Notes to Accounts of Transindia Real Estate Ltd.

Mar 31, 2025

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

A contingent liability is a possible obligation that
arises from past events whose existence will be
confirmed by the occurrence or non-occurrence
of one or more uncertain future events beyond the
control of the Company or a present obligation that
is not recognised because it is not probable that
an outflow of resources will be required to settle
the obligation. A contingent liability also arises
in extreme rare cases where there is a liability
that cannot be recognised because it cannot
be measured reliably. The Company does not
recognise a contingent liability but discloses its
existence in the financial statements.

p. Retirement and other employee benefits

Current employee benefits:

Employee benefits payable wholly within twelve
months of availing employee services are classified
as short-term employee benefits. These benefits
include salaries and wages, bonus and ex-gratia.
The undiscounted amount of short-term employee
benefits such as salaries and wages, bonus and ex-
gratia to be paid in exchange of employee services
are recognized in the period in which the employee
renders the related service.

Post-employment 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 plan:

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.

Remeasurements, 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 balance
sheet with a corresponding debit or credit to
retained earnings through OCI in the period in
which they occur. Remeasurements are not
reclassified to statement of profit and loss in
subsequent periods.

(iii) Other employee benefits

The Company treats accumulated leave
expected to be carried forward beyond twelve
months, as long-term employee benefit for
measurement purposes. Such long-term
compensated absences are provided for
based on the actuarial valuation using the
projected unit credit method at the year end.
The Company presents the leave as a short¬
term provision in the balance sheet to the
extent it does not have an unconditional right
to defer its settlement for 12 months after
the reporting date. Where Company has the
unconditional legal and contractual right to
defer the settlement for a period beyond 12
months, the same is presented as long-term
provision.

q. Financial instruments

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

Initial recognition and measurement

All financial assets are recognised initially at
fair value, plus in the case of financial assets
not recorded at fair value through profit or loss,
transaction costs that are attributable to the
acquisition of the financial asset. Purchases
or sales of financial assets that require delivery
of assets within a time frame established by
regulation or convention in the market place
(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 following four
categories:

- Financial assets at amortised cost

- Financial assets at fair value through other
comprehensive income (FVTOCI)

- Financial assets at fair value through profit or loss
(FVTPL) Equity investments

i. Financial assets at amortised cost

Financial assets is measured at the amortised cost
if both the following conditions are met -

- These assets are held within a business model
whose objective is to hold assets for collecting
contractual cash flows, and

- Contractual terms of the asset give rise on
specified dates to cash flows that are solely
payments of principal and interest (SPPI) on the
principal amount outstanding.

This category is the most relevant to the Company.
After initial measurement, such financial assets are
subsequently measured at amortised cost using the
effective interest rate (EIR) method. 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 income in the statement of
profit and loss. The losses arising from impairment
are recognised in the statement of profit and loss.

ii. Financial assets at fair value through other
comprehensive income (FVTOCI)

Financial assets are classified as FVTOCI if both of
the following criteria are met:

- These assets are held within a business model
whose objective is achieved both by collecting
contractual cash flows and selling the financial
assets; and

- Contractual terms of the asset give rise on
specified dates to cash flows that are SPPI on the
principal amount outstanding.

Fair value movements are recognised in the Other
Comprehensive Income (OCI). On derecognition
of the asset, cumulative gain or loss previously
recognised in OCI is reclassified from the equity to
the Statement of Profit and Loss.

iii. Financial assets at fair value through profit or
loss (FVTPL)

FVTPL is a residual category for debt instruments.
Any financial assets, which do not meet the criteria
for categorisation as at amortised cost or as
FVTOCI, are classified as FVTPL. Gain or losses
are recognised in the Statement of Profit and Loss.

iv. Equity investments

All equity investments in scope of Ind AS 109 are
measured at fair value. Equity instruments which
are held for trading are classified as at FVTPL and
any changes in its values are recognised through
the statement of profit and loss.

If the Company decides to classify an equity
instrument as at FVTOCI, then all fair value
changes on the instrument, excluding dividends,
are recognized in the OCI. There is no recycling of
the amounts from OCI to profit and loss, even on
sale of investment. However, the company may
transfer the cumulative gain or loss within equity.

The Company makes election whether to classify
the equity instruments as FVTPL or FVTOCI on
instrument-by-instrument basis. The classification
is made on initial recognition and is irrevocable.

Equity investments made by the Company in
subsidiaries are carried at cost less impairment
loss (if any).

Derecognition

A financial asset is derecognised 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 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

But when it has neither transferred nor retained
substantially all of the risks and rewards of the
asset, nor transferred control of the asset, the
Company continues to recognise the transferred
asset to the extent of the Company''s continuing
involvement. In that case, the Company also
recognises an associated liability. The transferred
asset and the associated liability are measured on
a basis that reflects the rights and obligations that
the Company has retained.

Impairment of financial assets

In accordance with Ind AS 109, the Company
applies expected credit loss (ECL) model for
measurement and recognition of impairment
loss on the financial assets which are not fair
valued through statement of profit and loss. Loss
allowance for trade receivables with no significant
financing component is measured at an amount
equal to lifetime ECL at each reporting date, right
from its initial recognition. For all other financial
assets, expected credit losses are measured at an
amount equal to the 12-month ECL, unless there
has been a significant increase in credit risk from
initial recognition in which case those are measured
at lifetime ECL. If, in a subsequent period, credit
quality of the instrument improves such that there
is no longer a significant increase in credit risk
since initial recognition, then the entity reverts to
recognising impairment loss allowance based on
12-month ECL.

ECL impairment loss allowance (or reversal)
recognized during the period is recognized as
income/ expense in the statement of profit and
loss. This amount is reflected under the head ''other
expenses'' in the statement of profit and loss.

As a practical expedient, The Company uses a
provision matrix to determine impairment loss
allowance on portfolio of its trade receivables. The
provision matrix is based on its historically observed
default rates over the expected life of the trade
receivables and is adjusted for forward-looking
estimates. At every reporting date, the historical
observed default rates are updated and changes in
the forward-looking estimates are analysed.

ECL is recognised based on assessment of credit
risk and since credit risk is low in case of related
party. Hence ECL not recognised.

Impairment of non-financial assets

The carrying amounts of assets are reviewed at
each reporting date if there is any indication of
impairment based on internal/external factors.
An impairment loss is recognised wherever the
carrying amount of an asset exceeds its recoverable
amount. The recoverable amount is the greater of
the asset''s fair value less cost of disposals and
value in use. In assessing value in use, the estimated
future cash flows are discounted to their present
value using a pre-tax discount rate that reflects
current market assessments of the time value of
money and the risks specific to the asset. Fair value
is the price that would be received to sell an asset

or paid to transfer a liability in orderly transaction
between market participants at the measurement
date. After impairment, depreciation is provided on
the revised carrying amount of the asset over its
remaining useful life.

The Company bases its impairment calculation on
detailed budgets and forecast calculations, which
are prepared separately for the Company Cash
Generating Unit''s (CGU) to which the individual
assets are allocated. These budgets and forecast
calculations generally cover a period of 5 years.
For longer periods, a long-term growth rate is
calculated and applied to project future cash flows
after the 5^th year. Impairment losses are recognised
in the Statement of Profit and Loss.

An assessment is made at each reporting date as
to whether there is any indication that previously
recognised impairment losses may no longer exist
or may have decreased. If such indication exists,
the Company estimates the asset''s or CGU''s
recoverable amount. A previously recognised
impairment loss is reversed only if there has been
a change in the assumptions used to determine
the asset''s recoverable amount since the last
impairment loss was recognised. The reversal is
limited so that the carrying amount of the asset
does not exceed its recoverable amount, nor
exceed the carrying amount that would have been
determined, net of depreciation, had no impairment
loss been recognised for the asset in prior years.

Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial
recognition, as financial liabilities at fair value
through Statement of Profit and Loss, loans and
borrowings, payables, or as derivatives designated
as hedging instruments in an effective hedge, as
appropriate.

All financial liabilities are recognised initially at fair
value and, in the case of loans and borrowings and
payables, net of directly attributable transaction
costs.

The Company''s financial liabilities include trade
and other payables, loans and borrowings including
bank overdrafts, financial guarantee contracts and
derivative financial instruments.

Subsequent measurement

The measurement of financial liabilities depends on
their classification, as described below:

Loans and borrowings

After initial recognition, interest-bearing loans
and borrowings are subsequently measured at
amortised cost using the EIR method. Gains and
losses are recognised in 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 amortization is included as finance costs in
the Statement of Profit and Loss. This category
generally applies to borrowings.

Derecognition

A financial liability is derecognised 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 derecognition 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.

r. Cash and cash equivalents

Cash and cash equivalent in the balance sheet
comprise cash at banks and on hand and short¬
term deposits with an original maturity of three
months or less, which 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.

s. Cash flow statement

Cash flows are reported using the indirect method,
whereby profit / (loss) before extraordinary items
and tax is adjusted for the effects of transactions
of non-cash nature and any deferrals or accruals
of past or future cash receipts or payments. The
cash flows from operating, investing and financing
activities of the Company are segregated in the
Cash flow statement.

t. Cash dividend and non-cash distribution to
equity holders of the parent

The Company recognises a liability to make cash
or non-cash distributions to equity holders of the
parent when the distribution is authorised and

the distribution is no longer at the discretion of
the Company. As per the corporate laws in India,
a distribution is authorised when it is approved
by the shareholders. A corresponding amount is
recognised directly in equity.

Non-cash distributions are measured at the fair
value of the assets to be distributed with fair value
re-measurement recognised directly in equity.

Upon distribution of non-cash assets, any difference
between the carrying amount of the liability and
the carrying amount of the assets distributed is
recognised in the Statement of Profit and Loss.

u. Earnings per equity share

Basic earnings per share (EPS) amounts is
calculated by dividing the profit for the year
attributable to equity holders by the weighted
average number of equity shares outstanding
during the year.

