Ventive Hospitality Ltd. இன் கணக்கு குறிப்புகள்

n) Provisions

Provisions are recognised 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
recognised 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.

If the effect of the time value of money is
material, provisions are discounted using
a current pre-tax rate that reflects, when
appropriate, the risks specific to the liability.
When discounting is used, the increase in
the provision due to the passage of time is
recognised as a finance cost.

o) Contingent liabilities
Contingent liability is:

(a) a possible obligation arising from past
events and whose existence will be
confirmed only by the occurrence or non¬
occurrence of one or more uncertain
future events not wholly within the control
of the entity or

(b) 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 the same as per the
requirements of Ind AS 37.

A financial instrument is any contract that
gives rise to a financial asset of one entity
and a financial liability or equity instrument of
another entity.

Financial assets
Classification

Financial assets are classified, at initial
recognition, as subsequently measured at
amortised cost, fair value through other
comprehensive income (''FVTOCI’) or fair value
through profit or loss (''FVTPL’).

Initial recognition and measurement

The classification of financial assets at initial
recognition depends on the financial asset’s
contractual cash flow characteristics and
the Company’s business model for managing
them. With the exception of trade receivables
that do not contain a significant financing
component or for which the Company has
applied the practical expedient, the Company
initially measures a financial asset at its fair
value plus, in the case of a financial asset not
at fair value through profit or loss, transaction
costs. Trade receivables that do not contain
a significant financing component or for
which the Company has applied the practical
expedient are measured at the transaction
price determined under Ind AS 115. Refer to the
accounting policies in section (e) Revenue from
contracts with customers.

I n order for a financial asset to be classified
and measured at amortised cost or fair value
through OCI, it needs to give rise to cash
flows that are ''solely payments of principal
and interest (SPPI)’ on the principal amount
outstanding. This assessment is referred to as
the SPPI test and is performed at an instrument
level. Financial assets with cash flows that are
not SPPI are classified and measured at fair
value through profit or loss, irrespective of the
business model.

The Company’s business model for managing
financial assets refers to how it manages
its financial assets in order to generate
cash flows. The business model determines
whether cash flows will result from collecting
contractual cash flows, selling the financial
assets, or both. Financial assets classified and
measured at amortised cost are held within
a business model with the objective to hold

financial assets in order to collect contractual
cash flows while financial assets classified and
measured at fair value through OCI are held
within a business model with the objective of
both holding to collect contractual cash flows
and selling.

Purchases or sales of financial assets that
require delivery of assets within a time frame
established by regulation or convention in
the marketplace (regular way trades) are
recognised on the trade date, i.e., the date
that the Company commits to purchase or sell
the asset.

Subsequent measurement

For purposes of subsequent measurement,
financial assets are classified in
three categories:

• At amortised cost

• At fair value through other comprehensive
income (FVTOCI)

• At fair value through profit or loss (FVTPL)

Financial assets classified as measured at
amortised cost

A financial asset shall be measured at amortised
cost if both of the following conditions are met:

• the financial asset is held within a business
model whose objective is to hold financial
assets in order to collect contractual cash
flows and

• the contractual terms of the financial asset
give rise on specified dates to cash flows that
are solely payments of principal and interest
on the principal amount outstanding.

After initial measurement, such financial assets
are subsequently measured at amortised cost
using the effective interest rate (''EIR’) method,
less impairment. Amortised cost is calculated
by taking into account any discount or premium
on acquisition and fees or costs that are an
integral part of the EIR. The EIR amortisation
is included in finance expense/ (income) in
the profit and loss statement. The losses
arising from impairment are recognised in the
statement of profit and loss. This category
generally applies to trade receivables, loans
and other deposits receivable by the company.
For more information on financial assets refer
for note 9, for loans refer note 8 and for trade
receivables refer note 13.

Financial assets classified as measured
at FVTOCI

There are no financial assets which are
measured at FVTOCI.

Financial assets classified as measured
at FVTPL

Financial assets at fair value through profit or
loss are carried in the balance sheet at fair value
with net changes in fair value recognised in the
statement of profit and loss. Such instruments
are measured at fair value at initial recognition
as well as at each reporting date. The fair value
changes are recognised in the statement of
profit and loss eg mutual fund. Further, the
Company may make an irrevocable election
to designate a financial asset as FVTPL, at
initial recognition, to reduce or eliminate a
measurement or recognition inconsistency.

De-recognition

A financial asset (or, where applicable, a part
of a financial asset or part of a group of similar
financial assets) is primarily de-recognised
(i.e. removed from the Company’s balance
sheet) when

• the rights to receive cash flows from the
asset have expired, or

• the Company has transferred its rights to
receive cash flows from the asset or has
assumed an obligation to pay the received
cash flows in full without material delay
to a third party under a ''pass-through’
arrangement; and either (a) the Company
has transferred substantially all the risks and
rewards of the asset, or (b) the Company has
neither transferred nor retained substantially
all the risks and rewards of the asset, but has
transferred control of the asset.

