Provisions are measured at the present
value of management’s best estimate
of the expenditure required to settle
the present obligation at the end of
the reporting period. The discount rate
used to determine the present value
is a pre-tax rate that reflects current
market assessments of the time value
of money and the risks specific to the
liability. The increase in the provision
due to the passage of time is recognised
as interest expense.

b. Contingent liabilities are disclosed
when there is a possible obligation
arising from past events, the existence
of which will be confirmed only by
the occurrence or non-occurrence of
one or more uncertain future events
not wholly within the control of the
Company, or a present obligation that
arises from past events where it is
either not probable that an outflow of
resources will be required to settle the
obligation or a reliable estimate of the
amount cannot be made.

xx. Employee benefits

(i) Short term obligations

Liabilities for wages and salaries,
including non-monetary benefits that
are expected to be settled wholly
within 12 months after the end of the
period in which the employees render
the related service are recognized in
respect of employees’ services up to
the end of the reporting period and are
measured at the amounts expected to
be paid when the liabilities are settled.
The liabilities are presented as current
employee benefit obligations in the
Standalone Balance Sheet.

(ii) Other long term employee benefit
obligations

The liabilities for earned leave and
sick leave are not expected to be settled
wholly within 12 months after the end
of the period in which the employees
render the related service. They are
therefore measured as the present value
of expected future payments to be
made in respect of services provided
by employees up to the end of the
reporting period using the projected
unit credit method. The benefits are
discounted using the market yields at
the end of the reporting period that have
terms approximating to the terms of the
related obligation. Remeasurements as
a result of experience adjustments and
changes in actuarial assumptions are
recognized in Standalone Statement of
profit and loss.

The obligations are presented as
current liabilities in the Standalone
Balance Sheet if the Company does not
have an unconditional right to defer
settlement for at least twelve months
after the reporting period, regardless
of when the actual settlement is
expected to occur.

(iii) Post-employment obligations

The Company operates the following
post-employment schemes.

• Defined benefit plan i.e. gratuity

• Defined contribution plans

such as provident fund,

superannuation etc.

Gratuity obligations (Also, Refer
note 2(b) )

The liability or asset recognized in the
Standalone Balance Sheet in respect
of defined benefit gratuity plan is the
present value of the defined benefit
obligation at the end of the reporting
period less the fair value of plan
assets. The defined benefit obligation
is calculated annually by actuaries
using the projected unit credit method.

The present value of the defined benefit
obligation is determined by discounting
the estimated future cash outflows by
reference to market yields at the end
of the reporting period on government
bonds that have terms approximating to
the terms of the related obligation.

The net interest cost is calculated by
applying the discount rate to the net
balance of the defined benefit obligation
and the fair value of plan assets. This
cost is included in employee benefit
expense in the Standalone Statement
of profit and loss .

Remeasurement gains and losses
arising from experience adjustments
and changes in actuarial assumptions
are recognized in the period in
which they occur, directly in other
comprehensive income. They are
included in retained earnings in the
statement of changes in equity and in
the Standalone Balance Sheet.

Changes in the present value of the
defined benefit obligation resulting
from plan amendments or curtailments
are recognized immediately in
Standalone Statement of profit and
loss as past service cost.

Defined contribution plans

The Company pays contribution to
defined contribution schemes such
as provident fund etc. The Company
has no further payment obligation
once the contributions have been
paid. The contributions are accounted
for as defined contribution plans
and the contributions are recognized
as employee benefit expense
when they are due.

Bonus plans

The Company recognises a liability
and an expense for bonuses. The
Company recognises a provision
where contractually obliged or where
there is a past practice that has created
a constructive obligation.

xxi. Contributed equity

Equity shares are classified as equity.
Incremental costs directly attributable
to the issue of new shares or options are
shown in equity as a deduction, net of tax,
from the proceeds.

xxii. Dividends

Provision is made for the amount of any
dividend declared, being appropriately
authorised 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.

xxiii. Earnings per share

(i) Basic earnings per share

Basic earnings per share is calculated
by dividing:

• The profit attributable to owners
of the Company; and

• By the weighted average number
of equity shares outstanding
during the financial year, adjusted
for bonus elements in equity
shares issued during the year

