1.2.16 Provisions and contingent liabilities
(i) A provision is recognised when:
(a) The Company has a present obligation (legal or constructive) as a result of a past event;
(b) I t is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and
(c) A reliable estimate can be made of the amount of the obligation.
(ii) 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.
(iii) A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably may not, require an outflow of resources. A contingent liability also arises in extreme cases where there is a probable liability that cannot be recognised because it cannot be measured reliably.
(iv) Where there is a possible obligation or a present obligation such that the likelihood of outflow of resources is remote, no provision or disclosure is made.
1.2.17 Borrowing costs
Borrowing costs that are directly attributable to the acquisition/construction of qualifying assets are capitalised as part of their costs.
Borrowing costs are considered as part of the asset cost when the activities that are necessary to prepare the assets for their intended use or sale are in progress.
Borrowing costs consist of interest and other costs that Company incurs in connection with the borrowing of funds. Other borrowing costs are recognised as an expense, in the period in which they are incurred.
Borrowing costs on real-estate projects where revenue is recognised on percentage of completion basis, the company excludes such borrowing costs relating to the post-launch period from its estimates of the balance cost to completion, and the same is recognised as finance cost in the Statement of Profit and Loss.
1.2.18 Segment reporting
Based on the "management approach" as defined in Ind AS 108 Operating Segments, the Chairman and Managing Director/Chief Financial Officer evaluates the Company's performance based on an analysis of various performance indicators by business segment. Segment revenue and expense include amounts which can be directly attributable to the segment and allocable on reasonable basis. Segment assets and liabilities are assets/liabilities which are directly attributable to the segment or can be allocated on a reasonable basis. Income/expenses/assets/liabilities relating to the enterprise as a whole and not allocable on a reasonable basis to business segments are reflected as unallocated income/expenses/assets/liabilities.
1.2.19 Employee benefits
(i) Defined contribution plans
Retirement benefits in the form of contribution to provident fund and pension fund are charged to the Statement of Profit and Loss.
(ii) Defined benefit plans
Gratuity is in the nature of a defined benefit plan.
Provision for gratuity is calculated on the basis of actuarial valuations carried out at the reporting date and is charged to the Statement of Profit and Loss. The actuarial valuation is computed using the projected unit credit method.
Re-measurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability and the return on plan assets (excluding amounts included in net interest on the net defined benefit liability), are recognised immediately in the financial statement with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to the Statement of Profit and Loss in subsequent periods.
(iii) Other employee benefits
Leave encashment is recognised as an expense in the Statement of Profit and Loss as and when they accrue. The Company determines the liability using the projected unit credit method, with actuarial valuations carried out as at the reporting date. Actuarial gains and losses are recognised in the Statement of Other Comprehensive Income.
1.2.20 Earnings per share
Basic earnings per share is calculated by dividing the net profit/(loss) for the year attributable to equity shareholders (after deducting preference dividends and attributable taxes) by weighted average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, the net profit/(loss) for the year attributable to equity shareholders and the weighted average numbers of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.
1.3 USE OF JUDGEMENTS AND ESTIMATES
The preparation of standalone Ind AS financial statements in conformity with Ind AS requires management to make judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and disclosures of contingent assets and liabilities at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods.
Estimates and underlying assumptions are reviewed at each reporting date. Any revision to accounting estimates and assumptions are recognised prospectively i.e. recognised in the period in which the estimate is revised and future periods affected.
1.3.1 Significant management judgements
The following are significant management judgements in applying the accounting policies of the Company that have a significant effect on the financial statements:
(i) Revenue recognition from sale of premises
Revenue is recognised only when the Company can measure its progress towards complete satisfaction of the performance obligation. The measurement of progress is estimated by reference to the stage of the projects determined based on the proportion of costs incurred to date (excluding land and finance cost) and the total estimated costs to complete (excluding land and finance cost).
(ii) Classification of property
The Company determines whether a property is classified as investment property or as inventory:
(a) I nvestment property comprises land and buildings that are not occupied for use by, or in the operations of, the Company, nor for sale in the ordinary course of business, but are held primarily to earn rental income and capital appreciation. These buildings are rented to tenants and are not intended to be sold in the ordinary course of business.
(b) I nventory comprises property that is held for sale in the ordinary course of business. Principally these are properties that the Company develops and intends to sell before or on completion of construction.