Impairment of financial assets

The Company applies expected credit loss
(ECL) model for measurement and recognition
of impairment loss on the following financial
assets and credit risk exposure:

• Trade receivables - refer note 13

The Company follows ''simplified approach’ for
recognition of impairment loss allowance on
trade receivables.

The application of simplified approach does
not require the Company to track changes in
credit risk. Rather, it recognises impairment
loss allowance based on lifetime ECLs at each
reporting date, right from its initial recognition.

For recognition of impairment loss on other
financial assets and risk exposure, the
Company determines that whether there has
been a significant increase in the credit risk
since initial recognition. If credit risk has not
increased significantly, 12-month ECL is used
to provide for impairment loss.

ECL impairment loss allowance (or reversal)
recognized during the period is recognized
as income/ expense in the statement of profit
and loss except for impairment loss / (gain) on
financial assets measured at FVTOCI, which
shall be recognized in the OCI.

Financial liabilities
Classification

Financial liabilities are classified, at initial
recognition, and subsequently measured at
amortised cost or fair value through profit or
loss (''FVTPL’).

Initial recognition and measurement

Financial liabilities are recognised initially
at fair value net off in the case of financial
liabilities not classified as fair value through
profit or loss (''FVTPL’), transaction costs that
are attributable to the issue of the financial
liability. Financial liabilities are recognised
in the Balance Sheet when the Company
becomes a party to the contractual provisions
of the instrument.

Financial liabilities at amortised cost

This is the most relevant category to
the Company. The Company generally
classifies interest bearing borrowings as
financial liabilities at amortised cost. After
initial recognition, these instruments are
subsequently measured at amortised cost
using the EIR method. Gains and losses are
recognised in the statement of profit and loss
when the liabilities are derecognised as well as
through the EIR amortisation process.

Amortised cost is calculated by taking into
account any discount or premium on acquisition
and fees or costs that are an integral part of the
EIR. The EIR amortisation is included as finance
costs in the statement of profit and loss.

Financial liabilities at fair value through profit or
loss include financial liabilities held for trading
and financial liabilities designated as such
upon initial recognition. Financial liabilities
are classified as held for trading if they are
incurred for the purpose of repurchasing in
the near term. This category also includes
derivative financial instruments entered into
by the Company that are not designated as
hedging instruments in hedge relationships
as defined by Ind AS 109. Separated embedded
derivatives are also classified as held for
trading unless they are designated as effective
hedging instruments.

Gains or losses on liabilities held for trading are
recognised in the statement of profit or loss.

Financial liabilities designated as such
upon initial recognition at the initial date of
recognition if the criteria in Ind AS 109 are
satisfied. For liabilities designated as FVTPL,
fair value gains/ losses attributable to changes
in own credit risks are recognized in OCI. These
gains/ losses are not subsequently transferred
to the statement of profit and loss. However,
the Company may transfer the cumulative gain
or loss within equity. All other changes in fair
value of such liability are recognised in the
statement of profit and loss.

The Company has not designated any financial
liability as at fair value through profit and loss.

De-recognition

A financial liability is de-recognised when the
obligation under the liability is discharged or
cancelled or expires. When an existing financial
liability is replaced by another from the same
lender on substantially different terms, or the
terms of an existing liability are substantially
modified, such an exchange or modification is
treated as the de-recognition of the original
liability and the recognition of a new liability.
The difference in the respective carrying
amounts is recognised in the statement of
profit and loss.

Offsetting of financial instruments

Financial assets and financial liabilities are
offset and the net amount is reported in
the balance sheet if there is a currently
enforceable legal right to offset the recognised
amounts and there is an intention to settle on
a net basis, to realise the assets and settle the
liabilities simultaneously.

q) Cash and cash equivalents

Cash and cash equivalents in the balance
sheet comprise cash on hand, balances with
banks and short-term deposits with an original
maturity of three months or less, which are
subject to an insignificant risk of changes
in value.

Cash equivalents are short term, highly liquid
investments that are readily convertible into
known amounts of cash and are subject to an
insignificant risk of changes in value.

For the purpose of the statement of cash flows,
cash and cash equivalents consist of cash and
short-term deposits, as defined above, net
of outstanding bank overdrafts as they are
considered an integral part of the Company’s
cash management.

r) Provision for employment benefits
Defined contribution plans

Retirement benefit in the form of provident
fund is a defined contribution scheme. The
Company has no obligation, other than the
contributions payable to the provident fund.
The Company recognizes contribution payable
to the provident fund scheme as an expenditure
in the statement of profit and loss, when an
employee renders the related service.

Defined benefit plans

Post-employment benefit in the form of gratuity
fund scheme is a defined benefit plan. The
present value of obligation under the scheme is
determined based on actuarial valuation using
the projected unit credit method (''PUCM’). The
scheme is non-funded.

