Y. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Provisions are recognised only when:

(i) the Company has a present obligation (legal or constructive) as a result of a past event; and

(ii) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation;
and

(iii) a reliable estimate can be made of the amount of the obligation.

Provision is measured using the cash flows estimated to settle the present obligation and when the effect of time value
of money is material, the carrying amount of the provision is the present value of those cash flows. Reimbursement
expected in respect of expenditure required to settle a provision is recognised only when it is virtually certain that
the reimbursement will be received.

Contingent liability is disclosed in case of:

(i) a present obligation arising from past events, when it is not probable that an outflow of resources will be required
to settle the obligation; and

(ii) a present obligation arising from past events, when no reliable estimate is possible.

Contingent assets are disclosed where an inflow of economic benefits is probable.

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

Where the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected
to be received under such contract, the present obligation under the contract is recognised and measured as a
provision.

Z. BORROWING COST

Borrowings cost are interest and other costs (including exchange differences relating to foreign currency borrowings
to the extent they are regarded as an adjustment to interest costs) incurred in connection with the borrowing of
funds. Borrowing cost directly attributable to the acquisition or construction of qualifying /eligible assets, intended
for commercial production are capitalized as part of the cost of such assets. All other borrowing costs are recognized
as an expense in the year in which they are incurred.

AA. LEASES

As a lessee

Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is
available for use by the company.

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the
net present value of the following lease payments:

i) fixed payments (including in-substance fixed payments), less any lease incentives receivable and

ii) payments of penalties for terminating the lease, if the lease term reflects the company exercising that option.

Lease payments to be made under reasonably certain extension options are also included in the measurement of
the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be
readily determined, which is generally the case for leases in the company the lessee's incremental borrowing rate
is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an
asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and
conditions.

To determine the incremental borrowing rate, the company

where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to
reflect changes in financing conditions since third party financing was received.

Uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by company,
which does not have recent third party financing, and makes adjustments specific to the lease, e.g. term, country,
currency and security.

Lease payments are allocated between principal and finance cost. The finance cost is charged to standalone Statement
of profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance
of the liability for each period.

Right-of-use assets are measured at cost comprising the following:

The amount of the initial measurement of lease liability

i) Any lease payments made at or before the commencement date less any lease incentives received

ii) Any initial direct costs, and

iii) Restoration costs

_iv) Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a
straight-line basis.

Payments associated with short-term leases of equipment and all leases of low-value assets are recognised on a
straight-line basis as an expense in standalone Statement of profit and loss. Short-term leases are leases with a lease
term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture.

The Company does not have any transaction related Ind AS 116 (Leases) during the period and in previous year.
Accordingly, Ind AS 116 is not applicable to company.

AB. COMMITMENTS

Commitments are future liabilities for contractual expenditure, classified and disclosed as follows:

(i) estimated amount of contracts remaining to be executed on capital account and not provided for;

(ii) uncalled liability on shares and other investments partly paid;

(iii) funding related commitment to subsidiary, associate and joint venture companies; and

(iv) other non-cancellable commitments, if any, to the extent they are considered material and relevant in the
opinion of management.

Other commitments related to sales/procurements made in the normal course of business are not disclosed to avoid
excessive details.

AC. STATEMENT OF CASHFLOWS

Statement of Cash Flows is prepared segregating the cash flows into operating, investing and financing activities.
Cash flow from operating activities is reported using indirect method, adjusting the profit before tax excluding
exceptional items for the effects of:

(i) changes during the period in inventories and operating receivables and payables;

(ii) non-cash items such as depreciation, provisions, unrealised foreign currency gains and losses; and

(iii) all other items except the cash flow effects from investing or financing activities.

Cash and cash equivalents (including bank balances) shown in the Statement of Cash Flows exclude items which
are not available for general use as at the date of Balance Sheet.

AD. SEGMENT REPORTING

The Company has only one reportable business segment, which is Construction and allied services and operates in
a single business segment based on the nature of the services, the risk and returns, the organization structure and
the internal financial reporting systems. Accordingly, the amounts appearing in the financial statements relate to
the Company's single business segment.

AE. FOREIGN CURRENCY TRANSACTION
Functional and presentation currency

The standalone financial statements of the company are presented using Indian Rupee, which is also the functional
currency i.e. currency of the primary economic environment in which the company operates

Transaction and balances

Transactions in foreign currencies are translated into the respective functional currencies of the company at the Spot
rates on the date of the transaction or at 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. Exchange differences are recognized in profit or loss.