(iii) Operating lease contracts - the Company as lessor
The Company has entered into leases of its investment properties. The Company has determined based on an evaluation of the terms and conditions of the arrangements, that it retains all the significant risks and rewards of ownership of these properties and so accounts for the leases as operating leases.
(iv) Recognition of deferred tax assets
The extent to which deferred tax assets can be recognised is based on an assessment of the probability of the Company's future taxable income against which the deferred tax assets can be utilised. In addition, significant judgement is required in assessing the impact of any legal or economic limits or uncertainties in tax jurisdictions.
1.3.2 Estimates and assumptions
(i) Classification of assets and liabilities into current and non-current
The management classifies the assets and liabilities into current and non-current categories based on the operating cycle of the respective business/projects.
(ii) Impairment of assets
I n assessing impairment, management estimates the recoverable amounts of each asset or CGU (in case of non-financial assets) based on expected future cash flows and uses an estimated interest rate to discount them. Estimation relates to assumptions about future cash flows and the determination of a suitable discount rate.
(iii) Useful lives of depreciable/amortisable assets (Property, plant and equipment, intangible assets and investment property)
Management reviews its estimate of the useful lives of depreciable/amortisable assets at each reporting date, based on the expected usage of the assets. Uncertainties in these estimates relate to technical and economic obsolescence that may change the usage of certain assets.
(iv) Inventories
Inventory is stated at the lower of cost or net realisable value (NRV).
NRV for completed inventory property is assessed including but not limited to market conditions and prices existing at the reporting date and is determined by the Company based on net amount that it expects to realise from the sale of inventory in the ordinary course of business.
NRV in respect of inventories under construction is assessed with reference to market prices (reference to the recent selling prices) at the reporting date less estimated costs to complete the construction, and estimated cost necessary to make the sale. The costs to complete the construction are estimated by management.
(v) Defined benefit obligation (DBO)
The cost of defined benefit gratuity plan and the present value of the gratuity obligation along with leave salary are determined using actuarial valuations. An actuarial valuation involves making various assumptions such as standard rates of inflation, mortality, discount rate, attrition rates and anticipation of future salary increases. 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.
(vi) Fair value measurements
Management applies valuation techniques to determine the fair value of financial instruments (where active market quotes are not available) and non-financial assets. This involves developing estimates and assumptions consistent with how market participants would price the instrument/assets. Management bases its assumptions on observable data as far as possible but this may not always be available. In that case Management uses the best relevant information available. Estimated fair values may vary from the actual prices that would be achieved in an arm's length transaction at the reporting date.
Under the DCF method, forecast cash flows are discounted back to the present date, generating a net present value for the cash flow
stream of the business.
A terminal value at the end of the explicit forecast period is determined and that value is also discounted back to the Valuation Date to
give an overall value for the business.
(i) A Discounted cash flow methodology typically requires the forecast period to be of such a length to enable the business to achieve a stabilised level of earnings, or to be reflective of an entire operation cycle for more cyclical industries.
(ii) The rate at which the future cash flows are discounted ("the discount rate") should reflect not only the time value of money, but also the risk associated with the business future operations. The discount rate most generally employed is Weighted Average Cost of Capital ("WACC"), reflecting an optimal as opposed to actual financing structure.
(iii) In calculating the terminal value, regard must be had to the business potential for further growth beyond the explicit forecast period. The "Constant Growth Model", which applies an expected constant level of growth to the cash flow forecast in the last year of the forecast period and assumes such growth is achieved in perpetuity, is a common method. These results would be cross-checked, however, for reasonability to implied exit multiples.
Generally, a change in the assumption made for the estimated rental value is accompanied by:
(a) A directionally similar change in the rent growth per annum and discount rate (and exit yield).
(b) An opposite change in the long term vacancy rate."
4.1 Amounts recognised in the Statement of Profit and Loss for investment properties
a. General reserve - The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes.
b. Capital redemption reserve - The Company recognises profit and loss on purchase, sale, issue or cancellation of the Company's own equity instruments to Capital redemption reserve.
c. Capital reserve - Upon redemption of preference shares, the excess of face value over the redemption value of preference shares has been recognized as Capital reserve by the Company.
d. Securities premium - Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with the provisions of the Act.
e. Retained earnings - The cumulative gain or loss arising from the operations which is retained by the Company is recognised and accumulated under the heading of retained earnings.
(a) In June 2019, the Company availed working capital credit limit of ' 50,000.00 lakh from Axis Bank Limited for meeting construction related expenditure (including reimbursement of part of the expenditure already incurred). This credit limit was on a monthly interest of 8.95% p.a. ( 8.95% p.a.) (MCLR Spread). The closing balance thereof as on March 31, 2024,' Nil (' 19,135.32 lakh). The said credit limit has been closed during the year. The charge created against the same has been satisfied on June 9, 2023.
(b) In December 2021, the Company has availed a working capital credit limit of ' 30,000.00 lakh from Axis Bank Limited for meeting working capital requirement of its various under construction projects. The said credit limit is for a period of 12 months with scheduled full repayment at the end of each year, from the date of first drawdown. This limit is to be renewed annually. The closing balance thereof as on March 31, 2024 is ' Nil (' 10,076.78 lakh). The Loan is secured by mortgage of the identified commercial units in one of the projects of the Company. The security cover as required under the terms of the loan was maintained (refer note 4).
(c) In January 2023, the Company has availed a credit facility of ' 1,00,000.00 lakh from ICICI Bank Limited for meeting the operational costs of the Company and acquisition cost of units. Currently this credit facility is on a monthly interest payment of 8.65% p.a. (8.45% p.a.) (MCLR Spread), and closing balance thereof as on March 31, 2024 is ' 73,958.24 lakh (' 90,354.21 lakh). The credit facility is for a period of 48 months including 8 months of moratorium from the date of first disbursement. The said credit facility is scheduled for repayment in 14 quarterly instalments starting from 9th month from the date of first disbursement.The credit facility is secured by (i) mortgage of the unsold identified residential units in the residential project of the Company and (ii) charge on receivables and Escrow Account into which receivables are deposited from the sale of flats in this project of the Company. The security cover as required under the terms of the credit facility is maintained (refer note 11).
(d) In December 2021, the Company allotted 2,500 5.90% Redeemable non-convertible debentures (NCDs) (Series I) of ' 10.00 lakh each amounting to ' 25,000.00 lakh, 3,500 6.40% Redeemable non-convertible debentures (NCDs) (Series II) of ' 10.00 lakh each amounting to ' 35,000.00 lakh and 4,000 6.80% Redeemable non-convertible debentures (NCDs) (Series III) of ' 10.00 lakh each amounting to ' 40,000.00 lakh respectively through private placement. The entire issue proceeds have been utilised in accordance with the objects of the issue. The interest is payable semi-annually. The Company has an option to redeem these NCDs prior to the scheduled redemption date on certain predetermined dates. During the year ended March 31, 2024, the Company, in exercise of the option available to it under the terms of the Issue, had redeemed an amount of ' 25,000 lakh from Series I and ' 33,600 lakh from Series II by way of face value reduction. These Debentures are secured by (i) mortgage of the unsold identified residential units (inventories) on pari passu basis in 2 projects of the Company and (ii) charge on receivables and Escrow Account into which receivables are deposited on pari passu basis from the sale of flats in 2 projects of the Company. The security cover as required under the terms of the issue of the said Debentures was maintained (refer note 11).
(e) In February 2021, the Company availed a Term Loan of ' 1,80,000.00 lakh from HDFC Limited for meeting the development and related cost of an under construction commercial project. Currently this Term Loan is on a monthly interest payment of 8.95% p.a. (11.70% p.a.) (HDFC CF-PLR minus spread), and the closing balance thereof as on March 31, 2024 is ' 1,21,348.70 lakh (' 1,03,410.58 lakh). The Term Loan is for a period of 144 months, from the date of first drawdown. The Term Loan is repayable in 102 Equated Monthly Instalments (EMIs) after 42 months from the date of first drawdown by the Company. The Term Loan is secured by (i) mortgage of current and future FSI to be used for the under construction commercial project and (ii) charge on the receivables therefrom. The security cover as required under the terms of the Term Loan is maintained (refer note 3 and 4.)
(f) In December 2020, the Company availed a credit facility of ' 35,000.00 lakh from Kotak Mahindra Bank Limited for acquisition of hotel portion of a building from the joint venture company. This credit limit was on a monthly interest of 9.32% p.a. ( 9.32% p.a.) (REPO Spread). The closing balance thereof as on March 31, 2024 is ' Nil (' 23,705.44 lakh). The said credit limit has been closed during the year. The charge created against the same has been satisfied on February 16, 2024.
(g) The Company has filed quarterly returns or statements with banks which are in agreement with books of account of the Company for the borrowings which have been sanctioned on the basis of security of current assets.
35.8 Risk exposure
(i) Asset volaitilty:
The plan liabilities are calculated using the discount rate set with reference to Government securities bond yields; if plan assets underperform this yield, this will create a deficit.
(ii) Change in Government securities bond yields:
A decrease in bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of the plans bond holdings.
35.9 The Code on Social Security,2020 ("Code") relating to employee benefits during employment and post employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Group will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
Notes:
A. Based on the “management approach” as defined in Ind AS 108 Operating Segments, the Chairman and Managing Director/ Chief Financial Officer evaluate the Company's performance based on an analysis of various performance indicators by business segment. Accordingly information has been presented along these segments. The accounting principles used in the preparation of the financial statement are consistently applied in individual segment to prepare segment reporting.
B. Unallocated Corporate Assets primarily comprise of corporate investments and certain property, plant and equipment and Unallocated Corporate Liabilities primarily comprise of tax and deferred tax liabilities. Income earned on temporary investment of the same has been shown in 'Unallocable Income net of Unallocable Expenditure'.
NOTE 38. LEASES_
The lease expense for cancellable and non-cancellable operating leases was ' 21.82 lakh (' 21.06 lakh) for the year ended March
31, 2024.
There are no future minimum lease payments under non-cancellable operating lease.
The management assessed that carrying amount of cash and cash equivalents, other bank balances, trade receivables, loans, investment in government securities, other financial assets, secured and unsecured borrowings, trade payable and other financial liabilities approximate their fair values largely due to the short-term maturities of these instruments.
41.3 Transfers between Levels 1 and 2
There have been no transfers between Level 1 and Level 2 during the year.
41.4 Financial risk management
The Company has exposure to the following risks arising from financial instruments:
(i) Credit risk ;
(ii) Liq uidity risk ; and
(iii) Market risk
Risk management framework
The Company's Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management framework. The Board of Directors has established the Risk Management Committee, which is responsible for developing and monitoring the Company's risk management policies. The committee reports regularly to the Board of Directors on its activities.
The Company's risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company's activities. The Company, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.
(i) Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company's receivables from customers and investments in debt securities.
The carrying amount of the financial assets which represents the maximum credit exposure is as follows:
(a) Trade and other receivables
The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, credit risk with regards to trade receivable is almost negligible in case of its residential sale and lease rental business. The same is due to the fact that in case of its residential sell business it does not handover possession till entire outstanding is received. Similarly in case of lease rental business, the Company keep 3 to 12 months rental as deposit from the occupants.
No impairment is observed on the carrying value of trade receivables.
(b) Cash and cash equivalents
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. Counterparty credit limits are reviewed by the Investment committee comprising of Mr. Venkatesh Mysore (Chairperson, Independent Director), Mr. T P. Ostwal (Independent Director) and Mr. Vikas Oberoi (Non-Independent Director) on an annual basis, and may be updated throughout the year subject to approval of the Company's Investment Committee. The limits are set to minimise the concentration of risks and therefore mitigate financial loss through counterparty's potential failure to make payments.
(ii) Liquidity Risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure as far as possible that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed condition, without incurring unacceptable losses or risking damage to the Company's reputation.
The Company's objective is to maintain a balance between continuity of funding and flexibility through the use of surplus funds, bank overdrafts, bank loans, debentures and inter-corporate loans.
The Company assessed the concentration of risk with respect to refinancing its debt and concluded it to be low. The Company has access to a sufficient variety of sources of funding.
Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted, and include estimated interest payments and exclude the impact of netting agreements.
(iii) Market Risk
Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices - will affect the Company's income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive financial instruments including foreign currency receivables and payables and long term debt. The Company is exposed to market risk primarily related to foreign exchange rate risk, interest rate risk and the market value of certain commodities. Thus, our exposure to market risk is a function of investing and borrowing activities and revenue generating and operating activities. The objective of market risk management is to avoid excessive exposure in our revenues and costs.
(a) 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 relates primarily to the Company's operating activities (when expense is denominated in a foreign currency).
The Company closely tracks and observes the movement of foreign currency with regards to INR and the forward cover rate. The Company decides to cover or keep the foreign currency exposure open based on the above.
(b) Exposure to currency risk
The currency profile of financial assets and financial liabilities is as follows:
(f) Commodity price risk
The Company's activities are exposed to steel and cement price risks and therefore its overall risk management program focuses on the volatile nature of the steel and cement market, thus seeking to minimize potential adverse effects on the Company's financial performance on account of such volatility.
