a
corresponding change in resources.

For the purpose of calculating diluted earnings per share, the profit or loss for the period
attributable to equity shareholders and the weighted average number of shares outstanding during
the period is adjusted for the effects of all dilutive potential equity shares. Dilutive potential equity
shares are deemed converted as of the beginning of the period, unless they have been issued at
a later date. The diluted potential equity shares have been arrived at, assuming that the
proceeds receivable were based on shares having been issued at the average market value of the
outstanding shares. In computing dilutive earnings per share, only potential equity shares that are
dilutive and that would, if issued, either reduce future earnings per share or increase loss per
share, are included.

O. Use of estimates and judgements

The presentation of the financial statements is in conformity with the Ind AS which requires the
management to make estimates, judgments and assumptions that affect the reported amounts of
assets and liabilities, revenues and expenses and disclosure of contingent liabilities. Such
estimates and assumptions are based on management's evaluation of relevant facts and
circumstances as on the date of financial statements. The actual outcome may differ from these
estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to the
accounting estimates are recognized in the period in which the trades are revised and in any
future periods affected.

Information about assumptions and estimation uncertainties that have a significant risk of resulting
in a material adjustment within the next financial year are included in the following notes:

• Current tax

• Fair valuation of unlisted securities

P. Statement of cash flows

Cash flow are reported using the indirect method, whereby net profit before tax is adjusted for
the effects of transactions of a non-cash nature, any deferrals of accruals of past or future
operating cash receipts or payments and item of income or expenses associated with investing
or financing cash flows. The cash flows from operating, investing and finance activities of the
company are segregated.

Q. Current and non-current classification

The company presents assets and liabilities in the balance sheet based on current/ non-current
classification. An asset is treated as current when it is:

i. Expected to be realized or intended to be sold or consumed in normal operating cycle;

ii. Held primarily for the purpose of trading;

iii. Expected to be realized within twelve months after the reporting period, or

iv. Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for

at least twelve months after the reporting period

All other assets are classified as non-current.

A liability is current when:

i. It is expected to be settled in normal operating cycle;

ii. It is held primarily for the purpose of trading;

iii. It is due to be settled within twelve months after the reporting period, or

iv. There is no unconditional right to defer the settlement of the liability for at least twelve months

after the reporting period

All other liabilities are classified as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.

Operating Cycle

The operating cycle is the time between the acquisition of assets for processing and their realization

in cash and cash equivalents. The company has identified twelve months as its operating cycle.

R. Foreign currency translation

Items included in the financial statements of the entity are measured using the currency of the
primary economic environment in which the entity operates (‘the functional currency’). The financial
statements are presented in Indian rupee (INR), which is company's functional and presentation
currency.

Transactions and balances

Transactions in foreign currencies are initially recorded by the company’s entities at their
respective functional currency spot rates at the date the transaction first qualifies for recognition.

Monetary assets and liabilities denominated in foreign currencies are translated at the functional
currency spot rates of exchange at the reporting date.

Non-monetary items that are measured in terms of historical cost in a foreign currency are
translated using the exchange rates at the dates of the initial transactions. Non-monetary items
measured at fair value in a foreign currency are translated using the exchange rates at the date
when the fair value is determined. The gain or loss arising on translation of non-monetary items
measured at fair value is treated in line with the recognition of the gain or loss on the change
in fair value of the item (i.e., translation differences on items whose fair value gain or loss is
recognized in OCI or profit or loss are also recognized in OCI or profit or loss, respectively).

S. Fair value measurement

The company measures financial instruments, such as, derivatives at fair value at each balance
sheet date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in
an orderly transaction between market participants at the measurement date. The fair value
measurement is based on the presumption that the transaction to sell the asset or transfer the
liability takes place either:

i. In the principal market for the asset or liability, or

ii. In the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible by the company.

The fair value of an asset or a liability is measured using the assumptions that market
participants would use when pricing the asset or liability, assuming that market participants act
in their economic best interest.

The company uses valuation techniques that are appropriate in the circumstances and for which
sufficient data are available to measure fair value, maximizing the use of relevant observable
inputs and minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements
are categorized within the fair value hierarchy, described as follows, based on the lowest level
input that is significant to the fair value measurement as a whole:

i. Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or Liabilities.

ii. Level 2 — Valuation techniques for which the lowest level input that is significant to the fair
value measurement is directly or indirectly observable.

iii. Level 3 — Valuation techniques for which the lowest level input that is significant to the fair
value measurement is unobservable.

For assets and liabilities that are recognized in the financial statements on a recurring basis, the
company determines whether transfers have occurred between levels in the hierarchy by re¬
assessing categorization (based on the lowest level input that is significant to the fair value
measurement as a whole) at the end of each reporting period.

The company's Valuation Committee determines the policies and procedures for both recurring fair
value measurement, such as derivative instruments and unquoted financial assets measured at fair
value, and for non-recurring measurement, such as assets held for distribution in discontinued
operations. The Valuation Committee comprises of the head of the investment properties segment,
heads of the company's internal mergers and acquisitions team, the head of the risk
management department, financial controllers and chief finance officer.

External valuers are involved for valuation of significant assets, such as unquoted financial assets.
Involvement of external valuers is decided upon annually by the Valuation Committee after
discussion with and approval by the management. Selection criteria include market knowledge,
reputation, independence and whether professional standards are maintained. Valuers are normally
rotated every three years. The management decides, after discussions with the company's
external valuers, which valuation techniques and inputs to use for each case.

At each reporting date, the management analyses the movements in the values of assets and
liabilities which are required to be remeasured or re-assessed as per the company’s accounting
policies. For this analysis, the management verifies the major inputs applied in the latest
valuation by agreeing the information in the valuation.

The management, in conjunction with the Company's external valuers, also compares the change
in the fair value of each asset and liability with relevant external sources to determine whether
the change is reasonable.

On an interim basis, the Valuation Committee and the Company's external valuers present the
valuation results to the Audit Committee and the company's independent auditors. This includes a
discussion of the major assumptions used in the valuations.

For the purpose of fair value disclosures, the company has determined classes of assets and
liabilities on the basis of the nature, characteristics and risks of the asset or liability and the
level of the fair value hierarchy as explained above.

This note summarizes accounting policy for fair value. Other fair value related disclosures are
given in the relevant notes.

i. Disclosures for valuation methods, significant estimates and assumptions.

ii. Quantitative disclosures of fair value measurement hierarchy.

iii. Investment in unquoted equity shares (discontinued operations).

iv. Financial instruments (including those carried at amortized cost).

T. Exceptional items

Certain occasions, the size, type or incidence of an item of income or expense, pertaining to
the ordinary activities of the company is such that its disclosure improves the understanding of
the performance of the company, such income or expense is classified as an exceptional item
and accordingly, disclosed in the notes accompanying to the financial statements.

U. Rounding off

All amounts disclosed in the financial statements and notes have been rounded off to the nearest
Lakhs as per the requirements of Schedule III, unless otherwise stated.

• Recent accounting pronouncements

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. For
the year ended March 31, 2024, MCA has not notified any new standards or amendments to the
existing standards applicable to the Company.