(ii) Diluted earnings per share

Diluted earnings per share adjusts
the figures used in the determination
of basic earnings per share to

take into account:

• the after income tax effect of
interest and other financing costs
associated with dilutive potential
equity shares, and

• the weighted average number
of additional equity shares that
would have been outstanding
assuming the conversion of all
dilutive potential equity shares.

xxiv. Rounding of amounts

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

2. Critical estimates and judgments

The preparation of the Standalone financial
statements requires use of accounting estimates
which, by definition, will seldom equal the
actual results. Management also needs to
exercise judgment in applying the Company’s
accounting policies.

This note provides an overview of the areas
that involved a higher degree of judgments or
complexity, and of items which are more likely
to be materially adjusted due to estimates and
assumptions turning out to be different than
those originally assessed. Detailed information
about each of these estimates and judgments
is included in relevant notes together with
information about the basis of calculation
for each affected line item in the Standalone
financial statements.

The areas involving critical estimates or
judgments are:

(a) Estimation of useful life of Property,
plant and equipment

The Company estimates the useful life of the
Property, plant and equipment as mentioned
in note 1 (o) above, which is based on the
expected technical obsolescence of such
assets. However, the actual useful life may
be shorter or longer than the life estimated,
depending on technical innovations and
competitor actions.

(b) Estimation of defined benefit obligation

The cost of the defined benefit gratuity
plan and other post-employment employee
benefits 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 Indian Assured Lives Mortality
(2012-14) Ultimate. 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 for the
respective countries. Refer note 45 for key
actuarial assumptions.

(c) Estimation of fair value of level 3
financial instruments

The fair value of financial instruments
that are not traded in an active market is
determined using valuation techniques.
The Company uses its judgment to select a
variety of methods and make assumptions
that are mainly based on market conditions
existing at the end of each reporting period.
Refer note 39 on fair value measurements
where the assumptions and methods to
perform the same are stated.

(d) Revenue recognition for construction
contract - Refer note 1 (iv) and note 53

(e) Impairment of trade receivables
(including Contract Assets) - Refer note
1 (ix) and 7,11, 16 (a) and 40 (i)

Estimation of fair value

The fair valuation is based on current prices in the active market for similar properties. Where such information is
not available, the Company considers information from a variety of sources including:

• Current prices in an active market for properties of different nature or recent prices of similar properties in less
active markets, adjusted to reflect those differences

• Discounted cash flow projections based on reliable estimates of future cash flows

• Capitalised income projections based upon a property’s estimated net market income, and a capitalisation rate
derived from an analysis of market evidence.

The Company has obtained independent valuations report of investment properties from registered valuers as
defined under rule 2 of Companies (Registered Valuers & Valuation) Rule, 2017. The main inputs used are
quantum, area, location, demand, rental growth rates, expected vacancy rates, terminal yields and discount rates.

(b) Terms and rights attached to equity shares

The Company has only one class of equity shares having face value of H 10 per share. Accordingly, all equity
rank equally with regard to dividends and share in the Company's residual assets. The equity shares are entitled to
receive dividend as declared from time to time. The dividend proposed by the board of directors is subject to the
approval of shareholders in annual general meeting. The voting rights of an equity shareholder on a poll (not on
show of hands) are in proportion to its share of the paid-up equity capital that has not been paid. On winding up of
the Company, the holders of equity shares will be entitled to receive the residual assets of the Company, remaining
after distribution of all preferential amounts in proportion to the number of equity shares held.

As per the records of the Company, including its registers of shareholders (members) and other declarations received
from shareholders regarding beneficial interest, the above shareholding represents legal and beneficial ownerships.

(d) There are no shares allotted as fully paid up pursuant to contracts without being received in cash since incorporation.

(e) There are no shares which are reserved to be issued under options and there are no securities issues / outstanding
which are convertible into equity shares.

(f) No class of shares have been issued as bonus shares or for consideration other than cash by the Company during
the period of five years immediately preceeding the current year end.

(g) No class of shares have been bought back by the Company during the period of five years immediately preceding
the current year end.