AF. SEGMENT REPORTING

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating
Decision Maker (CODM) of company. The CODM is responsible for allocating resources and assessing performance
of the operating segments of company.

Segment results that are reported to the CODM include items directly attributable to a segment as well as those that
can be allocated on a reasonable basis. Segment capital expenditure is the total cost incurred during the period to
acquire property and equipment and intangible assets.

a. Refer note 43 for disclosures of related party transactions.

b. The Company has given unsecured interest-bearing loan to its subsidiaries in lieu of equity of Rs. 5,505.00/- Lakhs
(PY Rs. 4,462.00/- Lakhs) carrying interest rate ranging 10%-10.15%. The quantum of loan to be provided / retained
will be aligned with maintaining the debt-to-equity ratio in the subsidiaries, as per the terms and conditions of the
term loan sanctioned or renewed to subsidiaries. In addition to the above loan company has provided ICD loan of ^
Nil (PY 767.50/- Lakhs) carrying interest rate 10%-10.15% to its subsidiaries for business activities and recoverable on
demand.

c. The fund has been advanced to its subsidiaries companies. Repayment of such loan is as per the terms of loan agreement.

d. Since all loans given by the company are unsecured and considered good, the bifurcation of loans in other categories
as required to be classified as per schedule III of the Companies Act, 2013 viz. loans receivables considered good -
Secured, Loans Receivables which have significant increase in Credit Risk; and Loans Receivables - credit impaired
considered as not applicable to the company and hence not disclosed above. Also, there are no Expected Credit Loss
(ECL) provision on the considered good loan. Therefore relevant ECL disclosure are not provided.

e. . There is no amount due from director, other officer of the company or a firm in which any director is a partner or

private companies in which any director is a director or a member at any time during reporting year except loan to
subsidiaries where director is a director.

f. The company has not granted loans which are either repayable on demand or are without specifying terms of repayment.
Hence, the disclosure as specified in schedule III is not given in the standalone financial statements.

a) Terms/ Rights attached to Equity Shares

The company has only one class of shares referred to as equity shares having face value of ^ 10/-. Each shareholder of
equity shares is entitled to one vote per share. In the event of Liquidation of the company, the holders of equity share will
be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the shareholders. The dividend proposed by boards is subject to
the approval of shareholders in the ensuring Annual General Meeting.

Pursuant to initial public offering (IPO) of 4,39,48,000 equity share, fresh issue of 3,85,80,000 equity share and offer for
sale of 52,68,000 equity share of Rs 10 each were allotted at the price Rs 148/- per equity share and 1,00,000 equity share
of Rs 10 each, which was under Employee Reservation Portion were allotted at the price of Rs 135/- per equity Share.
The company's equity share were listed on National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on
November 29, 2024.

The transaction cost of Rs 4,622.26 Lacs recorded in the books is net of GST credit availed on such expenditure. The said
expenditure has been adjusted from securities premium. (Refer note 20).

(..) The balance unutilised amounts have been parked in fixed deposits amounting to ^ 23,546.10/- lakhs (including accrued
' ' interest). Refer note 15.

As per the record of company, including its register of shareholder/ members and other declarations received from
h) shareholders regarding beneficial interest. The above shareholding represents both legal and beneficial ownerships of
shares.

Nature and Purpose of reserves

1. Security Premium:- The amount received in excess of face value of the equity shares is recognised in security
premium. The reserves will be utilised in accordance with the specific provisions of the Companies Act, 2013. The
issue expenses of securities which qualify as equity instruments are written off against security premium.

2. Retained Earnings:- Retained earnings represents undistributed profits of the company which can be distributed to
its equity shareholders in accordance with Companies Act, 2013.

3. Remeasurement of Defined Benefit Plans: Other Comprehensive Income (OCI) reserve represent the balance in
equity for items to be accounted in OCI. OCI is classified into:

(i) items that will not be reclassified to profit and loss, and

(ii) items that will be reclassified to statement of profit and loss.

Secured Vehicle loans from banks and financial institution

All vehicles loans are secured by hypothecation of respective vehicles financed though the loan arrangements

Vehicle loans availed till 31-10-2024 amounting to ^ 104.43 lakhs/- are secured by way of Unconditional, irrevocable and continuing
personal guarantee of Mr. Sanjay Jain and Mr. Manish Jain (Directors of the company).

Secured Machinery loans from banks and financial institution

All Machinery loans have been obtained for financing the construction equipment purchased and are secured by hypothecation of
respective equipment purchased out of loan.

Machinery loans availed till 31-10-2024 amounting to ^ 883.32/- are secured by way of Unconditional, irrevocable and continuing
personal guarantee of Mr. Sanjay Jain and Mr. Manish Jain (Directors of the company)

Financial Covenants:

The company has satisfied all the financial covenants prescribed in terms of respective loans agreement as at the reporting date. The
company has not defaulted in any loan payment during the year.

1. PNB - First Parri passu hypothecation of Raw Material, Work in progress, Finished goods, stores and spares used
in design, supply, construction, erection and commissioning of water and waste treatment plants, all receivables,
security deposit, advance to suppliers and other current assets of the company both present future along with
ICICI Bank, AU Small Finance Bank Ltd., IndusInd Bank, Yes Bank, Kotak Bank, HDFC Bank, Federal Bank & Axis
Bank and further secured by Property, Plant and Equipments of the company as well as personal guaranteed by
Directors (Mr. Manish Jain and Mr. Sanjay Jain) and equitable mortgage of directors i.e., Mr. Sanjay Jain property
and property of Mrs Shachi Jain W/o of Mr Manish Jain (upto the extent of the value of mortgaged property).
Collateral security in the form of FDR of Rs 20.00 crore is pledge with bank for fund based and non fund based limit.
ROI range during the reporting year : 9.50% to 10.25%.

2. ICICI Bank - First and pari-passu charge on all existing and future current assets of the Borrower with Punjab National
Bank, AU Small Finance Bank Ltd., IndusInd Bank, Yes Bank, Kotak Bank, HDFC Bank, Federal Bank & Axis Bank. Lien
over Fixed Deposits equivalent to 25% of limit and personal Guarantee of Directors (Mr. Manish Jain and Mr. Sanjay Jain).
ROI during the reporting year 9.50%

3. IndusInd Bank - First Pari Passu charge on hypothecation of the current assets for Rs. 49781.99 lakhs with other security

banks, Punjab National Bank, AU Small Finance Bank Ltd., Yes Bank, Kotak Bank, HDFC Bank, Federal Bank, ICICI
Bank & Axis Bank, further secured by Fixed deposit of Rs. 1880 Lakhs of the company and personal guarantee of
Directors (Mr. Sanjay Jain and Mr. Manish Jain).ROI range during the reporting year : 9.02% to 9.60%.

4. AU Small Finance Bank Ltd. - First Pari Passu charge on hypothecation of the entire present and future current assets of the
company comprising, inter alia, of stocks of raw material, work in progress, finished goods, receivables, book debts along
with Punjab National Bank, ICICI Bank, IndusInd Bank, YesBank, KotakBank, HDFC Bank, Federal Bank&Axis Bank. Lien
over Fixed Deposits equivalent to 100% of limit and personal Guarantee of Directors (Mr. Manish Jain and Mr. Sanjay Jain)
ROI range during the reporting year : 9.50% to 9.75%.

5. Yes Bank - First Pari Passu Charge by way of Hypothecation on entire Present and Future Current Assets of the
Borrower with Kotak Bank, ICICI Bank, Axis Bank, HDFC Bank, AU Small Finance bank, IndusInd Bank, Federal Bank
and PNB. Fixed deposit to be duly lien marked in favour of the bank to the extent of 25% of the facility. Unconditional
and irrevocable personal guarantee of Directors (Mr. Sanjay Jain and Mr. Manish Jain) during entire tenure of the facility.
ROI range during the reporting year : 9.05% to 9.30%.

6. HDFC Bank - First Pari Passu Charge by way of Hypothecation on entire Present and Future Current Assets of the
Borrower with Kotak Bank, ICICI Bank, Axis Bank, AU Small Finance bank, Federal Bank, IndusInd Bank and
PNB. Unconditional and irrevocable personal guarantee of Directors (Mr. Sanjay Jain and Mr. Manish Jain). The
Company mortgage commercial property (Unit No. 201 & B-201, 2nd floor, R.G. Metro Arcade, Sector-11, Rohini,
Delhi-110085) and Plot no. 3116 measuring 4050 Sq. Metres, Industrial Model Township. Khargoda, Sonepat 131402.
ROI during the reporting year : 9.10%

7. Kotak Bank - First and pari-passu charge on all existing and future current assets of the Borrower with ICICI Bank, Axis
Bank, HDFC Bank, AU Small Finance bank, Federal Bank, IndusInd Bank and PNB. Lien over Fixed Deposits equivalent
to35% oflimit, against Paid stock andbook debtsand personal Guaranteeof Directors (Mr. ManishJain andMr. Sanjay Jain).
ROI during the reporting year : 9.60%.

8. Axis Bank - First pari-passu charge on all existing and future current assets of the Borrower with
Punjab National Bank, AU Small Finance Bank Ltd., IndusInd Bank, Yes Bank, Kotak Bank, HDFC
Bank, Federal Bank & ICICI Bank, Lien over Fixed Deposits equivalent to 35% of limit, against paid
Stock and book debts and personal Guarantee of Directors (Mr. Manish Jain and Mr. Sanjay Jain).
ROI range during the reporting year : 9.30% to 9.40%.

9. Federal Bank - First and pari-passu charge on all existing and future current assets of the Borrower with Punjab
National Bank, AU Small Finance Bank Ltd., IndusInd Bank, Yes Bank, Kotak Bank, HDFC Bank, and Axis Bank.
Lien over Fixed Deposits equivalent to 25% of limit, and personal Guarantee of Directors (Mr. Manish Jain and Mr.
Sanjay Jain). Facility is in the form of WCDL of Rs 25.crore with CC as sublimit of WCDL to the extent of 10 crores.
ROI range during the reporting year : 9.65% to 9.85%.

**The carrying amounts of current borrowings includes payables in respect of vendors which are subject to a factoring
arrangement.

Under this arrangement, Company has transferred the relevant payables to the factor in exchange for timely payment to
MSMED Vendors. Therefore, the amount repayable under the factoring agreement to the factors is presented as unsecured
borrowings.

45 SEGMENT REPORTING

The Company's business activity falls within a single segment, which is providing Infrastructure development of turnkey
projects related to water treatment plant (WTP), Sewage Treatment Plant (STP), Common Effluent treatment plant (CETP)
and water supply schemes which includes project construction/execution activities, in terms of Indian Accounting
Standard-108 (''Ind AS-108'') on Segment Reporting. In view of the management, there is only one reportable segment
as envisaged by Ind AS-108 as prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules
thereunder.

46 DETAILS FOR GRATUITY AND EMPLOYEE BENEFIT EXPENSES

The disclosures required by Ind- AS-19 "Employee Benefits" are as under:

(a) Defined Contribution Plan

(i) The contribution to provident fund is charged to accounts on accrual basis. The contribution made by the Company

during the period is Rs. 175.92 Lakhs (Previous Year Rs. 129.92 Lakhs)

(ii) In respect of short-term employee benefits, the Company has at present only the scheme of cumulative benefit of
leave encashment payable at the time of retirement/ cessation and the same have been provided for on accrual
basis as per actuarial valuation.

Note: The carrying amount of financial assets (except investment) and financial liabilities measured at amortised cost in
the financial statements are a reasonable approximation of their fair values since the company does not anticipate that the
carrying amounts would be significantly different from the values that would eventually be received or settled.

Fair Value hierarchy disclosures:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Input other than quoted price included within Level 1 that are observable for the assets or liability; either directly
(i.e., as prices) or indirectly (i.e., derived from prices).

Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

51 FINANCIAL RISK MANAGEMENT:

In the course of business, amongst others, the Company is exposed to several financial risks such as Credit Risk, Liquidity
Risk and Market Risk. These risks may be caused by the internal and external factors resulting into impairment of the
assets of the Company causing adverse influence on the achievement of Company's strategies, operational and financial
objectives, earning capacity and financial position.

The Company has formulated an appropriate policy and established a risk management framework which encompass
the following process.

- identify the major financial risks which may cause financial losses to the company

- assess the probability of occurrence and severity of financial losses

- mitigate and control them by formulation of appropriate policies, strategies, structures, systems and procedures

- Monitor and review periodically the adherence, adequacy and efficacy of the financial risk management system.

The Company enterprise risk management system is monitored and reviewed at all levels of management and the Board
of Directors from time to time.

(a) Credit Risk

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss. The Company is exposed to credit risk primarily trade receivables, contract assets and other
financial assets including deposits with banks. The Company's exposure and credit ratings of its counterparties are
continuously monitored and the aggregate value of transactions is reasonably spread amongst the counterparties. The
maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in
note 51.