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

The number of equity shares and potentially dilutive
equity shares are adjusted retrospectively for all
periods presented for any share splits and bonus
shares issues including for changes effected prior
to the approval of the financial statements by the
Board of Directors.

Recent Accounting Developments

Ministry of Corporate Affairs (''MCA'') notifies new
standards or amendments to the existing standards
under Companies (Indian Accounting Standards)
Rules as issued from time to time. For the year
ended 31 March 2025, MCA has notified Ind AS -
117 Insurance Contracts and amendments to Ind
AS 116 - Leases, relating to sale and leaseback
transactions, applicable to the Company w.e.f 01
April 2024. The Company has reviewed the new
pronouncements and based on its evaluation has
determined that it does not have any impact in its
financial statements.

2.3 Significant accounting judgements, estimates and
assumptions:

The preparation of the Company''s 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 assets or liabilities affected in future periods. Some
of the significant accounting judgement and estimates
are given below:

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 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.

Leases - Estimating the incremental borrowing rate

The Company cannot readily determine the interest rate
implicit in the lease, therefore, it uses its incremental
borrowing rate (IBR) to measure lease liabilities. The
IBR is the rate of interest that the Company would
have to pay to borrow over a similar term, and with a
similar security, the funds necessary to obtain an asset
of a similar value to the right-of-use asset in a similar
economic environment. The IBR therefore reflects
what the Company ''would have to pay'', which requires
estimation when no observable rates are available. The
Company estimates the IBR using observable inputs
(such as market interest rates) when available and is
required to make certain entity-specific estimates (such
as the credit rating).

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. 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. Future salary increases and gratuity
increases are based on expected future inflation rates
for the respective countries. The mortality rate is based
on publicly available mortality tables for the specific
countries. Those mortality tables tend to change only at
interval in response to demographic changes.

Acquisition of rights and interests in specified
entities [refer note 35(i)]

The management of the Company has used its
judgement to arrive at the value of rights and interests
which contains a markup. It was based on the third-party
valuation of underlying investment property which TRL
group is going to hold in future on achievement of certain
milestones.

Fair value measurement of financial instruments

When the fair values of financial assets and financial
liabilities recorded in the balance sheet cannot be
measured based on quoted prices in active markets,
their fair value is measured using valuation techniques
including the discounted cash flow (DCF) model. The
inputs to these models are taken from observable
markets where possible, but where this is not feasible,
a degree of judgement is required in establishing fair
values. Judgements include considerations of inputs
such as liquidity risk, credit risk and volatility. Changes
in assumptions about these factors could affect the
reported fair value of financial instruments. See Note 28
for further disclosures.

Property, plant and equipment

Property, plant and equipment represent a significant
proportion of the asset base of the Company. The
charge in respect of periodic depreciation is derived
after determining an estimate of an asset''s expected
useful life and the expected residual value at the end of
its life. The useful lives and residual values of Company
assets are determined by management at the time the
asset is acquired and reviewed periodically, including at
each financial year end. The lives are based on historical
experience with similar assets.

Investment property

Investment property represent a significant proportion
of the asset base of the Company. The charge in respect
of periodic depreciation is derived after determining
an estimate of an asset''s expected useful life and
the expected residual value at the end of its life. The
useful lives and residual values of Company assets
are determined by management at the time the asset
is acquired and reviewed periodically, including at each
financial year end. The lives are based on historical
experience with similar assets.

7.4 Loans (Contd.)

Notes:

(i) The above loans have been given for strategic business purpose.

(ii) There are no outstanding loans/advances in the nature of loan given to promoters, key managerial personnel or other
officers of the company.

(iii) There are no loans and advances as well as debts which stands due from directors or other officers of the company
or any of them either severally or jointly with any other persons.

(iv) '' 17,915 lakhs (31 March 2024: 26,598 lakhs) were due from firms or private companies in which any director of the
Company is a partner or a director or a member.

(v) The loans has been given to related parties and they are interest bearing as per policy approved by Audit committee.
The same are repayable over the term of 5 years from the date of first disbursement.

(vi) @ During the current financial year, the Company has converted part of loan amount given to subsidiary companies
into equity shares falling under the category of Non current Investments [refer note 6(a)].

(vii) Loans and advances in the nature of loans which falls under the category of ''Non-current'' are re-payable after more
than 1 year.

24 Net employee defined benefit liabilities

(a) Defined Contributions Plans

For the Company, an amount of '' 61 lakhs [31 March 2024: '' 48 lakhs (Continuing operations) ('' 8 Lakhs towards
discontinuing operation)] contributed to provident and other funds (refer note 18) is recognised by as an expense and
included in "Contribution to Provident and other funds” under "Employee benefits expense” in the Statement of Profit
and Loss.

(b) Defined Benefit Plans

As per the Payment of Gratuity Act, 1972, the Company has a defined benefit gratuity plan. Every employee who has
completed five years or more of service gets a gratuity on resignation or retirement at 15 days salary (last drawn
salary) for each completed year of service.

The following table summaries the components of net benefit expense recognised in the statement of profit and loss
and the funded status and amounts recognised in the balance sheet for the respective plans of the Company.

**In accordance with the NCLT Demerger order, all legal or other proceedings, claims, notices, demands, and obligations of
whatsoever nature and whether known or unknown, contingent or otherwise related to demerged undertaking may arise in the
future, the value of which cannot be accurately determined as at the close of the financial year.

26 Details of dues to micro and small enterprises as defined under the MSMED Act, 2006

Certain disclosures are required to be made relating to Micro, Small and Medium Enterprises Development Act Act, 2006
(MSMED). On the basis of the information and records available with the Company, the following disclosures are made for the
amounts due to the Micro and Small Enterprises. The information given is based on the information available with the Company
and has been relied upon by the auditors.

(G) By virtue of Demerger order dated 05 January 2023 passed by Hon''ble NCLT Mumbai bench, the entire equipment hiring
business (with Crane and Non crane constituents) of Allcargo Logistics Limited (Demerged Company) got transferred to
Transindia Real Estate Limited (TRL) with effect from appointed date i.e. 01 April 2022. The Certified true copy of Final
Demerger order along with sanctioned scheme have been received from Hon''ble NCLT, Mumbai bench on 10 March
2023 and the same got filed with Registrar of Companies on 01 April 2023 (Effective date). Soon thereafter, Business
Transfer Agreement (BTA) was entered into between (TRL and Premier Heavy Lift Private Limited (PHL) on 27 April 2023
(with subsequent addendum thereto forming part of BTA) by virtue of which the entire Crane business of TRL has been
transferred to PHL on slump sale arrangement basis with effect from 01 April 2023. As a matter of practical expedient
and as per the terms and conditions contained in said BTA/addendum thereto, till the time the requisite work orders of
existing customers gets novated (which was in the name of Demerged Company) or assigned in favour of PHL, the business
continued to be carried on by TRL on behalf of PHL in trust (via demerged company medium on back to back arrangement
basis). The summary of transactions between the Allcargo and TRL for the year ended 31 March 2025 was as under:-

Terms and conditions of trade transactions with related parties

The services provided to and services received from related parties are made on terms equivalent to those that prevail in arm''s
length transactions. Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash.

27D Transfer in/ Transfer out of provision of Employee related benefits (Actuarial) between the related parties:-

During current financial year, there is a transfer of Gratuity Liability of '' 6 lakhs on account of employee transfer from
the Company to Allcargo Logistics Limited. Also there is a divestiture of Leave encashment liability of '' 3 lakhs from the
Company to Allcargo Logistics Limited.

During previous financial year, there is a transfer of Gratuity Liability of '' 30 lakhs on account of employee transfer from
Allcargo Logistics Limited to the Company. Also some of the employees of the Company got transferred to the Allcargo
Terminals Limited hence there is a divestiture of Gratuity liability of '' 35 lakhs to that extent.

During the previous financial year, there is a transfer of Leave encashment of '' 13 lakhs as well as '' 3 lakhs on account of
employee transfer from Allcargo Logistics Limited as well as from Allcargo Terminals Limited to the Company. Also some
of the employees of the Company got transferred to the Allcargo Terminals Limited hence there is a divestiture of Leave
encashment liability of '' 8 lakhs to that extent.

The management assessed that cash and cash equivalents, trade receivables, trade payables, short-term borrowings and
other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.
The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged
in a current transaction between willing parties, other than in a forced or liquidation sale.

29 Financial risk management objectives and policies

The Company''s activities expose it to a variety of financial risks, including market risk, credit risk and liquidity risk.
The Company''s primary risk management focus is to minimize potential adverse effects of market risk on its financial
performance. The Company''s risk assessment and policies and processes are established to identify and analyse the
risks faced by the Company, to set appropriate risk limits and controls, and to monitor such risks and compliance with the
policies and processes. Risk assessment and policies and processes are reviewed regularly to reflect changes in market
conditions and the Company''s activities. The Board of Directors and the management is responsible for overseeing the
Company''s risk assessment and policies and processes.

i) Market risk

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from adverse changes
in market rates and prices (such as interest rates and foreign currency exchange rates) or in the price of market risk-
sensitive instruments as a result of such adverse changes in market rates and prices. Market risk is attributable to all
market risk-sensitive financial instruments, and all short term and long-term debt. The Company is exposed to market
risk primarily related to interest rate risk. Thus, the Company''s exposure to market risk is a function of investing and
borrowing activities and it''s revenue generating and operating activities.

a) Interest rate 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 the risk of changes in market interest rates
relates primarily to the Company''s long-term debt obligations with floating interest rates.

29 Financial risk management objectives and policies (Contd.)

b) Interest rate sensitivity

Since the Company has fully repaid all outstanding borrowings during the financial year ended 31 March 2025,
there is no requirement to disclose interest rate sensitivity for loans and borrowings.

As at 31 March 2024 the following table demonstrate the sensitivity to a reasonably possible change in interest
rates on the outstanding portion of loans and borrowings. With all other variables held constant, the Company''s
profit/(loss) before tax is affected as follows:

ii) 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. The Company is exposed to credit risk from its operating activities (primarily
trade receivables) and from its financing activities, including deposits with banks and financial institutions and other
financial instruments.

Trade receivables

Customer credit risk is managed by each business unit subject to the Company''s established policy, procedures and
control relating to customer credit risk management. Credit quality of a customer is assessed and individual credit
limits are defined in accordance with this assessment. Outstanding customer receivables are regularly monitored.
The Company has diversified customer base considering the nature and type of business.

An impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a
large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively.
The calculation is based on historical data. The maximum exposure to credit risk at the reporting date is the carrying
value of each class of financial assets disclosed in Note 7.2. The Company does not hold collateral as security. The
Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located
in several jurisdictions and industries and operate in largely independent markets.

As per management policy there is no credit risk on trade receivables arising on account of transactions with related
parties.

(iii) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting its commitments associated with
financial instruments. Liquidity risk management implies maintaining sufficient cash and marketable securities and
the availability of funding through committed credit facilities to meet the obligations when due.

The Company''s objective is to maintain a balance between continuity of funding and flexibility through the use of
bank term loans. In the current year, the entire borrowings have been prepaid. In previous financial year 33% of total
Company''s borrowings including current maturities of the non-current borrowings has matured in less than one year
as at 31 March 2024 based on the carrying value of borrowings as reflected in the financial statements.

Excessive risk concentration

Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the
same geographical region, or have economic features that would cause their ability to meet contractual obligations to be
similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of
the Company''s performance to developments affecting a particular industry.

In order to avoid excessive concentrations of risk, the Company''s policies and procedures include specific guidelines to
focus on the maintenance of a diversified portfolio. Identified concentrations of credit risks are controlled and managed
accordingly.

(v) Capital management

For the purpose of the Company''s capital management, capital includes issued equity capital, securities premium
and all other equity reserves attributable to the equity holders of the Company. The Company manages its capital
structure and makes adjustments in light of changes in economic conditions and the requirements of the financial
covenants. The funding requirement is met through a mixture of equity, internal accruals, long term borrowings and
short term borrowings.

30 Leases:

Company as Lessor

Rental income earned from logistics park and commercial properties given on operating leases to Companies in which
Key managerial personnel or their relatives exercises significant influences was '' 3,874 lakhs for the year ended 31 March
2025 (31 March 2024: ''3,747 lakhs) [refer note 27(B)].

Company as Lessee

Changes in carrying value of Right - Of - Use Assets for the previous year ended March 31, 2024 is given separately in note
no 3.2.

31 Other Statutory Information

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 not advanced or loaned or invested funds to any other persons or entities, including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:

a) directly or indirectly lend or invest in other persons or entitiesidentified 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.

iii) The Company has not received any fund from any persons or entities, including foreign entities (Funding Party) with
the understanding (whether recorded in writing or otherwise) that the Company shall:

a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf
of the Funding Party

(Ultimate Beneficiaries) or

b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

iv) The Company has not entered any such transaction which is not recorded in the books of account that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as,
search or survey or any other relevant provisions of the Income Tax Act, 1961)

v) The Company do not have any transactions with companies struck off under section 248 of the Companies Act, 2013.

vi) The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.

32 Assets Held for Sale

(i) Sale of crane business in the previous year ended 31 March 2024:

In the previous year, Pursuant to the approval of the Board of directors dated 26 April 2023, the Company has executed
and signed Business Transfer Agreement with Premier Heavy Lift Private Limited, for sale of Crane Division on going
concern basis under slump sale arrangements at a lump sum cash consideration of '' 12,100 lakhs plus the net working
capital as on 1 April 2023 being effective date. The related Conditions Precedents as mentioned in Business Transfer
agreement has been complied by the Company to the satisfaction of the buyer on 4 July 2023 and Company recorded
gain of '' 9,679 lakhs in this transaction. Accordingly, revenue and corresponding expenses of the crane division for
the period ended 4 July 2023 are incurred on behalf of the buyer. Thus profit / (loss) attributable to crane division
does not impact Statement of Profit and Loss of the company.

For the previous year ended 31 March 2024 crane business of Equipment Hiring segment has been classified as
''discontinuing operations''.

(ii) Transaction with BRE Asia Urban Holdings Limited:-

On February 28, 2024, the Company executed a Securities Subscription and Purchase Agreement ("SSPA”) with
Allcargo Logistics Limited, Horizon Industrial Parks Private Limited ("HIPPL”), and BRE Asia Urban Holdings Ltd
("Investor”) for the sale of its remaining 10% equity stake in the specified companies and its entire 100% equity stake
in Allcargo Multimodal Private Limited, for a total consideration of '' 25,136 lakhs. The transfer of shareholding was
completed on March 7, 2024. As of the previous financial year, the Company had received '' 23,036 lakhs and in the
current financial year, it has received an additional ''2,100 lakhs from the Investor and HIPPL, following the fulfilment
of customary closing conditions as stipulated in the SSPA. In the previous financial year, the Company recognized a
profit of '' 22,831 lakhs from the dilution of its equity stake, which has been disclosed as an exceptional item (refer
to Note 22) in the financial statements.

Pursuant to the SSPA, certain additional milestones [referred to as Conditions Subsequent (CS)] remain outstanding
and are subject to investor satisfaction in relation to the aforementioned transaction. During the current financial year,
the Company incurred further expenditure of ''235 lakhs towards the fulfilment of these milestones. The deadlines
for meeting the CS may be extended from time to time, as mutually agreed between the Investor and the Company,
until all CS are satisfied

a) On account of liquid funds deployed in business capex plan as well as reduction in short term financial assets due to receipt
of balance consideration from BRE Asia.

b) The Company has become zero-debt in current year as it has fully prepaid its borrowings during the current year, resulting
in an improved DSCR and a zero debt-to-equity ratio.

c) The Company''s operating profits has decreased duing the year as compared to last year.

d) Improved Trade receivables and Trade payable turnover ratios on account of better collections from customers as well as
payments to vendors.

e) ROCE reduced in the current year due to reduction in EBIT.

f) Net capital turnove ratio is higher due to effective debtors collection as well as vendor payment management.

34 Segment reporting

Disclosure of segment reporting as per the requirements of Ind AS 108 "Operating Segment” is reported in the consolidated
financial statements of the Company. Therefore, the same has not been separately disclosed in the standalone financial
statements in line with the requirement of Ind AS 108.

35 (i)Acquisition of Rights and Interests in Specified Entities following Approval of the Board of Directors as

well as Shareholders:

The Company has entered into definitive transaction document with Gorsai Logistics Park Private Limited, Dighanta
Landscape Private Limited, Panchghara Landscape Private Limited, Panchghara Logistics Park Private Limited, and PCPL
Industrial & Logistics Park (Hoskote) Private Limited (collectively, the "Target Companies”) and ''Talentos Entertainment
Private Limited and Talentos Warehousing and Industrial Parks Private Limited (collectively referred to as the "promoter
group companies”) for acquisition of rights and interests from promoter group companies in both the shares and underlying
assets of aforesaid target companies for a total purchase consideration of '' 27,778 lakhs (based on third party valuation
report). As per said definitive transaction, shares of target companies are pledged in the favour of the Company till the
controlling interest will get transferred upon the satisfaction of certain milestones as defined in these documents.

The Company has paid '' 16,158 lakhs to the promoter group companies in this regards. As of 31 March 2025, the Company
is yet to acquire any interest in the Target Companies, since certain substantive conditions precedent outlined in the
transaction documents are not yet satisfied. Hence, the said transaction has been treated as a ''non-adjusting event'' as at
the close of the financial year. Subsequent to the acquisition of rights and interests, the Company has made an additional
payment of ''2,694 lakhs as advance towards land acquisition to the said Target Companies and its promoters.

35 (ii) Acquisition of property through wholly owned subsidiary company following Approval of the Board of
Directors as well as Shareholders:

The Company through its Wholly Owned Subsidiary Company namely AGL Warehousing Private Limited has purchased
Investment Property from ''Allnet Financial Services Private Limited, Sealand Cranes Private Limited, Talentos
(India) Private Limited and Avash Builders & Infrastructure Private Limited'' for the total consideration amounting to
'' 10,730 lakhs.

36 During the current year, the Board of Directors at their meeting held on 7 August 2024 has considered, approved and paid
an interim dividend of ''0.50 per equity share.

37 Madanhatti Logistics and Industrial Parks Private Limited'' (Wholly owned subsidiary of Transindia Real Estate Limited)
has sold investment property (Land, building and other appurtenance) for a total consideration of '' 6,776 lakhs pursuant
to the approval of Board of Directors of Transindia Real Estate Limited (''the Company'') through a circular resolution dated
21 February 2025 (In principle Board approval was taken on 30 January 2025). The subsidiary Company has executed
final Sales Deed in this regard with Caterpillar India Private Limited and the said transaction has been concluded. Out of
the proceeds received from sale of Investment property, the wholly owned subsidiary Company has fully redeemed the
1,07,78,147 (One Crore, Seven Lakhs, Seventy Eight Thousand, One Hundred and Forty Seven) Class A Optionally Convertible
Debentures ("Class A OCDs”) as well as partly repaid loan taken from the Company. The Company has recognised the
Impairment loss on redemption of Class A OCDs of '' 682 lakhs as shown under note 21 other expenses

38 Corporate Social Responsibility

As per section 135 of the Companies Act, 2013 read with relevant rules thereon, a CSR Committee has been formed by
the Company. The funds are utilised throughout the year on activities which are specified in Schedule VII of the Act. The
utilisation is done either by way of direct contribution towards various activities or by way of contribution to a trust.

*Excess amount spend towards CSR activities may be set off against the requirement to spend under sub-section (5) of the Section 135
up to immediately succeeding three financial years subject to the condition that the excess amount available for set off shall not include
the surplus arising out of the CSR activities, if any, in pursuance of sub-rule (2) of this rule.

(b) In the previous year, CSR expenditure includes a sum of '' 50 lakhs as a contribution to Avvashya Foundation Trust
(where key managerial personnel and relatives are able to exercise significant influence) (refer note 27B).

(c) As per the rules contained and notified under Companies (Corporate Social Responsibility Policy) Amendment Rules
2021 as at 31 March 2025, the Company do not have any unspent Corporate Social Responsibility amount which
needs to be transferred to a separate account maintained with a scheduled bank within a period of 30 days from the
end of financial year.

39 Note on audit trail

The Company utilizes ERP-based accounting software to maintain its books of account which includes an audit trail (edit
log) feature. This functionality was operational throughout the year for all relevant transactions recorded in the same, with
the exception that the audit trail feature for spend management (at the application level) and the consolidation software
became effective on January 29, 2025, and December 30, 2024, respectively.

There is no instance of audit trail feature being tampered with, in respect of all softwares as mentioned above where
the audit trail have been enabled. Additionally, the audit trail of prior year has been preserved by the Company as per the
statutory requirements for record retention to the extent it was enabled and recorded in the respective years.

39 Note on audit trail (Contd.)

The audit trail (edit log) feature for spend management at the database level is managed by the software service providers.
The Service Organization Controls (SOC) reports obtained by management do not include information regarding the audit
trail feature at the database level, specifically whether this feature was enabled and functioning throughout the year. The
company is currently in the process of verifying this matter with the vendor.

40 During the current year, Income-Tax Authorities has conducted search at the office premises of the Company, some of it''s
subsidiaries and at the residence of one of its key management personnel. Company extended full cooperation and support
to the Income-tax officials during the search and has provided all the requested information during search and continue
to provide information as and when sought by the authorities. Management has made necessary disclosures to the stock
exchanges in this regard on February 12, 2025. As on the date of signing of these financial statements, the Company has
not received any communication from the Income-Tax Authorities regarding the findings of their investigation. Pending
final outcome of this matter, no adjustments have been recognised in the financial statements.

41 Previous year figures

Previous year figures have been regrouped/reclassified, where necessary, to conform to current year''s classification.

42 Events after reporting period

The Company has evaluated subsequent events from the balance sheet date to 15 May 2025, the date at which the
financial statements were approved and adopted by Board of Directors and determined that there are no material items
to be disclosed other than those disclosed above.

As per our report of even date For and on behalf of Board of directors of Transindia Real Estate Limited

For C C Dangi & Associates (Formerly known as Transindia Realty and Logistics Parks Limited)

Chartered Accountants CIN No:L61200MH2021PLC372756

ICAI Firm Registration No: 102105W

Ashish C. Dangi Jatin Jayantilal Chokshi Mohinder Pal Bansal Ram Walase

Partner Managing Director Chairman and Independent Director Chief Executive Officer

Membership No: 122926 DIN:00495015 DIN:01626343

Nilesh Mishra Khushboo Dinesh Mishra

Chief Financial Officer & ^C°^mpliance

Officer

Membership No:A68324

Place: Mumbai Place: Mumbai

Date: May 15, 2025 Date: May 15, 2025

---

Mar 31, 2024

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 pretax 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

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognised because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extreme rare cases where there is a liability that cannot be recognised because it cannot be measured reliably. The Company does not recognise a contingent liability but discloses its existence in the financial statements.

p. Retirement and other employee benefits Current employee benefits:

Employee benefits payable wholly within twelve months of availing employee services are classified as short-term employee benefits. These benefits include salaries and wages, bonus and ex-gratia. The undiscounted amount of short term employee benefits such as salaries and wages, bonus and ex-gratia to be paid in exchange of employee services are recognised in the period in which the employee renders the related service.

Post-employment 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 plan:

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.

Remeasurements, 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 balance sheet with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to statement of profit and loss in subsequent periods.

(iii) Other employee benefits

The Company treats accumulated leave expected to be carried forward beyond twelve months, as long-term employee benefit for measurement purposes. Such long-term compensated absences are provided for based on the actuarial valuation using the projected unit credit method at the year end. The Company presents the leave as a shortterm provision in the balance sheet to the extent it does not have an unconditional right to defer its settlement for 12 months after the reporting date. Where Company has the unconditional legal and contractual right to defer the settlement for a period beyond 12 months, the same is presented as long-term provision.

q. Financial instruments

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

Initial recognition and measurement

All financial assets are recognised initially at fair value, plus in the case of financial assets not recorded at fair value through profit or loss,

transaction costs that are attributable to the acquisition of the financial asset. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (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 following four categories:

- Financial assets at amortised cost

- Financial assets at fair value through other comprehensive income (FVTOCI)

- Financial assets at fair value through profit or loss (FVTPL)

- Equity investments

i. Financial assets at amortised cost

Financial assets is measured at the amortised cost if both the following conditions are met -

- These assets are held within a business model whose objective is to hold assets for collecting contractual cash flows, and

- Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.

This category is the most relevant to the Company. After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR) method. 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 income in the statement of profit and loss. The losses arising from impairment are recognised in the statement of profit and loss.

ii. Financial assets at fair value through other comprehensive income (FVTOCI)

Financial assets are classified as FVTOCI if both of the following criteria are met:

- These assets are held within a business model whose objective is achieved both by collecting contractual cash flows and selling the financial assets; and

- Contractual terms of the asset give rise on specified dates to cash flows that are SPPI on the principal amount outstanding.

Fair value movements are recognised in the Other Comprehensive Income (OCI). On derecognition of the asset, cumulative gain or loss previously recognised in OCI is reclassified from the equity to the Statement of Profit and Loss.

iii. Financial assets at fair value through profit or loss (FVTPL)

FVTPL is a residual category for debt instruments. Any financial assets, which do not meet the criteria for categorisation as at amortised cost or as FVTOCI, are classified as FVTPL. Gain or losses are recognised in the Statement of Profit and Loss.

iv. Equity investments

All equity investments in scope of Ind AS 109 are measured at fair value. Equity instruments which are held for trading are classified as at FVTPL and any changes in its values are recognised through the statement of profit and loss.

If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividends, are recognised in the OCI. There is no recycling of the amounts from OCI to profit and loss, even on sale of investment. However, the company may transfer the cumulative gain or loss within equity.

The Company makes election whether to classify the equity instruments as FVTPL or FVTOCI on instrument-by-instrument basis. The classification is made on initial recognition and is irrevocable.

Equity investments made by the Company in subsidiaries are carried at cost less impairment loss (if any).

Derecognition

A financial asset is derecognised 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 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

But when it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Company continues to recognise the transferred asset to the extent of the Company''s continuing involvement. In that case, the Company also recognises an associated liability. The transferred

asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained.

Impairment of financial assets

In accordance with Ind AS 109, the Company applies expected credit loss (ECL) model for measurement and recognition of impairment loss on the financial assets which are not fair valued through statement of profit and loss. Loss allowance for trade receivables with no significant financing component is measured at an amount equal to lifetime ECL at each reporting date, right from its initial recognition. For all other financial assets, expected credit losses are measured at an amount equal to the 12-month ECL, unless there has been a significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL. If, in a subsequent period, credit quality of the instrument improves such that there is no longer a significant increase in credit risk since initial recognition, then the entity reverts to recognising impairment loss allowance based on 12-month ECL.

ECL impairment loss allowance (or reversal) recognised during the period is recognised as income/ expense in the statement of profit and loss. This amount is reflected under the head ''other expenses'' in the statement of profit and loss.

As a practical expedient, The Company uses a provision matrix to determine impairment loss allowance on portfolio of its trade receivables. The provision matrix is based on its historically observed default rates over the expected life of the trade receivables and is adjusted for forward-looking estimates. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analysed.

ECL is recognised based on assessment of credit risk and since credit risk is low in case of related party. Hence ECL not recognised.

Impairment of non-financial assets

The carrying amounts of assets are reviewed at each reporting date if there is any indication of impairment based on internal/external factors. An impairment loss is recognised wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the greater of the asset''s fair value less cost of disposals and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of

money and the risks specific to the asset. Fair value is the price that would be received to sell an asset or paid to transfer a liability in orderly transaction between market participants at the measurement date. After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining useful life.

The Company bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for the Company Cash Generating Unit''s (CGU) to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of 5 years. For longer periods, a long-term growth rate is calculated and applied to project future cash flows after the 5^th year. Impairment losses are recognised in the Statement of Profit and Loss.

An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Company estimates the asset''s or CGU''s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset''s recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years.

Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through Statement of Profit and Loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.

All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.

The Company''s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, financial guarantee contracts and derivative financial instruments.

Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:

Loans and borrowings

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in 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. This category generally applies to borrowings.

Derecognition

A financial liability is derecognised 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 derecognition 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.

r. Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and shortterm deposits with an original maturity of three months or less, which 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 shortterm deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Company''s cash management.

s. Cash flow statement

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated in the Cash flow statement.

t. Cash dividend and non-cash distribution to equity holders of the parent

The Company recognises a liability to make cash or non-cash distributions to equity holders of the

parent when the distribution is authorised and the distribution is no longer at the discretion of the Company. As per the corporate laws in India, a distribution is authorised when it is approved by the shareholders. A corresponding amount is recognised directly in equity.

Non-cash distributions are measured at the fair value of the assets to be distributed with fair value re-measurement recognised directly in equity.