The risk management committee regularly reviews and monitors risk management principles, policies, and risk management activities.
41.5 Capital Management
The Company's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Management monitors the return on capital as well as the level of dividends to ordinary shareholders.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. 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 a gearing ratio, which is net debt divided by total capital. The Company includes within net debt, interest and non interest bearing loans and borrowings, less cash and cash equivalents, excluding discontinued operations.
The Company's adjusted net debt to adjusted equity ratio is as follows:
Advances to Vendors, Security deposits and Other financial assets comprise advances/deposits of ' 32,852.31 lakh (' 33,884.50 lakh) towards land and transferable development rights ('projects'). Having regard to the nature of business, these include amounts relating to projects that could take a substantial period of time to conclude. Management has evaluated the status of these projects and is confident of performance of obligations of the counter-parties. In view of the management, these advances are in accordance with the normal trade practice and are not in the nature of loans or advance in the nature of loans.
NOTE 45._
(a) The Company has maintained proper books of account as prescribed under Section 128(1) of the Companies Act, 2013 (as amended). The books of accounts are maintained in electronic mode as required under Section 128 (1) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 (as amended). Back-ups of books of account and other relevant books and papers maintained in electronic mode is kept as per the policy of the Company. The back-up of the principal accounting system is kept in a server physically located in India and is done on a daily basis. However, in hospitality segment there are a few systems whose servers are physically located outside India, though daily back-ups of the same are taken.
(b) The Company has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software, except that audit trail feature is not enabled for changes made using privileged/ administrative access rights to SAP and Opera application and the underlying Microsoft SQL and Oracle database respectively. Further there were no instances of audit trail feature being tampered with in respect of these software. Further, the Company has used two accounting software (PeopleSoft and Birchstreet) for its hospitality segment which are operated by a third- party software service provider, for maintaining its books of account. The SOC reports were made available by the third party service provider, however, do not enable the management to determine whether audit trail feature of the said software was enabled and operated throughout the year for all relevant transactions recorded in the software or whether there were any instances of the audit trail feature being tampered with.
NOTE 46._
The scheme of amalgamation of Oberoi Constructions Limited, Oberoi Mall Limited, and Evenstar Hotels Private Limited (collectively "the Transferor Companies") (all wholly owned subsidiary companies of The Company) with The Company ("Scheme") has been approved by the Hon'ble National Company Law Tribunal, Mumbai vide its order dated February 28, 2024 ('Order'). The appointed date for the Scheme is April 1, 2022 and the Scheme has come into effect from March 29, 2024 i.e. the effective date. As a consequence thereof the Transferor Companies stand dissolved without winding up.
The above business combination is evaluated under Ind AS 103 and considering that the Transferor Companies are ultimately controlled by the same entity (Oberoi Realty Limited) both before and after the business combination, the said transaction is a common control transaction and has been accounted using the pooling of interest method.
Accordingly, the comparative financial information of the Company for the year ended March 31, 2023 included in these Standalone financial results has been adjusted to give effect of the merger of Transferor Companies with effect from April 1, 2022.
This has resulted in restatement of financial statement as on March 31,2023. The changes in major heads are as below:
(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.
(ii) The Company has identified transactions with certain struck off companies : Craft Financial Advisors Private Limited, as brokerage with whom transaction during the year amounts to ' Nil (' 5.87 lakh) and outstanding balance is ' Nil, with Netfix Networks (OPC) Private Limited as internet charges with whom transaction during the year amounts to ' Nil (' 0.30 lakh) and outstanding balance is ' Nil and with Greelux Interiors Private Limited with whom transaction during the year amounts to ' Nil and outstanding balance is ' 6.33 lakh.
(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period,
(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
(v) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
Previous year figures have been regrouped, re-arranged and re-classified wherever necessary to conform to current year's classification.
As per our report of even date
For S R B C & CO LLP For and on behalf of the Board of Directors
Chartered Accountants
Firm Registration Number 324982E/E300003
per Vinayak Pujare Vikas Oberoi T. P. Ostwal
Partner Chairman & Managing Director Director
Membership No.: 101143 DIN 00011701 DIN 00821268
Saumil Daru Bhaskar Kshirsagar
Director - Finance cum Chief Financial Officer Company Secretary DIN 03533268 M No. A19238
Mumbai, May 14, 2024 Mumbai, May 14, 2024
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