Trade receivable and contract assets

The Company's exposure to customer credit risk is influenced mainly by the individual characteristics of each customer.
However, management also considers the factors that may influence the credit risk of its customer base. Ageing has been
disclosed in note 12.1.

The Company's customer profile includes public sector enterprises, state owned companies, group companies and
corporates customers. General payment terms include mobilisation advance, monthly progress payments with a credit
period ranging from 30 to 90 days. Further, trade receivables include retention money receivable from the customers on
expiry of the defect liability period However, the Company has an option to get the refund of the above receivables if
bank guarantee is provided. The Company has a detailed review mechanism of overdue customer receivables at various
levels within organisation to ensure proper attention and focus for realisation

Credit risk on trade receivables and contract assets is limited as the customers of the Company mainly consists of the
government promoted entities having a strong credit worthiness. The provision matrix takes into account available
external and internal credit risk factors such as company's historical experience for customers.

The significant change in the balance of trade receivables and contract assets are disclosed in note 60.

Financial instruments and bank deposits

Credit risk from balances with banks and financial institutions is managed by the Company's treasury department in
accordance with the Company's policy. Investments of surplus funds are made only with approved counterparties and
within credit limits assigned to each counterparty. The limits are set to minimise the concentration of risks and therefore
mitigate financial loss through counterparty's potential failure to make payments.

This comprises mainly of deposits with banks, investments in mutual funds and other intercompany receivables. The
Company's maximum exposure to credit risk for the components of the balance sheet at 31 March 2025 and 31 March 2024
is the carrying amounts as illustrated in Note 51.

(b) Liquidity Risk

Liquidity Risk arises when the company is unable to meet its short-term financial obligations as and when they fall due.

Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations
without incurring unacceptable losses. The Company's objective is to, at all times maintain optimum levels of liquidity to
meet its cash and collateral requirements. The Company closely monitors its liquidity position and deploys a robust cash
management system. It maintains adequate sources of financing including debt and overdraft from banks at an optimised
cost. This monitoring takes into account the accessibility of cash and cash equivalents and additional undrawn financing
facilities. As at 31st March 2025 the company has available Rs. 5,387.62 Lakhs (31st March 2024: Rs. 947.57 Lakhs) in form
of undrawn committed borrowing limits.

(c) Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes
in market prices. Market risk comprises two types of risks i.e. interest rate risk, currency risk and commodity price risk.
Financial instruments affected by market risk include borrowings and creditors for capital expenditures.

As infrastructure development and construction business is capital intensive, the Company is exposed to interest rate
risks. The Company's infrastructure development and construction projects are funded to a large extent by debt and
any increase in interest expense may have an adverse effect on our results of operations and financial condition. The
Company current debt facilities carry interest at variable rates with the provision for periodic reset of interest rates.

The interest rate risk exposure is mainly from changes in floating interest rates. The interest rate are disclosed in the
respective notes to the financial statement of the Company. The following table analysis the breakdown of the financial
assets and liabilities by type of interest rate:

(ii) Foreign Currency Risk _

The functional currency of the Company is Indian Rupees. Foreign currency risk is the risk that the fair value or future
cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company's exposure to the risk
of changes in foreign exchange rates relates primarily to the Company's operating activities (when revenue or expense is
denominated in a foreign currency).

The Company evaluates exchange rate exposure arising from foreign currency transactions and follows established risk
management policies

The company requires material for construction, operation and maintenance of the projects such as : cement, steel,
aggregates and other construction materials. The company is able to manage this exposure in project material through
bulk purchases and better negotiations. Further, in most of the project, the company have arrangements with its customers
to charge price escalation which mitigate any increase in price risk.

52 CAPITAL MANAGEMENT:

For the purpose of the Company's capital management, capital includes paid-up equity capital and all other equity
reserves attributable to the equity holders of the Company. The primary objective of the Company's capital management
is to ensure that it maintains a strong capital base so as to maintain investor, creditor and market confidence and to sustain
future development of the business and maximise shareholder value.

The Company manages its capital structure and makes adjustments to it in the light of changes in economic conditions
and the requirements of the financial covenants. Breaches in meeting the financial covenants would permit the lenders to
immediately call loans and borrowings. To maintain or adjust the capital structure, the Company may adjust the dividend
payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using Debt-
Equity ratio, which is net debt divided by total equity. The Company's policy is to keep the net debt to equity ratio below
3. Net debt consist of interest bearing borrowings, interest accrued thereon less cash and cash equivalents. Equity includes
equity attributes to the equity shareholders.