Upon distribution of non-cash assets, any difference between the carrying amount of the liability and the carrying amount of the assets distributed is recognised in the Statement of Profit and Loss.

u. Earnings per equity share

Basic earnings per share (EPS) amounts is calculated by dividing the profit for the year attributable to equity holders by the weighted average number of equity shares outstanding during the year.

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

The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for any share splits and bonus shares issues including for changes effected prior to the approval of the financial statements by the Board of Directors.

Recent Accounting Developments

Ministry of Corporate Affairs (''MCA'') notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended 31 March 2024, MCA has not notified any new standards. The amendments to the existing standards have been applied by the Company wherever applicable. They do not have material impact on the financials results of the Company.

2.3 Significant accounting judgements, estimates and assumptions:

The preparation of the Company''s 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 assets or liabilities affected in future periods. Some of the significant accounting judgement and estimates are given below:

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

The Company determines the lease term as the noncancellable 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 (e.g., construction of significant leasehold improvements or significant customisation to the leased asset).

Leases - Estimating the incremental borrowing rate

The Company cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Company would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Company ''would have to pay'', which requires estimation when no observable rates are available. The Company estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates (such as the credit rating).

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. 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. Future salary increases and gratuity increases are based on expected future inflation rates for the respective countries. The mortality rate is based on publicly available mortality tables for the specific countries. Those mortality tables tend to change only at interval in response to demographic changes.

Fair value measurement of financial instruments

When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the discounted cash flow (DCF) model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments. See Note 28 for further disclosures.

Property, plant and equipment

Property, plant and equipment represent a significant proportion of the asset base of the Company. The charge in respect of periodic depreciation is derived after determining an estimate of an asset''s expected useful life and the expected residual value at the end of its life. The useful lives and residual values of Company assets are determined by management at the time the asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets.

Investment property

Investment property represent a significant proportion of the asset base of The Group. The charge in respect of periodic depreciation is derived after determining an estimate of an asset''s expected useful life and the expected residual value at the end of its life. The useful lives and residual values of Company assets are determined by management at the time the asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets.

27 Related party disclosures

27A Name of related parties

(i) Related parties where control exists - Subsidiaries

Allcargo Inland Park Private Limited

Allcargo Multimodal Private Limited (Ceased to be a subsidiary w.e.f 07 March 2024)

Malur Logistics and Industrial Parks Private Limited (Ceased to be a subsidiary w.e.f 01 February 2023)

Venkatapura Logistics and Industrial Parks Private Limited (Ceased to be a subsidiary w.e.f 01 February 2023)

AGL Warehousing Private Limited

Jhajjar Warehousing Private Limited

Koproli Warehousing Private Limited

Bhiwandi Multimodal Private Limited

Allcargo Warehousing Management Private Limited

Marasandra Logistics and Industrial Parks Private Limited

Avvashya Projects Private Limited

Avvashya Inland Park Private Limited

Ecu Worldwide India Private Limited (Formally known as Panvel Industrial Parks Private Limited) (ceased to be a subsidiary w.e.f 23^rd March 2023)

Dankuni Industrial Parks Private Limited

Hoskote Warehousing Private Limited

Madanahatti Logistics & Industial Park Private Limited (becomes a subsidiary w.e.f 21^st February 2023)

(ii) Companies having common directors (with whom transactions have taken place)

Allcargo Logistics & Industrial Park Private Limited (Ceased to be a Company having common directors w.e.f 07 March 2024)

Panvel Warehousing Private Limited (Ceased to be a Company having common directors w.e.f 07 March 2024) Kalina Warehousing Private Limited (Ceased to be a Company having common directors w.e.f 07 March 2024) Madanahatti Logistics & Industrial Park Private Limited (Till 20^th February 2023)

Malur Logistics and Industrial Parks Private Limited (w.e.f 02 February 2023 to 07 March 2024)

Venkatapura Logistics and Industrial Parks Private Limited (w.e.f 02 February 2023 to 07 March 2024)

27 Related party disclosures (contd)

(iii) Entities over which key managerial personnel or their relatives exercises significant influences (with whom transactions have taken place)

Allcargo Supply chain Private Limited

Conserve buildcon LLP

Ecu Worldwide India Private Limited (Formally known as Panvel Industrial Parks Private Limited) (w.e.f 24^th March 2023)

Talentos India Pvt Limited

Allcargo Logistics Limited

Allcargo Terminals Limited

Meridien Tradeplace Private Limited

Gati-Kintetsu Express Private Limited

Speedy Multimodes Limited

Maneksha and Sethna (w.e.f 13 April 2023)

Avvashya Foundation Trust

(iv) Key managerial personnel

Mr Shashi Kiran Shetty (Promoter)

Mr Adarsh Hegde (Promoter)

Mrs. Arathi Shetty (Promoter)

Mrs. Priya Adarsh Hegde (Promoter Group)

Mr. Mohinder Pal Bansal (Chairman and Non-executive Independent Director)

Mr Jatin Chokshi (Managing Director) (w.e.f 13 April 2023)

Ms.Shoka Shetty (Non-executive Non Independent director) (w.e.f 08 May 2023)

Mr.Kaiwan Kayaniwalla (Non-executive Non Independent director) (w.e.f 13 April 2023)

Mrs.Alka Arora Misra (Non-executive Independent director) (w.e.f 13 April 2023)

Mr. Vinit Prabhugaokar (Non-executive Independent director) (w.e.f 13 April 2023)

Mr Ravi Jakhar (Ceased to be a director w.e.f 13 April 2023)

Mr.Prabhakar Shetty (Ceased to be a director w.e.f 14 April 2023)

Mr. Ashok Khimji Parmar (From 01 April 2023 to 27 November 2023)

Ms. Khushboo Dinesh Mishra (w.e.f 01 April 2023)

Mr. Mahesh Shetty (w.e.f 01 December 2023)

Mr. Ram Walase (w.e.f 18 March 2024)

(v) Relatives of Key Management Personnel holding significant influence over the entites as defined in (iii) above (with whom transactions have taken place)

Mr. Vaishnav Shetty

27B. Summary of transactions with related parties: (contd)

(G) By virtue of Demerger order dated 05 January 2023 (refer note 32) passed by Hon''able NCLT Mumbai bench, the entire equipment hiring business (with Crane and Non crane constituents) of Allcargo Logistics Limited (Demerged Company) got transfererd to Transindia Real Estate Limited (TREL) with effect from appointed date i.e 01 April 2022. The Certified true copy of Final Demerger order along with sanctioned scheme have been received from Hon''able NCLT, Mumbai bench on 10 March 2023 and the same got filed with Registrat of Companies on 01 April 2023 (Effective date). Soon thereafter, Business Transfer Agreement (BTA) was entered into between Transindia Real Estate Limited (TREL) and Premier Heavy Lift Private Limited (PHL) on 27 April 2023 (with subsequent addendum thereto forming part of BTA) by virtue of which the entire Crane buisness of TREL has been transferred to PHL on slump sale arrangement basis with effect from 01 April 2023. As a matter of practical expedient and as per the terms and conditions contained in said BTA/addendum thereto, till the time the requisite work orders of existing customers gets novated (which was in the name of Demerged Company) or assigned in favor of PHL, the business continued to be carried on by TREL on behalf of PHL in trust (via demerged company medium on back to back arrangement basis). The summary of transactions between the Allcargo and TREL for the year ended 31 March 2024 was as under:-

Terms and conditions of trade transactions with related parties

The services provided to and services received from related parties are made on terms equivalent to those that prevail in arm''s length transactions. Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash.

The Company has entered into Long term lease contract with Allcargo Logistics Limited wherein the rent is receivable with effect from 1 April 2022 for lease of 6^th floor Allcargo house.

On 28 April 2023, the Company has entered into Long term lease contract with Allcargo Terminals Limited wherein the rent is receivable with effect from 1 April 2022 for lease of land and building at certain locations.

27D Transfer in/ Transfer out of provision of Employee related benefits (Acturial) between the related parties:-

During current financial year, there is a transfer of Gratuity Liability of '' 30 lakhs on account of employee transfer from Allcargo Logistics Limited to the Company. Also some of the employees of the Company got transferred to the Allcargo Terminals Limited hence there is a divestiture of Gratuity liability of '' 35 lakhs to that extent.

During the current financial year, there is a transfer of Leave encashment of '' 13 lakhs as well as '' 3 lakhs on account of employee transfer from Allcargo Logistics Limited as well as from Allcargo Terminals Limited to the Company. Also some of the employees of the Company got transferred to the Allcargo Terminals Limited hence there is a divestiture of Leave encashment liability of '' 8 lakhs to that extent.

29 Financial risk management objectives and policies

The Company''s activities expose it to a variety of financial risks, including market risk, credit risk and liquidity risk. The Company''s primary risk management focus is to minimise potential adverse effects of market risk on its financial performance. The Company''s risk assessment and policies and processes are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls, and to monitor such risks and compliance with the policies and processes. Risk assessment and policies and processes are reviewed regularly to reflect changes in market conditions and the Company''s activities. The Board of Directors and the management is responsible for overseeing the Company''s risk assessment and policies and processes.

i) Market risk

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from adverse changes in market rates and prices (such as interest rates and foreign currency exchange rates) or in the price of market risk-sensitive instruments as a result of such adverse changes in market rates and prices. Market risk is attributable to all market risk-sensitive financial instruments, and all short term and long-term debt. The Company is exposed to market risk primarily related to interest rate risk. Thus, the Company''s exposure to market risk is a function of investing and borrowing activities and it''s revenue generating and operating activities.

ii) Interest rate 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 the risk of changes in market interest rates relates primarily to the Company''s long-term debt obligations with floating interest rates.

Interest rate sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected. With all other variables held constant, the Company''s profit/(loss) before tax is affected as follows:

in) 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. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions and other financial instruments.

Trade receivables

Customer credit risk is managed by each business unit subject to the Company''s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables are regularly monitored. The Company has diversified customer base considering the nature and type of business.

An impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The calculation is based on historical data. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 7.2. The Company does not hold collateral as security. The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets.

As per managmenet policy there is no credit risk on trade receivables arising on account of transactions with related parties.

(iv) Liquidity risk

The Company''s objective is to maintain a balance between continuity of funding and flexibility through the use of bank term loans etc.33% (31 March 2023: 37%) of the Company''s borrowings including current maturities of noncurrent borrowings will mature in less than one year at 31 March 2024 based on the carrying value of borrowings including current maturities of non-current borrowings reflected in the financial statements. 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 and debt maturing within 12 months can be rolled over with existing lenders.

(v) Capital management

For the purpose of the Company''s capital management, capital includes issued equity capital, securities premium and all other equity reserves attributable to the equity holders of the Company. The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. The funding requirement is met through a mixture of equity, internal accruals, long term borrowings and short term borrowings.

31 Other Statutory Information

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 not advanced or loaned or invested funds to any other persons or entities, 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.

iii) The Company has not received any fund from any persons or entities, including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

iv) The Company has not entered any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.

v) The Company do not have any transactions with companies struck off.

vi) The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.

32 Demerger taken place in financial year 2023-24 w.e.f April 01, 2022 (appointed date):-

Demerger of businesses related to Leasing of land and Commercial Properties, Logistics Park, Warehousing, real estate development and leasing activities, Engineering and equipment hiring solutions from Allcargo Logistics Limited through Scheme of arrangement

The Company along with Allcargo Logistics Limited and Allcargo Terminals Limited had filed a Scheme of Demerger ("Scheme”) with the National Company Law Tribunal ("NCLT”) whereby business of Leasing of land and Commercial Properties, Logistics Park, Warehousing, real estate development and leasing activities, Engineering and equipment hiring solutions and other related businesses of Allcargo Logistics Limited would be transferred to the Company with effect from appointed date April 01, 2022. As a consideration, 24,56,95,524 equity shares of the Holding Company of '' 2 each fully paid up would be issued to the shareholders of Allcargo Logistics Limited (Share Exchange Ratio 1:1). The Company in its Board Meeting held on April 26, 2023 has allotted 24,56,95,524 equity shares to the shareholders of Allcargo Logistics Limited holding as on record date April 18, 2023.

Further, with issuance and allotment of equity shares by the Company, in accordance with the Scheme the initial issued and paid-up equity capital comprising of 7 equity share of '' 10 each, aggregating to '' 70 shall stand cancelled. Also the Shareholders of the Company at its Extra Ordinary General Meeting held on March 01, 2023, approved the sub-division (split) of the face value of the equity shares of the Company from '' 10 to '' 2 per share.

NCLT vide its order dated January 05, 2023 approved the Scheme. Certified Copy of the Scheme was filed with ROC on April 01, 2023. As per the accounting treatment specified in the Scheme and Ministry of Corporate Affairs General Circular No. 09/2019 dated 21^st August 2019 ("MCA circular”), assets and liabilities relating to warehousing and equipment hiring have been recognised (at book values as appearing in the books of the Allcargo Logistics Limited) in the books of Holding Company from the appointed date. Pending legal formalities for issue of shares, the face value of equity shares to be issued has been credited to "Equity Shares issuable Pursuant to Demerger” and balance is credited to Capital Reserve.

During the previous year ended 31 March, 2023, the authorised share capital of the Holding Company has been increased to '' 5,500 Lakhs.

(A) Sale of crane business

The Board of directors of the Company in its meeting held on 26 April 2023 had approved and signed Business Transfer Agreement with Premier Heavy Lift Private Limited, for sale of Crane Division as a going concern on a slump sale basis at a lump sum cash consideration of '' 12,100 lakhs plus the net working capital as on 01 April 2023 being effective date. The related Conditions Precedents as mentioned in Business Transfer agreement has been complied by the Company to the satisfaction of the buyer on 04 July 2023 and Company recorded gain of '' 9,679 lakhs as an exceptional item. Accordingly, revenue and corresponding expenses of the crane division for the period ended 04 July 2023 are incurred on behalf of the buyer. Thus profit / (loss ) attributable to crane division does not impact Statement of Profit and Loss of the company. For the previous year ended 31 March 2023 crane business of Equipment Hiring segment same has been classified as ''discontinuing operations''.

(B) Transaction with BRE Asia Urban Holdings Limited:-

(i) During the financial year ending 31 March 2020, Allcargo Logistics Limited ("ALL” or "Demerged Company”) and its wholly-owned subsidiaries viz. Malur Logistics and Industrial Parks Private Limited, Venkatapura Logistics and Industrial Parks Private Limited, Madanahatti Logistics and Industrial Parks Private Limited, Allcargo Logistics & Industrial Park Private Limited, Kalina Warehousing Private Limited and Panvel Warehousing Private Limited (collectively referred to as "Specified Companies”) entered into definitive documentation with BRE Asia Urban Holdings Limited ("the Investor”) for transfer of its majority shareholding and controlling stake in the Specified Companies in favour of the Investor, for the consideration and subject to the satisfaction of the closing conditions and achievement of certain milestones (together the ''Obligations'') and upon the other terms and conditions therein mentioned. In terms of the definitive documentation, the Investor was entitled to a call option whereby the Investor was entitled to purchase ALL''s shareholding in Allcargo Multimodal Private Limited, to be exercised within 24 months of the closing of the aforesaid transaction. Accordingly, ALL transferred majority shareholding and control in Madanahatti Logistics and Industrial Park Private Limited, Allcargo Logistics & Industrial Park Private Limited, Kalina Warehousing Private Limited and Panvel Warehousing Private Limited in favour of the Investor and retained a minority stake in the Specified Companies as at 31 March 2020. In the case of Malur Logistics and Industrial Parks Private Limited and Venkatapura Logistics and Industrial Parks Private Limited , the compliance with customary closing conditions were delayed due to outbreak of the Coronavirus (COVID-19) pandemic globally and in India as well as due to other operational/commercial reasons and accordingly the timelines earlier set for Closing of the transaction of the sale of the majority stake was, by mutual consent of the parties, extended from time to time.

In the previous year, the balance stake in such specified companies have been transferred to Transindia Real Estate Limited ("hereinafter referred as The Company”) pursuant to Scheme of Arrangement for Demerger entered amongst ALL, Allcargo Terminals Limited and The Company as approved by the National Company Law Tribunal as per Order dated 05 January 2023. The Company has subsequently re-acquired the 100% shareholding in Madanahatti Logistics and Industrial Parks Private Limited as referred in Note no.36 (below) as per the commercial arrangements with the Investor.

Also In the previous year, after execuing the subsequent definitive documentation, The Company has sold its 90% shareholding in Malur Logistics and Industrial Parks Private Limited and Venkatapura Logistics and Industrial Parks Private Limited to the Investor on 01 February 2023 for the cash consideration of '' 411 lakhs on satisfaction of conditions precedent and conditions subsequent, and accordingly a closure letter dated 01 February 2023 was executed between the parties.

(ii) The Investor has called upon the Company to sell and transfer its 100% shareholding in Allcargo Multimodal Private Limited to the Investor in terms of the aforesaid definitive documentation.

(iii) The Board of Directors of the Company at its meeting held on June 02, 2023, has considered and provided in principle approval for the proposal for divestment of its balance 10% shareholding in the Specified Companies as well as sale of its 100% share in Allcargo Multimodal Private Limited to the Investor subject to shareholders'' approval and other statutory approvals/compliances, if any.

(iv) On 28 February 2024, the Company has executed the Securities Subscription and Purchase Agreement ("SSPA”) between specified companies, ALL, Horizon Industrial Parks Private Limited ("HIPPL”) and BRE Asia Urban Holdings Ltd ("Investor”) to sell remaining 10% equity stake in the specified companies and 100% equity stake in Allcargo Multimodal Private Limited for an agreed consideration of '' 25,136 lakhs. The transfer of shareholding happened on 07 March 2024. As on 31 March 2024 the Company has received '' 23,036 lakhs and balance consideration of '' 2,100 lakhs stands receivable from the investor and HIPPL subject to satisfaction of customary closing conditions as agreed in the SSPA. The Company has recognised a profit of '' 22,831 lakhs on dilution of its equity stake for the yead ended 31 March 2024 as shown under the exceptional item (refer note 22) in its financial statements. The Company has also received as on 31 March 2024''16,647 lakhs through redemption of OCD B series debentures of the Specified Companies.

35 Segment reporting

Disclosure of segment reporting as per the requirements of I nd AS 108 "Operating Segment” is reported in the consolidated financial statements of the Company. Therefore, the same has not been separately disclosed in the standalone financial statements in line with the requirement of Ind AS 108.

36 During the previous year, TREL has entered into a Securities Purchase Agreement ("SPA”) on February 21, 2023, with BRE Asia Urban Holdings Ltd. (the "Seller”) to acquire: (a) 5,40,000 (Five Lakhs and Forty Thousand) equity shares (representing 90% of the equity share capital), and (b) 1,07,78,147 (One Crore, Seven Lakhs, Seventy Eight Thousand, One Hundred and Forty Seven) Class A Optionally Convertible Debentures ("Class A OCDs”) of Madanahatti Logistics and Industrial Parks Private Limited (the "Target”). The same has been accounted for as Investments in subsidiary company as at 31 March 2023.

37 A Scheme of Arrangement was approved between two of the subsidiaries, Allcargo Inland Park Private Limited (Demerged company) and Allcargo Multimodal Private Limited (Resulting company) and their respective shareholders to demerge their warehousing business (the demerged undertaking.) for transfer of warehousing business of demerged Company. The scheme got approved by NCLT vide its final order dated 01 March 2022.The said order stated that the appointed date for the said Arrangement to be April 01, 2021.During the previous financial year ended March 31, 2023, the management of the demerged company has observed a correction to be made in the Annexure of the aforesaid order and accordingly filed a rectification application to the NCLT order. The same has been allowed by NCLT vide their order dated December 18, 2023. There is no impact to the accounting treatment nor a change in the share exchange ratio due to the rectification application being made to the NCLT order.