Re-measurements, comprising of actuarial
gains and losses and the return on plan
assets (excluding amounts included in net
interest on the net defined benefit liability),
are recognised immediately in the balance
sheet with a corresponding debit or credit to
retained earnings through OCI in the period in
which they occur. Re-measurements are not
reclassified to the statement of profit and loss
in subsequent periods.

Past service costs are recognised in the
statement of profit and loss on the earlier of:

• The date of the plan amendment or
curtailment and

• The date on which the Company recognises
related restructuring costs

Net interest is calculated by applying the
discount rate to the net defined benefit
liability or asset. The Company recognises the
following changes in the net defined benefit
obligation under ''employee benefit expenses’
in the statement of profit and loss:

• Service costs comprising current service
costs, past-service costs, gains and losses
on curtailments and non-routine settlements

• Net interest expense or income

Refer Note 34 for additional disclosures relating
to Company’s defined benefit plan.

Provision for compensated absences

Provision for short term compensated absences
is recognised for accumulated leaves that are
expected to be utilized within a period of twelve
months from the balance sheet date. Long term
compensated absences are provided for on the
basis of an actuarial valuation, using projected
unit credit method, as at each reporting date.
The Company recognises the entire changes in
provision for compensated absences, including
re-measurements in the statement of profit
and loss for the year.

s) Earnings per share (EPS)

Basic earnings per share are calculated by
dividing the net profit or loss for the period
attributable to equity shareholders by the
weighted average number of equity shares
outstanding during the year.

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

t) Other income
Interest Income:

Interest income is accrued on a time basis, by
reference to the principal outstanding and at
the effective interest rate (''EIR’) applicable.

For all financial instruments measured at
amortized cost, interest income is recorded
using the effective interest rate (EIR). The EIR
is the rate that exactly discounts the estimated
future cash receipts over the expected life of
the financial instrument or a shorter period,
where appropriate, to the net carrying amount
of the financial asset. Interest income is
included in other income in the statement of
profit and loss.

u) Investment in subsidiaries and
Joint ventures

A subsidiary is an entity that is controlled by
another entity.

A joint venture is a type of joint arrangement
whereby the parties that have joint control
of the arrangement have rights to the net
assets of the joint venture. Joint control is the
contractually agreed sharing of control of an
arrangement, which exists only when decisions
about the relevant activities require unanimous
consent of the parties sharing control.

The Company’s investments in its subsidiaries
are accounted at cost less impairment.

Impairment of investments

The Company reviews its carrying value of
investments carried at cost annually, or
more frequently when there is indication for
impairment. If the recoverable amount is less
than its carrying amount, the impairment loss
is recorded in the Statement of Profit and Loss.

When an impairment loss subsequently
reverses, the carrying amount of the
Investment is increased to the revised
estimate of its recoverable amount, so that the
increased carrying amount does not exceed
the cost of the Investment. A reversal of an
impairment loss is recognised immediately in
Statement of Profit or Loss.

v) Business Combination under
Common control

A business combination involving entities or
businesses under common control is a business
combination in which all of the combining
entities or businesses are ultimately controlled
by the same party or parties both before and
after the business combination and the control
is not transitory. The transactions between
entities under common control are specifically

covered by Appendix C to Ind AS 103 and are
accounted for using the pooling-of-interest
method as follows:

• The assets and liabilities of the combining
entities are reflected at the carrying
amounts recorded in the entity’s Financial
Statements with the exception of certain
income tax and deferred tax assets.

• No adjustments are made to reflect fair
values, or recognize new assets or liabilities.
The only adjustments are made to harmonize
material accounting policies.

• The financial information in the financial
statements in respect of prior periods is
restated as if the business combination
has occurred from the beginning of
the preceding period in the financial
statements, irrespective of the actual date
of the combination.

The balance of the retained earnings appearing
in the financial statements of the transferor is
aggregated with the corresponding balance
appearing in the financial statements of the
transferee. The identity of the reserves is
preserved, and the reserves of the transferor
become the reserves of the transferee.

The excess of the amounts recorded as share
capital issued plus any additional consideration
in the form of cash or other assets and the
amount of share capital of the transferor is
adjusted to revenue reserves and is presented
separately from other capital reserves.

Note 3A: Changes in accounting
policies and disclosures
Application of new and amended standards

(i) Amendments to Ind AS 21 -
Lack of exchangeability

The Ministry of Corporate Affairs (MCA) notified
the Companies (Indian Accounting Standards)
Amendment Rules, 2025, which amend Ind AS
21, The Effects of Changes in Foreign Exchange
Rates to specify how an entity should assess
whether a currency is exchangeable and how it
should determine a spot exchange rate when
exchangeability is lacking. The amendments also
require disclosure of information that enables
users of its financial statements to understand
how the currency not being exchangeable into the
other currency affects, or is expected to affect, the
entity’s financial performance, financial position
and cash flows.

The amendments are effective for annual reporting
periods beginning on or after 1^st April 2025. When
applying the amendments, an entity cannot restate
comparative information.

The amendments do not have a material impact on
the Company’s financial statements.

(ii) Amendments to Ind AS 1 - Classification of
Liabilities as Current or Non-current and
Non-current Liabilities with Covenants

In August 2025, the MCA notified amendments
to paragraphs 69 to 76 of Ind AS 1 to specify the
requirements for classifying liabilities as current
or non-current. The amendments clarify:

• What is meant by a right to defer settlement

• That a right to defer must exist at the end of the
reporting period

• That classification is unaffected by the likelihood
that an entity will exercise its deferral right

• That only if an embedded derivative in a
convertible liability is itself an equity instrument
would the terms of a liability not impact
its classification

In addition, a requirement has been introduced to
require disclosure when a liability arising from a
loan agreement is classified as non-current and
the entity’s right to defer settlement is contingent
on compliance with future covenants within
twelve months.

If there is a breach of a material covenant of a long
term loan arrangement on or before the end of the
reporting period, resulting in the liability becoming
payable on demand as at the reporting date, and
the lender agrees—after the reporting period but
before the financial statements are approved for
issue—not to demand repayment for at least 12
months as a consequence of the breach, this shall
be treated as an adjusting event. Accordingly,
the entity is not required to classify the liability
as current.

The amendments are effective for annual reporting
periods beginning on or after 1^st April2025
retrospectively in accordance with Ind AS 8.

These amendments have no effect on the
measurements of any items or classifications of
Company’s liabilities in the standalone financial
statements of the company.

(iii) Amendments to Ind AS 7 and Ind AS 107 -
Supplier Finance Arrangements

I n August 2025, the MCA notified amendments to
Ind AS 7 Statement of Cash Flows and Ind AS 107
Financial Instruments: Disclosures to clarify the
characteristics of supplier finance arrangements
and require additional disclosure of such
arrangements. The disclosure requirements in
the amendments are intended to assist users of
financial statements in understanding the effects
of supplier finance arrangements on an entity’s
liabilities, cash flows and exposure to liquidity risk.

The amendments do not have a impact on the
Company’s financial statements.

(iv) International Tax Reform-Pillar Two Model
Rules - Amendments to Ind AS 12

In August 2025, the MCA notified amendments to Ind
AS 12 Income Taxes in response to the OECD’s BEPS
Pillar Two rules and include:

• A mandatory temporary exception to the
recognition and disclosure of deferred taxes
arising from the jurisdictional implementation of
the Pillar Two model rules; and

• Disclosure requirements for affected entities
to help users of the financial statements better
understand an entity’s exposure to Pillar Two
income taxes arising from that legislation,
particularly before its effective date.

The mandatory temporary exception - the use
of which is required to be disclosed - applies
immediately. The remaining disclosure requirements
apply for annual reporting periods beginning on or
after 1^st April 2025, but not for any interim periods
ending on or before 31^st March 2026.

The amendments had no impact on the Company’s
standalone financial statements as the Company is
not in scope of the Pillar Two model rules.

Note 3B : Significant accounting
judgements, estimates and assumptions

The preparation of the standalone financial statements
requires management to make judgements, estimates
and assumptions that affect the reported amounts
of revenues, expenses, assets and liabilities, and
the accompanying disclosures, and the disclosure
of contingent liabilities. Uncertainty about these
assumptions and estimates could result in outcomes
that require a material adjustment to the carrying
amount of asset or liability affected in future periods.

Judgements

In the process of applying the accounting policies,
management has made the following judgements,
which have the most significant effect on the amounts
recognised in the standalone financial statements:

Determining the lease term of contracts with renewal
and termination options - Company as lessee

The Company determines the lease term as the non¬
cancellable term of the lease, together with any periods
covered by an option to extend the lease if it is reasonably
certain to be exercised, or any periods covered by an
option to terminate the lease, if it is reasonably certain
not to be exercised.

The Company has several lease contracts that include
extension and termination options. The Company
applies judgement in evaluating whether it is reasonably
certain whether or not to exercise the option to renew
or terminate the lease. That is, it considers all relevant
factors that create an economic incentive for it to
exercise either the renewal or termination. After the
commencement date, the Company reassesses the
lease term if there is a significant event or change in
circumstances that is within its control and affects its
ability to exercise or not to exercise the option to renew
or to terminate.

The Company typically exercises its option to renew for
these leases because there will be a significant negative
effect on production if a replacement asset is not readily
available. The renewal periods for leases of plant and
machinery with longer non-cancellable periods (i.e., 10
to 15 years) are not included as part of the lease term
as these are not reasonably certain to be exercised.
Furthermore, the periods covered by termination options
are included as part of the lease term only when they are
reasonably certain not to be exercised.

Operating lease commitments -
Company as lessor

The Company has entered into commercial property
leases on its investment property portfolio. The
Company has determined, based on an evaluation of the
terms and conditions of the arrangements, such as the
lease term not constituting a major part of the economic
life of the commercial property and the fair value of the
asset, that it retains all the significant risks and rewards
of ownership of these properties and accounts for the
lease contracts as operating leases.

Estimates and assumptions

The key assumptions concerning the future and other
key sources of estimation uncertainty at the reporting
date, that have a significant risk of causing a material
adjustment to the carrying amounts of assets and
liabilities within the next financial year.. The Company
based its assumptions and estimates on parameters
available when the Standalone financial statements
were prepared. Existing circumstances and assumptions
about future developments, however, may change due
to market changes or circumstances arising that are
beyond the control of the Company. Such changes are
reflected in the assumptions when they occur.

Impairment of non-financial assets

The Company assesses, at each reporting date, whether
there is an indication that an asset may be impaired. If
any indication exists, or when annual impairment testing
for an asset is required, the Company estimates the
asset’s recoverable amount. An asset’s recoverable
amount is the higher of an asset’s or cash-generating
unit’s (CGU) fair value less costs of disposal and its
value in use. Recoverable amount is determined for an
individual asset, unless the asset does not generate
cash inflows that are largely incremental costs and an
allocation of costs directly related to contract activities.

Defined benefit plans (gratuity benefits)

The cost of the defined benefit gratuity plan and the
present value of the gratuity obligation are determined
using actuarial valuations. An actuarial valuation
involves making various assumptions that may differ
from actual developments in the future. These include
the determination of the discount rate, future salary
increases and mortality rates. Due to the complexities
involved in the valuation and its long-term nature, a
defined benefit obligation is highly sensitive to changes
in these assumptions. All assumptions are reviewed at
each reporting date.

The parameter most subject to change is the discount
rate. In determining the appropriate discount rate for
plans operated in India, the management considers
the interest rates of government bonds in currencies
consistent with the currencies of the post-employment
benefit obligation. The mortality rate is based on publicly
available mortality tables. Those mortality tables tend

to change only at interval in response to demographic
changes. Future salary increases and gratuity increases
are based on expected future inflation rates. Further
details about gratuity obligations are given in Note 34.

Useful lives and residual values of property, plant and
equipment and Investment Property

Determination of useful life of the property plant and
equipment and investment property requires the
management to make estimates/assumptions and have
a significant impact on standalone financial statements
for the year ended 31^st March 2026.

Note 3C: Standards and amendments
issued but not yet effective as at
31^st March 2026

(i) Amendments to Ind AS 1 - Classification
of Liabilities as Current or Non-current
and Non-current Liabilities with
Covenants and Ind AS 10 Events after
the Reporting Period

Ind AS 10 has been amended to remove the
previous treatment under which a lender’s post
reporting date waiver-granted before the financial
statements were approved for issue-of a breach of
a material covenant in a long term loan arrangement
that occurred on or before the end of the reporting
period, resulting in the liability becoming payable on
demand at the reporting date, was regarded as an
adjusting event.

For annual reporting periods beginning on or after
1^st April 2026, any breach of a covenant-whether
material or immaterial—occurring on or before
the reporting date will, in accordance with Ind
AS 1, require the related liability to be classified as
current, unless the lender has granted a waiver of
the breach on or before the reporting date and has
agreed not to demand repayment for at least 12
months after the reporting date as a consequence
of the breach. Such a waiver shall be treated as an
adjusting event.

The amendments are effective for annual reporting
periods beginning on or after 1^st April 2026
retrospectively in accordance with Ind AS 8.

Description of valuation method

These valuations are based on valuations performed by Siddharth S. Thite & Associates for the year ended 31^st March
2026 and 31^st March 2025, accredited independent and registered valuers as defined under Rule 2 of Companies
(Registered Valuers and Valuation) Rules, 2017. The valuations were conducted through a market rate approach.
Under this approach the market value of land has been obtained by considering the sale consideration of the similar
properties. Under this method average rate has been obtained from various sale instances for similar properties
after adjusting various positive and negative factors associated with the property under valuation. For constructed
properties depreciated market rate is taken for valuation.

Note A

(i) During the previous year, the Company acquired 100% equity share capital of EHIPL vide Shareholders Agreement
dated 06^th August 2024 entered into between the Company, Atul I. Chordia, Meena Chordia, Yashika Shah, Yash
Chordia, Sagar I. Chordia, Premsagar Infra Realty Private Limited and EHIPL. EHIPL is in business of hospitality
(Courtyard by Marriott, Pune) and Commercial leasing (Panchshil Tech Park, Pune).

(ii) During the previous year, the Company acquired 100% equity share capital of KHRPL vide Shareholders
Agreement dated 06^th August 2024 entered into between the Company, Panchshil Trade and Techpark Private
Limited, Premsagar Infra Realty Private Limited and KHRPL. KHRPL is in business of hospitality (Varanasi Hotel
under a non-binding MOU with Marriott which is under construction).

(iii) During the previous year, the Company acquired 100% equity share capital of NTPPL vide two Shareholders
Agreements dated 06^th August 2024 and 08^th August 2024 respectively entered into between the Company, NTPPL
and its various erstwhile shareholders. NTPPL is in business of hospitality (Aloft in Outer Ring Road, Bengaluru)
which was acquired by NTPPL from Cessna Garden Developers Private Limited ("CGDPL”) vide business transfer
agreement dated 6^th August 2024 between NTPPL and Cessna Garden Developers Private Limited.

(iv) During the previous year, the Company acquired 100% equity share capital of RHPL which has acquired 100%
equity share capital of SS & L Beach Private Limited (SS & L) vide Shareholders Agreement dated 07^th August
2024 entered into between the SS & L, RHPL, Lagoon Holding Company and S&S Holding Company and 100%
equity share capital of Maldives Property Holdings Private Limited ("MPHPL”) vide Shareholders Agreement
dated 07^th August 2024 entered into between MPHPL, RHPL, Maldives Hotel Holdings II Ltd., BREP Asia II Maldives
Hotel SBS Limited and BREP VIII Maldives Hotel SBS Limited. Both SS&L and MPHPL operate in hospitality business
located in Maldives.

(v) During the previous year, the Company acquired 100% equity share capital of WIPL vide Shareholders Agreement
dated 06^th August 2024 entered into between the Company, Prateek Chordia, Priyanka Chordia, and WIPL.
WIPL is in business of hospitality (DoubleTree by Hilton, Pune).

(vi) During the previous year, the Company acquired 98.69% of the equity share capital of UHPL vide Shareholders
Agreement dated 07^th August 2024 and 07^th September 2024 entered into between the Company, Balewadi
Techpark Private Limited and UHPL. UHPL is in business of hospitality (Marriott Aloft Whitefield, Bengaluru).
Further during the current year, the company has acquired the remaining 1.31% stake in UHPL for additional
consideration of J 18.15 million.

(vii) During the previous year, the Company incorporated Nagenahira Resorts Private Limited in Sri Lanka as a wholly
owned subsidiary of the Company on 01^st September 2024. The Company is in the process of constructing a hotel
in Sri Lanka (Sri Lanka hotel under a non-binding MOU with Marriott).

(viii) During the previous year, the Company acquired 50.28% stake in Kudakurathu Island Resort Private Limited
(KIRPL) with effect from 12^th August 2024 involved in hospitality industry. The shareholders of KIRPL entered
into an amendment agreement dated 31^st March 2025 to the Investment Agreements (entered into with initial
investors) which is effective from 1^st January 2025 resulting in changes in rights and obligations of the shareholder.
Accordingly, KIRPL has been considered it as a subsidiary with effect from 1^st January 2025.

(ix) During the previous year, the Company via its subsidiary RHPL acquired 100% equity share capital of
SS & L vide Shareholders Agreement dated 07^th August 2024 entered into between the SS & L, RHPL, Lagoon
Holding Company and S&S Holding Company.

(x) During the previous year, the Company via its subsidiary RHPL acquired 100% equity share capital of MPHPL vide
Shareholders Agreement dated 07^th August 2024 entered into between MPHPL, RHPL, Maldives Hotel Holdings
II Ltd., BREP Asia II Maldives Hotel SBS Limited and BREP VIII Maldives Hotel SBS Limited.

(xi) The Company has entered into a Share Purchase Agreement and Shareholders’ Agreement dated October 1,2025
(the "Agreements”) with the shareholders of Soham Leisure Ventures Private Limited ("SLVPL”) for acquisition
of 76% equity stake in SLVPL for a consideration of J 95.00 million with an enterprise value of J 3,200.00 million.
The acquisition was completed on 15^th October 2025. Accordingly, SLVPL became subsidiary of the Company from
the date of acqusition i.e. 15^th October 2025.

Note B

During the year, the Company subscribed to 1,35,50,000 0.001% Optionally Convertible Debentures (OCDs) of J 100
each amounting to J 1,355.00 million issued by its subsidiary ( SLVPL ) for the tenure of 20 years pursuant to Debenture
Subscription Agreement (OCD agreement) which provide an option to convert the outstanding (OCDs) into equity
shares of the subsidiary at any time during the tenure at fair market value at the time of conversion, subject to mutual
agreement of both the Company and the subsidiary. As OCDs carry below market interest rate, the company has
discounted amount invested in OCDs of J 1,355.00 million over the tenure of 20 years. The difference between amount
invested and discounted amount J 1,185.67 million is considered as equity investment in the subsidiary net of tax.

Note C

The Company has given loans in the form of inter-corporate deposits (ICD) and Optionally Convertible Debenture
(OCDs) to some of its subsidiaries at nil rate or below market rate of interest. These ICD’s have been split between
the equity and loan component in accordance with applicable Indian Accounting Standard.

I. During the year ended 31^st March 2026, the Company advanced loan amounting to J 20 million. An amount of
J 325 million was repaid during the year. The loans were utilised by EON-Hinjewadi Infrastructure Private Limited
for general corporate purpose.

II. During the year ended 31^st March 2026, the company advanced loan amounting of J 236 million which has been
utilised by KBJ Hotel & Restaurants Private Limited for construction of hotel at Varanasi.

III. During the year ended 31^st March 2026, the Company advanced loan amounting to J 73 million. An amount of
J 82.50 million was repaid during the year. The loans were utilised by Restocraft Hospitality Private Limited for
general corporate purpose.

IV. During the year ended 31^st March 2026, the Company advanced loan amounting to J 90 million. An amount of J 115
million was repaid during the year. The loans were utilised by Novo Themes Properties Private Limited for general
corporate purpose.

V. During the year ended 31^st March 2026, loan amounting J 110 million was repaid during the year by Wellcraft
Infraprojects Private Limited.

VI. During the year ended 31^st March 2026, the Company advanced loan amounting to J 50 million. The loan were
utilised by Nagenhira Resorts (Private) Limited for general corporate purpose.

* The classification of loans given is on the basis of management’s expectation of its realisation.

The Management believes that for the purpose of the compliance with Section 186 of the Companies Act, 2013, the

Company is considered as infrastructure company as per Schedule VI of the Companies Act, 2013 as the Company is

engaged in real estate development and tourism business. Accordingly, the provisions of section 186 (2) to section

186 (11) are not applicable to the Company.

(b) Terms/rights attached to equity shares

The Company has only one class of equity shares having par value of J 1 per share (31^st March 2025: J 1 per share).
Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian
rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining
assets of the Company, after distribution of preferential amounts, if any. The distribution will be in proportion
to the number of equity shares held by the shareholders.

All issued shares are fully paid up.

Note:

As at 31^st March 2023

- The Board of Directors of the Company at its meeting held on 16^th November 2022 and the shareholders by way of
Special Resolution on 17^th November 2022, approved the buy back of the fully paid equity shares of the face value
of J 10 each of the Company from its shareholder including promoters and promoter group of the Company as on
the record date, on a proportionate basis at a price of J 2,520 per share for an aggregate amount not exceeding
J 680.51 million. The Company completed the buy back process on 21^st November 2022 and has complied with all the
requisite formalities with Registrar of Companies and other regulatory authorities.

- I n accordance with section 69 of the Companies Act, 2013, the Company has created ''Capital Redemption
Reserve’ of J 2.70 million equal to the nominal value of the shares bought back as an appropriation from Securities
Premium Account.

Nature and purpose of reserves

Securities premium

Securities premium is used to record the premium on issue of shares. The reserve can be utilised only for limited
purposes such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.

Retained earnings

Retained earnings are the profits/(loss) that the Company has earned/incurred till date, less any transfers to general
reserve, dividends or other distributions paid to shareholders. Retained earnings include re-measurement loss /
(gain) on defined benefit plans, net of taxes that will not be reclassified to Statement of Profit and Loss.

Capital redemption reserve

During financial year ended 31^st March 2013, 31^st March 2014, 31^st March 2020 and 31^st March 2023 the Company bought
back its shares and in order to comply with the requirements of the Company law, the Company has created capital
redemption reserve.

The Maturity analysis of borrowings is disclosed in note 39.

All term loans have been utilised for the purpose for which they were raised.

Note (i) : Indian rupee loan 1 as at 31^st March 2026 of L. 3,238.36 million (31^st March 2025 of L 3,345.85 million)

During the earlier years, the Company availed loan from bank, which carries the rate of interest of 6.91%-7.94% p.a.
(31^st March 2025 : 7.93%-9.33% p.a. payable monthly. The entire loan shall be repayable in 120 monthly instalments,
starting from September 2022. The term loan secured by first charge over land and building of the project, receivables
from all tenants pertaining to ICC Tech Park (the "Project”).The Company has satisfied all debt covenants prescribed
in the terms of bank loan. The Company has not defaulted on any loans payable.

Note (ii) : Indian rupee loan 2 as at 31^st March 2026 of L 1,353.35 million (31^st March 2025 of L 1,397.63 million)

During the earlier years, the Company availed loan from bank, which carries the rate of interest of 6.91%-8.03% p.a.
(31^st March 2025: 8.03% - 9.23% p.a.) payable monthly. The entire loan shall be repayable in 120 monthly instalments,
starting from September 2022. The term loan is secured by first charge over land, building & receivable pertaining to
ICC Trade Tower. The Company has satisfied all debt covenants prescribed in the terms of bank loan. The Company
has not defaulted on any loans payable.

Note (iii) : Indian rupee loan 3 as at 31^st March 2026 of L 3,327.61 million (31^st March 2025 of L 3,608.54 million)

During the previous year, the Company availed loan from bank, which carries the rate of interest of 6.91%-8.23% p.a.
(31^st March 2025: 7.93% - 8.29% p.a.) payable monthly. The entire loan shall be repayable in 97 monthly instalments,
starting from August 2024. The term loan is secured by first charge over land & building pertaining to ''The Pavillion’ and
''J.W. Marriott Hotel’, receivables from mortgaged properties except ''J.W. Marriott Hotel’, borrower’s share of profits
in relation to ''JW Marriott Hotel’. The Company has satisfied all debt covenants prescribed in the terms of bank loan.
The Company has not defaulted on any loan payable.

Earnings per share (EPS)

Basic and diluted EPS amounts are calculated by dividing the profit for the year attributable to owners of the Company
by the weighted average number of equity shares outstanding during the year.

On and from the record date of 12^th July 2024, the equity shares of the Company have been sub- divided, such that
1 (one) equity share having face value of J 10 each, fully paid-up, stands sub-divided into 10 (ten) equity shares having
face value of J 1 each, fully paid-up, ranking pari-passu in all respects.

Segment Information

The Board of Directors is the Chief Operating Decision Maker (CODM) and monitors the operating results of
its business units separately for the purpose of making decisions about resource allocation and performance
assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or
loss in the Financial Statements. The Company’s financing (including finance costs and finance income) is managed
on a Company basis and is not allocated to operating segments.

As permitted by paragraph 4 of Ind AS- 108 ''Operating Segments’, if a single financial report contains both consolidated
financial statements and the separate financial statements of the parent, segment information need be presented
only on the basis of the consolidated financial statements.

Note 34Disclosure pursuant to Employee benefits

A. Defined benefit plans:

The Company operates a defined benefit gratuity plan. Under the gratuity plan, every employee who has
completed at least five years of service gets a gratuity on departure at 15 days of last drawn salary for each
completed year of service. The scheme is non-funded. There are no plan amendments or curtailments during
the years presented.

Note:

All the related party transactions disclosed above have been shown at their nominal values without giving effect
to the impact of adjustment arising on account of effective interest rate method under Ind AS.

C. Terms and conditions of balance of key transactions with related parties

(i) Receivables comprising majorly of sale of room, food and beverages

Outstanding trade receivables from related parties are unsecured, interest-free, and payable in cash.
No guarantees or other security have been obtained. Balances are generally recoverable within 30 to 45
days from the reporting date (31 March 2025: 30 to 45 days). For the year ended 31 March 2026, no impairment
has been recognized on related party receivables (31 March 2025: Nil).

(ii) Payables comprising majorly of asset management expenses, royalty fees, project
management fees

Outstanding trade payables to related parties are unsecured, interest-free, and payable in cash.
No guarantees or other security have been provided. Balances are generally payable within 30 to 60 days
from the reporting date (31 March 2025: 30 to 60 days).

a) The Office of the Collector, (State Excise Division) Pune had issued a notice dated 24^th May 2024 to our
Promoter, Atul Ishwardas Chordia and other alleging violation of certain terms of the license room permit
granted to Marriott Suites, Pune, alleging violations include inter alia, sale to and consumption of foreign
liquor to minors. The Collector had suspended the license till further orders and demanded that our
Promoters show cause as to why the license should not be permanently revoked. Thereafter, by a subsequent
interim order, the licence was reinstated and is currently active.

b) The Company is contesting service tax demand and the management, including its tax advisors, believe that
it’s position will likely be upheld in the appellate process. No expense has been accrued in the standalone
financial statements for the tax demands raised. The management believes that the ultimate outcome of
this proceeding will not have a material adverse effect on the Company’s financial position and results of
the operations.

The Company has assessed that it is only possible, but not probable, that outflow of economic resources
will be required.

Note 39Financial risk management objectives and policies

The Company’s principal financial liabilities comprise trade payables, borrowings, lease liabilities and security
deposits. The main purpose of these financial liabilities is to finance the Company’s operations and to support its
operations. The Company’s principal financial assets includes investments, trade receivables, loans and cash and
cash equivalents that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Board of Directors reviews and agrees
policies for managing each of these risks, which are summarised below:

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 prices comprise three types of risk: interest rate risk, currency risk and other price risk
such as equity price risk and commodity price risk. Financial instruments affected by market risk include borrowings
and investments.

The sensitivity analyses in the following sections relate to the position as at 31^st March 2026 and 31^st March 2025.

Mar 31, 2025