*Nature of Security in relation to Working Capital loans

a) Primary Security - First Pari Passu charge in favour of the Banks by way of Hypothecation of the Company's entire
current assets (present and future) including, but not limited to, stocks of raw materials, stock in progress, finished
goods, stores and spares and receivables, margin money deposits, security deposits etc.

b) Collateral Security - First Pari Passu charge in favor of Banks by way of mortage of certain identified immovable
properties of the Company and personal and corporate guarantors as per the collateral agreement.

c) All the working capital loans are also secured by personal guarantee of Mr. Hodal Singh, Mr. Girishpal Singh,
Mr. Vijendra Singh, Mr. Harendra Singh, Mr. Shailesh Patel, Mr. Vaibhav Choudhary and Corporate Gurantee of
M/s Hotel Marudhar (Partnership Firm), M/s H.G. Luxury Hotels Private Limited, M/s H.G. Acerage Developers
Private Limited and M/s Valencia Leisure Private Limited. During the year the Company has submitted a request
letter to the Lead Bank of the Consortium and obtained the approval to restrict the liability of Corporate Guarantors
to the extent of higher of:

1) The value of the immovable properties as on date of guarantee; (or)

2) The value of the immovable properties as per the latest valuation report obtained at the time of invocation
from valuer acceptable to the bank; (or)

3) The market value of the properties as on date of enforcement, subject to a floor value for guaranteed obligations.
The extent of guarantees given are mentioned in Note 44 against each of the guarantor.

d) The working capital Loans are repayable on demand and interest rate on the above loan from banks in consortium
are linked to the respective bank base rate/ MCLR which are floating in nature. The interest rate ranges from 7.45%
to 10.65% per annum on rupees working capital loans.

e) The Loan from Mr. Harendra Singh and Mr. Vijendra Singh, is unsecured. Interest is charged on the outstanding
principal amount at 8.25% p.a.. The loan must be repaid within 7 days after the Directors issue a written notice of
demand to the Company.

For Security details of Term loans, vehicle loans and 8% Rated, listed, senior, secured, redeemable, non convertible
debentures, Refer Note 21.1.

Compliance of Debt Covenants

Working Capital loans contain certain debt covenants relating to limitation on indebtedness, Current ratio, Net Debt to
EBIDTA ratio, Interest coverage ratio, Total outside liablity to Adjusted Tangible net worth, Minimum Credit Rating,
EBITDA Margin, Adjusted Tangible net worth and Total outside liablity to Tangible net worth. The Limitation on
indebtness covenants get suspended if the Company meets certain prescribed criteria. The Company has satisfied all
debt covenants mentioned above. The other loans do not carry any debt covenants.

Supplier financing arrangement

The Company implemented a supplier financing program available to its suppliers. Participation in this program is
voluntary for suppliers. Suppliers opting into this arrangement are eligible to receive early payment for invoices issued
to the Company through a third party financial institution. The suppliers pay a fee and/or interest to the financial
institution for this early payment service. To authorise early payments, the Company must first verify that the goods
or services have been received and that the related invoices have been approved. The financial institution processes
early payments before the original invoice due date. Regardless of early payment, the Company settles the full invoice
amount directly with the financial institution based on the original payment terms. This arrangement does not alter the
existing payment terms with suppliers.

This section explains the judgments and estimates made in determining the fair value of the financial instruments
that are measured at amortised cost and for which fair value are disclosed in the Standalone financial statements.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes instruments
like listed equity instruments, traded bonds and mutual funds that have quoted price.

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

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included
in level 3. This is in the case of unlisted securities.

The carrying amounts of short term loans, trade receivables, cash and cash equivalents, bank balances other than
cash and cash equivalents, other receivables, trade payables, current borrowings, interest accrued, capital creditors
and other payables are considered to be the same as their fair value due to their short-term nature. The impact
of fair value on non-current financial assets and non-current financial liabilities (not considered above) is not
expected to have material impact on the standalone financial statements, hence not dislcosed above.

The fair value of security deposits were not calculated based on their future cash flows discounted at current
lending rate as these security deposits are expected to continue to remain till the existence of the Company.