*Excess amount spend towards CSR activties may be set off against the requirement to spend under sub-section (5) of the Section 135 up to immediately suceeding three financial years subject to the condition that the excess amount available for set off shall not include the surplus arising out of the CSR activities,if any, in pursuance of sub-rule (2) of this rule.

(b) Includes a sum of '' 50 lakhs as a contribution to Avvashya Foundation Trust (where key managerial personnel and relatives are able to exercise significant influence) (refer note 27B).

(c) As per the rules contained and notified under Companies (Corporate Social Responsibility Policy) Amendment Rules 2021 as at 31 March 2024, the Company do not have any unspent Corporate Social Responsibility amount which needs to be transferred to a separate account maintained with a scheduled bank within a period of 30 days from the end of financial year.

39 Note on Audit trail

The Company has used accounting software for maintaining its books of accounts for the year ended 31 March, 2024 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 vendor management records (Vendor Master) maintained in Microsoft Dynamics D365 application and eMerge application used for consolidation, where audit trail feature was not enabled. Further, audit trail feature has not been tampered with in respect of other accounting software.

40 Previous year figures

Previous year figures have been regrouped/reclassified, where necessary, to conform to this year''s classification.

41 As per management assessment there are no adjusting event subsequent to 31 March 2024 other than those disclosed in the financial statements.

As per our report of even date For and on behalf of Board of directors of Transindia Real Estate Limited

For C C Dangi & Associates (Formerly known as Transindia Realty and Logistics Parks Limited)

Chartered Accountants CIN No:U61200MH2021PLC372756

ICAI Firm Registration Number: 102105W

Ashish C. Dangi Jatin Jayantilal Chokshi Mohinder Pal Bansal Mahesh Shetty

Partner Managing Director Chairman and Independent Director Chief Financial Officer

Membership No: 122926 DIN:00495015 DIN:01626343

Khushboo Dinesh Mishra

Company Secretary & Compliance Officer

M.No:68324

Place: Mumbai Place: Mumbai

Date: 21 May 2024 Date: 21 May 2024

---

Mar 31, 2023

Pursuant to the scheme of demerger approved by NCLT dated January 05, 2023, 24,56,95,524 equity shares of '' 2 each face value are issuable to the shareholders of Allcargo Logistics Limited as per 1:1 share exchange ratio as consideration for the transfer of assets and liabilities to the Company.

* The Shareholders of the Company at its Extra Ordinary General Meeting held on March 01, 2023, approved the sub-division (split) of the face value of the equity shares of the Company from '' 10/- to '' 2/- Per equity Share. Along with issuance and allotment of equity shares by the TRL in accordance with the scheme of demerger as above, the initial issued and paid-up equity capital of TRL comprising of 35 equity share of '' 2 each amounting to '' 70 have been cancelled subsequently.

Terms/ rights attached to equity shares

The Company has only one class of equity shares having par value of '' 2 per share post sub-division (Split) during the current year from '' 10/- per share to '' 2/- per share. Each holder of equity shares is entitled to one vote per share. The equity shares are entitled to receive dividend as declared from time to time. Voting rights cannot be exercised in respect of shares on which any call or other sums payable have not been paid. Failure to pay any amount called up on shares may lead to forfeiture of the shares.

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 all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Nature and purpose of reserves

a) Capital reserve (pursuant to demerger) (refer note 32)

This reserve represents the difference between assets - liabilities taken over from Allcargo Logistics Limited and Share Capital issuable pursuant to demerger.

b) Retained earnings

Retained earnings represents all accumulated net income netted by all dividends paid to shareholders.

c) Remeasurements of gains / (losses) on defined benefit plans (OCI)

It comprises of actuarial gains and losses, differences between the return on plan assets and interest income on plan assets and changes in the asset ceiling (outside of any changes recorded as net interest).

Term loans from banks (secured)

Rupee term loans from banks are secured against immovable properties of the Company and carry interest ranging from 6.25% - 7.25% p.a. (31 March 2022: Nil) and are repayable within a period ranging from 2-5 years. As per the terms of borrowing it is secured against land and buildings of Allcargo Logistics Limited , pursuant to demerger scheme, these assets have been transferred to the TRL. The Borrowing is disclosed as secured. The Company is in the process of transfer of borrowing in name of TRL.

The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period. The Company has not defaulted in Loan payable.

Consequent to demerger scheme the Axis Bank Limited term loan has been allocated between the Company, Allcargo Terminals Limited and Allcargo Logistics Limited.

The Code on Social Security, 2020 (''Code'') relating to employee benefits during employment and post employment received Indian Parliament approval and Presidential assent in September 2020. The Code has been published in the Gazette of India and subsequently on November 13, 2020 draft rules were published and invited for stakeholders'' suggestions. However, the date on which the Code will come into effect has not been notified. The Company 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.

*As referred in note 33B basis satisfaction of conversion closing milestone as per definitive documents, there is loss of control to the tune of 90% shareholding over specified subsidiaries consequent to which the Group has recognised aforesaid gain. Further inflow from the transaction is subject to final determination and which will be recorded on completion of balance obligation towards conditions subsequent.

23 Earnings per share (EPS)

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

Diluted EPS amounts are calculated by dividing the profit attributable to equity holders of the parent by the weighted average number of Equity shares outstanding during the year plus the weighted average number of Equity shares that would be issued on conversion of all the dilutive potential Equity shares into Equity shares.

24 Net employee defined benefit liabilities

(a) Defined Contributions Plans

For the Company, an amount of '' 34 lakhs (Continuing operations) ('' 30 Lakhs towards discontinued operation) contributed to provident and other funds (refer note 18) is recognised by as an expense and included in "Contribution to Provident and other funds” under "Employee benefits expense” in the Statement of Profit and Loss.

(b) Defined Benefit Plans

As per the Payment of Gratuity Act, 1972, the Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on resignation or retirement at 15 days salary (last drawn salary) for each completed year of service.

The following table summaries the components of net benefit expense recognised in the statement of profit and loss and the funded status and amounts recognised in the balance sheet for the respective plans of the Company.

Terms and conditions of trade transactions with related parties

The services provided to and services received from related parties are made on terms equivalent to those that prevail in arm''s length transactions. Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash.

* The Company has entered into Long term lease contract with Allcargo Logistics Limited wherein the rent is receivable with effect from 1 April 2022 for lease of 6^th floor Allcargo house.

*On 28 April 2023, the Company has entered into Long term lease contract with Allcargo Terminals Limited wherein the rent is receivable with effect from 1 April 2022 for lease of land and building at certain locations.

** Value less than '' 1 lakh

The management assessed that cash and cash equivalents, trade receivables, trade payables, short-term borrowings and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

29 Financial risk management objectives and policies

The Company''s activities expose it to a variety of financial risks, including market risk, credit risk and liquidity risk. The Company''s primary risk management focus is to minimise potential adverse effects of market risk on its financial performance. The Company''s risk assessment and policies and processes are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls, and to monitor such risks and compliance with the policies and processes. Risk assessment and policies and processes are reviewed regularly to reflect changes in market conditions and the Company''s activities. The Board of Directors and the management is responsible for overseeing the Company''s risk assessment and policies and processes.

i) Market risk

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from adverse changes in market rates and prices (such as interest rates and foreign currency exchange rates) or in the price of market risk-sensitive instruments as a result of such adverse changes in market rates and prices. Market risk is attributable to all market risk-sensitive financial instruments, and all short term and long-term debt. The Company is exposed to market risk primarily related to interest rate risk. Thus, the Company''s exposure to market risk is a function of investing and borrowing activities and it''s revenue generating and operating activities.

ii) Interest rate 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 the risk of changes in market interest rates relates primarily to the Company''s long-term debt obligations with floating interest rates.

iii) 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. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions and other financial instruments.

Trade receivables

Customer credit risk is managed by each business unit subject to the Company''s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables are regularly monitored. The Company has diversified customer base considering the nature and type of business.

An impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The calculation is based on historical data. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 7.1. The Company does not hold collateral as security. The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets.

(iv) Liquidity risk

The Company''s objective is to maintain a balance between continuity of funding and flexibility through the use of bank term loans etc. 37% of the Company''s borrowings including current maturities of non-current borrowings will mature in less than one year at 31^st March 2023 based on the carrying value of borrowings including current maturities of non-current borrowings reflected in the financial statements. 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 and debt maturing within 12 months can be rolled over with existing lenders.

Excessive risk concentration

Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of the Company''s performance to developments affecting a particular industry.

In order to avoid excessive concentrations of risk, the Company''s policies and procedures include specific guidelines to focus on the maintenance of a diversified portfolio. Identified concentrations of credit risks are controlled and managed accordingly.

(iv) Capital management

For the purpose of the Company''s capital management, capital includes issued equity capital, securities premium and all other equity reserves attributable to the equity holders of the Company. The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. The funding requirement is met through a mixture of equity, internal accruals, long term borrowings and short term borrowings.

The company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and when they fall due.

(d) Lease payments for less than 1 year lease contracts as well as for low value items for the year ended 31 March 2023 is '' 36 lakhs (31 March 2022: Nil) (Refer Note 22)

(e) Rental income given on operating leases to Companies in which Key managerial personnel or their relatives exercises significant influences was '' 3,359 lakhs for the year ended 31 March 2023 (31 March 2022: '' Nil).

(f) The Company had total cash flows for leases of '' 152 lakhs for the year ended 31 March 2023 (31 March 2022: '' Nil). The Company does not have non-cash additions to right - of - use assets and lease liabilities for the said period. There are no future cash outflows relating to leases that have not yet commenced.

31 Other Statutory Information

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 not advanced or loaned or invested funds to any other persons or entities, 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.

iii) The Company has not received any fund from any persons or entities, including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

iv) The Company has not entered any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.

v) The Company do not have any transactions with companies struck off.

vi) The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.

32 Demerger

Acquisition of construction & leasing of Logistics Parks, leasing of land & commercial properties, Engineering Solutions (hiring and leasing of equipment''s) businesses of Allcargo Logistics Limited through Scheme of Demerger

The Company along with Allcargo Logistics Limited and Transindia Realty and Logistics Parks Limited had filed a Scheme of Demerger ("Scheme”) with the National Company Law Tribunal ("NCLT”) whereby business of Leasing of land and Commercial Properties, Logistics Park, Warehousing, real estate development and leasing activities, Engineering and equipment hiring solutions and other related businesses of Allcargo Logistics Limited would be transferred to the Company with effect from appointed date April 01, 2022. As a consideration, 24,56,95,524 equity shares of the Holding Company of '' 2 each fully paid up would be issued to the shareholders of Allcargo Logistics Limited (Share Exchange Ratio 1:1). The Company in its Board Meeting held on April 24, 2023 has allotted 24,56,95,524 equity shares to the shareholders of Allcargo Logistics Limited holding as on record date April 18, 2023.

Further, with issuance and allotment of equity shares by the Company, in accordance with the Scheme the initial issued and paid-up equity capital comprising of 7 equity share of '' 10 each, aggregating to '' 70 shall stand cancelled. Also the Shareholders of the Company at its Extra Ordinary General Meeting held on March 01, 2023, approved the sub-division (split) of the face value of the equity shares of the Company from '' 10 to '' 2 per share. NCLT vide its order dated January 05, 2023 approved the Scheme. Certified Copy of the Scheme was filed with ROC on April 01, 2023.

As per the accounting treatment specified in the Scheme and Ministry of Corporate Affairs General Circular No. 09/2019 dated 21^st August 2019 ("”MCA circular””), assets and liabilities relating to warehousing and equipment hiring have been recognised (at book values as appearing in the books of the Allcargo Logistics Limited) in the books of Holding Company from the appointed date. Pending legal formalities for issue of shares, the face value of equity shares to be issued has been credited to "Equity Shares issuable Pursuant to Demerger” and balance is credited to Capital Reserve.

During the year ended 31^st March, 2023, the authorised share capital of the Holding Company has been increased to '' 5,500 Lakhs.

(A) Sale of crane business

The Board of directors of TRL in its meeting held on 28 April 2023 has approved and signed Business Transfer Agreement with Premier Heavy Lift Private Limited on April 27, 2023, for sale of Crane Division as a going concern on a slump sale basis to Premier Heavy Lift Private Limited, at a lump sum cash consideration of '' 12,100 lakhs, subject to completion of conditions precedent including approval from shareholders of TRL and such other approvals as may be necessary from the regulatory/statutory authorities. The Business Transfer Agreement has been executed in this regard on 27 April 2023. The management is confident of obtaining the requisite favorable assent from shareholders on the said resolution and considered it as highly probable event and hence meet the criteria prescribed in Ind AS 105 "Non-current Assets Held for Sale and discontinuing Operations”. Accordingly, ''Equipment hiring (Crane business)'' has been disclosed as ''discontinuing operations'' in the financial statement.

(B) Transaction with BRE Asia Urban Holdings Limited:-

(i) During the financial year ending 31 March 2020, Allcargo Logistics Limited (''"''ALL''"'' or ''"''Demerged Company””) and its wholly-owned subsidiaries viz. Malur Logistics and Industrial Parks Private Limited, Venkatapura Logistics and Industrial Parks Private Limited, Madanahatti Logistics and Industrial Parks Private Limited, Allcargo Logistics & Industrial Park Private Limited, Kalina Warehousing Private Limited and Panvel Warehousing Private Limited (collectively referred to as "''Specified Companies””) entered into definitive documentation with BRE Asia Urban Holdings Limited ("the Investor”) for transfer of its majority shareholding and controlling stake in the Specified Companies in favour of the Investor, for the consideration and subject to the satisfaction of the closing conditions and achievement of certain milestones (together the ''Obligations'') and upon the other terms and conditions therein mentioned. In terms of the definitive documentation, the Investor was entitled to a call option whereby the Investor was entitled to purchase ALL''s shareholding in Allcargo Multimodal Private Limited, to be exercised within 24 months of the closing of the aforesaid transaction. Accordingly, ALL transferred majority shareholding and control in Madanahatti Logistics and Industrial Park Private Limited, Allcargo Logistics & Industrial Park Private Limited, Kalina Warehousing Private Limited and Panvel Warehousing Private Limited in favour of the Investor and retained a minority stake in the Specified Companies as at 31 March 2020. In the case of Malur Logistics and Industrial Parks Private Limited and Venkatapura Logistics and Industrial Parks Private Limited , the compliance with customary closing conditions were delayed due to outbreak of the Coronavirus (COVID-19) pandemic globally and in India as well as due to other operational/commercial reasons and accordingly the date for Closing the transaction of the sale of the majority stake was, by mutual consent of the parties, extended from time to time. During the current financial year pursuant to Scheme of Arrangement for Demerger entered amongst Allcargo Logistics Limited (Demerged Company), Allcargo Terminals Limited (Resulting Company 1) and TransIndia Realty & Logistics Parks Limited (Resulting Company 2), approved by the National Company Law Tribunal (NCLT) as per Order dated January 05,2023, the shareholding pertaining to the Specified Companies as referred above were transferred to the Resulting Company 2 with effect from the appointed date i.e 01 April 2022. The Resulting Company 2 has subsequently re-acquired the 100% shareholding in Madanahatti Logistics and Industrial Parks Private Limited as referred in Note no.36 (below) as per the commercial arrangements with the Investor.

(ii) By subsequent definitive documentation, ALL sold its 90% shareholding in Malur Logistics and Industrial Parks Private Limited and Venkatapura Logistics and Industrial Parks Private Limited to the Investor on February 01, 2023 for the cash consideration of '' 411 lakhs on satisfaction of conditions precedent and conditions subsequent, and accordingly a closure letter dated 01 February 2023 was executed between the parties.

(iii) The Investor has called upon the Resulting Company 2 to sell and transfer its 100% shareholding in Allcargo Multimodal Private Limited to the Investor in terms of the aforesaid definitive documentation.

(iv) The Board of Directors of the Resulting Company 2 at its meeting held on June 02, 2023, has considered and approved the proposal for divestment of its balance 10% shareholding in the Specified Companies as well as sale of its 100% share in Allcargo Multimodal Private Limited to the Investor subject to shareholders'' approval and other statutory approvals/compliances, if any. The management is committed to execute definitive documentation in this regard in the coming financial year and is also confident of obtaining the requisite favourable assent from the shareholders on the said resolution. Since this is ''firm commitment'' on the part of the management and considered as a highly probable event and meets the criteria prescribed in Ind AS 105 ''"''Non-current Assets Held for Sale and discontinuing Operations””; hence, the same is classified as "''''Assets held for sale”” in the financial statements.

35 Segment reporting

Disclosure of segment reporting as per the requirements of Ind AS 108 "Operating Segment” is reported in the consolidated financial statements of the Company. Therefore, the same has not been separately disclosed in the standalone financial statements in line with the requirement of Ind AS 108.

36 TRL has entered into a Securities Purchase Agreement ("SPA”) on February 21, 2023, with BRE Asia Urban Holdings Ltd. (the "Seller”) to acquire: (a) 5,40,000 (Five Lakhs and Forty Thousand) equity shares (representing 90% of the equity share capital), and (b) 1,07,78,147 (One Crore, Seven Lakhs, Seventy Eight Thousand, One Hundred and Forty Seven) Class A Optionally Convertible Debentures ("Class A OCDs”) of Madanahatti Logistics and Industrial Parks Private Limited (the "Target”''). The same has been accounted for as Investments in subsidiary company as at 31^st March 2023.

37 A Scheme of Arrangement was approved between two of the subsidiaries, Allcargo Inland Park Private Limited (Demerged company) and Allcargo Multimodal Private Limited (Resulting company), and their respective shareholders to demerge their warehousing business (the demerged undertaking.) The Application was filed with NCLT on February 2, 2021. Subsequent to that NCLT passed the interim order on 08^th April 2021 mentioning the further course of action to be followed by the applicant companies. The NCLT vide its final order dated 01^st March 2022 approved the Scheme of Arrangement and the entire "Demerged Undertaking” of Allcargo Inland Park Private Limited has been merged with Allcargo Multimodal Private Limited, on a going concern basis along with all its rights, privileges and obligations. The said order stated that the appointed date for the said Arrangement to be April 01, 2021.

In the current year, the management of the demerged company has observed a correction to be made in the Annexure of the aforesaid order which specifies the list of assets to be transferred under the scheme of arrangement and accordingly they are in the process of filing a rectification application to the NCLT order. The leasehold land got inadvertently included in the list of assets (Annexure to the scheme of arrangement) to be transferred to the resulting company. The same asset was never intended to form part of the merger scheme and it continued to be a part of demerged company''s assets. There is no impact to the accounting treatment nor a change in the share exchange ratio due to the rectification application being made to the NCLT order. The said matter will also be taken in Board meeting which will be carried out in the current financial year 2023-24.

38 Corporate Social Responsibility

As the Company do not have the profits for immediately preceding year (which is the year of formation). The threshold as specified in Section 135 of the Companies Act, 2013 is not applicable to the Company.

39 Previous year figures

Previous year figures have been regrouped/reclassified, where necessary, to conform to this year''s classification.

40 As per management assessment there are no adjusting event subsequent to 31^st March 2023 other than those disclosed in the financial statements.