Note 40 - Financial Risk Management

The Company’s activities expose it to a variety of financial risks namely credit risk, liquidity risk and market risk. The
Company’s focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects
on its financial performance.

(i) Credit Risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer
contract, leading to a financial loss. Financial instruments that are subject to credit risk and concentration thereof
principally consist of trade receivables, contract assets, security deposits, deposit with banks, loans, others
receivables and cash and cash equivalents.

Impairment of Financial Assets :

The Company has three types of financial assets that are subject to expected credit loss model:

1. Trade Receivables for construction contracts

2. Contract Assets relating to construction contracts

3. Loans and Other receivables

While cash and cash equivalents and deposits with banks are subject to impairment requirements of Ind AS 109,
the identified impairment on these assets is Nil.

For Trade receivables and Contract assets for construction contracts : Management makes the assessment of
the credit risk on trade receivables and contract assets considering the customer profile. Customers of the Company
mainly consists of the government promoted entities and some large private corporates. In case of government
customers which forms the majority of the revenue, credit risk is low.

Considering the nature of business, each contract and its customer is evaluated for the purpose of assessment of
loss allowances. The reasons for loss allowances could be recovery of claims, disputes with customer, customers
ability to pay, delays in approval by government authorities, and expected time to recover the amount. Management
makes an assessment considering the overall nature of collection and facts of each contract, terms of the contract
and accordingly considers the need for loss allowances, if any.

Liquidity risk defined is as the risk that the Company will not be able to settle or meet its obligations on time or at
a reasonable price. Company's objective is to, at all time maintain optimum levels of liquidity to meet its financial
obligations. The Company manages liquidity risk by maintaining sufficient cash and cash equivalents and by
having access to funding through an adequate amount of committed credit lines. In addition, processes and policies
related to such risks are overseen by senior management.

Management monitors rolling forecasts of the Company’s liquidity position (comprising the undrawn borrowing
facilities below) and cash and cash equivalents on the basis of expected cash flows. This is generally carried
out at by senior management in accordance with practice and limits set by the Company. These limits take into
account the liquidity of the market in which the entity operates. In addition, the Company’s liquidity management
policy involves projecting cash flows in major currencies and considering the level of liquid assets necessary to
meet these, monitoring balance sheet liquidity ratios against internal and external regulatory requirements and
maintaining debt financing plans.

The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due for less than 1 year,
equal their carrying balances as the impact of discounting is not significant.

* Guarantee issued by the Holding Company to the bankers on behalf of H.G. Raipur Visakhapatnam AP-1 Private Limited (H.G. Raipur Visakhapatnam AP-1 Private
Limited and H.G. Rewari Bypass Private Limited as at March 31, 2024) is with respect to limits availed by it. These amounts will be payable in case of default by the
respective subsidiary. As of the reporting date, the subsidiary companies has not defaulted and hence, the Holding Company does not have any present obligation to third
parties in relation to such guarantee.

(iii) 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 and currency risk.
Financial instruments affected by market risk include borrowings and creditors for capital expenditures.

(a) Foreign Currency Risk

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
is insignificant and relates primarily to the Company’s creditors for capital expenditures. The Company’s
foreign currency risks are identified, measured and managed at periodic intervals in accordance with
the Company’s policies. As at March 31, 2025, Company's foreign currency exposure amounts to H NIL
( March 31, 2024 H 47.90 Million ).

(b) Interest Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. The Company's exposure to risk of changes in market rate is
limited to short term working capital loans at variable rate taken from banks as the Company's long term
borrowings bear fixed interest rate.

The Company’s fixed rate borrowings are carried at amortised cost. They are therefore not subject to interest
rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate
because of a change in market interest rates.

The Company manages the interest rate risk by having a balanced portfolio of fixed and variable rate
borrowings. The exposure of the Company’s borrowing to interest rate changes at the end of the reporting
period are as follows:

2. Sensitivity

Profit or loss is sensitive to higher / lower interest expense as a result of changes in interest rates. A 20
basis point increase or decrease is used when reporting interest rate risk internally to key management
personnel and represents management’s assessment of the reasonably possible change in interest rates.
With all other variables held constant, the Company’s profit before tax will be impacted by a change in
interest rate as follows: