Annual Report - FYE 2024

27th June, 2024
BSE Limited National Stock Exchange of India Ltd.

Listing Dept. / Dept. of Corporate Services, Listing Dept., Exchange Plaza, 5th Floor,
Phiroze Jeejeebhoy Towers, Plot No. C/1, G. Block,
Dalal Street, Bandra-Kurla Complex,
Mumbai - 400 001. Bandra (E),
Mumbai - 400 051.
Security Code : 539301
Security ID : ARVSMART Symbol : ARVSMART
Dear Sir / Madam,
Sub: Submission of Annual Report for the Financial Year 2023-24.
Pursuant to Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015, we are submitting herewith the Annual Report of the Company for the financial
year 2023-24 alongwith the Notice convening the Annual General Meeting scheduled to be held
on Thursday, 25th July, 2024 at 11:00 a.m. through Video Conference ("VC") / Other Audio Visual
Means ("OAVM").
The aforesaid Annual Report is also uploaded on website of the Company’s at

www.arvindsmartspaces.com.
Thanking you,
Yours faithfully,
For Arvind SmartSpaces Limited
PRAKASH BHOGIBHAI Digitally signed by PRAKASH

BHOGIBHAI MAKWANA
MAKWANA Date: 2024.06.27 15:45:13 +05'30'
Prakash Makwana
Company Secretary
Encl.: As above
16th
Annual Report
2023-24 RESIDENTIAL • COMMERCIAL • HOSPITALITY
Forward-looking statement
In this Annual Report, we have
disclosed forward-looking
information to enable investors
to comprehend our prospects
and take informed investment
decisions. This report contains
statements – written and oral –
that we periodically, ‘projects’,
‘intends’, ‘plans’, ‘believes’ and
words of similar substance in
At Arvind SmartSpaces,
connection with any discussion
of future performance. We
cannot guarantee that these
forward-looking statements we design not just to
will be realised, although we
make, contain forward-looking build.
statements that set out
anticipated results based on
the management’s plans and
We design to inspire.
assumptions. We have tried
wherever possible to identify
such statements by using
Inspire our customers to
words such as ‘anticipates’, graduate to a holistically
superior lifestyle.
‘estimates’, ‘expects’ believe
we have been prudent in our
assumptions. The achievement
of results is subject to risks,
uncertainties and even Inspire the community
inaccurate assumptions.
Should known or unknown to elevate to a
risks or uncertainties
materialise, or should
sustainable, aesthetic
underlying assumptions prove
inaccurate, actual results could
environment.
vary materially from those
anticipated, estimated or Inspire our internal and
external stakeholders to
projected. Readers should bear
this in mind. We undertake
no obligation to publicly
update any forward-looking push the frontier when it
statements, whether as a result
of new information, future comes to institutionalise
events or otherwise.
empathetic design.
In view of this,
‘Designed to inspire’ is
about creating a better
world by democratising
design.
CONTENTS
Corporate Overview
Corporate snapshot 2
Our awards and recognition 6
Our journey across the years 10
Our financial highlights 11
Chairman’s perspective 14
Performance review 18
Business enablers 24-36
Our ESG commitment 37
Management discussion
and analysis 42
Statutory Reports
Directors’ Report & Annexures 59
Corporate Governance Report 79
Business Responsibility and
Sustainability Report 102
Financial Statements
Standalone Financial Statements 140
Consolidated Financial Statements 211
Notice 285
CORPORATE SNAPSHOT
Arvind
SmartSpaces
Limited is
not the usual
real estate
development
company.
2 | Arvind SmartSpaces Limited

Corporate Overview
Statutory Reports
It represents a new thinking

related to the creation of
distinctive and differentiated
residential spaces.
It institutionalises our high
design standards, and delivers
them consistently, with scale, on
schedule.
It balances spaciousness and
aesthetics to provide an oasis-
like quality of life in the midst of
congested urban clusters.
It focuses on select cities
(Ahmedabad, Bengaluru, Pune
and Surat) through horizontal
and vertical developments.
It validates our distinctive focus
through healthy profitability,
attractive operating cash flows
and being net debt-free.
The result is that the Company
has emerged as an inspirational
model in a competitive (and
often genericised) real estate
sector.
It represents superior design
not just in the way its properties
are constructed but in an
entirely distinctive way of doing
things.
Annual Report 2023-24 | 3

Vision
To create value for
all stakeholders by
redefining standards of
excellence and trust in
the real estate industry.
Mission
To raise the standards of
living by creating unique
real estate solutions. To
achieve customer delight
through innovation
and thoughtfulness in
everything we build. To
build from the ground
up, a company that
symbolises stability and
prosperity in the real
estate industry.

Corporate Overview
Statutory Reports
Background relationships with contractors and

Arvind SmartSpaces is a investors.
prominent real estate development Credit rating
company in India, headquartered
India Ratings and Research
in Ahmedabad. Founded in
(Ind-Ra) upgraded Arvind
2008, it is the real estate arm of
SmartSpaces’ long-term issuer
the Lalbhai Group. With over 75
rating from IND A+/Positive to
Mn square feet in total projects
IND A+/Stable. This enhancement Project classification
portfolio across the country, the
reflects the Company’s improved (ongoing and planned)
Company is committed to provide
credit indicators, strong operating March 2024
real estate solutions that enhance
performance, and reduced reliance
the quality of life for its customers.
on debt.
Arvind SmartSpaces is rapidly
98%
emerging as a major player in the RESIDENTIAL
Listing
corporate real estate sector in The equity shares of Arvind
India. SmartSpaces are listed on the
Our presence National Stock Exchange (NSE)
and the Bombay Stock Exchange
Arvind SmartSpaces is a
(BSE). The Company was valued COMMERCIAL/
prominent player in the Indian
2%
at Rs. 3,161.9 Cr as on March 31, INDUSTRIAL
real estate sector, operating in
2024.
four major markets: Ahmedabad,
Bangalore, Pune and Surat. The Platform Partnership
Company comprises a diverse Arvind SmartSpaces Limited
portfolio that spans key real estate and HDFC Capital Advisors
80%
segments, including residential, entered into a partnership, HORIZONTAL
industrial, commercial, and creating a Rs. 900 Cr residential
hospitality. With 21 projects at development platform with a
various stages of development, revenue potential of between
Arvind SmartSpaces offers a wide Rs. 4,000 and Rs. 5,000 Cr.
range of real estate solutions,
20%
such as residential villa townships, Human capital VERTICAL
apartment complexes, plotted As of March 31, 2024, the
developments, commercial Company comprised a talented
complexes, and industrial parks. workforce of 400 employees.
The Company’s focus on hiring
Brand value
highly talented individuals and
14%
LUXURY
The ‘Arvind’ brand enjoys a strong providing them with an enabling
presence across India, backed environment and necessary
by the Lalbhai Group’s 120-year- skill augmentation ensured the
plus legacy. As a USD 2.0-plus creation of a strong, empowered
Bn conglomerate managed by and future-ready workforce
professionals, the Arvind Group
81%
capable of successfully delivering MID-MARKET
is synonymous with values, the ambitions of the Company.
reputation, governance and
corporate social responsibility. The Offerings
Group’s diverse business portfolio Arvind SmartSpaces delivers
includes textiles and clothing, distinctive, customer-centric
5%
branded apparel, technical textiles, residential solutions that combine AFFORDABLE
water stewardship, omni-channel comfort, convenience, practicality
retail, telecommunications and and luxury. With a diversified
heavy engineering. product portfolio that includes
horizontal offerings such as plots
Arvind SmartSpaces has built
and villas, vertical options like
on this legacy by establishing
luxury and mid-income residential
value-accretive partnerships
housing and world class mixed-
with landowners and vendors,
use and township developments,
strong bonds with customers
Arvind SmartSpaces addresses
and shareholders, and enduring
wide customer preferences.

January 24, 2017
Arvind SmartSpaces Ltd. was
chosen as Asia’s Greatest Brands
2016 by Asiaone Magazine for its
performance (financial year 2015-
16). Mr. Kamal Singal, , Managing
Director and Chief Executive
Officer, was adjudged among
Asia’s Greatest Leaders 2016.
June 30, 2017

How we
Mr. Kamal Singal was given
the ‘Scroll of Honour’ at the
enhanced
9th Realty Plus Conclave &
Excellence Awards 2017.
peer
respect and
recognition September 26, 2018
Arvind SmartSpaces Limited
received the Prestigious Rising
Brands – Real Estate at the Award
Ceremony, presented by Her
CORPORATE RECOGNITION Excellency Mariam Al Rumaithi,
Chairperson – Abu Dhabi
Businesswomen Council, and
May 8, 2015 April 11, 2016 Ms. Chaity Sen, Publishing Director
– Herald Global.
Arvind SmartSpaces won The Mr. Kamal Singal, Managing
‘Emerging Developer of the Year Director and Chief Executive
- Residential’ around Uplands was Officer, was recognised as the
awarded the ‘Luxury Project of ‘Real Estate Most Enterprising
the Year’ in Realty Plus Excellence CEO of the Year’ by ‘The Golden August 25, 2019
Awards. Globe Tigers Award 2016’ Arvind SmartSpaces was awarded
‘Best Real Estate Company’ by
India News Gujarat at Gujarat First
Conclave.
March 15, 2022

Arvind SmartSpaces Ltd was
recognised as the Developer of
the Year – Residential at the CNBC
Awaaz Real Estate & Business
Excellence Awards.
February 20, 2016
Arvind SmartSpaces bagged the
‘Emerging Developer of the Year
– India’ award in ABP News Real
Estate Awards 2016 April 21, 2022
Arvind SmartSpaces Limited won
the ‘e4m Pride of India – The Best
of Bharat’ Awards 2022’.

Corporate Overview
Statutory Reports
August 01, 2022

Mr. Kamal Singal was recognised
as the Inspiring CEO of India 2022
@ 2nd Edition of The Economic
Times CEO Conclave
July 19, 2023
Arvind SmartSpaces Limited was recognised as Real Estate Brand of
the Year at the prestigious 9th Edition of the Real Estate and Business
Excellence Awards, 2023
Dec 16, 2022

Arvind SmartSpaces was
recognised as the Fastest Growing
Realty Brand of the Year at 14th
Realty+ Conclave & Excellence
Awards 2022 South
July 6, 2023
Arvind SmartSpaces won
Developer of the Year
Townships at 15th Realty+
Conclave & Excellence
Awards, 2023 – Gujarat
July 19, 2023 January 24, 2024

Mr. Kamal Singal, Managing December 21, 2023 Arvind SmartSpaces Limited
Director and Chief Executive Arvind Smartspaces Ltd. was recognised as “Developer
Officer recognised as the Most was awarded the prestigious of the Year – Residential”
Enterprising CEO of the Year ‘Progressive Places to Work at the 10th Edition of the
at the prestigious 9th Edition of 2023’ by ET NOW Real Estate and Business
the Real Estate and Business Excellence Awards, 2024
Excellence Awards, 2023

February 20, 2016 June 14, 2019
Uplands won ‘Integrated Township Arvind Aavishkaar won the
of the Year – India’ award in ABP ‘Affordable Housing Project of
News Real Estate Awards 2016. the Year’ award at the prestigious
Realty Plus Conclave & Excellence
Award 2019
April 11, 2016

Uplands was adjudged as
‘Integrated Township of the Year’ September 13, 2019
in yet another prestigious ‘The Arvind SmartSpaces was awarded
Golden Globe Tigers Award 2016’ ‘Best Golf Course Architecture
held at Pullman City Center Hotels (National award)’ for Arvind
and Residences, Kuala Lumpur, Uplands at The Golden Brick
Malaysia on April 11, 2016 Awards, Dubai
PROJECTS RECOGNITION
July 1, 2016
Arvind Citadel was awarded March 31, 2021
the ‘Residential Property of the Arvind SmartSpaces was
Year’ by Realty Plus Conclave & recognised as the ‘Most
Excellence Awards (Gujarat) – Trusted Real Estate Brand
2016 of the Year’; Arvind Forreste
was conferred ‘Most
Admired Project of the
Year’ at the CNN News 18
December 8, 2016 India Real Estate & Business
Arvind Expansia won the Excellence Awards 2021.
Residential Property of the Year
at Realty Plus Excellence Awards
(South) 2016 held on December
08, 2016 at Bengaluru.
August 27, 2021
Arvind Uplands was recognised as
‘Ultra Luxury – Lifestyle Project of
June 30, 2017 the Year’ at the Realty+ Conclave
Uplands by Arvind SmartSpaces 2021
was awarded ‘Design Project
of the Year’ at 9th Realty Plus
Conclave & Excellence Awards
2017. August 27, 2021
Arvind Highgrove was recognised
as ‘Plotted Development of the
Year’ at the Realty+ Conclave 2021
July 6, 2017
Arvind Expansia won ‘Luxury
Project of the Year’ award at the
National Awards for Marketing August 27, 2021
Excellence in Real Estate and Arvind Forreste wascrecognised
Infrastructure organised by as ‘Villa Project of the Year’ at the
Times Network at Taj Land’s End, Realty+ Conclave 2021
Mumbai, on July 6, 2017

Corporate Overview
Statutory Reports
March 10, 2022 December 16, 2022

Arvind Uplands was recognised Arvind Oasis won Themed Project January 24,
as the Residential Project of the Of The Year at 14th Realty+
year at The Economic Times Real Conclave & Excellence Awards 2024
Estate Awards – West 2022 South Arvind Forest Trails,
Sarjapur was recognised
as ‘Luxury Villa Project of
the Year’ at the 10th Edition
March 12, 2022 July 6, 2023 of the Real Estate and
Arvind Elan was recognised as Arvind Highgrove won Plotted Business Excellence Awards,
the Iconic Project of the Year at Development of the Year at 15th 2024
Realty+Conclave 2022. Realty+ Conclave & Excellence
Awards, 2023 – Gujarat
March 15, 2022

Arvind Bel Air was recognised as July 19, 2023
the Residential Property of the Arvind Bel Air was recognised as
Year at the Real Estate & Business Residential Project of the Year at
Excellence Awards the 9th Edition of the Real Estate
and Business Excellence Awards,
2023
June 1, 2022
Arvind Bel Air was recognised as
the Digital Innovation of the Year
at the Realty+ Idea Awards.
June 24, 2022

Arvind Forreste was recognised
as the Themed Project of the
Year at the 14th Edition of Realty+
2022 Gujarat.
June 24, 2022

Arvind Uplands was recognised
as the ultra-luxury project of the
year at the 14th Edition of Realty+
2022 Gujarat.
November 25, 2022

Uplands won the ‘Integrated
Township of the Year – India’
award in DNA Real Estate &
Infrastructure Round Table &
Awards on November 25, 2016 at
Taj Land Ends – Mumbai.
Elan, Pune

2024
sales
Our crossed
journey Rs. 1,100
across Cr
the years 2022
Rs. 900 Cr residential
development platform
was created with
HDFC Capital Advisors
(revenue potential up to
Rs. 5000 Cr)
2020 2021
Commenced our first Sales crossed Rs. 500
project (Forreste) Cr despite the pandemic
under DM Development disruption. A preferential
Management model issue of 7.4% equity was
made to the Managing
Director and Chief
2018 2019 Executive Officer. A

preferential issue of Rs.
85 Cr was made to HDFC
Infusion of funds by Strategic partnership Capital Advisors (8.8%
Promoter and Promoter was entered into with on a fully diluted basis)
Group HDFC Capital Advisors and the promoters
for long-term platform
funding
2016
Infusion of funds by the
Promoter and Promoter
Group
2015
Listed on NSE and BSE
following a demerger
from Arvind Limited

Corporate Overview
Statutory Reports
How Arvind SmartSpaces has

progressively strengthened its business
286
529
601
802
1,107
246
326
595
600
876
477
762
1005
1507
2228
217
138
(107)
(30)
(41)
0.75
0.46
(0.26)
(0.07)
(0.10)
FY20
FY21
FY22
FY23
FY24
FY20
FY21
FY22
FY23
FY24
FY20
FY21
FY22
FY23
FY24
FY20
FY21
FY22
FY23
FY24
FY20
FY21
FY22
FY23
FY24
Bookings Collections Unrecognised Net debt Gearing
(Rs. Cr) growth: (Rs. Cr) growth: revenue (Rs. Cr) (x)
(YoY 38%) (YoY 46%) (Rs. Cr)
Definition Definition Definition Definition Definition

Bookings highlight Collections are a Unrecognised revenue The quantum of debt This ratio measures net
indicate the value of financial indicator that indicates prospective after deducting cash and debt to net worth (fewer
real estate sold in a measure a Company’s revenues (until handover OCD / CCD / OCRPS / revaluation reserves).
financial year, indicating ability to collect to the customer) that Zero Coupon NCD on
existing and prospective outstandings on will flow into the P&L in the Company’s books. Why we measure
revenues (until handover schedule. The higher the the coming years The above statement This is one of the
to the customer). collections, the stronger does not include OCD defining measures of
the cash flow. Why we measure of Rs. 40 Cr issued to a Company’s financial
Why we measure Unrecognised revenue HDFC Platform 2 (8 health, indicating
Bookings by value Why we measure provides an index of the years original tenure + 2 the ability of the
provide an index of Collections provide an prospective size of the years) for a joint project Company to remunerate
prospective revenues, index of the Company’s Company’s P&L in Bangalore and the shareholders after
collections and profit. cash comfort in surplus accumulated servicing debt providers
quantum terms. Performance (the lower the gearing
towards land owners of
Performance The Company reported the better).
High Grove and Chirping
The Company reported Performance Rs. 2,228 Cr of
Woods
Rs. 1,107 Cr of booking The Company reported unrecognised revenue as Performance
value in FY23-24, the Rs. 876 Cr in collections on March 31, 2024. Why we measure The Company’s gearing
highest in any year. in FY23-24, its highest This number provides a stood at (0.10) as on
in a year, highlighting true and fair picture of March 31, 2024 from
the strong operational the Company’s intrinsic (0.07) as on March 31,
cycle of new sales, liquidity 2023.
construction and
delivery Performance
The Company’s net
debt increased from
Rs. (30) Cr in FY22-23
to Rs. (41) Cr in FY23-24
due to increased internal
accruals.

In FY23-24, ASL recorded its
highest annual collections of
Rs. 876 Cr, a YoY growth of 46%;
highlighting its strong operational
In FY23-24, ASL registered a
cycle of new sales, construction
booking value of Rs. 1,107 Cr, a YoY
and delivery.
growth of 38%, where the number
of units sold stood at 1,241 units. During the year, Operating Cash
Flows stood at Rs. 458 Cr as
Bangalore bookings stood at
against Rs. 201 Cr in the previous.
Rs. 420 Cr contributing 38% to
the total annual bookings. New The net-debt equity ratio on a
launches continued to perform consolidated basis as on March
well in new micro markets. 31, 2024 was (0.10) compared to
(0.07) as on March 31, 2023.
In FY23-24, ASL launched four
The financial year 2023-24 projects successfully, including During the year, ASL’s
has been a strong year for the Uplands 2.0 & 3.0, Forest Trails, consolidated revenue from
Company with highest ever Arvind Orchards and Rhythm operations grew by 33% to
bookings, collections and new Of Life, which contributed 71% Rs. 341 Cr and profit attributable
project additions while maintaining (Rs. 784 Cr) in annual bookings to equity holders increased by
THE YEAR
a robust Balance Sheet. value. 62% to Rs. 41 Cr.
Uplands 2.0 & 3.0 Clubhouse, Ahmedabad

Corporate Overview
Statutory Reports
The Board of Directors

FY23-24 was a historic year for the Company from a project addition
recommended a final dividend
perspective with cumulative new business development topline potential
of Rs. 2.50 per equity share and
~Rs. 4,150 Cr* added during the year. ASL added four projects in
special dividend of Rs. 1.00 per
Ahmedabad, and one each in Bengaluru and Surat.
equity share, totaling Rs. 3.50 per
Entered Surat with a ~Rs. 1,100 Cr horizontal multi asset township equity share of Rs. 10 each(i.e.
project, spread over 300 acres 35%). This marks consecutive
years of dividend distribution
Acquired a new high rise project in Bengaluru with a top line potential
of ~Rs. 400 Cr* comprising a saleable area of 4.6 Lac sq ft Concluded the first platform with
HDFC Capital Advisors through
Signed a 500 acre project in NH 47 South Ahmedabad with a revenue
HCARE 1 fund. The platform
potential of ~Rs. 1,450 Cr*
delivered strong returns in two-
Signed a 204-acre project in Bavla South Ahmedabad with a revenue and-half years of operations
potential of ~Rs. 850 Cr*. Project like Uplands 2.0 and 3.0 were
Successfully provided exit to
successfully launched in Q2
HDFC Capital for the project
Added a new horizontal project in Ahmedabad spread over 40 acres Arvind Fruits of Life within a year.
with a top line potential of ~Rs. 250 Cr. Project named Rhythm Of Life This project was housed under
THAT WAS
was launched in Q4 FY23-24. Platform 2

THE
CHAIRMAN’S
MESSAGE
SANJAY LALBHAI, CHAIRMAN

Corporate Overview
Statutory Reports
Overview equity share of Rs. 10 each(i.e. did not service an existing market;
Customer-centric design was 35%). This marks consecutive it would be fair to state that we
woven into the DNA of the Arvind years of dividend distribution. created one. The launch of a series
Group from its inception. Arvind of properties curated around
Profitable responsible growth
SmartSpaces continued this this proposition proved to be a
A strategic priority when we went gamechanger at two levels - in
legacy by creating living spaces
into business was a commitment terms of the consumer experience
that inspire our customers to
to market real estate differently. and superior profitability. We
live better lives; lives that are
We would invest in creating sold quicker since our product
enriched by the quality, aesthetic
products with a deep insight resonated with the customer’s
and functionality of the homes
of customer needs and trends, evolving needs; we sold at better
we build. Our guiding principle
focus on operational efficiency to realisations; we developed and
of #DesigndtoInspire is a call
deliver industry leading margins delivered faster; we generated
to action. It is a philosophy that
and invest in delivering class- higher accruals for onward
guides all our actions from the
leading customer ownership reinvestment, the start of a larger
selection of land to the design of
experience. At our Company, we virtuous cycle.
the product; from the execution of
resolved to deepen our niche
project to the living experience in Core competence
recall and positioning through
an Arvind home.
a simple approach: provide While our land aggregation,
I am pleased to communicate that customers what they truly want. Balance Sheet, digital
this positioning has resonated For instance, at the time of the marketing, HDFC platform,
strongly with our customer base. pandemic and after, there was a CRM, organisational culture
The result of this distinctiveness general propensity to build larger and strengths are enunciated
in product curation was that the apartments (vertical construction) in the subsequent pages of
Company emerged as one of the on the grounds that prospective the Annual Report, let me call
fastest growing listed real estate homeowners would seek to live attention to the product value
development companies in India. better. This was in alignment with proposition here. The success
The Company reported a 38% what we felt as well, with one of the Company in building a
growth in bookings and 46% difference. We felt that a larger brand for itself as a creation of
growth in collections compounded number of homeowners would not tranquil living spaces within the
across the five years ending with only seek to live in larger homes context of urban congestion
the last financial year. but would be inclined to graduate has emerged as a distinctive
from apartment-centric homes to recall. The Company is seen as
Drawing from the strengths
villa-defined residences. providing a luxury benchmark: the
and confidence in business
capacity to provide an elevated
performance, I am pleased to The result of this insight was that
living experience within urban
share that the Board of Directors we were taking the conventional
agglomerations.
recommended a final dividend application a step ahead: we
of Rs. 2.50 per equity share and curated villa homes marked This distinctive capability has been
special dividend of Rs. 1.00 per by spacious interiors and lush wrought through the development
equity share, totaling Rs. 3.50 per landscaping. The result is that we of strong operational capabilities
– from the identification of large
plots extending from 100 acres
to 500 acres; the competence
to convert land as a raw material
into a finished product; the ability
to aggregate resources leading
to efficient construction (largely
The success of the different from the templatised
manner in which projects are
Company in building a constructed vertically) and the
insight to balance the insides of
brand for itself as a creation homes with the outsides.
of tranquil living spaces I am pleased to communicate
within the context of urban that the Company deepened its

competence and insight into this
congestion has emerged as property development niche. The
Company is being recognised
a distinctive recall. as among the thought leaders
in urban life quality; it is being

respected for the contrarian ability The Company countered Stronger brand
to graduate beyond cookie-cutter this probable threat into an If there is one thing that we have
homes; it is being recognised for opportunity. The Company successfully achieved in the last
its capacity to create a market and constructed world-class club few years, it is the recall that
then occupy the largest share. houses first within its plotted ‘This company is different.’ The
developments, creating a traction result of this positioning is that
The perceived value of the
for buyers (‘there is something our customers have become
properties we developed was
to do in the evenings in engage our biggest brand ambassadors;
reflected in their occupancy.
with others’). The Company they have been able to bring
There has been a general trend
opened membership of these their friends and relatives to buy
of such plotted developments
clubs to external members from us. In FY23-24, 22% of our
to be treated as second homes
without ownership of the plotted bookings were through referrals.
that arerarely visited by their
properties, helping create a vibrant
owners, reducing them from to- What customers have told us is
community. The result is that a
be-lived-in assets to investable that we are not just another real
number of our homeowners have
assets. The result is that most of estate development company
made friends with other home
such horizontal properties attract releasing periodic inventory
owners; the external members
consumer traction at the outset in a crowded market: we are
have been impressed enough
only to be transformed into ghost being seen as a company that is
to buy into our properties. The
towns thereafter. willing to alter its product mix in
result is that every single of our
properties has enjoyed a post- response to changes in consumer
launch traction that has only preference. The Company
grown; this has helped us liquidate promoted a vertical development
available inventory; in turn, this has before the pandemic, generating a
helped us generate progressively majority of its bookings from this
better realisations. format; once social distancing and
41%
CAGR FY20-24 in
bookings
Rhythm Of Life Clubhouse, Ahmedabad

Corporate Overview
Statutory Reports
the need to live better emerged sustainable momentum where inspire – the bottomline of all that
during the lockdown and after, our brand is translating into we were or are engaged in – we
the Company pivoted with speed superior cash flows and higher created properties that would not
to the horizontal development capital efficiency. This was visible just qualify as the flavour of the
format, now generating a majority during the last financial year: the day but remain evergreen and
of its work-in-progress from this Company stayed zero debt while enduring. Our properties have
differentiated offering. We are net operating cash flows more been built around eco-friendly
again seeing a shift in consumer than doubled. We believe that products, designed around natural
sentiment and a potential reversal we are among select real estate daylight, low on environment
of this trend, a reality for which development companies in the load, enhancing value for all those
the Company proactively prepared country to possess net cash on the who live within. I have no doubt
by being able to see ahead of the books despite an increasing size that by building such homes, we
curve. of the gross development value of are playing a responsible role
our portfolio by 3X in the last year. in enhancing the lives of our
The stronger brand at our
customers.
Company has had an eco- Conservation over construction
system effect. We are now not The commitment to ESG is Outlook
just attracting more customers perhaps more relevant to our The outlook of the Company
willing to pay better; we are also sector than most. The real estate remains optimistic. India appears
attracting landowners seeking development sector needs to to have entered a new economic
to enter into joint development consistently engage with nature; phase with growth in some
projects with our Company. we build in nature, we build on quarters during the year under
By the virtue of being able to nature and we build around review being higher than 8%,
bring properties to market quicker nature. The extent to which we making it the fastest growing
and market them quicker as can moderate our impact on global economy. The Company is
well, we have set into motion a nature represents an overarching engaged in the execution of 27 mn
priority. The result is an ongoing sq ft of projects with a pipeline
interplay between construction of 44 mn sq ft. We estimate an
and conservation. unrealised operating cash flow
exceeding Rs. 2,563 Cr coming
At Arvind SmartSpaces, we have
from the current pipeline of
ensured that in this interplay,
projects.
conservation has won each time.
I have no doubt that because The Company is optimistic on
of this consistent outcome, we account of strategic business-
have grown in our business and strengthening initiatives likely
outperformed our sector. Much to enhance value across the
as it may appear to most that we foreseeable future. We believe
performed creditably on the basis that during the last couple of
of what we built, I have no doubt years, we strengthened a platform
that it was the other way around; for sustainable growth; we are
we performed creditably and built optimistic that this platform
a brand on the basis of what we will empower our next round
consciously selected not to build. of growth that enhances value
The result is that ‘Designed to for all those associated with our
Inspire’ is not a reference to the Company.
brick and mortar dimension of
our existence; it is a reference to
the way we have treated nature
instead. Sanjay Lalbhai
At Arvind SmartSpaces, we Chairman
designed our real estate properties
by seeking minimal biodiversity
disturbance. Our designs were
directed towards retaining or
planting local tree species; our
properties were designed around
floral sequences and patterns that
enhanced our project and inspired
stakeholders. By committing to

PERFORMANCE
REVIEW

Corporate Overview
Statutory Reports
We have reached
an inflection
point in the
Company’s
growth story
and we are
well poised
operationally to 458
capitalise on the
Rs. Cr, of Net Operating
Cashflow generated in
opportunities FY23-24
being thrown up
by the sector.
MR. KAMAL SINGAL Overview Sectorial consolidation
MANAGING DIRECTOR FY23-24 was a landmark year of The introduction of RERA in
AND CEO the Company with milestones India’s real estate sector in 2016
achieved across bookings, represented a seminal point in
collections and business treating the sector as a responsible
development. asset class. This watershed created
a new set of rules directed to
This improvement was a positive
enhance sectorial credibility.
outcome driven by sectorial
This structural shift resulted
consolidation and churn that
in unorganised players (who
resulted in a widening opportunity
accounted for a disproportionately
for organised real estate players
large part of the sector) beginning
on the one hand, and your
to yield ground, reduced to small
Company’s capacity to capitalise
real estate developments or being
on this transforming sectorial
compelled to transform their
reality.
identities from real estate players
My communication to shareholders into land aggregators.
addresses these two subjects: how
The transition resulted in a tailwind
the sectorial has transformed in
for organised real estate players
the last seven years and how the
in India. Before RERA, large real
Company is geared to capitalise
estate players accounted for a
on this transformation.
single-digit percentage share of

Highgrove Clubhouse, Ahmedabad
India’s real estate sector, having room waiting to be converted.

to share space with unorganised Around 80% of India’s real
players who often worked outside estate sector continues to be
the confines of law. unorganised, which is still a long
5,000-
way from developed economies
The result is that a new phase has
where the unorganised sector is
begun for the country’s organised
5,500 real estate sector. There is an
increased propensity for buyers
closer to 20-30%. As more urban
home buyers seek to buy into our
trusted brand, we see the share of
Rs. Cr. of Business to own homes being offered by
Development planned the organised sector in India’s real
branded players; there is a greater
in the coming year estate sector growing faster.
assurance of the home being
treated as a responsible asset This fundamental ground reality
class; there is a greater assurance of the sector is being catalysed
that their rights as buyers will be by the health of the national
protected; there is a greater focus economy. When people buy
on real estate companies being into homes – the single largest
bound by specific deliverables investment for most – they do
protecting the interests of so more frequently when there is
consumers. an overall optimism in the long-
term trajectory of the country’s
Even post-RERA, some organised
economy. This assurance is
players have grown faster than the
inspired by stable government
others. Companies that deepened
policies, controlled commodity
their brand relevance, maintained
inflation and stable interest rates
their fiscal prudence and focused
that promise a healthy multi-year
on customer interest grew
surplus in their hands that can be
faster in revenues and surpluses
channelised into longterm asset
and created a foundation for
creation.
sustainable growth.
This macro-economic stability
What provides optimism about the
and related consumer optimism
organised real estate companies
translated into a larger number of
consistently outperforming the
homes being acquired across the
unorganised is the vast sectorial
country. It is not just the larger

Corporate Overview
Statutory Reports
Designed To
Inspire is about
Democratising
design. At Arvind
Smartspaces,
we combine the
innate design
sense that is in
our DNA, with
the power and
credibility of an
industrial house.
number of homes being sold offerings by the organised sector build robustly credible brands are
that is proving to be a sectorial are being identified by elevated likely to outperform the sector.
game-changer; we find buyers living where a convergence of During the last few years, we
also turning to larger homes, amenities has helped create a invested in our brand around the
more expensive homes and completely transformed residential following priorities.
discretionary second or weekend universe.
One, we would stand for a
homes. The result is that we
The big question is what kind of distinctive recall of design,
are seeing homes turn from the
real estate companies are likely to indicative that in a conventional
completely functional to life style
outperform in this transforming sector we would provide a
assets; we are seeing people seek
environment. differentiated offering (by space,
homes that extend beyond shelter
scope, scale and experience).
to providing an enhanced lifestyle; My answer: a company that is
Designed To Inspire is about
we are seeing homes transform cognizant of customer preferences
democratising design. At Arvind
from the basic into personality and designs, and delivers
Smartspaces, we combine the
statements. products centered around those
innate design sense that is
preferences. A company that has
The result is that after an extended our DNA, with the power and
carved out a niche by delivering an
sectorial downtrend that lasted credibility of an industrial house.
exceptionally high quality of living
through the second half of the This allows us to institutionalise
through thoughtfully designed
last decade, the Indian real estate our high design standards, and
and meticulously executed
sector entered a long-term growth deliver them consistently, with
homescapes. A company that
phase. What is remarkable is scale, on schedule.
places customer values and trust
that after years of stable real
at the core of its operations. The We use our understanding of
estate realisations, home prices
result is that a company that is customers to deliver design that
have started trending higher.
recognised as a thought leader in both delights and is in tune with
More buyers are willing to pay a
urban life quality and respected for customer needs. We believe
premium for better project design,
the ability to deliver an exceptional good design – which raises the
superior and holistic community
life quality through the creation of level of aesthetics and living –
living. The result is that there is
landmarks within a cluttered urban should be accessible to all. Our
a discernible difference in the
landscape. aim is to create a positive impact
way real estate offerings are
by bringing this standard of
being perceived: offerings by the At Arvind SmartSpaces, this has
design thinking to all products.
unorganised sector are being contributed to enhancing our
This positioning has become
constrained by scale and scope; brand. Companies like ours that
increasingly relevant, and I am

HOW WE STRENGTHENED OUR
BUSINESS STRATEGY IN FY23-24
The Company prepared to enter the
Surat market (as large as Ahmedabad)
The Company seeks to enter the
Mumbai Metropolitan market, a sign of
strategic maturity
The Company strengthened senior
management talent
The Company will re-balance its
portfolio in line with emerging trends
The Company entered into focused
labour contracts, liberating contractors
from material purchases
The Company’s managerial structure
turned increasingly federal with
enhanced delegation to branch offices
pleased to communicate that booking of Rs. 1,107 Cr, a growth

this positioning was validated yet of 38% over the previous year
again during the last financial year. even as the Indian economy grew
around 8% during the last financial
Two, we will strengthen our
2,000-
year.
partnerships with the supports
of land (our raw material) and Brand Arvind continues to be
2,500 develop our internal capabilities to
shorten our time-to-market.
received strongly by homebuyers
across newer micro markets. New
Rs. Cr of new projects/ launches, including Uplands 2.0 &
phases to be launched Three, we will remain committed
3.0, Forest Trails, Arvind Orchards
in the coming year to fiscal prudence and balancing
and Rhythm Of Life, contributed
growth with healthy profitability.
~70% of booking value in FY23-24.
Four, we continue to put the Our Bangalore presence remained
customer at the center of all our strong with bookings of Rs. 420
activities with a focus on not just Cr contributing 38% to our total
sales but creating a differentiated annual bookings.
ownership experience.
In FY23-24, the Company made
Arvind SmartSpaces Limited an orbital change in business
represents a new age Indian real development, acquiring new
estate company synonymous projects with a projected topline of
with design, brand, governance, ~Rs. 4,150 Cr as against Rs. 930 Cr
trust, legacy and track record in FY22-23. The Company added
of quality & ontime delivery. four projects in Ahmedabad,
The combination of a structural and one each in Bengaluru and
sectorial shift and strategic Surat. Surat will be the third city
corporate differentiation translated in Gujarat apart from Ahmedabad
into a year of record performance and Gandhinagar, where ASL
in FY23-24. Your Company operates. We are confident of the
recorded its highest annual large opportunity that the Surat

Corporate Overview
Statutory Reports
Uplands 2.0 & 3.0, Ahmedabad
market presents and look forward during the last financial year, the we will be equipped to leverage
to expand our presence there. This Company deepened its financial the under-borrowed nature of our
strategic move underscores our discipline. Net Debt remained Balance Sheet. In view of this, we
proactive approach to growth and negative at Rs. (41) Cr as on March are optimistic of sustaining our
our focus in seizing opportunities 31, 2024 from a net debt position momentum or raising our game
in emerging markets. of Rs. (30) Cr as on March 31, should realities warrant
2023. Net operating cash flow was
While all launches were horizontal, The best is yet to come
Rs. 458 Cr in FY23-24 as against
the deliveries were majorly in high-
Rs. 201 Cr in FY22-23.
rise apartments. So historically, we
have developed both horizontal With an all-time low inventory
and vertical real estate and expect overhang and a decadal high Mr. Kamal Singal,
to maintain an equilibrium going average pricing growth, demand
Managing Director and CEO
forward. optimism in the residential markets
is likely to continue in the medium
In FY23-24, collections were
term. At Arvind SmartSpaces,
Rs. 876 Cr, a growth of 46%
we have entered a virtuous cycle.
year-on-year and the highest
The sustainability of our growth
in the Company’s history. This
is derived from the fact that
performance was the result of
outperformance during the last
efficient execution of the virtuous
financial year was not the result of
process of sales, registrations,
a temporary arbitrage; it was the
construction and deliveries.
of result of a systemic maturing.
In FY23-24, we reported a revenue The complement of people,
of Rs. 341 Cr, up 33% on a year-on- processes, systems, protocols
year basis. EBITDA grew at 57% and priorities now represents a
to Rs. 85.5 Cr. while PAT for the base that will be scaled within our
FY23-24 grew 62% to Rs. 41.6 Cr. prudential financial discipline.
What was creditable is that even
We also believe that should any
as the Company grew its business
outsized opportunities emerge,

Sales and
marketing
Oasis, Bengaluru
Overview smart homes, sustainability, and

The Indian economy demonstrated community-centric offerings, a
resilience in FY23-24, reinforcing shift towards integrated lifestyles.
the prospects of India’s real The long-term optimism for the
estate sector. The landscape of sector is derived from the fact
India’s real estate sector market that around 80% of India’s real
appears promising. The sector’s estate sector is unorganised. As
trajectory over the past few years urban home buyers increasingly
has created the foundation for prefer well-planned communities
sustainable growth, catalysed brought to the market by reputed
by shifting demographics, brands over standalone homes
technological advancements, and constructed by unorganised
favourable policies. players, the share of the organised
In India, buyer preferences have sector in India’s real estate market
evolved across segments - from is expected to grow rapidly.
affordable housing to luxury Arvind SmartSpaces Limited has
homes. The middle-income capitalised on this favourable
group (MIG) and upper MIG seek transition. The Company’s

Corporate Overview
Statutory Reports
impressive FY23-24 performance

highlights its preparedness. The
Company is at the forefront of
Highlights, FY23-24
changes, offering innovative and
The Company achieved its (Rs. 784 Cr) of the Company’s
sustainable housing solutions
highest bookings in a single booking value in FY23-24
that address the evolving needs
year of Rs. 1,107 Cr, a 38%
of modern home buyers. The The Company’s Uplands
growth
Company continues to focus 2.0 launch in Adroda (South
on smart, sustainable, and The Company recorded Ahmedabad) received an
community-centric development bookings of 7.3 Mn square feet outstanding response. The first
that positions it as a key player in and 1,241 units, compared to 3.4 phase (about 4 Mn square feet)
India’s dynamic real estate sector. Mn square feet and 1,108 units in sold completely in three days
the previous year and generated sales of more
than Rs. 300 Cr.
The Company retained is
position as the Ahmedabad The Company’s Forest Trails
leader in horizontal launch in Sarjapur (Bengaluru),
developments on account featuring premium 5 BHK villas,
of its strong brand, design generated sales of over Rs. 154
excellence, and post-sales price Cr in the first phase, clearing
appreciation on account of over 30% of the launched
premium conveniences like golf inventory.
courses and large clubhouses.
The Company’s Arvind
The Company increased Orchards launch in Bengaluru
its presence in Bangalore; sold the entire first phase of
Bangalore bookings reached inventory of Rs. 163 Cr within
Rs. 420 Cr, accounting for 38% seven hours. The Company’s
of the total annual bookings. launch of Rhythm of Life and
Laxmanpura at the end of
New launches - Uplands
March, 2024, achieved sales of
2.0, 3.0 Forest Trails, Arvind
over Rs. 70 Cr, accounting for
Orchards and Rhythm of
75% of the inventory.
Life - performed creditably
in emerging micro-markets. The Company achieved a
These projects contributed 70% creditable referral rate of 23%
(12% in FY22-23).
Marketing initiatives, Channel partners contributed Outlook, FY24-25

FY23-24 36% to sales. Annual Operating Arvind SmartSpaces plans to
Plan partnerships with key channel sustain its historic growth rate
Cost of acquired sales was partners deepened, contributing
less than 1.75% for most new of 30-35% across operating
more than 40% of the channel parameters. The Company aims
launches, indicating the speed partner business.
and effectiveness with which the to launch projects and phases
Company marketed new launches A full-scale 360-degree valued at Rs. 2000-2500 Cr. The
marketing campaign (above the Company aims to augment its
Arvind SmartSpaces invested line, below the line, digital and market share and leadership in
in digital marketing initiatives, channel partner activation) was Ahmedabad, expand its presence
generating 25% of its revenue from launched in Bangalore, and deepen its
online leads. presence in Pune. Additionally,
The inaugural Arvind Arvind SmartSpaces intends to
State of art in-house call RunToInspire10K marathon was
center set up with a 15-member enter the Mumbai Metropolitan
promoted through digital and Region, introducing horizontal
dedicated team above-the-line channels, attracting projects and exploring vertical
Vast network of channel more than 600 participants projects through outright
partners comprised > 1,200 with purchases, joint development
detailed CP management systems agreements and redevelopment.

Our business
development
Belair, Bengaluru
Asset light approach
Strong oversight and approval Due diligence process: Legal team: An

mechanism: Robust system Engaging reputable law firms for in-house team
overseen directly by the Managing comprehensive legal assessments, of legal experts
Director & Chief Executive Officer ensuring regulatory compliance ensuring compliance,
for comprehensive project and risk mitigation. mitigating risks, and
evaluation. expediting processes.
Experienced team: Detailed viability Terms and safeguards: Solid relationships:

An experienced model: A meticulous Negotiating Deepening ties with
team proficient and conservative favorable terms and landowners and
in identifying and financial model implementing robust channel partners,
securing prime land ensuring project safeguards to protect fostering trust for
parcels. sustainability and the company’s prospective ventures.
profitability. interests.

Corporate Overview
Statutory Reports
Highlights, FY23-24
The year proved to be potential of Rs. 116 Cr (under
a milestone in terms of the Development Management
project expansions, marked model).
by the addition of business
In the second quarter, the
development with a topline
Company acquired a 43-acre
potential of approximately
high-rise project in Bengaluru
Rs. 4,150 Cr (previous year
with a projected revenue
Rs. 930 Cr); the Company
potential of Rs. 400 Cr covering
introduced four projects in
a saleable area of 4.6 Lac
Ahmedabad in addition to one
square feet.
each in Bengaluru and Surat.
In the fourth quarter, the
In the first quarter, the
Company expanded its portfolio
Company entered into a 500-
with a 40-acre horizontal
acre project deal along NH
project in Ahmedabad called
47 South Ahmedabad, with a
Rhythm Of Life with a projected
projected revenue potential of
Overview topline potential of Rs. 250 Cr.
around Rs. 1,450 Cr under a
At Arvind SmartSpaces, the 50% revenue share model. In the third quarter, the
commitment to foster sustainable Company entered the Surat
In the second quarter, the
growth is evident in investments in realty market with a 300 acre
Company secured a 204-
new development initiatives. The horizontal multi-asset township
acre project in Bavla (South
Company deepened its presence project possessing a revenue
Ahmedabad) called Uplands
in focused geographies and is potential of Rs. 1,100 Cr (joint
2.0 and 3.0, with a projected
consciously evaluating new micro development model with 55%
revenue potential of Rs. 850 Cr
markets to expand its presence. revenue share).
(55% revenue share).
The strategic approach focuses on
The Company’s business
identifying markets that optimise In the first quarter, the
development team conducted
a price-value proposition and Company entered into an
comprehensive micro-
help build enduring partnerships, agreement with a subsidiary of
market evaluation to assess
allowing the Company to cultivate Arvind Ltd. to develop a 16-
attractiveness, potential
a robust pipeline that sustains acre township at Moti Bhoyan,
realisations and sales velocity
continuous expansion and success. with a projected revenue
before landing new projects.
Our strategy by streamlined process of enhanced profitability on project

At Arvind SmartSpaces, we development, sale, and exit. maturing. By anticipating market
recognise the role of visualisation shifts and diligent project
Medium-term projects span
in assessing land parcels and management, the Company
four to five years, allowing for
estimating prospective growth ensures that developments endure
comprehensive planning and
potential. and flourish, delivering enduring
execution.
stakeholder value.
The Company envisions not just Long-term projects unfold across
the physical landscape but also The Company is committed to
8-10 years, developed in phases to
community growth, resulting in allocate Rs. 1,000 Cr towards
align with market dynamics and
lifecycle projects understanding. the acquisition of 6-7 projects,
evolving community needs with
which could collectively
The Company’s competence lies the opportunity to extract greater
generate a cumulative topline of
in designing three distinct project value across the project life cycle.
approximately Rs. 5,000 Cr within
types: short-term, medium-term, The essence of the Company’s 12 months.
and long-term. strategy lies in deepening revenue
Short-term projects offer sustainability. For long-term
quick returns, characterised projects, the Company initiates
proactive land acquisition,
leveraging the potential for

Our joint ventures
At Arvind SmartSpaces, joint
developments offer a multitude of
benefits.
Firstly, they empower the
Company to expand operations
without significant capital
outlay. Secondly, these joint
developments (JDs) mitigate land-
related risks. Thirdly, they expedite
project timelines as the land
acquired through JDs is typically
ready for development, eliminating
regulatory hurdles. Fourthly, JDs
enhance Internal Rate of Returns
by minimising upfront investments.
Outlook, FY24-25
Arvind SmartSpaces aims to
undertake business development
activities to add a GDV of
Rs. 5,000-5,500 Cr in the
coming year. The Company aims
to increase market share and
leadership in Ahmedabad, expand
its presence in Bangalore, deepen
presence in Pune and venture into
the MMR. The Company seeks
to rebalance its portfolio around
an equal presence in vertical and
horizontal developments and
Drone-enhanced land analysis for precision design increase the proportion of outright
projects over joint development
The Company implemented cutting-edge drone technology agreements.
to analyze prospective land parcel topography. This advanced
approach empowered the Company to derive comprehensive The Company is confident of
insights into terrains, facilitating informed decision-making. prospects, considering that
its geographical presence is
Moreover, the Company employed rigorous topographic mapping influenced by extensive studies
methodologies to ascertain natural water flow across the land. of the long-term growth of those
By understanding these hydrological dynamics, the Company urban clusters and micro-markets.
customised designs for water bodies and golf courses to harmonise As a matter of caution, the
seamlessly with the peripheral terrain. This approach ensured that Company selects to deepen its
developments not only complemented the natural landscape but presence in existing urban clusters
also enhanced aesthetic appeal and ecological sustainability. before entering new developed
markets.

Corporate Overview
Statutory Reports
Finance
Belair, Bengaluru
Overview The Company has been built oversight across acquisition,

The Company’s financial around financial discipline. This launch, and execution cycles,
foundation has been structured discipline has been marked by driving projects and corporate
around adequate net worth, cost efficiency (sourcing new profitability.
absence of debt and a promoter projects or leveraging digital
commitment to infuse capital sales to optimise marketing Our strategic goal
whenever necessary (Rs. 51 Cr in expenditure or the procurement At Arvind SmartSpaces, we believe
May 2016, Rs. 53 Cr in February of building material). Besides, this that business sustainability is
2018, and Rs. 35 Cr in October discipline has been reinforced catalysed by competent cash
2021) in addition to an exercise through checks, balances, industry flow management coupled with a
of 28,50,000 warrants of the benchmarking and data-driven low borrowing. At the Company,
Company by the CEO, investing decision making. these realities have been derived
Rs. 29 cr into the Company’s net The outcome of this discipline through accelerated sales within a
worth. The result is that at Arvind is manifested in the Company’s compressed period; the Company
SmartSpaces there is a complete consistent outperformance. The focuses on 30-40% sales during
alignment of senior management Company’s robust cash flows the pre-launch and launch stages
interests with the corporate and profitability are higher than to create an initial momentum that
priority and strategic direction. the industry benchmark; they moderates subsequent working
underscore the management’s capital borrowing and ensures

that the project sustains largely
through advances provided by
buyers. This negative working
Highlights, FY23-24
capital approach ensures that the
Arvind SmartSpaces reported outperformance was attributed
Company’s debt-to-equity ratio
a 33% growth in topline and to the seamless process
remains well below its guardrail of
62 increase in profit after tax execution encompassing sales,
1:1 (also assisted by timely equity
during the year under review. registrations, construction, and
infusions by the promoters).
The fact that the Company deliveries. Strong collections
reported profitable growth resulted in net operating cash
Partnership with HDFC is a validation of its business flows of Rs. 458 Cr in FY23-24.
Capital model and competitiveness. This liquidity will empower the
At Arvind SmartSpaces, we During the year under review, Company to sustain project
believe in creating, enduring and Arvind SmartSpaces remained progress and generate an Net
eventually beneficial partnerships, one of few companies in its Estimated Unrealised Operating
whether it is with landowners, sector with negative net debt, Cashflow of Rs. 2,563 Cr
vendors, contractors or financial a rarity in a business marked from its projects across the
partners. The availability of large by sizable capital investments. foreseeable future.
funding lines makes it possible The Company’s net debt
Consequently, the Company’s
for the Company to capitalise decreased to Rs. (41) Cr as of
long-term credit rating
on opportunities related to land March 31, 2024, from Rs. (30)
improved to A+ with a Stable
acquisition and timely project Cr as of March 31, 2023. This
outlook compared to its
development. under-borrowed nature of the
previous rating of IND A with a
business, at a time when it is
In 2019, the Company entered Positive outlook in December
growing attractively year-on-
an 80/20 venture with HCARE 1, 2022.
year, indicates the robustness
a Special Purpose Vehicle entity
of the Company’s strategic In view of the improvements in
directed at mid-market and
approach and business business model and projected
affordable housing development.
direction. outlook, the Board of Directors
The first project, a plotted
have recommended a final
development, was acquired at The growth of the Company
dividend of Rs. 2.50 per equity
Devanahalli, Bengaluru, in 2020. during the last financial year
share and special dividend
This platform was concluded cascaded into increased
of Rs. 1.00 per equity share,
within two-and-a-half years. liquidity, critical to business
totaling Rs. 3.50 per equity
acceleration and sustainability.
In 2021, HDFC Capital Advisors share of Rs. 10 each (i.e. 35%).
The Company made record
participated in a preferential issue, This announcement marked two
collections of Rs. 876 Cr, a
HCARE 1 subscribing to 8.8% consecutive years of dividend
46% year-on-year growth, the
equity in Arvind SmartSpaces distribution.
highest in its existence. This
(fully diluted basis).
In 2022, Arvind SmartSpaces
raised Rs. 900 Cr with HDFC with a Stable outlook. Arvind Company plans to expand its
under HCARE III to create a SmartSpaces is attractively projects pipeline. The Company is
residential development platform positioned to generate sustainable committed to multi-fold bookings
with a revenue potential in excess growth. The Company aims to growth without compromising
of Rs. 4,000 Cr. The proposed sustain 30-35% growth across profitability. The Company will
investments in this platform by relevant metrics, comprising focus on creating long-term value
Arvind SmartSpaces and HCARE bookings, collections, revenue, by transforming large land parcels
III are Rs. 300 Cr and Rs. 600 EBITDA, and PAT; EBITDA margins into attracttive destinations.
Cr, respectively (three projects are likely to be sustained around Driven by this aspiration, Arvind
acquired under the platform). The 25%, indicating business model SmartSpaces aims to emerge
Company provided a successful predictability. among India’s leading real estate
exit to HDFC in one project during players.
the last financial year. Leveraging the growth headroom
available within its Balance Sheet
Outlook, FY24-25 without stretching its financial
The Company’s long-term hygiene and its existing funding
credit rating improved to A+ line available from HDFC, the

Corporate Overview
Statutory Reports
Design
Uplands Villa, Ahmedabad
Overview offering a range of outdoor

The role of design is becoming amenities and an elevated lifestyle.
increasingly critical in modern real The result is that operative lifestyle
estate development. The focus is indicators in such offerings inside
no longer on ‘How big is my home gated complexes factor into
going to be?’ This conventional account the ratio of open spaces
focus has been replaced by ‘How to closed space and density of
aligned is my home to my and my people per square feet.
family’s evolving needs’? The result is that horizontal
This difference in perspective has developments – by nature
been inspired by the integration spacious and sprawling – have
of a holistic lifestyle deeper emerged as an ideal choice
into gated residential living. As for weekend homes, primary
an extension of this lifestyle residences, and urban investment
redefinition, the incidence of opportunities, especially across
larger plotted villas and multi- congested urban clusters like
use townships within expansive Ahmedabad, Surat, Bengaluru,
communities is gaining traction, Pune and the Mumbai
Metropolitan Region.

These planed real estate The Company enhanced the
developments distinguish Challenges and its aesthetic appeal and functionality
themselves over traditional mitigation of projects while maintaining key
residential facilities by addressing design ratios like saleable area/
the customer’s need for land Non-contiguous and FSI, carpet area/FSI, and the
ownership, greater privacy and asymmetrical land parcels percentage of built-up-to-carpet
engagement. Contemporary affect the growth of large area.
horizontal developments, scale property development.
Some design regulations are The Company’s emphasis on
encompassing plots, villas and
counterintuitive and affect sustainability from the design
townships, also address a growing
the design process. phase comprised eco-friendly
need for smart, secure, and
designs that optimised ventilation,
luxurious living while fostering a Arvind SmartSpaces oriented projects around the sun
sense of community. collaborates with a team path, used green resources and
Arvind SmartSpaces has been a of international architects moderated water use. Our projects
pioneer in this distinctive space, and liaison partners. The prioritise design quality over cost
comprising the plotting, villa, Company partnered best-in- moderation.
villament and townships. Following class global design firms like
the pandemic, the Company Woods Bagot, HOK, RSP, and Commitment to
AAA, supported by a robust
recognised an opportunity for
in-house team of architects.
sustainability
spacious living. The Company
This combined expertise At Arvind SmartSpaces,
launched relevant horizontal
empowered the Company to sustainability sits at the core of
properties in Ahmedabad and
navigate design complexities operations, minimising ambient
Bengaluru, marked by a focus
and deliver superior impact. The Company’s projects
on design, sporting amenities
outcomes. minimised biodiversity disturbance
(golf course), luxury clubhouses,
or disruption; they comprised
personal open areas, modern
extensive landscaping, enhancing
amenities, uncrowded recreational
ambient air integrity. The
facilities and a green landscape - a
Company prioritised the use of
distinctively superior lifestyle.
designs that maximised the use
Our design-first philosophy of daylight, improving occupant
The Company institutionalised
its approach to horizontal Our overarching philosophy is to health and productivity.
development; the Company ensure our products are designed
around the stated and unstated The Company’s energy-efficient
distilled inputs from within
aspirations of customers. This projects incorporated eco-friendly
and without before arriving at
design-first approach emphasises materials like AAC blocks, RCC
property launch dimensions. The
a greater role for aesthetics, life pavers, fly ash, fiber-reinforced
Company’s sales and customer
quality and construction efficiency. plastic, organic waste converters,
relationship management teams
The Company embarks on project solar lights, water harvesting
provided real-time feedback on
design with a comprehensive structures, and sewage treatment
evolving marketplace realities
customer understanding matched plants.
and sales offtake trends, ensuring
continuous improvement. by customised design. The diverse elements of
Over the years, some design- sustainability within the
driven innovations comprised the Company’s projects comprise the
following: following:
Use of local tree species Solar lighting in common areas;

warranting minimal maintenance motion sensors in car parks
that helped create urban forests in Rainwater harvesting and
larger projects percolation pits to enhance the
Switch heights in rooms adjusted water balance
based on their utility.
Flexibility of small rooms used
as study areas, offices, recreation
rooms, and larger layouts.

Corporate Overview
Statutory Reports
Smart water meters to track

resource consumption
Unique features of our high-rise projects
Sustainable cleaning materials to In the high-rise projects, the Company’s thoughtful design process
moderate chemicals runoff incorporated elements to ensure that the building continued to
Low VOC paints etc. maintain its looks despite occupation (all facades were designed
to conceal air conditioning units so that aesthetics were not
Fostering innovation and compromised by functionalities), preserving the building’s
collaboration aesthetics. Each project was developed around unique selling
propositions leading to distinctive experiences:
The Company’s decision-
making process is designed to
nurture curiosity within product
Uplands: Executive Sporcia: Homes centered
teams, encouraging a culture
golf course and Disney around sports amenities
of continuous learning and
clubhouse
engagement with the industry’s
thought leaders. The Company
motivated teams to visit real estate
development projects across Skylands: Jogging track in Belair: Exclusive club in the
cities for a wider understanding of the sky air
successful projects and emerging
trends.
The Company entered into Highgrove: Three acres of Forreste: Urban forest
collaborations with prominent lily pond
architects like Perkins Eastman,
Apurva Amin, WATG, Woods
Bagot and Amitabh Teotia to Fruits of Life: Community fruit orchards
deepen design orientation leading
to project differentiation and
excellence.
Outlook, FY24-25
In the year ahead, ASL aims to further push the boundaries of
design to create world class developments that become destinations
and not just Projects.
Arvind Orchards, Bengluru

Customer relationship
management and success at ASL
Overview Customer centricity introduced customer referral and
At Arvind SmartSpaces, At Arvind SmartSpaces, the loyalty programs to encourage
we extended our customer focus lies in delivering a seamless customers to refer the properties
engagement to encompass customer experience. The to others. The Company’s user-
every touch point with the dedicated service request modules friendly customer portal put the
customer. Over time, this recorded customer interactions, power in client hands; they could
approach manifested in extending ensuring that every call and email access information and get quicker
beyond mere sale to engaging generated a timely organisational resolutions.
experiences. Even as promised response. The Company shared SFDC, the Company’s licensed
delivery was essential, the monthly construction progress access platform, served as a
commitment extended to delight updates with customers, keeping comprehensive repository for all
customers at every touchpoint, them completely informed about customer information. Access to
deepening trust, loyalty, and when their home would be this tool was controlled, restricted
satisfaction. complete. solely to authorised CRM
The Company seeks to delight at Since happy customers personnel. This control ensured
every touch point in the customer represented the Company’s most the integrity and confidentiality of
life cycle through customer- potent ambassadors, the Company customer data.
centric offerings, timely property
handover, self-service convenience
(through the customer portal),
value-added maintenance services
Enhancing the customer experience
and innovative Pro-Res services.
Customer feedback survey Proactive communication Customer engagement

process activities
The Company employed a
survey system triggered from the
Salesforce (SFDC) platform, where Internal processes around Team empowerment
customers provided feedback on SOPs through confidence and skill
experiences covering property building
registration, onboarding, handover
and service request closures.
Reduced manual Prompt response to
engagement through customer queries
enhanced automation
Key initiatives, FY23-24 The Company conducted The Company tracked the
The Company established events and activities in handed- turnaround time on calls and
a dedicated relationship over projects to enhance the service requests
management process where each living experience, fostering a
The Company launched a
customer was allocated a single strong sense of community. The
dedicated customer portal to
point of contact for the resolution Company’s relationship managers
provide expedited access and a
of queries or issues wished customers on their
swift resolution of issues for the
birthdays and anniversaries
benefit of customers.

Corporate Overview
Statutory Reports
How ASL is strengthening

workforce resilience
Overview opportunities that fostered a larger involvement of line

At Arvind SmartSpaces, we are professional development. This managers in utilising the system.
committed to create a work approach was evident in the
Expansion of learning and
culture that is engaging, resilient leadership pipeline that grew from
development opportunities: The
and joyous. The Company’s within, an index of the Company’s
Company expanded the range
focus is on investing in people, capacity to delegate and plan
of learning and development
empowering them to realise their responsible succession.
opportunities through the One
full potential and true purpose. The Company fostered a balanced Arvind - Skill Development
The enhanced stakeholder value employee lifestyle through flexible platform. This included technical,
is then the outcome of consistent work timings, employee-friendly soft skills, and managerial
efforts in creating an innovative, leave policy, comprehensive programs offered by external
process-oriented and high- medical and sick leave benefits, agencies like the Ahmedabad
performing organisation. women-centric policies, Management Association
The Company prioritised the training programs, and periodic and Princeton University. The
recruitment cum engagement engagement activities. Company will provide access to
of the best-fit individuals for offline trainings in South India
roles rather than the generalised Enhancing HR initiatives at by collaborating with Bengaluru
seeking of the most talented Arvind SmartSpaces Management Association. The
candidates. The Company ensured Company is exploring internal
Implementation of Darwin Box
that each person was deployed resources for technical training
HRIS System: The Company made
in the right place at the right aligned with business objectives.
significant progress in adapting
time, optimising capabilities. to the Darwin Box HRIS System, Employee engagement and
As a part of the approach to particularly in HR operations. welfare activities: The Company
job enlargement, the Company The Company is integrating the prioritised employee engagement
progressively widened employee recruitment module, ensuring through activities like festival
roles; it provided job enrichment

celebrations, birthday events, Advancing organisational
sports days, and social media growth
Employees initiatives. It focused on employee
The Company’s full-time
well-being by organising yoga
equivalent headcount increased
328
camps, Medi Buddy programs,
women’s day celebrations, and from 289 (April 1, 2023) to 400
sports events. (March 31, 2024), a 38% rise in
Male line with widening organisational
Talent recognition and objectives.
72
recruitment: The Company
conducted annual Town Hall Timely attrition monitoring
meetings and leadership enclaves sensitised heads of department,
Female (18% of total prompting the creation of
workforce) to recognise talent. It ensured the
recruitment of best-fit candidates a leadership pipeline and
through employee referrals, job succession planning. Various team
portals, campus interviews, and engagements across functional
support to hiring managers. departments fostered closer
collaboration, emphasising inter-
Enhancing employee dependence.
management and engagement:
The Company implemented The Company comprised a
initiatives such as Chat with MD, relatively young workforce with
employee suggestion programs, the average age of employees in
and CLAP Cards to inspire, FY23-24 at 35 years.
motivate, and recognise employee
strengths.
Safety standards Conducting regular site Implementing emergency

The Company’s safety manual was inspections: The Company response plans: The Company’s
been crafted to ensure employee inspected construction sites emergency response plans
well-being and prevent safety- to identify and address safety managed accidents or injuries,
related incidents. The objective hazards, ensuring a safe working enabling appropriate actions
was to minimise accidents by environment for all employees. to minimise risks and ensure
adhering to safety codes and workforce well-being.
maintaining high safety standards.
The Company implemented
Employees Employees by gender
measures to ensure employee
safety, including: Year FY24 Year FY24
Education and training: The Employees 400 Male 328 (82%)
Company conducted periodic Female 72 (18%)
training to educate employees Employees by age group
about safety precautions and
standards Year FY24 Average age
Appointment of safety officers: Age group 22-35 254 (63%) Year FY24
The Company hired safety Age group 36-45 107 (27%) Average age 35
officers responsible for overseeing
Age group 46-60 39 (10%)
safety protocols and sensitising
employees around safety practices Employees by position
Employees by tenure Year FY24
The Company upheld safety
measures through the following: Year FY24 Graduates 120 (30%)
Utilising appropriate equipment: More than 5 years 15.25 Masters 28 (7%)
The Company ensured the use of (as % of total) Engineers 191 (48%)
suitable equipment equipped with
MBAs 56 (14%)
proper safety features to mitigate
potential hazards. Chartered 5 (1%)
accountants

Corporate Overview
Statutory Reports
Building a greener future:

Arvind SmartSpace’s commitment
to ESG excellence
Highlights FY23-24 Overview Environment

At Arvind SmartSpaces, we are
47,173
At Arvind SmartSpaces, our
dedicated to building sustainable unwavering commitment to
communities through innovative environmental sustainability drives
kWh renewable energy consumed design, advanced technology and every aspect of our operations.
resource-efficient practices. As We are dedicated to reducing
6.25
% increase in renewable electricity
we progress on our sustainability
journey, we are committed to
our ecological footprint through
innovative design, adoption
becoming leaders in this field of advanced technology, and
from last year by setting new standards for responsible resource management.
environmentally conscious Lats year, we embarked on
9,000
trees planted
development. Our commitment
to sustainability ensures that
our spaces not only enhance the
initiatives aimed at conserving
natural resources and enhancing
green cover in all our projects.
well-being of their occupants but Our efforts reflect our mission to
75
also preserve or enrich the natural create resilient and eco-friendly
environment. We strive to create spaces. This section outlines
Rs. Lac spent on CSR activities living and working environments our key environmental aspects
that are environmentally and our strategic approach to
responsible and conducive to sustainability, ensuring a positive
a higher quality of life, leaving impact on people and the planet.
a richer legacy for future
generations.

Arvind is a fashion powerhouse emission reduction and offsetting,
that is also building new age constant monitoring to measure
homes; impact, auditable accounting,
easy disclosures, and compliance
A global leader in apparel
management. This partnership
manufacturing that is also
is aimed at bringing complete
transforming water management;
transparency, measurability and
A denim pioneer that is a seamless collaboration to enhance
trailblazer in advanced materials; environmental stewardship and
contribute to a sustainable future.
A wearable technology
manufacturer that is also We are dedicated to implementing
delivering state-of-the-art innovative practices and
engineering solutions. technologies across all aspects
of our operations to achieve
The Group’s commitment to
sustainability goals. Our efforts
sustainability and environmental
are focused on four areas: Energy,
management is inspirational. From
Emissions, Water, and Sustainable
utilising 100% of recycled water
Materials.
in the production of textiles to
ensuring zero liquid discharge in Energy
the manufacturing process, from Energy efficiency is the
empowering over 75,000 farmers cornerstone of our sustainability
in sustainable farming methods strategy at Arvind SmartSpaces.
to partnering agencies to convert We recognise the critical
textile waste into virgin quality importance of minimising energy
products, Arvind has been at the consumption to reduce our carbon
forefront of sustainability and footprint and enhance operational
environmental management. efficiency. To this end, we
Recently, Arvind partnered Gap undertook initiatives to optimise
Inc., global apparel retailer, to energy across our projects.
unveil a new water treatment Renewable energy integration:
facility that will eliminate the We increased our reliance on
use of freshwater at Arvind’s renewable energy sources. In
denim manufacturing unit in FY23-24, our total electricity
Ahmedabad. This initiative will consumption from renewable
help in preserving local freshwater sources was 170 GJ, up from 160
resources. The new facility will GJ in FY22-23. This shift towards
save 8 Mn liters of fresh water per renewable energy helped reduce
day, or 2.5 Bn liters of freshwater our dependence on fossil fuels
on an annual basis. and lowered our greenhouse gas
Taking that legacy forward, emissions.
Arvind SmartSpaces Ltd Energy-efficient design: Our
partnered Sprih, a leading carbon buildings are designed with energy
management and accounting efficiency in mind. Our layouts are
platform, to bolster sustainability. designed to optimise the use of
Sprih is a technology-focused
If you can’t
natural light and wind, reducing
startup specialising in a carbon the need for artificial lighting
management platform. It
measure it,
and cooling. We are constantly
assists organisations in their adopting technological solutions
you can’t
sustainability journey by providing to optimise the use of natural
essential support to make resources like the utilisation of
manage it
informed decisions towards solar-coated glasses in building
achieving net-zero goals. Its facades to minimise solar heat
comprehensive offerings include gain, reducing the need for air
Peter Drucker computing carbon emissions, conditioning and artificial cooling
industry benchmarking, setting systems. This not only lowers
reduction targets, recommending energy consumption but enhances
intelligent action items for indoor comfort.

Corporate Overview
Statutory Reports
Advanced insulation materials: promotes waste utilisation and environmental impact compared
We use China Mosaics and heat resource efficiency. to steel, making them a sustainable
insulating exposed acrylic coatings choice for construction.
Our ongoing commitment to
for heat insulation, which helps
emission reduction is evident Alternative waterproofing
maintain comfortable indoor
in the significant measures we materials: We explore eco-
temperatures and reduces the
implemented, which contribute friendly alternatives such as
need for heating and cooling
to a cleaner and healthier High-Density Polyethylene (HDPE)
systems. This approach results
environment. liner and Shahabad Stones for
in significant energy savings and
waterproofing applications.
contributes to our sustainability Water These materials are durable and
goals.
Water conservation is a critical environmentally friendly, reducing
Motion sensor lighting: To reduce aspect of our sustainability a reliance on conventional
electricity consumption, we efforts at Arvind SmartSpaces. waterproofing methods.
installed motion sensor lights in Recognising the importance of
Recycled materials: We
landscaping and common areas. water as a valuable resource, we
incorporate materials made
These sensors ensure that lights implemented various measures to
from recycled content, such as
are only used, when necessary, minimise water consumption and
LDPE sheets, in our construction
conserving energy. promote efficient water use.
processes. This practice not only
Our efforts to reduce energy Efficient curing techniques: In our reduces waste but also supports
consumption not only contribute construction activities, we employ the market for recycled materials.
to environmental sustainability advanced curing compounds and
By focusing on sustainable
but also result in cost savings and technologies to optimise water
materials, we aim to reduce our
improved operational efficiency. use during the curing process.
environmental footprint and
This reduces water wastage and
Emissions promote resource efficiency across
ensures the strength and durability
our projects.
Reducing greenhouse gas of our concrete structures.
(GHG) emissions is a core focus
Through this initiative, we
at Arvind SmartSpaces as part Arvind SmartSpaces’
significantly reduced our water
of our commitment to combat comprehensive approach to
consumption, demonstrating our
climate change. We implemented sustainability encompasses
commitment to sustainable water
measures to monitor, report, and energy efficiency, emission
management.
mitigate our emissions. reduction, water conservation,
Emission monitoring and Sustainable materials and the use of sustainable
reporting: Partnering with Sprih, At Arvind SmartSpaces, we are materials. Through these
we have enhanced our ability to committed to using sustainable efforts, we strive to create
measure and report our emissions materials that minimise value for our stakeholders
accurately. This collaboration environmental impact and while protecting the
provided us with valuable insights enhance the sustainability of our environment and promoting a
into our carbon footprint. We projects. We prioritise materials sustainable future.
started measuring our Scope 3 that are resource-efficient,
emissions as well from this year for recyclable, and with a lower
some key categories like business carbon footprint.
travel, services purchased and
Fly ash utilisation: By
waste generated.
incorporating fly ash into our
Sustainable construction concrete mix, we reduce the
materials: By utilising materials demand for traditional cement, a
like Fiberglass Reinforced Polymer major source of carbon emissions.
bars instead of traditional steel Fly ash utilisation promotes the
reinforcement, we reduced carbon recycling of industrial byproducts,
emissions associated with material contributing to a circular economy.
production and transportation.
FRP bars: The use of Fiberglass
Fly ash utilisation: Incorporating Reinforced Polymer bars instead
fly ash, a byproduct of coal of traditional steel reinforcement
combustion, into our concrete mix offers several environmental
reduces the need for traditional benefits, including corrosion
cement, a significant source of resistance and reduced material
carbon emissions. This practice usage. FRP bars have a lower

Social Partnerships for progress Education, environment, and
Arvind SmartSpaces is guided In line with our CSR policy, Arvind livelihood
by a steadfast commitment to SmartSpaces collaborates with Our long-term rural advancement
Corporate Social Responsibility Strategic Help Alliance for Relief strategy encompasses
(CSR). We strive to foster to Distressed Areas (SHARDA) education, environment, and
holistic development in the Trust and Arvind Foundation to livelihood initiatives. Under
communities where we operate. implement impactful projects the education component,
Through strategic partnerships focused on rural and educational we support digital literacy
and innovative initiatives, we aim advancement. We recognize that programs and supplementary
to empower individuals, uplift sustainable progress is rooted in education initiatives to enhance
marginalised communities, and empowering local communities learning outcomes and foster
promote sustainable growth. and enhancing their quality of life. skill development among local
This section showcases our residents. Over 1700 primary
Empowering rural
collaborative efforts in rural school students and women
and educational advancement, communities benefited from our digital literacy
environmental stewardship, Our real estate project, Arvind program, facilitated through a
livelihood enhancement, and Highgrove, situated in the Sanand partnership with Hewlett-Packard
promoting health and well-being. taluka of Ahmedabad, serves (HP) and Arvind Foundation.
Additionally, we highlight our as the epicenter of our rural
commitment to employee welfare, development initiatives. We are Environmental stewardship
underscoring our holistic approach actively engaged in four villages Arvind SmartSpaces remains
to social responsibility and our - Moti Devti, Nani Devti, Moraiya, committed to environmental
vision for a brighter, inclusive and Motipura - where we endeavor conservation through extensive
future. to uplift marginalised communities plantation drives and sustainable
through comprehensive agricultural practices. We planted
interventions. These efforts have over 9000 trees across locations,
positively impacted over 15,000 including individual homes,
residents, predominantly from schools, and communal spaces,
scheduled castes, other backward promoting biodiversity and
castes, and tribal communities. environmental sustainability.

Corporate Overview
Statutory Reports
Livelihood enhancement Promoting health and well- of our employees. We provide

Recognising the importance of being comprehensive health and
economic empowerment, we accident insurance coverage to
Arvind SmartSpaces prioritises
focus on strengthening livelihood employees, ensuring their safety
the health and well-being
opportunities in the communities and security in the workplace. This
of community members by
we serve. Through dairy farming initiative reflects our dedication
organising health camps and
training programs and agricultural to fostering a supportive and
eye check-up initiatives. We
workshops, we empower local inclusive work environment
partner government agencies
farmers with knowledge and where employees feel valued and
and healthcare providers to
resources to enhance productivity protected.
deliver essential medical services,
and improve their socio-economic ensuring access to quality Arvind SmartSpaces remains
status. Our initiatives supported healthcare for all. Our health steadfast in its dedication to
67 dairy farmers in Nani Devti camps benefited 347 individuals, driving positive social change and
and Moti Devti, with 37 farmers with 36 cataract cases identified creating sustainable impact in the
receiving loans for buying and treated, and dental health communities we serve. Through
additional animals. check-ups conducted for 280 collaborative partnerships,
students. innovative initiatives, and a
commitment to employee welfare,
Employee welfare we are committed to building a
In addition to our community- brighter and more inclusive future
focused initiatives, we are for all.
committed to the well-being
Governance
At Arvind SmartSpaces, our corporate governance framework is rooted in values of fairness, transparency, and
accountability. We strive to exceed regulatory requirements and uphold the highest standards of integrity in all
our operations. Our governance philosophy is based on the following principles:
Satisfy the spirit of the law Be transparent and maintain Make a clear distinction
and not just the letter of the a high degree of disclosure between personal
law. Our corporate governance levels. conveniences and corporate
standards extend beyond the resources.
law.
Communicate externally, in a Have a simple and transparent The Management is the trustee
truthful manner, about how the corporate structure driven of the shareholders’ capital and
Company is performing. solely by business needs. not the owner.
Composition of Board of competencies required in the These assessments ensure that

Directors context of business and the sector sustainability-related decisions
in which the Company operates. are integrated into the overall
Our Board of Directors comprise
governance framework.
of eight Directors that include a Decision making on
Non-Executive Chairman and a sustainability
Vice-Chairman; Managing Director
& CEO; Independent Directors Arvind SmartSpaces conducts
including a Woman Director and periodic joint assessments led
a Nominee Director. The Board by the Managing Director, COO,
comprises renowned professionals and functional heads to address
drawn from diverse fields environmental and social issues
with requisite skills/expertise/ impacting business continuity.

Management
discussion and analysis
Uplands Golfcourse, Ahmedabad
Global economy increased policy rates and interest

Overview: Global economic rates for new loans.
growth weakened from 3.5% The growth rate in advanced
in 2022 to around 3.1% in 2023 economies decelerated to 1.6%
and this may have been worse in 2023 but is projected to
but for growth from Asia, which gradually increase to 1.7% in 2024
was marked by a weaker-than- and further to 1.8% in 2025. This
expected recovery in China and growth trajectory will be tempered
a better than expected growth in by a modest slowdown in
India. emerging market and developing
The global economy was marked economies, which are anticipated
by a sustained weakness in USA, to decrease from 4.3% in 2023
Britain and Japan entering a to 4.2% in both 2024 and 2025.
recession and most economies Global inflation is expected to
of Europe grappling with high decline steadily from 6.8% in 2023
energy costs, weak global and 5.9% in 2024, due to a tighter
consumer sentiment on account monetary policy aided by relatively
of the Ukraine-Russia war, and lower international commodity
the Red Sea crisis resulting in prices. Core inflation decline is
higher logistics costs. A tightening expected to be more gradual;
monetary policy translated into inflation is not expected to return
to target until 2025 in most cases.

Corporate Overview
Statutory Reports
The US Federal Reserve approved oil averaged USD 83 per barrel cuts by the US Fed and other
a much-anticipated interest rate in 2023, down from USD 101 per Central banks.
hike that took the benchmark barrel in 2022, with crude oil from
Outlook: Asia is expected to
borrowing costs to their highest in Russia finding destinations outside
continue to account for the bulk of
more than 22 years. the European Union and global
global growth in FY24-25. Inflation
crude oil demand falling short of
The volume of world merchandise is expected to ease gradually as
expectations.
trade is expected to increase cost pressures moderate; headline
by 2.6% in 2024 and 3.3% in Global equity markets ended inflation in G20 countries is
2025 after falling 1.2% in 2023. 2023 on a high note, with major expected to decline. The global
However, significant risks are on global equity benchmarks economy has demonstrated
the horizon, including regional delivering double-digit returns. resilience amid high inflation and
conflicts, geopolitical tensions, and This outperformance was led by a monetary tightening, growth
economic policy uncertainties, all decline in global inflation, slide in around previous levels for the next
of which could have a considerable the dollar index, declining crude two years
impact on this projection. In terms and higher expectations of rate (Source: World Bank).
of value, the merchandise exports
experienced a more pronounced
decline, dropping by 5% to USD
24.01 Trn. Conversely, there was a Regional growth (%) 2024 2023
more positive trend in commercial World output 3.1 3.5
services exports, which increased
Advanced economies 1.6 2.5
by 9% to USD 7.54 Trn, partially
offsetting the downturn in goods Emerging and developing economies 4.3 3.8
trade. The cost of Brent crude (Source: UNCTAD, IMF)
Performance of major economies, 2023
United States: China: GDP United Kingdom: Japan: GDP grew Germany: GDP
Reported GDP growth was GDP grew by 1.9% in 2023 contracted by
growth of 2.5% in 5.2% in 2023 0.4% in 2023 unchanged from 0.3% in 2023
2023 compared compared to 3% compared to a preliminary 1.9% compared to 1.8%
to 1.9% in 2022 in 2022 4.3% in 2022 in 2022 in 2022
(Source: PWC report, EY report, IMF data, OECD data, Livemint)
Indian economy exceeding urban inflation. Lower continued to surpass rating

Overview: The Indian economy production and erratic weather downgrades in H2 FY23-24. UPI
was estimated to grow 7.8% in led to a spike in food inflation. In transactions in India posted a
the 2023-24 fiscal against 7.2% contrast, core inflation averaged record 56% rise in volume and 43%
in FY22-23 mainly on account at 4.5%, a sharp decline from rise in value in FY23-24.
of the improved performance 6.2% in FY22-23. The softening of
in the mining and quarrying, global commodity prices led to a
manufacturing and certain moderation in core inflation.
segments of the services sector. The nation’s foreign exchange
India retained its position as the reserves achieved a historic
fifth largest economy. As per the milestone, reaching USD 648.5
IMF, India is likely to become the Bn as on April 5, 2024. The credit
third-largest economy in 2027 (in quality of Indian companies
USD at market exchange rate) remained strong between October
and it also estimated that India’s 2023 and March 2024 following
contribution to global growth will deleveraged Balance Sheets,
rise by 200 basis points in 5 years sustained domestic demand
In FY23-24, the CPI inflation and government-led capital
averaged 5.4% with rural inflation expenditure. Rating upgrades

Growth of the Indian economy
FY21 FY22 FY23 FY24
Real GDP growth (%) -6.6% 8.7 7.2 7.8 E
E: Estimated
Growth of the Indian economy quarter by quarter, FY23-24

Q1FY24 Q2FY24 Q3FY24 Q4FY24E
Real GDP growth (%) 8.2 8.1 8.4 8E
(Source: Budget FY23-24; Economy Projections, RBI projections, Deccan Herald)
As per the first advance estimates The gross collection was 24.58% Trn and nominal per capita income
of national income released by the higher than the gross collection for of INR 123,945 in FY23-24.
National Statistical Office (NSO), the corresponding period of the
India’s Nifty 50 index grew 30% in
the manufacturing sector output previous year. Gross GST collection
FY23-24 and India’s stock market
was estimated to grow 6.5% in of Rs. 20.2 Lac Cr represented an
emerged as the world’s fourth
FY23-24 compared to 1.3% in 11.7% increase; average monthly
largest with a market capitalisation
FY22-23. The Indian mining sector collection was Rs. 1,68,000 Cr,
of USD 4 Trn. Foreign investment
growth was estimated at 8.1% surpassing the previous year’s
in Indian government bonds
in FY23-24 compared to 4.1% in average of Rs. 1,50,000 Cr.
jumped in the last three months of
FY22-23. Financial services, real
India’s monsoon for 2023 hit a 2023. India was ranked 63 among
estate and professional services
five-year low. August was the 190 economies in the ease of
were estimated to record a growth
driest month in a century. From doing business, according to the
of 8.9% in FY23-24 compared to
June to September, the country latest World Bank annual ratings.
7.1% in FY22-23.
received only 94% of its long-term India’s unemployment declined to
Real GDP or GDP at constant average rainfall. The agriculture a low of 3.2% in 2023 from 6.1% in
prices in FY23-24 was estimated sector was expected to see a 2018.
at Rs. 171.79 Lac Cr as against growth of 1.8% in FY23-24, lower
Outlook: India withstood global
the provisional GDP estimate of than the 4% expansion recorded
headwinds in 2023 and is likely to
FY22-23 of Rs. 160.06 Lac Cr in FY22-23. Trade, hotel, transport,
remain the world’s fastest-growing
(released on May 31, 2023). Growth communication and services
major economy on the back
in real GDP during FY23-24 was related to broadcasting segment
of growing demand, moderate
estimated at 7.3% compared to are estimated to grow at 6.3% in
inflation, stable interest rates and
7.2% in FY22-23. Nominal GDP or FY23-24, a contraction from 14%
robust foreign exchange reserves.
GDP at current prices in FY23-24 in FY22-23. The Indian automobile
The Indian economy is anticipated
was estimated at Rs. 296.58 Lac segment was expected to close
to surpass USD 4 Trn in FY24-25.
Cr against the provisional FY22-23 FY23-24 with a growth of 6-9%,
GDP estimate of Rs. 272.41 Lac Cr. despite global supply chain Union Budget FY24-25: The
The gross non-performing asset disruptions and rising ownership Interim Union Budget 2024-
ratio for scheduled commercial costs. 25 retained its focus on capital
banks dropped to 3.2% as of expenditure spending, comprising
The construction sector was
September 2023, following a investments in infrastructure,
expected to grow 10.7% year-on-
decline from 3.9% at the end of solar energy, tourism, medical
year from 10% in FY22-23. Public
March 2023. ecosystem and technology. In
administration, defence and other
FY24-25, the top 13 ministries in
India’s exports of goods and services were estimated to grow
terms of allocations accounted
services were expected touch USD by 7.7% in FY23-24 compared to
for 54% of the estimated total
900 Bn in FY23-24 compared 7.2% in FY22-23. The growth in
expenditure. Of these, the
to USD 770 Bn in the previous gross value added (GVA) at basic
Ministry of Defence reported the
year despite global headwinds. prices was pegged at 6.9%, down
highest allocation at Rs. 6,21,541
Merchandise exports were from 7% in FY22-23.
Cr, accounting for 13% of the
expected to expand between
India reached a pivotal phase total budgeted expenditure of
USD 495 Bn and USD 500 Bn,
in its S-curve, characterised by the central government. Other
while services exports were
acceleration in urbanisation, ministries with high allocation
expected to touch USD 400 Bn
industrialisation, household included Road transport and
during the year. India’s net direct
incomes and energy consumption. highways (5.8%), Railways (5.4%)
tax collection increased 19% to
India emerged as the fifth largest and Consumer Affairs, food and
Rs. 14.71 Lac Cr by January 2024.
economy with a GDP of USD 3.6 public distribution (4.5%).

Corporate Overview
Statutory Reports
(Source: Times News Network, Economic December 2023, indicating the growth and development through
Times, Business Standard, Times of India)
readiness of healthy financial targeted investment in key sectors.
The Interim Budget for FY24-25 institutions to support the capital
underscores a strong commitment expenditure cycle. The budget
to infrastructure development, also maintains its focus on capital
with an 11.1% increase in capital expenditure, directing investments
expenditure outlay to INR 11.11 towards solar energy, tourism,
Lac Cr (3.4% of GDP). These the medical ecosystem, and
allocations align with positive technology. This consolidated
trends in the financial sector, approach highlights the
including rebounding bank credit government’s strategic priorities
growth and a decline in bad in promoting robust economic
loans as reported by the RBI in
Indian real estate sector growing in excess of 7% YOY in leverage the surge in demand for
review last 2 years. . Despite this upward housing.
trend in prices and the impact of
According to Knight Frank, the The year 2023 marked a historic
higher interest rates, there has
real estate industry in India is peak, exceeding the highs of 2010
been a continued uptick in housing
estimated to have been valued by 24-25%. Sales momentum from
sales and new project launches,
at USD 330 Bn in 2024 and is 2023 is anticipated to carry on,
underscoring the resilience of
anticipated to reach USD 1.04 Trn with an expected annual growth
income recovery and positive
by the year 2029, growing at a of 10-15%, potentially reaching
sentiment toward future prospects
CAGR of 25.60% during this time between 310,000 and 315,000
in the real estate sector.
period. units.
Industry leaders and analysts
The COVID-19 pandemic Going forward, the real estate
predict that the Indian residential
significantly impacted the sector is estimated to reach USD
sector will continue its robust
country’s real estate market; 1.3 Trn, or 13.8% of projected GDP,
growth trajectory into CY 2024.
however, there has been a notable by fiscal 2034 and USD 5.17 Trn
recovery post-pandemic. Real It is forecasted that sales will (17.5% of GDP) by 2047, as per
estate prices have shown a steady increase by 10-15%, exceeding Confederation of Real Estate
increase, with the average annual 300,000 units this year, driven Developers’ Association of India.
growth rate rising from 2.3% in by a significant pipeline of new The association has projected
fiscal year 2022 to 3.8% in fiscal projects. This surge is supported an additional demand for 70 Mn
year 2023 and further to 4.3% in by numerous reputable developers housing units by 2030.
the first half of fiscal year 2024 securing land for future projects
with company micro markets and expanding into new regions to
Industry trend
City Project launches Sales

FY22-23 FY23-24 Changes FY22-23 FY23-24 Changes
Mumbai 92,611 92,579 0% 83,921 90,314 8%
NCR 64,836 63,056 -3% 58,833 60,137 2%
Bengaluru 45,387 52,188 15% 53,090 53,789 1%
Pune 40,960 44,190 8% 43,473 50,730 17%
Hyderabad 44,577 47,139 6% 32,353 34,130 5%
Ahmedabad 21,201 22,307 5% 14,182 16,561 17%
Chennai 15,648 16,670 7% 14,522 15,220 5%
Kolkata 12,035 18,573 54% 12,791 15,435 21%
Total 3,37,254 3,56,702 6% 3,13,165 3,36,316 7%

Based on a report by CBRE, During the year gone by, India’s amongst top 8 cities, amounting
the Indian residential real estate premium and luxury real estate to 90,314 units in 2023. Bangalore
market is witnessing a significant market witnessed remarkable ranks third in the list, contributing
shift, with over 40% of the homes activity, demonstrating a 75% year- to 18% of sales, with an estimated
sold in 2023 being from newly on-year growth primarily fueled 53,709 units. Amhedabad and
launched projects. This indicates by strong demand for properties Pune showed strongest YoY
a move away from the earlier valued at INR 2 Cr or more. This growth of 17%.
preference for ready-to-move specific segment emerged as an
Additionally, the year saw at least
or near-completion properties. appealing investment avenue,
97 land transactions covering over
The sale of 40% of the newly particularly for high-net-worth
2,707 acres nationwide, with at
launched homes in top cities individuals (HNIs) and non-
least 72% of the land designated
highlights a growing confidence resident Indians (NRIs) seeking
for residential projects.
among homebuyers in investing portfolio diversification amidst
in new projects. This shift can global economic uncertainties. Finally, the interest rate cycle has
be attributed to the dominance In fact properties valued at INR also peaked and is expected to
of financially robust branded 1 Cr. or more grew from 26% of come down in the current year in
developers known for their the market in 2022 to 40% of the response to lower inflation. This
reliable project completion history market in 2024. will result in lower borrowing cost
over the last two to three years, which is very positive for real
In terms of regional performance,
especially after facing project estate demand.
the Mumbai Metropolitan Region
delays in the past.
(MMR) led with 27% of the sales (Source: Economic Times, Zeebiz, Anarock)
Key demographics Rs. 50 Lac and higher increasing, (Source: Times of India, Knight Frank India)
Ahmedabad: According to the it saw a decline in office space Bangalore: 2023 marked another
Knight Frank Affordability Index transactions in 2023. year of unprecedented growth
2023, Ahmedabad is the most 2023 has ended on a strong note in Bengaluru’s real estate sector,
affordable housing market in India. for the Ahmedabad office market with residential sales volume of
This distinction can be principally as occupier sentiments have 54,046 units, a nine year high.
credited to the government’s improved, and their increased The performance is fuelled by
urban planning efforts designed willingness to ink longer term a focused approach towards
at accommodating the city’s commitments bodes well for the sustainability, technological
expanding population. Since market. Office space completions progress, and significant
2006, the municipal area of the grew by 34% from 1.4 Mn square infrastructure enhancements.
city has extended from 186 sq feet in CY 2022 to 1.9 Mn square Upcoming infrastructure projects
km to its present 466 sq km. feet in CY2023. Rents have also include the Blue Metro Line which
This enlargement has played a grown by 4% YoY in tandem, will connect the central Silkboard
critical role in maintaining an pushed by the record volumes to Kempegowda International
equilibrium between population seen in H2 CY23. India-facing Airport, the upcoming suburban
growth and the city’s built-up businesses remained the dominant rail corridors which will connect
area. Ahmedabad has majorly occupier in the city. Strong Bengaluru to Yelahanka and the
succeeded in avoiding the high thrust by both the state and peripheral ring road, which will
congestion often seen in the city central governments to transform encircle Bengaluru, alleviating
centers of other Indian cities, while Ahmedabad into an economic traffic.
enabling low-density planned hub, coupled with its affordable
development in its outskirts. According to Knight Frank, in
real estate and widespread terms of ticket size, the sales
The city witnessed a 17% increase connectivity infrastructure, ensures as well as the launches were
in housing sales in the fiscal Ahmedabad as an appealing concentrated in the mid and
year 2023 as compared to choice for office occupiers the premium segment. During
2022. Moreover, it witnessed an High affordability, comparatively H2 2023, 49% of the sales were
5% increase in housing project low prices per square foot and concentrated in the mid segment
launches. New home launches an improving local economic (INR 5-10 mn) and 41% of sales
increased by 5% YoY from 21,201 environment remain compelling were concentrated in the premium
units in FY22-23 to 22,307 units in drivers for the Ahmedabad segment (above INR 10 mn), a
FY23-24, recording a decadal high residential real estate market significant improvement from 28%
for the city. While the city saw and should help support market of the total sales during H2 2022.
the share of home sales valued at volumes this year.

Corporate Overview
Statutory Reports
Forest Trails, Bengaluru
The rise of the gig economy and the ongoing construction of the concept of work-life balance,
changing lifestyle preferences metro-lines, i.e., Yellow Line on the offering residents the convenience
have made branded co-working Hosur Road and the extension of of short commutes and onsite
and co-living spaces highly Purple Line to Bannerghatta Road, amenities. Bengaluru’s market
sought after among Bengaluru’s enhances transport infrastructure has warmly embraced this model,
young professionals and students. of this micro-market. The North with an increasing number of such
These spaces offer community, Bengaluru micro-market is an developments on the horizon.
affordability, and flexibility, evolving and one of the rapidly
Pune: Pune’s progress as
catering to the preferences of growing clusters in the city. In
a flourishing Information
Gen Z consumers. While the tech 2023, the micro-market saw
Technology hub, coupled with
sector primarily dominates the 22% of sales, with a sharp rise in
the government’s focus on
city’s employment profile, the the absolute volumes. The Blue
infrastructure development, has
economic activities of Bengaluru Line metro connecting North
positioned the city as a crucial
are diverse. The city hosts many Bengaluru via ORR is one of the
housing destination. Several
non-tech industries such as life fastest developing metro projects
pivotal infra developments are
sciences, defence and aerospace, in the city and is expected to be
taking place in Pune, including the
educational institutions, consulting operational from 2026. Further,
ring road project, the expansion
firms etc. which keep the city’s the operation of Kempegowda
of the metro line, and the ongoing
income growth well balanced, thus International Airport Terminal
Pune international airport project.
driving the consumption demand 2 has led to infrastructure
including that for real estate. investment in this pocket. In 2023, Pune’s real estate
market displayed continued
The traditional East and South Bengaluru’s real estate developers
growth, achieving its highest-ever
East Bengaluru micro-market have been pioneers in creating
residential sales figures in the last
continued to lead sales comprising mixed-use townships over the
eleven years. The total sales in the
a share of 39% of the total sales last two decades, blending
Pune residential sector surged 13%
in the city in 2023. This micro- offices, retail, leisure facilities,
YoY to reach 49,266 units.
market is connected to the and sometimes even educational
large employment hubs located and healthcare facilities within The most popular category
in Electronic City, Outer Ring residential communities. This among residential purchases was
Road (ORR) etc. Additionally, model has revolutionised the properties priced between Rs. 50

Lac and Rs. 1 Cr, accounting for contributing to Mumbai’s real region also witnessed the highest
34% of all housing transactions estate dynamism. completion of housing units in CY
by the year’s end. Properties in 2023 at 1,43,500 units. MMR saw
The expanding metro network line,
the Rs. 25 Lac to Rs. 50 Lac price a 40% jump in housing sales in CY
like MetroLine5 (Thane-Bhiwandi-
range were also in high demand, 2023. A total of 1,53,870 houses
Kalyan), which is linking Thane
making up 31% of the sales, falling were sold in MMR in CY2023
to Mumbai, and the improving
merely short off the leading as against 1,09,730 units sold in
social and physical infrastructure
category. CY2022.
development are key factors
Moreover, apartments sized driving buyer preference for (Source: Livemint, Anarock)
between 500 to 800 square feet Thane as a residential location. Mumbai’s rank has improved to 8th
represented a significant 40% of The upcoming Navi Mumbai on Knight Frank’s PIRI’s index in
the market share by the end of International Airport, slated to 2023 as compared to 37th rank in
2023. open in March 2025, is driving 2022 which is a phenomenal jump
(Source: Hindustan Times, Knight Frank rapid growth in demand for of 10% year-on-year growth in
India) property around Taloja, Old Panvel terms of annual luxury residential
and Karjat. price rise. This jump has marked
Mumbai: Mushrooming
infrastructure advancements, The Mumbai Metropolitan Region a place for Mumbai in the world’s
characterised by the completion (MMR) has experienced an acute top 10 leading luxury residential
of the Worli connector and the rise in housing sales, as well as, markets.
trans-harbor link, and enhanced completion of residential projects
connectivity, attributed to metro in CY 2023 despite the high home
expansion and several other local loan interest rates and a spike in
infrastructure developments is property prices in the country. The
Growth drivers estate sector is currently estimated preferred asset class is primarily
Favourable macro-economic at USD 482 bn contributing 7.3% driven by millennials between 25
factors: The anticipation of India’s to the total economic output.. By and 40 years of age. According to
economy growing by 7.3% and 2034, India’s real estate sector is a survey, 52% of millennials chose
increased investments signal a expected to expand to USD 1.5 real estate as their preferred asset
robust economic environment, tn contributing 10.5% to the total class, higher than the other age
fostering higher consumer economic output. groups. The Generation X cohort
confidence and spending power. (Source Knight Frank) between 41 and 56 years follows
This, in turn, boosts demand for with 30%, while Generation Z,
Most preferred asset class: In aged between 6 and 24 years and
real estate, as more people invest
2023, highest level of investments Baby Boomers, aged between 57
in housing and commercial spaces.
were made in the Indian real estate and 75 years, make up 11% and 7%,
Job creation from economic
sector since 2020. The number respectively. This highlights the
expansion enhances demand for
for these investments stood at changing preferences of investors
office and residential properties.
USD 5.4 Bn, which is 10% higher and underscores the need for real
Consequently, the real estate
in comparison to 2022. The office estate developers to cater to the
sector benefits from heightened
segment continued to contribute requirements of millennials, who
domestic and international
the largest to the segment are showing significant interest in
investment inflows.
with 56% share in total inflows. investing in real estate.
(Source: livemint) Furthermore, the popularity of real
(Source: Anarock report)
Supported by a growing economy, estate as an investment option
the real estate sector in India is expected to grow among the Market up-cycle and strong
has transitioned significantly. Indian population. Despite the baseline: The CY23 residential
India’s real estate sector enjoys growth and popularity of digital demand was at a 15yr high,
forward and backward linkages investment options, traditional leading to an all-time low
with approximately 250 ancillary asset classes like real estate inventory overhang and a decadal
industries, and is one of the continue to hold their ground in high average pricing growth of
highest employment generators terms of demand and investment ~15% YoY, based on a report by
after the agriculture sector, attractiveness. Anarock. The real estate sector is
accounting for 18% of the total (Source: Colliers, Business Standard) anticipated to continue its upward
employment. In terms of output, trajectory, bolstered by shifts
Supportive demographics: The in lifestyle, a growing demand
the market size of India’s real
demand for real estate as the for modern facilities, and the

Corporate Overview
Statutory Reports
widespread adoption of flexible amenities within the country now prefer to invest in RERA-registered
working arrangements. This provides substantial reasons for projects, indicating that RERA
growth is fundamentally fuelled investing in quality real estate. This has become a crucial factor in
by consumer demand, lending it a blend of emotional and practical homebuyers’ decision-making.
layer of durability. The introduction motivations is reshaping the
Fractional ownership: The market
of new properties is further landscape of NRI investments in
size of fractional ownership in
propelling this upward trend, the Indian real estate market.
India is projected to reach USD
backed by a solid underlying
Consumer confidence: RERA 8.9 Bn by 2025 from a valuation of
demand. Moreover, the process of
(Real Estate Regulation and USD 5.4 Bn in 2020. This, in turn,
industry consolidation is providing
Development Act) played a is anticipated to increase demand
a boon to established firms, which
crucial role in boosting the Indian for real estate, as more people
is a double growth engine in
real estate sector by promoting invest in housing and commercial
addition to GDP growth.
transparency and accountability. spaces. Job creation from
Increasing investment: It increased consumer confidence economic expansion enhances
Investments from Non-Resident and encouraged developers the demand for office and
Indians (NRIs) in India’s real to complete projects on time, residential properties. Ultimately,
estate sector are expected to which improved the overall the real estate sector benefits
account for 20% by 2025. This quality of construction. RERA from heightened domestic and
increase in demand stems from also streamlined the industry by international investment inflows.
various factors, both financial ensuring that developers comply (Source: Knight Frank, NoBroker, Economic
and emotional. While sentimental with regulations and preventing Times, Business Standard)
attachment has traditionally fraudulent practices. A survey
spurred NRIs to buy property in conducted by Magicbricks
India, the availability of world-class revealed that 71% of homebuyers
Union Budget allocation increased to Rs. 80,671 Cr for impact the real estate sector
The government’s Interim Budget the fiscal year 2024-25, up from by enhancing accessibility and
for FY24-25 includes plans to Rs. 79,590 Cr in the previous year. promoting development.
launch a new initiative aimed Positive steps are taken forward The expansion of Metro Rail and
at assisting eligible middle- towards a fostering growth Namo Bharat initiatives is set to
income individuals and families in the housing markets with accelerate urbanisation, creating
currently residing in rented developments, which include the new micro-markets around
accommodations, chawls, slums, creation of two crore additional metropolitan areas. Since its
and unauthorised colonies in homes and the introduction of inception in June 2015, the PMAY
purchasing or constructing their a housing scheme for deserving mission has aimed to provide
own homes. This move is expected middle-income individuals. housing for all, offering central
to significantly boost housing Moreover, the announcement of assistance to eligible families
availability for the middle-income a Rs. 1 Lac Cr research fund for through states, Union Territories
group. sunrise sectors is expected to spur (UTs), and Central Nodal Agencies
Additionally, efforts to enhance private sector-driven innovations (CNAs).
infrastructure and connectivity are and increase the demand for
The government’s ongoing
anticipated to further stimulate commercial real estate.
focus on affordable housing,
demand for residential and An 11% rise in the infrastructure infrastructure enhancement, and
commercial real estate nationwide. spending is projected to improved connectivity has begun
As per the announcement by the strengthen the growth of various to show results, with growth
Finance Minister, construction of real estate sectors across different observed in tier 2 and 3 cities as
an additional 2 Cr homes will be regions. Plans to expand multi- well as in the outskirts of major
planned over the next five years modal corridor connectivity, metropolitan areas.
under the Prime Minister Awas including new railway lines and (Source: Economic Times)
Yojana - Gramin (PMAY Rural), doubling the capacity of airports
with the budget for PMAY being and ports, are likely to significantly

Company overview centralising essential operations expand beyond Ahmedabad and
Arvind SmartSpaces Ltd as it delegated non-essential Bangalore.
(ASL), established in 2008 in tasks and construction work to
Horizontal development
Ahmedabad as a fully owned external parties. This approach
is supported by a lean in-house The pandemic and the shift
subsidiary of Arvind Limited, towards hybrid work models
serves as the real estate division team of approximately 400
employees and the execution of have significantly altered people’s
of the Lalbhai Group, a USD 1.7 preferences in housing and real
Bn conglomerate. ASL focuses 68% of its projects through joint
development efforts. estate, with a growing demand for
on developing residential spaces larger, independent homes that
such as villas, apartments, and Credit rating enhancement: emphasise health and security.
plots aimed at middle and high- ASL’s creditworthiness has seen a This period also witnessed an
income consumers. Its portfolio positive shift, with Indian Ratings increased desire to own land,
includes integrated townships and Research upgrading its Long- offering homebuyers more control
featuring executive golf courses, Term Issuer Rating to ‘IND A+/ and flexibility, especially in the
villas, apartments, along with Stable’ and assigning a positive plotting sector where built-to-
retail, commercial, and recreational outlook. This upgrade reflects suit options have become more
facilities. Additionally, ASL the Company’s strong financial prevalent.
selectively engages in commercial collections, which have favourably
and industrial projects. As of impacted its pre-sales to net According CBRE, low
the fiscal year FY23-24, ASL debt and net debt to working density housing or horizontal
successfully completed projects capital ratios. Thanks to robust developments namely Villas and
totalling 4.9 Mn square feet, with internal cash flows and a reduction Plotted development remain
ongoing projects amounting to in debt, ASL is positioned to popular in premium category.
26.9 Mn square feet and future manage debts, paving the way for Encouraged by the larger trend
projects totalling approximately substantial growth. of ‘flexible-work-environments’,
43.5 Mn square feet. buyers are increasingly looking
Strong sales and steady cashflow for spacious private living spaces,
Project overview In the fiscal year 2024, Arvind thereby driving the demand for
Arvind SmartSpaces Ltd is focused SmartSpaces Limited (ASL) plotted developments and villas.
on the development of real recorded a significant rise in its Key features of such developments
estate projects in the residential, pre-sales, which rose to Rs. 1,107 include a deep focus on design,
commercial and industrial Cr, supported by the sales of personal open areas, modern
segments. As of March 31, 2024, ongoing projects and the launch of amenities, uncrowded recreational
the Company’s ongoing and new projects or additional phases. facilities, and adequate green
pipeline projects are categorised This enabled a net operating cash landscapes - all confirming to the
into mid-segment projects (81%), flow of Rs. 458 Cr. buyers’ emerging need to pursue a
premium/luxury projects (14%) superior lifestyle.
and affordable projects (5%). Diversified geographic presence
across varied ticket size Luxury real estate has long
Company’s strengths ASL’s projects are moderately served as a coveted asset class
Strong promoter relationships: diversified in terms of ticket size for discerning homebuyers
Arvind SmartSpaces Ltd (ASL) and geographic presence. Of its reflecting their aspirations and
benefits from its strong promoter current projects, 14% are luxury, evolving lifestyle preferences.
links as it is integrated within the 81% are mid-segment and 5% Early primarily characterised by
Lalbhai Group, which includes are for affordable housing. The standalone bungalows in marquee
leading entities like Arvind Limited Company has its key focus set locations, luxury real estate is now
and Arvind Fashions Limited on residential projects with a represented by branded horizontal
under the same brand umbrella. strong presence in Ahmedabad developments (premium plots
The parent company’s ownership, and Bangalore. During the year, and villas), penthouses and sky
~50.4% of ASL, underscores its ASL entered Surat with a ~Rs. villas within large townships.
trust and investment in ASL’s 1,100 Cr horizontal multi asset The product is designed as
future. The presence of shared township project. This will be the a holistic amalgamation of
Directors across the companies’ third city in Gujarat where ASL premium customisations,
Boards further cements this operates, apart from Ahmedabad robust infrastructure integrated
relationship, offering robust and Gandhinagar. ASL is exploring with smart technology which
support to ASL. opportunities for diversification seamlessly compliment the
in the Pune and Mumbai homebuyers multifaceted
Streamlined operations with low living. Contemporary horizontal
fixed costs: ASL has strategically Metropolitan Region, a desire to
development effectively addresses
kept its fixed costs minimal by the desire for smart, secure,

Corporate Overview
Statutory Reports
Uplands Clubhouse, Ahmedabad
luxurious living while also fostering returns through scale and with offerings designed to inspire,
a sense of community. development of new infrastructure. featuring amenities like golf
courses and luxury clubhouses,
Developers face both Arvind SmartSpaces has been
etc. Arvind SmartSpaces is
opportunities and challenges a pioneer in the plotting, villa,
well-placed to capitalise on the
in creating large horizontal villament and township sectors
growing interest in this real estate
developments, such as complex since the pre-pandemic era,
segment on account of its proven
land acquisition and navigating capitalising on the popularity of
track record and innovative
regulatory hurdles. However, with second homes in Ahmedabad.
offerings.
a long-term perspective, these Following the pandemic, ASL
projects can offer substantial has further cemented its position
The Arvind brand corporate social responsibility.

The ‘Arvind’ brand name carries This reputation benefits Arvind
significant recognition across SmartSpaces in numerous
the nation due to the Lalbhai business activities, including
Group’s extensive history of over forging joint development
120 years across a diverse range agreements, exploring new
of industries such as textiles, cities and markets, establishing
apparel, advanced textiles, water business partnerships, and
management, omnichannel cultivating deeper connections
retail, telecommunications, and with customers, service providers,
heavy industry. It operates as a partners, investors, and lenders.
USD 1.7 Bn conglomerate under
professional management, the
Arvind brand is well-regarded
for its commitment to values,
integrity, strong governance, and

Financial overview In FY23-24, ASL recorded its potential of ~Rs. 850 Cr* This was
Arvind SmartSpaces and its highest annual collection of under 55% revenue share model.
subsidiaries are primarily engaged Rs. 876 Cr, a YoY growth of 46%; Projects Uplands 2.0 & 3.0 were
in residential segment operating highlighting the strong operational successfully launched in Q2
in and around Ahmedabad, cycle of new sales, construction
Further, in Q1, ASL signed an
Bangalore and Pune market. The and delivery. During the year,
agreement with the subsidiary of
Company is currently executing 21 Operating Cash Flows stood at
Arvind Ltd under the Development
projects through own land, joint Rs. 458 Cr as against Rs. 201 Cr
Management (model to develop a
ventures and joint development last year. The net-debt equity ratio
16-acre township at Moti Bhoyan
model. The Company successfully on a consolidated basis as on
with a revenue potential of Rs. 116
executed 12 projects till date, March 31, 2024 is (0.10) compared
Cr
completing ~4.9 Mn sq. ft. to (0.07) as on March 31, 2023.
During the year, ASL consolidated In Q2, ASL acquired a new high
The financial year 2023-24 was revenue from operations grew rise project in Bengaluru with a
a strong year for the Company by 33% to Rs. 341 Cr and Profit top line potential of ~Rs. 400 Cr*.
marked by highest bookings, attributable to equity holders The project is spread across 4.3
collections and new project increased by 62% to Rs. 41 Cr. acre and has a saleable area of 46
additions while maintaining a Lac sq ft. The project is acquired
robust Balance Sheet. In FY23-24, FY23-24 was a historic year for the
on an outright basis
ASL registered a booking value Company from a project addition
of Rs. 1,107 Cr, a YoY growth of perspective with a cumulative In Q3, ASL added new horizontal
38%, where the number of units new business development topline project in Ahmedabad spread over
sold stood at 1241 units. Bangalore potential ~Rs. 4,150 Cr* added ~40 acre with a top-line potential
bookings stood at Rs. 420 Cr, during the year. ASL added four of ~Rs. 250* Cr. The Rhythm Of
contributing 38% to the total projects in Ahmedabad, and one Life project, was successfully
annual bookings. Further, new each in Bengaluru and Surat. launched in Q4
launches continued to perform In Q1, ASL signed a 500 In Q3, ASL entered Surat with a
well in new micro markets. In acre project in NH 47 South ~Rs. 1 100 Cr horizontal multi asset
FY23-24, ASL launched four Ahmedabad with a revenue township project. The project is
projects successfully including potential of ~Rs. 1 450 Cr. This was spread over 300 acres and signed
Uplands 2.0 & 3.0, Forest Trails, under 50% revenue share model under the joint development
Arvind Orchards and Rhythm model with a 55% revenue share
Of Life, which contributed 71% In Q1, ASL signed a 204
(Rs. 784 Cr) by annual booking acre project in Bavla, South
value. Ahmedabad with a revenue
Project portfolio
The description of all completed projects of the Company until the close of FY23-24 is provided below.
State Project Total Booked Unsold Booking Revenue ^Collectons Average

Saleable (Sq ft) Inventory Value Recognised (Rs. Cr) Price (Price
(Sq ft) (Sq ft) (Rs. Cr) (Rs. Cr) till date)
Rs. / Sq ft
Gujarat Aavishkaar 5,45,468 4,16,465 1,29,003 117 109 112 2817

Alcove 10,32,660 9,84,150 48,510 25 25 25 251
Citadel 1,01,859 1,01,859 - 55 56 55 5,407
Megaestate 59,180 24,994 34,186 8 8 8 3,265
Megapark 5,01,222 4,61,484 39,738 27 27 27 575
Megatrade 82,526 74,737 7,789 31 29 30 4,134
Parishkaar /Trade Sq 9,15,809 9,15,809 - 254 254 254 2,776
Karnataka Expansia 1,40,268 1,40,268 - 75 75 75 5,358
Oasis 5,72,262 5,51,754 20,508 315 311 313 5,710
Skylands 4,91,113 4,91,113 - 267 267 267 5,443
Sporcia 5,01,491 4,99,990 1501 235 235 234 4,692
Total 49,43,858 46,62,623 2,81,235 1,409 1,396 1,400 -

Corporate Overview
Statutory Reports
The description of all ongoing projects of the Company is provided in the table below:
State Project Total Booked Unsold Booking Revenue ^Collectons Average

Saleable (Sq ft) Inventory Value Recognised (Rs. Cr) Price (Price
(Sq ft) (Sq ft) (Rs. Cr) (Rs. Cr) till date)
Rs./Sq ft
Gujarat Chirping Woods 13,39,092 11,07,653 231439 131 - 92 1186
Forreste IV 29,58,846 23,98,781 5,60,064 343 29 287 1429
Forreste 5 9,43,164 4,56,231 4,86,933 100 3 36 2,196
Fruits of Life 17,45,853 15,05,286 2,40,567 146 - 112 967
Highgrove 43,77,033 24,34,536 19,42,497 232 60 213 951
Uplands 20 &30 67,50,136 50,08,779 17,41,357 392 - 77 784
Adroda
Rhythm Of Life 7,98,858 6,08,490 1,90,368 70 - 1 1,150
Uplands One 31,92,901 29,62,984 2,29,917 516 437 483 1742
Uplands Two 12,89,128 10,73,841 2,15,287 327 57 244 3,043
Karnataka Belair 4,69,620 3,72,275 97,345 236 - 174 6,350
Edge 1,68,224 56,994 1,11,230 40 - 25 7,077
Forest Trails 8,52,129 2,24,435 6,27,694 100 - 29 7,070
(Sarjapur D)
Orchards 5,70,200 3,12,763 2,57,438 163 - 21 2,673
Greatlands 9,52,854 7,38,089 2,14,765 300 - 221 4,063
Maharashtra Elan 1,34,952 61,588 73,364 43 - 38 6,941
Total 2,65,42,990 1,93,22,725 72,20,265 3,139 586 2,053 -
*Forreste is a project under the Development Model (DM). The revenue recognition for Forreste for Arvind SmartSpaces Ltd. would be limited to
DM fees only. During the year, the Company launched Uplands 2.0 & 3.0, Forest Trails, Arvind Orchards and Rhythm Of Life.
Financial performance (Standalone)

Equity Share Capital The equity share capital of the Company as on March 31, 2024, stood at
Rs. 4,534.40 Lac compared to Rs. 4,531.20 Lac as on March 31, 2023.
Net debt-equity ratio The net debt equity ratio of the Company as on March 31, 2024, was at (0.10)
compared to (0.07) as on March 31, 2023.
Revenue The revenue from operations of the Company was Rs. 15,077.87 Lac in the FY23-
24 against Rs. 11,727.81 Lac in FY22-23, an increase of 29% over previous year.
EBITDA/Operating Margin EBITDA margin during the financial year FY23-24 stood at 50% compared to
46% for the previous financial year.
Finance Costs Interest and financial charges for the financial year FY23-24 was Rs. 572.69 Lac
compared to Rs. 556.64 Lac in the previous year, marginal increase of 3%.
Net Profit Net profit available for appropriation for the year FY23-24 stood at Rs. 5,513.34
Lac compared to Rs. 3,827.31 Lac in the previous year.
Earnings Per Share (EPS) The Company's Basic Earnings Per Share (EPS) during the current year was
Rs. 12.17 compared to Rs. 8.71 in the previous year and Diluted EPS is Rs. 12.05 as
compared to Rs. 8.41 in the previous year.
Debtors’ Turnover The Company's debtors’ turnover ratio during the current year was 66.26
compared to 73.35 in the previous year.
Inventory Turnover The Company's inventory turnover ratio during the current year was 0.23
Interest Coverage Ratio The Company's interest coverage ratio during the current year was 1.37

Current Ratio The Company's current ratio as on March 31, 2024 was 1.12 compared to 1.07 in
the previous year.
Debt-Equity Ratio The Company’s debt equity ratio as on March 31, 2024 was 0.11 compared to 0.10
in the previous year mainly on account of net increase in term loan by INR 1,034
Lac during the year.
Net Profit Margin (%) The Company’s net profit margin ratio during the current year was 36%
compared to 32% in the previous year.
Details of any change in The Company’s return net worth ratio as on March 31, 2024 was 12% compared
Return on Net Worth to 9% in the previous year mainly due to increased revenue from operations.
Financial performance (consolidated)

Equity Share Capital The equity share capital of the Company as on March 31, 2024, stood at
Rs. 4534.40 Lac compared to Rs. 4,531.20 Lac as on March 31, 2023.
Net debt-equity ratio The Net debt equity ratio of the Company as on March 31, 2024, was at 0.10
compared to 0.07 as on March 31, 2023.
Revenue The revenue from operations of the Company was Rs. 34117.72 Lac in the
FY23-24 against Rs. 25,591.68 Lac in FY22-23.
EBITDA/Operating Margin EBITDA margin during the financial year FY23-24 stood at 34.53% compared to
21.38% for the previous financial year.
Finance Costs Interest & Financial Charges for the financial year FY23-24 was Rs. 4093.81 Lac
compared to Rs. 1,399.47 Lac in the previous year, a increase by 293%, which
was predominantly on account of redemption of debentures of 80 Cr during the
year.
Net Profit Net profit available for appropriation for the year FY23-24 stood at Rs. 5109.08
Lac compared to Rs. 2782.71 Lac in the previous year, an increase of 84%.
Earnings Per Share (EPS) The Company’s Basic Earnings Per Share (EPS) during the current year was
Rs. 9.17 compared to Rs. 5.83 in the previous year and Diluted EPS is Rs. 9.09 as
compared to Rs. 5.63 in the previous year.
Debtors’ Turnover The Company’s debtor’s turnover ratio during the current year was 123.89
Inventory Turnover The Company’s inventory turnover ratio during the current year was 0.08
Interest Coverage Ratio The Company’s interest coverage ratio during the current year was 2.23
Current Ratio The Company’s current ratio as on March 31, 2024 was 1.24 compared to 1.55 in
the previous year.
Debt-Equity Ratio The Company’s debt equity ratio as on March 31, 2024 was 0.17 compared to
0.29 in the previous year mainly on account of Repayment of debt & increased
profitability during the year.
Net Profit Margin (%) The Company’s net profit margin ratio during the current year was 15.37%
compared to 11.25% in the previous year.
Details of any change in The Company’s return net worth ratio as on March 31, 2024 was 15.96%
Return on Net Worth compared to 8.39% in the previous year mainly due to increased profitability
during the year.

Corporate Overview
Statutory Reports
Risk management
Economic risk The real estate sector is Mitigation: ASL mitigates this risk by diversifying
prone to fluctuations in its operations across Ahmedabad, Bangalore, Pune,
cash flow due to economic Surat and is further looking to expand to the Mumbai
volatility. A downturn Metropolitan Region. The Company employs effective
can significantly reduce cost management and maintains sufficient liquidity to
demand. weather economic downturns.
Operational risk ASL faces operational Mitigation: The Company manages these risks
challenges such as through a structured approach that outlines
delays in land acquisition, necessary controls and accountability. Price
obtaining approvals, project adjustments are made cautiously to preserve
completion, and increased margins. ASL has invested in an Enterprise Resource
construction costs, which Planning (ERP) system, further enhanced by the
can lead to decreased implementation of SAP, to monitor the progress of
customer satisfaction. its projects and manage exceptions. The Company’s
commitment to corporate governance ensures
operational transparency and regulatory compliance.
Project risk Risks include cost overruns Mitigation: As of March 31, 2024, ASL secured
and sluggish sales, leading Rs. 1,152 Cr in receivables from booked units, covering
to reduced collections. the remaining construction costs for ongoing
projects, excluding land costs for joint ventures.
Interest rate Fluctuating interest rates Mitigation: ASL mitigates this risk by maintaining
risk can increase/decrease cash reserves, diversifying funding sources, and
borrowing costs and impact keeping a close watch on cash flow and liquidity. The
real estate demand. Company managed to keep borrowing costs low, at
10.8% as of March 31, 2024.
Liquidity risk This risk affects the Mitigation: With a net debt-to-equity ratio of (0.10)
Company’s ability to meet and an operating surplus cash flow of approximately
short-term obligations Rs. 458 Cr in FY23-24, ASL possesses ample capacity
and complete projects, to secure additional financing at a comfortable debt-
potentially leading to to-equity ratio. The Company’s positive cash flow
increased financing costs outlook ensures sufficient funds for near to medium-
and negative reputational term needs.
impact.
Concentration Reliance on a limited Mitigation: ASL diversifies risk by offering a mix

risk number of projects or of product types across its operational regions,
markets can create revenue including plotting, villas, luxury, and middle-income
stream vulnerabilities. group (MIG) housing.
Raw material Significant price fluctuations Mitigation: ASL has established a stable supply chain
risk in raw materials can impact and negotiates fixed prices for essential materials
property prices and, by over set periods, with price increases passed on to
extension, demand, if consumers judiciously.
passed on to consumers.

Regulatory and Changes in government Mitigation: The Company maintains strong
political risk policies or new regulatory relationships with government bodies at various
measures can pose risks to levels, stays informed about regulatory changes, and
the real estate sector. has a crisis management plan to address potential
political or regulatory challenges.
Customer-centricity care number and email ids to and pamper our homeowners.
The Company implemented NPS address their concerns and Bookings by way of referrals
(Net Promoter Score) during the queries, A customer care portal stands at 23% for FY23-24.
year. Customer satisfaction is was developed where customers
Our customers have project
now measured by doing an NPS access their property accounts
specific ID’s to put forth any issues
survey once every year across the and can reach respective
they have and our team members
ongoing and delivered projects. relationship managers. Monthly
ensure to resolve the same. We
The feedback is gathered by way Construction progress updates are
are also using the ‘My gate’ app
of Survey forms as well as calling. shared with customer to get their
for the members residing in
project related information
Customer relationships are now our schemes. They log-in their
managed using Salesforce as We are also engaging customers complaints through the application
the tool where timely responses through a various loyalty program only and our team takes care
are tracked and measured for by which we wish to enrich your to resolve the same in a timely
inbound calls and emails. Each living experiences through our manner.
customer is assigned a dedicated community engagement initiatives
During the year, several customer
relationship manager who is and make your journey more
engagement activities, including
responsible for on-time client memorable. We aim to offer a
Run to Inspire marathon, Uttarayan
responses and query resolutions. bouquet of bespoke offers and
event, Shree Ram Vandana,
We have provided our customers, special promotions, exclusive
Navratri and Holi event were
the project specific customer events and experiences, and
organised across our projects.
curated blogs to enthral, excite
Internal control and their standard operating procedures. and procedures and conducting
adequacy The system is supported by annual audit of Internal Financial
approved documented policies, Controls. Based on the report of
The Company has an Internal guidelines and procedures in line the internal audit function, process
Audit team and an Internal Control with best industrial practices to owners undertake corrective
System, which is further supported monitor business and operational action within the stipulated
by external audit firm and group performance which are aimed at timeline in their respective
assurance team, commensurate ensuring business integrity and areas and thereby strengthen
with the size, scale and complexity promoting operational efficiency. the controls. Significant audit
of its operations. Moreover, the The Internal Audit team regularly observations and corrective
Company’s Internal Audit team reviews the adequacy of internal actions thereon are presented
along with external reviewers control systems in the Company, on quarterly basis to the Audit
possess adequate experience its compliance with operating Committee of the Board of
and expertise in internal systems and laid down policies Directors of the Company.
controls, operating system and
ERP Force during FY22-23. The during FY23-24. SAP has been
The Company continued to focus software is being leveraged for integrated with Sales Force as
on upgrading the IT infrastructure lead management and CRM a robust integrated ERP, which
– both in terms of hardware with monitoring of customer will cater to the ever-changing
and software. The Company queries and quality of responses business needs to facilitate
successfully implemented Sales along with documentation. The informed decisions.
Company has implemented SAP

Corporate Overview
Statutory Reports
Legal Compliance Tool tool which covers entire gamut regulations in the prescribed time
In order to ensure transparency of compliances applicable to frame. At the same time, it also
and full compliance of the company business. This tool provides opportunity to develop
applicable laws, the Company enables the Company to track an efficient plan for go-to market
has developed a comprehensive and ensure compliance to the strategy for its projects.
Arvind SmartSpaces
was recognised
as the Developer
of the Year –
Townships at the 15th
Awards received Realty+ Conclave &
during the year Excellence Awards,
2023 – Gujarat.
Arvind Highgrove was recognised as the Plotted Arvind SmartSpaces was recognised as Real Estate
Development of the Year at the 15th Realty+ Conclave Brand of the Year at the prestigious 9th Edition of the
& Excellence Awards, 2023 – Gujarat. Real Estate and Business Excellence Awards, 2023
Arvind Bel Air was recognised as Residential Project Arvind SmartSpaces Limited was recognised as Real
of the Year at the 9th Edition of the Real Estate and Estate Brand of the Year at the prestigious 9th Edition of
Business Excellence Awards, 2023 the Real Estate and Business Excellence Awards, 2023

We are excited to announce that Arvind Smartspaces
Ltd has been awarded the prestigious ‘Progressive
Places to Work 2023’. This achievement reflects our
unwavering dedication to innovation, excellence, and
fostering an environment that embraces progress in
all aspects.
This conclave from ET NOW spotlights trend- Arvind Forest Trails, Sarjapur, was recognised as
setting organisations such as Arvind Smartspaces ‘Luxury Villa Project of the Year’ at the 10th Edition of
that prioritise employee well-being, happiness, the Real Estate and Business Excellence Awards, 2024.
productivity, and equality in their strategies.
Arvind SmartSpaces Limited was recognised as ‘Developer of the Year –

Residential’ at the 10th Edition of the Real Estate and Business Excellence Awards,
2024.
Human resources management Cautionary statement

The Company believes that the quality of its Certain statements in this Management Discussion
workforce is crucial to its success and is dedicated and Analysis, describing the Company’s objectives,
to providing them with the necessary skills and outlook and expectations, may constitute “forward-
knowledge to adapt to advancements in technology. looking statements” within the meaning of applicable
During the year, the Company maintained positive laws and regulations. Actual results may differ
relations with its employees and focused on providing materially from those expressed or implied. Several
training and skill development opportunities to help factors make a significant difference to the Company’s
them navigate the changing work environment. As operations, including climatic conditions, economic
of March 31, 2024, the Company employed 400 scenario affecting demand and supply, Government
permanent employees. In FY23-24, the Company regulations, taxation, natural calamity and such other
received by ET award for ‘Progressive Place to Work factors over which the Company does not have any
in 2023’ direct control.

Corporate Overview
Statutory Reports
Directors’ Report
Your Directors have pleasure in presenting the 16th Annual Report on the business and operations of the Company
together with the Audited Financial Statements for the financial year ended on March 31, 2024.
1. FINANCIAL PERFORMANCE:
The highlights of the Financial Performance for year are as under: (Rs. in Lac)
Particulars Standalone Consolidated

2023-24 2022-23 2023-24 2022-23
Revenue from Operations 15,077.87 11,727.81 34,117.72 25,591.68
Profit before Finance costs, Depreciation and 7,518.26 5,417.74 12,115.51 5,626.75
Amortisation & Tax
Less: Finance Costs 572.69 556.64 4,093.81 1,399.47
Less : Depreciation and Amortisation 244.69 128.01 450.40 270.90
Profit before share in profit/(loss) of Joint 6,700.88 4,733.08 7,571.29 3,956.38
ventures & Tax
Share of Profit/(Loss) from Joint ventures 0.11 1.33 0.11 1.33
Profit before tax 6,700.99 4,734.41 7,571.40 3,957.71
Less : Current Tax 1,209.12 900.76 2,061.03 1,698.67
Less : Deferred Tax (21.47) 6.34 401.29 (523.67)
Profit for the year 5,513.34 3,827.31 5,109.08 2,782.71
Total comprehensive income for the year 5,480.34 3,810.30 5,076.08 2,765.70
Net Profit/(Loss) attributable to :
Equity holders of the parent - - 4,157.06 2,560.75
Non-controlling interest - - 952.02 221.96
2. COMPANY’S PERFORMANCE / STATE FY24 has been a historic year for the Company from
OF COMPANY’S AFFAIRS: a project addition perspective with cumulative new
business development topline potential ~Rs. 4,150
Real estate prices have shown a steady increase,
Crores added during the year.
with the average annual growth rate rising from
2.3% in fiscal year 2022 to 3.8% in fiscal year 2023 Your Company’s consolidated revenue for FY24, at
and further to 4.3% in the first half of fiscal year Rs. 341 Crores is showing strong revenue growth of
2024. Despite this upward trend in prices and the ~33% over last year. The EBITDA % to revenue from
impact of higher interest rates, there has been a operations has grown by 33% in FY24. The profit
continued uptick in housing sales and new project after tax attributable to equity holders for the year
launches, underscoring the resilience of income has grown by 58% to Rs. 41 Crores.
recovery and positive sentiment toward future
Your Company recorded its highest ever annual
prospects in the real estate sector.
collections of Rs 897 Crores, a YoY growth of 49%;
While comparing Indian real estate sector vis-à-vis highlighting the strong operational cycle of new
your Company, FY24 has been a strong year for sales, construction and delivery. During the year,
your Company in terms of highest ever bookings, Operating Cash Flows stood at Rs. 458 Crores as
collections and launching of new projects. In FY24, against Rs. 201 Crores previous year.
your Company registered a booking value of Rs 1,107
A more detailed analysis and commentary
Crores, a YoY growth of 38%. In terms of Projects
on financial performance is available in the
Launching, your Company launched four projects
Management Discussion and Analysis section of
successfully including Uplands 2.0 & 3.0, Forest
this report including project wise status on booking
Trails, Arvind Orchards and Rhythm of Life and which
and revenue.
contributed 71% (Rs. 784 Cr) of annual booking value.

There are no material changes and commitments During the year under review, the Company has
affecting the financial position of your company, neither issued shares with differential voting rights
which have occurred between the end of the FY23 nor sweat equity shares.
and the date of this report.
Further, there has been no change in the nature of
7. EMPLOYEE STOCK OPTION SCHEME:
business of the Company. The Company has instituted Arvind Infrastructure
Limited - Employees Stock Option Plan - 2016 (AIL
3. DIVIDEND: ESOP - 2016) to grant equity-based incentives
to certain eligible employees, directors of the
Your Directors have recommended a final dividend
Company and its Subsidiary Companies. During the
of Rs. 2.50/- per equity share and special dividend
year under review, the Company has not granted
of Rs. 1.00/- per equity share, totaling Rs. 3.50/-
any stock options. There is no material change in
per equity share of Rs. 10/- each (i.e. 35%), for the
AIL ESOP - 2016 during the year under review and
financial year ended on March 31, 2024. Dividend
the scheme is in compliance with Securities and
pay-out is in accordance with the Company’s
Exchange Board of India (Share Based Employee
dividend distribution policy. The dividend, if
Benefits and Sweat Equity) Regulations, 2021. The
approved by the members at the ensuing Annual
certificate of the Secretarial Auditor regarding
General Meeting, would involve a cash outflow
implementation of scheme shall be made available
of about Rs. 1587.04 Lac. The dividend will be
for inspection of members in electronic mode at
paid after deduction of tax at source to those
Annual General Meeting.
Shareholders whose names appear in the Register
of Members as on the Record Date. Disclosure in compliance with Section 62 of the
Companies Act, 2013 read with Rule 12 of Companies
The Dividend Distribution Policy containing the
(Share Capital and Debentures) Rules, 2014 and
requirements mentioned in Regulation 43A of
the Securities and Exchange Board of India (Share
the SEBI (Listing Obligations and Disclosure
based Employee Benefits) Regulations, 2014 are
Requirements) Regulations, 2015, can be
set out in Annexure - A to this report.
accessed at the following Web-link: https://
www. a r v i n d s m a r t s p a ce s .co m /w p - co n te n t /
uploads/2022/08/Dividend-Distribution-Policy.pdf
8. DISCLOSURE UNDER SECTION 67 (3)
(C) OF THE COMPANIES ACT, 2013:
4. TRANSFER TO RESERVES: No disclosure is required under section 67 (3) (c)
of the Companies Act, 2013 read with Rule 16(4) of
The Directors have decided not to transfer any
Companies (Share Capital and Debentures) Rules,
amount to the General Reserve for the year under
2014, in respect of voting rights not exercised
review.
directly by the employees of the Company as the
provisions of the said section are not applicable.
5. DETAILS OF MATERIAL CHANGES FROM
THE END OF THE FINANCIAL YEAR TILL
9. FINANCE:
THE DATE OF THIS REPORT:
During the year, the Company has availed net
No Material Changes have taken place from the
borrowings of Rs. 1,035 Lac. The investments
end of the financial year till the date of this report.
in new Lands and projects during the year has
been funded out of strong business inflows and
6. SHARE CAPITAL: incremental borrowings. The Total Standalone
During the year under review, there has been Debt of the Company stands at Rs. 6,191 Lac as on
no change in the authorised share capital of the March 31, 2024. On a consolidated basis net interest
Company. The authorised share capital of the bearing funds has decreased from ~ Rs.(3,000) Lac
Company as on March 31, 2024 stood at Rs. 50.00 to ~Rs.(4,100) Lac. The Net Debt to Equity ratio on
Cr divided into 5.00 Cr equity share of Rs. 10/- each. a consolidated basis as on March 31, 2024 is -0.10 as
During the year under review, the Company has compared to -0.07 as on March 31,2023. This does
allotted 0.32 Lac equity shares of Rs. 10/- each to not include Optionally Convertible Debentures
the eligible employees pursuant to the exercise issued to HCARE-3.
of stock options granted to them in terms of the
Arvind Infrastructure Limited - Employees Stock 10. DEPOSITS:
Option Plan - 2016. Consequently, the paid-up During the year under review, the Company has
equity share capital of the Company stood at not accepted or renewed any deposits within the
Rs. 4534.40 Lac consisting of 4,53,43,979 equity meaning of Section 73 of the Companies Act, 2013
shares of Rs.10/- each. and the Rules framed thereunder.

Corporate Overview
Statutory Reports
11. PARTICULARS OF LOANS, GUARANTEES, individual / team’s contribution to organizational

OR INVESTMENTS UNDER SECTION 186: success, has been recognized and rewarded.
Details of Loans, Guarantees and Investments Our employee recruitment and selection policy
covered under the provisions of Section 186 of the describe our process for attracting and selecting
Companies Act, 2013 read with the Companies external job candidates. We are committed to
(Meetings of Board and its Powers) Rules, 2014 are our equal opportunity policy at every selection
given in the notes to the Financial Statements. stage. This policy applies to all employees who are
involved in hiring for our company. It refers to all
12. CONSOLIDATED FINANCIAL STATEMENTS: potential job candidates.
The Consolidated Financial Statements of the
Company are prepared in accordance with relevant 15. RISK MANAGEMENT:
provisions of the Companies Act, 2013 including The Real Estate market is inherently a cyclical market
Indian Accounting Standards specified under and is affected by macroeconomic conditions,
Section 133 of the Companies Act, 2013 and form changes in governmental schemes, changes in
part of this Annual Report. supply and demand for products, availability of
consumer finance and liquidity. These factors can
13. CORPORATE SOCIAL RESPONSIBILITY affect the demand for both our forthcoming and
INITIATIVES: ongoing projects.
Your Company undertakes “Corporate Social The Company has developed and implemented Risk
Responsibility’’ (CSR) initiatives through Strategic Management Policy. The policy identifies the threat
Help Alliance for Relief to Distressed Area of adverse events which may affect shareholder’s
(SHARDA) Trust and Arvind Foundation (AF). value, ability of Company to achieve objectives or
As a part of CSR, during the year under review, implement business strategies. Further, such risks
your Company has undertaken Rural Advancement are categorized into Strategic Risks, Operating
and Educational Advancement programme which Risks and Regulatory Risks.
are broadly covered under schedule VII of the Under the framework, the Company has laid down a
Companies Act, 2013. The brief details of CSR Risk Management Policy which defines the process
Policy and the amount spent during the FY23-24 for identification of risks, its assessment, mitigation
on the said activity is enclosed as Annexure - B. measures, monitoring and reporting. While the
Company, through its employees and Executive
14. HUMAN RESOURCES: Management, continuously assess the identified
At Arvind Smartspaces, Human Resources Risks, the Risk Management Committee and the
as a function is dedicated to more than just Audit Committee reviews the identified Risks and
product creation; we are committed to nurturing its mitigation measures annually.
careers. As an Equal opportunity employer, our
team comprises of a diversified array of talents 16. INTERNAL CONTROL SYSTEMS AND
collaborating harmoniously to re-define industries THEIR ADEQUACY:
and envision new horizons. The Company has an Internal Audit team and an
Our HR policy is to inculcate and encourage our Internal Control System, which is further supported
employees and business partners performance by external audit firm and group assurance team,
and bring out ASL’s positive working culture and commensurate with the size, scale and complexity
commitment to mutual respect and continuous of its operations. Moreover, the Company’s Internal
improvement. Audit team alongwith external reviewers possess
adequate experience and expertise in internal
We are working on individual’s strengths and controls, operating system and standard operating
expanding his / her role over the period of time as procedures.
a part of job enlargement and providing them job
enrichment. We can easily witness or exhibit this The system is supported by approved documented
in our current and for future leadership pipeline policies, guidelines and procedures in line with
used as a part of potential assessment for building best industrial practices to monitor business
successive leaders. and operational performance which are aimed
at ensuring business integrity and promoting
Chat with M.D., Employee Engagement Programs, operational efficiency.
Sports Events, CLAP (Compliment, Laud,
Appreciate, Praise) Cards are some of the few The Internal Audit team regularly reviews the
initiatives to bring out the best, motivate and adequacy of internal control systems in the
recognize employees’ strengths. The Leadership Company, its compliance with operating systems
Enclave / Town Hall Meets are few platforms where and laid down policies and procedures. Based on
the report of the internal audit function, process

owners undertake corrective action within the Directors including 1 (one) Nominee Director and
stipulated timeline in their respective areas and 4 (four) are Non-Executive Independent Directors
thereby strengthen the controls. Significant audit including a Woman Director. The composition is in
observations and corrective actions thereon are compliance with the Companies Act, 2013 and SEBI
presented on quarterly basis to the Audit Committee (Listing Obligations and Disclosure Requirements)
of the Board of Directors of the Company. Regulations, 2015.
As per the provisions of Section 152(6) of the
17. VIGIL MECHANISM / WHISTLE BLOWER Companies Act, 2013 and the Company’s Articles of
POLICY: Association, Mr. Sanjay S. Lalbhai (DIN: 00008329)
The Company has a vigil mechanism named Whistle shall retire by rotation at the ensuing 16th Annual
Blower Policy to deal with instances of fraud and General Meeting and being eligible, has offered himself
mismanagement, if any. The details of the Whistle for re-appointment as the Director of the Company.
Blower Policy are explained in the Corporate
It is proposed to re-appoint Ms. Pallavi Vyas as
Governance Report and also posted on the website
an Independent Director, not liable to retire by
of the Company at https://www.arvindsmartspaces.
rotation, for the second term of 5 (five) years with
com/investors/corporate-governance/
effect from August 5, 2024 to August 4, 2029 by
passing special resolution as set out in item No. 4
18. SUBSIDIARIES, ASSOCIATES AND JOINT
of the notice convening the AGM. Ms. Pallavi Vyas
VENTURE COMPANIES:
is appointed as an Independent Director, not liable
As on March 31, 2024, the Company has 3 (three) to retire by rotation, in the Annual General Meeting
wholly owned subsidiary companies, 21 (twenty- of the Company held on September 29, 2020 for a
one) subsidiary Limited Liability Partnerships period of 5 (five) years, with effect from August 5,
(Direct or Indirect) and 1 (one) joint venture Limited 2019 to August 4, 2024.
Liability Partnership.
The Independent Directors have submitted requisite
During the year under review, companies/LLPs/ declarations confirming that they continue to meet
entities which have become and/or ceased to the criteria of independence as prescribed under
be subsidiary, joint venture or associate of the Section 149(6) of the Companies Act, 2013 and
Company are given in the note no. 36 to the Regulation 16(1)(b) of the SEBI (Listing Obligations
Financial Statements. and Disclosure Requirements) Regulations, 2015. The
Pursuant to the provisions of Section 129(3) of Independent Directors have also confirmed that they
the Companies Act, 2013 read with Companies have complied with Schedule IV of the Companies
(Accounts) Rules, 2014 a statement containing Act, 2013 and the Company’s Code of Conduct.
salient features of financial statements of None of the Directors are disqualified from being
subsidiaries, associates and joint venture appointed as Directors as specified in section 164
Companies in Form AOC-1 is attached to the of the Companies Act, 2013.
Financial Statements. The separate audited
financial statements in respect of each of the As on March 31, 2024, Mr. Kamal Singal - Managing
subsidiary shall be kept open for inspection at the Director & CEO, Mr. Ankit Jain - Chief Financial
Registered Office of the Company. The Company Officer and Mr. Prakash Makwana - Company
will also make available these documents upon Secretary are the key managerial personnel of the
request by any member of the Company interested Company in terms of provisions of Section 203 of
in obtaining the same. the Companies Act, 2013. During the year, Mr. Ankit
Jain, Chief Financial Officer has resigned with
The Company has framed a policy for effect from April 22, 2024.
determining material subsidiaries and can be
accessed at the following Web-link: https:// 21. FORMAL ANNUAL EVALUATION:
www. a r v i n d s m a r t s p a ce s .co m /w p - co n te n t /
Pursuant to the provisions of the Companies Act,
uploads/2022/02/Material-Subsidiaries.pdf
2013 and Regulation 17(10) of the SEBI (Listing
Obligations and Disclosure Requirements)
19. CHANGE IN NATURE OF BUSINESS
Regulations, 2015, the Board has carried out an
During the year under review, there has been no evaluation of independent directors which includes
change in the nature of business of the Company. the performance of directors, fulfilment of criteria
of independence specified in these regulations and
20. DIRECTORS AND KEY MANAGERIAL their independence from the Management, its own
PERSONNEL: performance as well as evaluation of working of
The Board of Directors consist of 8 (eight) its Committees on the basis of criteria formulated
Directors out of which 1 (one) is Executive Director, by the Nomination and Remuneration Committee
3 (three) are Non-Executive Non-Independent which are broadly in compliance with the Guidance

Corporate Overview
Statutory Reports
Note on Board Evaluation issued by SEBI vide the Corporate Governance Report, which forms
its Circular dated January 5, 2018. The manner in part of this Annual Report.
which the evaluation has been carried out has been
explained in the Corporate Governance Report. 26. DIRECTOR’S RESPONSIBILITY STATEMENT:
Pursuant to Section 134(5) of the Companies Act,
22. APPOINTMENT AND REMUNERATION 2013, the Board of Directors, to the best of their
POLICY: knowledge and ability, confirm that:
The Board has, on the recommendation of the
(a) in the preparation of the annual accounts
Nomination and Remuneration Committee,
for the year ended on March 31, 2024, the
framed a policy for selection and appointment of
applicable accounting standards have been
Directors, Key Managerial Personnel and Senior
followed along with proper explanation relating
Management and their remuneration. The same
to material departures, if any;
can be accessed at the following Weblink: https://
www. a r v i n d s m a r t s p a ce s .co m /w p - co n te n t / (b) they have selected such accounting policies
uploads/2023/06/Nomination-and-Remuneration- and applied them consistently and made
Policy.pdf judgements and estimates that are reasonable
and prudent so as to give a true and fair view of
23. FAMILIARIZATION PROGRAMME FOR the state of affairs of the Company at the end
THE INDEPENDENT DIRECTORS: of the financial year and of the profit and loss
of the Company for that period;
In compliance with the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, (c) they have taken proper and sufficient care
the Company has put in place a familiarization towards the maintenance of adequate
programme for the Independent Directors accounting records in accordance with
to familiarize them with their role, rights and the provisions of the Companies Act for
responsibility as Directors, the working of the safeguarding the assets of the Company and
Company, nature of the industry in which the for preventing and detecting fraud and other
Company operates, business model etc. The irregularities;
same can be accessed at the following Web-link:
(d) they have prepared annual accounts on a going
https://www.arvindsmartspaces.com/wp-content/
concern basis;
uploads/2024/04/Familiarization-Programmes-
imparted-Independent-Directors-2.pdf (e) they have laid down proper internal financial
controls, which are adequate and are operating
24.NUMBER OF MEETINGS OF THE BOARD effectively;
OF DIRECTORS AND COMMITTEES: (f) they have devised proper systems to ensure
A calendar of Board and Committee Meetings is compliance with the provisions of all applicable
prepared and circulated in advance to the Directors laws and such systems are adequate and
to enable them to plan their schedule for effective operating effectively.
participation in the Meetings.
During the year under review, 4 (four) meetings of
27. RELATED PARTY TRANSACTIONS:
the Board of Directors, 4 (four) meetings of Audit All transactions with Related Parties are placed
Committee, 2 (two) meetings of Corporate Social before the Audit Committee and the Board for
Responsibility Committee, 2 (two) meetings of their approval. Prior omnibus approval of the Audit
Risk Management Committee, 1 (one) meeting of Committee is obtained for the transactions which are
Nomination and Remuneration Committee, 1 (one) of a foreseen and repetitive nature. The transactions
meeting of Stakeholders’ Relationship Committee, entered into pursuant to the omnibus approval so
1 (one) meeting of Independent Directors’ and 13 granted are audited and a statement giving details
(thirteen) meetings of Management Committee of all the related party transaction specifying the
of Board of Directors were convened and held, nature, value and terms and conditions of the
the details of which are provided in the Corporate transactions is placed before the Audit Committee
Governance Report forming part of this Report. for their approval on a quarterly basis.
All the related party transactions are entered
25. COMMITTEES OF BOARD: into on arm’s length basis, in the ordinary course
With an objective of strengthen the governance of business and are in compliance with the
standards and to comply with the applicable applicable provisions of the Companies Act, 2013
statutory provisions, the Board has constituted and the SEBI (Listing Obligations and Disclosure
various committees and the details of such Requirements) Regulations, 2015. There are no
committees constituted by the Board are given in materially significant related party transactions

made by the Company with Promoters, Directors and proviso to Section 148(3) read with Section
or Key Managerial Personnel etc. which may 141(4) of the Companies Act, 2013 and that their
have potential conflict with the interest of the appointment meets the requirements of Section
Company at large or which warrants the approval 141(3)(g) of the Companies Act, 2013. They have
of the shareholders. Accordingly, no transactions further confirmed their independent status and
are being reported in Form AOC-2 in terms of an arm’s length relationship with the Company.
Section 134 of the Companies Act, 2013 read with
The remuneration payable to the Cost Auditors
Companies (Accounts) Rules, 2014. However, the
is required to be ratified by the Members in a
details of the transactions with Related Party are
general meeting.
provided in the Company’s financial statements in
accordance with the IND AS - 24. Accordingly, a Resolution seeking Members’
ratification for the remuneration payable to
The Policy on Related Party Transactions as approved
M/s Kiran J. Mehta & Co., Cost Auditors is
by the Board can be accessed at the following
included at Item No. 5 of the notice convening
Web-link: https://www.arvindsmartspaces.com/
the Annual General Meeting.
wp-content/uploads/2022/06/Related-Party-
Transactions-Policy.pdf (c) Secretarial Auditors:
Pursuant to the provisions of Section 204
28. SIGNIFICANT AND MATERIAL ORDERS of the Companies Act, 2013 read with the
PASSED BY THE REGULATORS / COURTS Companies (Appointment and Remuneration
/ TRIBUNALS: of Managerial Personnel) Rules, 2014, the
There are no significant material orders passed Company has appointed M/s N. V. Kathiria &
by the Regulators / Courts which would impact Associates, a firm of Company Secretaries in
the going concern status of the Company and its Practice to conduct the Secretarial Audit of
future operations. the Company for the FY23-24. Report of the
Secretarial Audit in Form MR-3 for the financial
29.AUDITORS: year 2023-24 is enclosed as Annexure - C. The
said Report does not have any qualification,
(a) Statutory Auditor:
reservation or adverse remark or disclaimer.
M/s. S R B C & Co LLP, Chartered Accountants,
(ICAI Firm Registration No. 324982E / In compliance with Regulation 24A of the
E300003) were re-appointed as Statutory SEBI (Listing Obligations and Disclosure
Auditors of your Company at the 14th Annual Requirements), Regulation 2015, Secretarial
General Meeting (“AGM”) held on August 12, Audit Report in respect of material subsidiary
2022 for a period of 5 (five) consecutive years. is also enclosed as Annexure - C1.
The Report given by M/s. S R B C & Co LLP, 30. ENHANCING SHAREHOLDERS VALUE:
Chartered Accountants on the financial
Your Company believes that its shareholders
statements along with the notes to the financial
are among its most important stakeholders.
statements of the Company for the financial
Accordingly, your Company’s operations are
year 2023-2024 is forming part of the Annual
committed to the pursuit of achieving high levels of
Report. There has been no qualification,
operating performance and cost competitiveness,
reservation or adverse remark or disclaimer in
consolidating and building for growth, enhancing
their Report. During the year under review, the
the productive asset and resource base and
Auditors had not reported any matter under
nurturing overall corporate reputation. Your
Section 143(12) of the Companies Act, 2013
Company is also committed to creating value for its
therefore no detail is required to be disclosed
other stakeholders by ensuring that its corporate
under Section 134(3)(ca) of the Companies Act.
actions positively impact the socio-economic
(b) Cost Auditors: and environmental dimensions and contribute to
sustainable growth and development.
On the recommendation of the Audit Committee,
the Board of Directors appointed M/s Kiran J.
Mehta & Co., Cost Accountants, Ahmedabad
31. CORPORATE GOVERNANCE REPORT
(Firm Registration No. 000025), as Cost AND MANAGEMENT DISCUSSION &
Auditors of the Company for the FY24-25 under ANALYSIS:
Section 148 of the Companies Act, 2013 read The Corporate Governance Report and
with the Companies (Cost Records and Audit) Management Discussion & Analysis, which form
Amendment Rules, 2014. M/s Kiran J. Mehta part of this Report, is set out as separate Annexure,
& Co. have confirmed that they are free from together with the Certificate from the Practicing
disqualification specified under Section 141(3) Company Secretary regarding compliance of

Corporate Overview
Statutory Reports
conditions of Corporate Governance as stipulated General Meeting. If any member is interested in

in Schedule V of the SEBI (Listing Obligations and obtaining a copy thereof, such member may write
Disclosure Requirements) Regulations, 2015. to the Company Secretary in this regard.
Disclosures pertaining to remuneration and other
32. BUSINESS RESPONSIBILITY AND details as required under Section 197(12) of the
SUSTANABILITY REPORT: Companies Act, 2013 read with Rule 5(1) of the
The Business Responsibility and Sustainability (Appointment and Remuneration of Managerial
Report for the year ended on March 31, 2024 Personnel) Rules, 2014 as amended, are given in
as stipulated under Regulation 34 of the SEBI Annexure - D to this report.
(Listing Obligations and Disclosure Requirements)
Regulations, 2015 is annexed which forms part of 37. DISCLOSURE AS PER SEXUAL
this Annual Report. HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND
33. SECRETARIAL STANDARDS REDRESSAL) ACT, 2013:
During the year under review, the Company The Company has zero tolerance for Sexual
has complied with the provisions of Secretarial Harassment at Workplace and has adopted a
Standard-1 and Secretarial Standard - 2 issued by policy against sexual harassment in line with the
the Institute of Company Secretaries of India. provisions of Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal)
34. CONSERVATION OF ENERGY, TECHNOLOGY Act, 2013 and the rules framed thereunder.
ABSORPTION AND FOREIGN EXCHANGE Arvind SmartSpaces Limited Internal Complaint
EARNINGS AND OUTGO: Committee (“ASLICC”) is formed by the Company
Information in accordance with the provisions of which is working under purview of group level
Section 134(3)(m) of the Companies Act, 2013 read Committee i.e. Arvind Internal Complaints
with Companies (Accounts) Rules, 2014 regarding Committee (“AICC”), the details of which are
conservation of energy and technology absorption declared across the organization. All the members
are not given as the Company has not undertaken of ASLICC are trained by the subject experts on
any manufacturing activity. There were no foreign handling the investigations and proceedings as
Exchange Earnings or Outgo during the period defined in the policy.
under review except on foreign travelling.
During the FY23-24 the Company has not received
any complaints on sexual harassment and hence no
35. ANNUAL RETURN: complaints remain pending as of March 31, 2024.
The Annual Return as required under Section 92
and Section 134 of the Companies Act, 2013 read 38.ACKNOWLEDGEMENTS:
with Rule 12 of the Companies (Management
Your Directors take this opportunity to express their
and Administration) Rules, 2014 can be accessed
sincere thanks to all the employees, customers,
at the following Web-link: https://www.
suppliers, business associates bankers, investors,
arvindsmartspaces.com/investors/updates/.
lenders, regulatory and government authorities
and stock exchanges for their support.
36. PARTICULARS OF EMPLOYEES:
The information required pursuant to Section
197(12) of the Companies Act, 2013 read with Rule
5(2) and 5(3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014
in respect of employees of the Company, will be
provided upon request. In terms of Section 136(1) of By Order of the Board
the Companies Act, 2013, the Report and Accounts
are being sent to the Members and others entitled
thereto, excluding the information on employees’
particulars which is available for inspection by the
Members at the Registered Office of the Company
during business hours on working days of the Date: May 06, 2024 Sanjay S. Lalbhai
Company up to the date of the ensuing Annual Place: Ahmedabad Chairman

Annexure - A to the Directors’ Report
Disclosures required in the Directors’ Report pursuant to Clause 12 (9) of the Companies (Share Capital and
Debentures) Rules, 2014 as on March 31, 2024:
1 Description of ESOS ESOP 2016

(a) Date of shareholders’ approval September 23, 2016
(b) Total number of shares approved 15,00,000
(c) Vesting requirements Options vest over minimum 1 year and maximum 5 years
based on continued service and certain performance
parameters.
(d) Exercise price or pricing formula An exercise price will be equal to the latest available
closing price, prior to the date of the meeting of the
Board in which the options are granted, on the stock
exchange on which the equity shares of the Company
are listed, or such other price as the Nomination and
Remuneration Committee may decide at its discretion
and as per applicable laws.
(e) Maximum term of options granted 9 years from the date of grant
(f) Source of shares Primary
(g) Variation of terms of options None
2 Method used to account for ESOS Fair Value Method
3 Where the Company opts for expensing of the Not applicable
options using the intrinsic value of the options, the
difference between the employee compensation
cost so computed and the employee compensation
cost that shall have been recognized if it had used
the fair value of the options shall be disclosed. The
impact of this difference on the profits and EPS of
the Company shall also be disclosed.
(i) Difference between Intrinsic value and Fair The Company follows fair value method of accounting
value compensation cost for options.
(i) Impact on the Profits of the Company (Rs.) Not Applicable
(ii) Impact on Basic Earnings Per Share of the Not Applicable
Company (Rs.)
(iii) Impact on Diluted Earnings Per Share of the Not Applicable
Company (Rs.)
4 Option movement during the year:
(a) Options Outstanding at the beginning of the 8,20,000
year
(b) Options issued during the year (pursuant to 0
the Scheme)
(c) Options forfeited / lapsed during the year 0
(d) Options vested during the year 5,50,000
(e) Options exercised during the year 32,000
(f) Number of shares arising as a result of 32,000
exercise of option
(g) Money realised by exercise of options (Rs.) 3,49,29,000
(h) Loan repaid by the Trust during the year from Not Applicable
exercise price received
(i) Options Outstanding at the end of the year 7,88,000
(j) Options Exercisable at the end of the year 5,18,000

Corporate Overview
Statutory Reports
1 Description of ESOS ESOP 2016

5A Weighted average exercise prices of outstanding options whose:
Exercise price equals market price of stock Rs. 194.05
Exercise price exceeds market price of stock -
Exercise price is less than market price of stock -
5b Weighted average fair value of outstanding options whose:
Exercise price equals market price of stock Rs. 36.52
Exercise price exceeds market price of stock -
Exercise price is less than market price of stock -
6 Grantee wise details of options granted to:
(i) Key managerial personnel No grants made during the year.
(ii) any other grantee who receives a grant in any Not Applicable
one year of options amounting to five per cent
or more of options granted during that year;
(iii) identified employees who were granted Not Applicable
options, during any one year, equal to
or exceeding one per cent of the issued
capital (excluding outstanding warrants and
conversions) of the issuer at the time of grant.
7 A description of the method and significant No grants made during the year.
assumptions used during the year to estimate the
fair values of options, including following weighted
average information:
(i) Share price (Rs.) Not Applicable
(ii) Exercise price (Rs.) Not Applicable
(iii) Expected volatility Not Applicable
(iv) Expected dividends Not Applicable
(v) Risk-free interest rate Not Applicable
(vi) Any other inputs to the model Not Applicable
(vii) Method used and the assumptions made to Not Applicable
incorporate effects of expected early exercise
How expected volatility was determined, Not Applicable
including an explanation of the extent of
to which expected volatility was based on
historical volatility
(i) Whether any or how any other features of option Not Applicable
grant were incorporated into the measurement
of fair value, such as market condition.

Annexure - B to the Directors’ Report
Arvind SmartSpaces Limited: Corporate Social Responsibility Report FY 2023-24
Annexure - I
Overview of CSR Initiatives 1. Projects around Company’s Area of

The Corporate Social Responsibility (CSR) Policy of Operations
Arvind SmartSpaces Limited (“ASL” or “the Company”) ASL has broadly decided to support projects
aims to work for social advancement and defines its around its sites and offices and its subsidiaries
philosophy and guides its actions for undertaking and through Arvind Foundation (AF). During
supporting socially relevant project and programs. FY 2023-24, AF has undertaken ongoing Rural
Company’s underlying value system has a firm belief Advancement initiatives around its Project “Arvind
that only in a healthy society healthy businesses Highgrove” in Sanand Taluka in the focused villages
flourish and that business must serve and empower the of Moti Devati, Nani Devati, Moriya and Motipura.
community in the area where it operates. Rural Advancement and Educational Advancement
initiatives around ASL’s area of operation has been
As per the ASL CSR Policy, the CSR initiatives are
undertaken.
being carried out by Strategic Help Alliance for
Relief to Distressed Areas (SHARDA) Trust and The long term rural advancement strategy of AF
Arvind Foundation. The Company broadly defined has three elements - Education, Environment
its CSR thematic focus area as Rural Advancement and Earning in the geography where it operates.
and Educational Advancement under Schedule VII of The three elements strategy also continued in
Companies Act - Point (x) Rural Development and the villages where ASL operates. Some Health &
Point (ii) Promoting Education. Nutrition initiatives are also taken as per the need
and demand of the community.
ASL decided to work in four villages, namely Moti
Devti, Nani Devti, Moraiya and Motipura where its The education component has two projects that
project namely Arvind Highgrove in the Sanand taluka company has supported which will be described in
of Ahmedabad is located. the later part of the report. The environment and the
earning components have long term interventions
These villages are also located at a closed proximity
to bring lasting change in the communities we
to the taluka headquarters and house various
operate.
manufacturing and industrial units. With a total
population of a little over 15,000 persons, these Under the element of environment, through
hamlets are home to predominantly scheduled caste, plantation drives, close to 9000 plants were planted
other backward caste and tribal communities. These in broadly three mode – plantation at individual
villages, while adjacent to the industrial areas, remain homes, plantation in schools & crematorium and
largely impoverished with low scores on developmental plantation at block and taluka level at panchayat
indicators such as literacy and income. This is largely plots. School students participated in planting the
due to the lack of livelihood opportunities. The family trees in their school campuses under our school
structures are majorly patriarchal, with male members greening programme. Environment clubs are also
engaging in whatever gainful employment is available set up in schools.
to them and the female members taking up house and
care work for infants as well as older family members. Building Earning Streams, supporting Livelihoods.
To support and increase earning in villages where
During FY 2023-24, the Company has supported three ASL operates, it is important to strengthen
projects around its Area of Operations which is a rural existing occupations and add incremental earning
advancement program, a digital literacy program and a opportunities. Under the earning component, ASL
supplementary education program – the last two being continued with its initiative of strengthening the
the educational advancement programmes. dairy and the farming practices.

Corporate Overview
Statutory Reports
Dairy is one occupation in Gujarat which is rural area of Sanand which is a partnership with
supported by a well-established dairy network. 67 computer major Hewlett-Packard (HP) and Arvind
dairy farmers in Nani Devti and Moti Devti have Foundation. This program is being carried out
undergone Dairy Farmer’s Training for the livestock through an Arvind HP CLAP vehicle. The HP CLAP
management. The importance of animal nutrition, (Continued Learning Access Program) has a van
fodder and animal breed and building network for that has 120 HP Laptops to bring digital literacy to
getting services were part of the program. Another rural masses. Arvind Foundation has designed a
training program about various dairy products curriculum through which primary school students
and value addition of milk was also organised. 8 and women are exposed to laptops and are
Farmer’s Interest Groups of 150 dairy farmers were getting to learn computer operations. Though we
also facilitated in 2 villages of Nani Devti and Moti have decided to work in four focused villages, the
Devti. As a result, 37 farmers received loans for HP CLAP van visits schools in sixteen villages of
buying additional animals (Buffaloes). Sanand Taluka. Over 1700 students of the primary
schools are benefitted from this Digital Literacy
Another program with farmers who have expressed
initiative. In addition, women from villages are also
their desire to explore the better farming practices
taking benefit of this initiative.
was organised. More than 200 farmers have been
trained for systematic reduction of chemical In addition, study tours, essay competitions, digital
fertilisers and advance agricultural practices. competitions and summer camps were organised
Exposure visits has been organised for farmers to for class 8 students to motivate them to continue
Krushi Vijgyan Kendra and Agricultural fairs. their studies with further enrolment. We consider
this digital literacy programme as an entry point to
Supporting Heath conditions: a larger supplementary education program in the
Our interactions with the communities lead region that we started this year.
to organising the health camps. Many a times,
attending to health issues get neglected or 3. Supplementary Education programme for
postponed as it doesn’t seem to be posing any Municipal School Students
immediate challenge. However, in long term, The third programme that ASL has supported is a
it costs the people heavily. To attend to this, we supplementary education program GYANDA for
have launched health camps in villages and we municipal school students in Ahmedabad. This is
organise Community Eye Check-up Camps and a being carried out through SHARDA Trust, the CSR
School dental health camps in partnerships with arm of Arvind Limited. This program aims to support
Government and specialised Trust run Hospitals. a student for 8-12 years and establish education to
The Eye Camps were attended by 347 people, 163 employment link. GYANDA is a unique supplementary
got specs, 36 cataract cases were identified and 19 education model designed for primary, secondary
went for surgeries. For School dental camp, 280 and higher secondary school-going children studying
students were tested. in Municipal Schools. It prevents these children from
For the Educational Advancement, ASL supported dropping out and helps them complete their basic
a Digital Literacy Program and a Supplementary education from standard V to XII and further, while
Education Program. focusing on improving their academic performance
and overall personality development. The objective
2. The Digital Literacy Program: is to make these children employable by the time
The digital Literacy program is the second they pass out of the programme, thereby ensuring
program that the Company has supported. that they become the last generation in poverty from
The digital Literacy program is being offered in their families. The program GYANDA has more than
800 students.

Annexure - B to the Directors’ Report
Annual Report on CSR Activities for the FY 2023-24
Annexure - II
1. Brief Outline on CSR Policy of the Company:

Arvind SmartSpaces Limited follows the group’s CSR philosophy of contributing to the growth and development
of the society as we believe that healthy business grows only in a healthy society and that business must serve
and empower the community in the area where it operates. The responsibility of undertaking development
initiatives has been jointly shared by Strategic Help Alliance for Relief to Distressed Areas (SHARDA) Trust.
Our CSR Policy is in sync with the broader areas of Schedule VII of the Companies Act, 2013 and will always
be aligned to the changes that gets incorporate in the schedule.
The key points of the policy can be reached at our website through the given link: https://www.arvindsmartspaces.
com/wp-content/uploads/2022/02/Corporate-Social-Responsibility-Policy.pdf
2. Composition of the CSR Committee:

The Board of Directors of the Company has constituted Corporate Social Responsibility Committee (“CSRC”)
in compliance with the provisions of Section 135 read with Schedule VII of the Companies Act, 2013. The details
of Composition of Corporate Social Responsibility Committee, Number of Meetings held and participation at
the Meetings during the year are as under:
Sr. Name of Director Designation Number of meetings of Number of meetings of

No. / Nature of CSR Committee held CSR Committee attended
Directorship during the year during the year
1 Mr. Sanjay S. Lalbhai Chairman 2 2
2 Mr. Prem Prakash Pangotra Member 2 2
3 Ms. Pallavi Vyas Member 2 2
4 Mr. Kamal Singal Member 2 2
3. Web-link where Composition of CSR committee, CSR Policy and CSR projects approved
by the board are disclosed on the website of the company.
https://www.arvindsmartspaces.com/wp-content/uploads/2022/02/Corporate-Social-Responsibility-Policy.pdf /
4. Details of Impact assessment of CSR projects carried out in pursuance of sub-rule

(3) of rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014, if
applicable - Not Applicable
5. a) Average net profit of the Company as per section 135(5): Rs. 3706 Lac.
b) Two percent of average net profit of the company as per section 135(5): Rs. 74.11 Lac
c) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: Nil
d) Amount required to be set off for the financial year, if any: Nil
e) Total CSR obligation for the financial year [(b)+(c)+(d)]: Rs. 74.11 Lac
6. a) Amount spent on CSR Projects (both Ongoing Project and other than Ongoing project): Rs. 75.00 Lac
b) Amount spent in Administrative Overheads: Nil
c) Amount spent on Impact Assessment, if applicable: Nil
d) Total amount spent for the Financial Year [(a)+(b)+(c)]: Rs. 75.00 Lac
e) CSR amount spent or unspent for the financial year:
Total Amount Amount Unspent (Rs. In Lac)

Spent for the Total Amount transferred to Amount transferred to any fund specified under
Financial Year Unspent CSR Account as per sub- Schedule VII as per second proviso to sub-section
(Rs. In Lac) section (6) of section 135. (5) of section 135
Amount Date of transfer Name of the Fund Amount Date of transfer
75.00 NIL - - NIL -

Corporate Overview
Statutory Reports
f) Excess Amount for set off, if any:

Sl. Particular Amount
No. (Rs. In Lac)
(1) (2) (3)
(i) Two percent of average net profit of the company as per sub section (5) of Rs. 74.11
section 135
(ii) Total amount spent for the Financial Year Rs. 75.00
(iii) Excess amount spent for the financial year [(ii)-(i)] Rs. 0.89
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous Nil
financial years, if any
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] Nil
7. Details of Unspent Corporate Social Responsibility amount for the preceding three
financial years: Nil
Sl. Preceding Amount Balance Amount Amount transferred to Amount Deficiency,

No. Financial transferred Amount in spent in the any fund specified under remaining if any
Year to Unspent Unspent reporting Schedule VII as per to be
CSR CSR Financial second proviso to sub- spent in
Account Account Year section (5) of section 135, succeeding
under sub- under sub- (Rs. In Lac) if any financial
section section Amount Date of years
(6) of (6) of (in Rs) transfer (Rs. In Lac)
section 135 section 135
(Rs. In Lac) (Rs. In Lac)
1 FY 20-21 Nil Nil Nil Nil Nil Nil Nil
8. Whether any capital assets have been created or acquired through Corporate Social
Responsibility amount spent in the Financial Year: No (No Capital Asset created during the
financial year 2023-24).
If yes, enter the number of Capital assets created/ acquired:
Furnish the details relating to such asset(s) so created or acquired through Corporate Social Responsibility
amount spent in the Financial Year: Not Applicable
Sl. Short particulars of the Pin code Date of Amount Details of entity/ Authority/
No. property or asset(s) of the creation of CSR beneficiary of the registered
(including complete address property or amount owner
and location of the property) as set(s) spent CSR Registration Name
Number, if applicable
(1) (2) (3) (4) (5) (6)
9. Specify the reason(s), if the company has failed to spend two per cent of the average net
profit as per sub-section (5) of section 135: Not Applicable
Sanjay S. Lalbhai Kamal Singal

Chairman Managing Director & CEO
Date: May 06, 2024

Place: Ahmedabad

Annexure - C to the Directors’ Report
Form MR - 3
Secretarial Audit Report
For the financial year ended March 31, 2024
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014]
To,
The Members,
24, Govt. Servant’s Society,
Nr. Municipal Market, Off. C. G. Road,
Navrangpura, Ahmedabad- 380009.
We have conducted the secretarial audit of the Overseas Direct Investment and External
compliance of applicable statutory provisions and Commercial Borrowings;
the adherence to good corporate practices by Arvind
2. The following Regulations and Guidelines
SmartSpaces Limited (hereinafter “the Company”).
prescribed under the Securities and Exchange
Secretarial Audit was conducted in a manner that
Board of India Act, 1992 (‘SEBI Act’):
provided us a reasonable basis for evaluating the
corporate conducts/statutory compliances and (i) The Securities and Exchange Board of
expressing our opinion thereon. India (Substantial Acquisition of Shares and
Takeovers) Regulations, 2011;
Based on our verification of the Company’s books,
papers, minute books, forms and returns filed and (ii) The Securities and Exchange Board of India
other records maintained by the Company and also (Prohibition of Insider Trading) Regulations,
the information provided by the Company, its officers, 2015;
agents and authorized representatives during the
(iii) The Securities and Exchange Board of India
conduct of the Secretarial Audit, we hereby report
(Issue of Capital and Disclosure Requirements)
that in our opinion, the Company has, during the audit
Regulations, 2018;
period covering the financial year ended on March 31,
2024 (“Audit period”) complied with the statutory (iv) The Securities and Exchange Board of India
provisions listed hereunder and also that the Company (Share Based Employee Benefits and Sweat
has proper Board-processes and compliance- Equity) Regulations, 2021;
mechanism in place to the extent, in the manner and (v) The Securities and Exchange Board of
subject to the reporting made hereinafter: India (Listing Obligations & Disclosures
1. We have examined the books, papers, minute Requirements) Regulations, 2015;
books, forms and returns filed and other records (vi) The Securities and Exchange Board of
maintained by the Company for the financial India (Issue and Listing of Debt Securities)
year ended on March 31, 2024 according to the Regulations, 2008; (Not Applicable as the
provisions of: Company has not issue any such securities
(i) The Companies Act, 2013 (“the Act”) and the during the financial year).
rules made thereunder; (vii) The Securities and Exchange Board of India
(ii) The Securities Contracts (Regulation) Act, 1956 (Registrars to Issue and Share Transfer Agents)
(‘SCRA’) and the rules made thereunder; Regulations, 1993 regarding the Companies
Act and dealing with client; (Not Applicable as
(iii) The Depositories Act, 2018 and the Regulations
the Company is not registered as Registrar and
and Bye-laws framed thereunder;
Transfer Agents with SEBI).
(iv) Foreign Exchange Management Act, 1999 and
(viii) The Securities and Exchange Board of India
the rules and regulations made thereunder
(Delisting of Equity Shares) Regulations,
to the extent of Foreign Direct Investment,
2009; (Not Applicable as the Company has

Corporate Overview
Statutory Reports
not delisted any of its equity shares during the r) The Building and Other Construction Worker’s
financial year). Welfare Cess Act, 1996.
(ix) The Securities and Exchange Board of India s) The Building and Other Construction Workers
(Buyback of Securities) Regulations, 2018 (Not (Regulation of Employment and Conditions of
Applicable as the Company has not bought back Service) Act, 1996.
any of the securities during the financial year).
t) Goods and Service Tax Act.
3. We have relied on the representation made
u) Employees Provident Fund and Miscellaneous
by the Company and its Officers for systems
Provisions Act, 1952.
and mechanism formed by the Company for
compliances under other applicable Acts, Laws v) Employees State Insurance Act, 1961 and Rules
and Regulations as applicable to the Company. made there under.
4. The Company has complied with following specific 5. We have also examined compliance with the
laws to the extent applicable to the Company: applicable clauses of Secretarial Standards issued
by The Institute of Company Secretaries of India
a) The Real Estate (Regulation and Development)
and The Listing Agreements entered by the
Act, 2016.
Company with BSE Limited and National Stock
b) Transfer of Property Act, 1882. Exchange of India Limited.
c) The Land Acquisition Act, 1894. During the period under review, the Company has
complied with the provisions of the Act, Rules,
d) The Contract Labour (Regulation and Abolition)
Regulations, Guidelines, Standards, etc. mentioned
Act, 1970.
above.
e) The Indian Easements Act, 1882.
We further report that
f) The Indian Contract Act, 1872.
The Board of Directors of the Company is duly
g) The Gujarat Town Planning and Urban constituted with proper balance of Executive
Development Act, 1976. Directors, Non-Executive Directors and Independent
Directors including woman Director. The changes in
h) Gujarat Development Control Regulations Act,
the composition of the Board of Directors that took
2011 and Karnataka Municipalities Model Building
place during the period under review were carried out
Bye Laws, 2017 and Maharashtra Ownership Flats
in compliance with the provisions of the Act. Adequate
(Regulations of the Promotion of Construction,
notice is given to all directors to schedule the Board
Sale, Management and Transfer) Act, 1963, as
Meetings, agenda and detailed notes on agenda were
amended from time to time.
sent in advance, and a system exists for seeking and
i) The Environment (Protection) Act, 1986. obtaining further information and clarifications on the
j) The Gujarat Land Revenue Code, 1879. agenda items before the meeting and for meaningful
participation at the meeting.
k) The Gujarat Tenancy & Agricultural Lands Act,
1948. Majority decision is carried through while the dissenting
members’ views are captured and recorded as part of
l) The Indian Registration Act, 1908. the minutes.
m) The Specific Relief Act, 1963. We further report that there are adequate systems and
n) The Indian Stamp Act, 1899. processes in the Company commensurate with the size
and operations of the Company to monitor and ensure
o) The Gujarat Stamp Act, 1958. compliance with applicable laws, rules, regulations and
p) The Gujarat Ownership Flats Act, 1973. guidelines.
q) The Building and Other Construction Workers’ We further report that during the audit period there
(Regulation of Employment and Conditions of were no specific events / actions having a major
Services) Act, 1996. bearing on the company’s affairs.
For, N. V. KATHIRIA & ASSOCIATES

Company Secretaries
Date: May 06, 2024 N. V. KATHIRIA

Place: Ahmedabad PROPRIETOR
FCS 4573 COP 3278
PR Cert. No. 1085/2021
(UDIN: F004573F000314058)

Annexure To Secretarial Audit Report
To,
The Members,
Our Secretarial Audit Report of even date is to be read along with this letter.
1. Maintenance of secretarial records is the responsibility of management of the Company. Our responsibility is
to express an opinion on these secretarial records based on our audit.
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about
the correctness of the contents of the Secretarial records. The verification was done on the test basis to ensure
that correct facts are reflected in the Secretarial records. We believe that the processes and practices, we
followed provide a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and books of accounts of the
Company.
4. Wherever required, we have obtained the management representation about the compliance of laws, rules and
regulations and happening of events etc.
5. The compliance of the provisions of corporate and other applicable laws, rules, regulations and standards is
the responsibility of management. Our examination was limited to the verification of procedures on test basis.
6. The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the
efficacy or effectiveness with which the management has conducted the affairs of the Company.

Company Secretaries

FCS 4573 COP 3278
PR Cert. No. 1085/2021
(UDIN: F004573F000314058)

Corporate Overview
Statutory Reports
Annexure - C1 to the Directors’ Report

Form MR - 3
Secretarial Audit Report
For the Financial year ended March 31, 2024
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014]
To,
The Members,
Arvind Hebbal Homes Private Limited,
We have conducted the secretarial audit of the Overseas Direct Investment and External
compliance of applicable statutory provisions and the Commercial Borrowings;
adherence to good corporate practices by ARVIND
2. The following Regulations and Guidelines
HEBBAL HOMES PRIVATE LIMITED (hereinafter
prescribed under the Securities and Exchange
“the Company”). Secretarial Audit was conducted
Board of India Act, 1992 (‘SEBI Act’):
in a manner that provided us a reasonable basis
for evaluating the corporate conducts/statutory (i) The Securities and Exchange Board of
compliances and expressing our opinion thereon. India (Substantial Acquisition of Shares and
Takeovers) Regulations, 2011;
Based on our verification of the Company’s books,
papers, minute books, forms and returns filed and (ii) The Securities and Exchange Board of India
other records maintained by the Company and also (Prohibition of Insider Trading) Regulations,
the information provided by the Company, its officers, 2015;
agents and authorized representatives during the
(iii) The Securities and Exchange Board of India
conduct of the Secretarial Audit, we hereby report that
(Issue of Capital and Disclosure Requirements)
in our opinion, the Company has, during the audit period
Regulations, 2018;
covering the financial year ended on March 31, 2024
(Audit Period) complied with the statutory provisions (iv) The Securities and Exchange Board of India
listed hereunder and also that the Company has (Share Based Employee Benefits and Sweat
proper Board-processes and compliance-mechanism Equity) Regulations, 2021;
in place to the extent, in the manner and subject to the (v) The Securities and Exchange Board of
reporting made hereinafter: India (Listing Obligations & Disclosures
1. We have examined the books, papers, minute Requirements) Regulations, 2015;
books, forms and returns filed and other records (vi) The Securities and Exchange Board of
maintained by the Company for the financial India (Issue and Listing of Debt Securities)
year ended on March 31, 2024 according to the Regulations, 2008;
provisions of:
(vii) The Securities and Exchange Board of India
(i) The Companies Act, 2013 (“the Act”) and the (Registrars to Issue and Share Transfer Agents)
rules made thereunder; Regulations, 1993 regarding the Companies
(ii) The Securities Contracts (Regulation) Act, 1956 Act and dealing with client;
(‘SCRA’) and the rules made thereunder; (viii) The Securities and Exchange Board of India
(iii) The Depositories Act, 2018 and the Regulations (Delisting of Equity Shares) Regulations, 2009;
and Bye-laws framed thereunder; (ix) The Securities and Exchange Board of India
(iv) Foreign Exchange Management Act, 1999 and (Buyback of Securities) Regulations, 2018.
the rules and regulations made thereunder Being status of Company is private and none
to the extent of Foreign Direct Investment, of its security are listed on Stock Exchanges.

Therefore, Point No 2 as above mentioned are 5. We have also examined compliance with the
not applicable to the Company for F.Y. 2023-24. applicable clauses of Secretarial Standards issued
by The Institute of Company Secretaries of India.
3. We have relied on the representation made
by the Company and its Officers for systems The Listing Agreements entered into by the
and mechanism formed by the Company for Company with Stock Exchange pursuant
compliances under other applicable Acts, Laws to Securities and Exchange Board of India
and Regulations as applicable to the Company. (Listing Obligations & Disclosure Requirements)
Regulations, 2015. (the securities of the company
4. The Company has complied with following specific
are not listed on any recognized stock exchange,
laws to the extent applicable to the Company:
clauses of listed agreement were not applicable).
a) The Employees’ Provident Fund and
We further report that
Miscellaneous Provisions Act, 1952.
The Board of Directors of the Company is properly
b) The Employees’ State Insurance Act, 1948.
constituted. The changes in the composition of the
c) The Contract Labour (Regulation & Abolition) Board of Directors that took place during the period
Act, 1970. under review were carried out in compliance with the
d) The Maternity Benefit Act, 1961. provisions of the Act. Adequate notice is given to all
directors to schedule the Board Meetings, agenda
e) The Minimum Wages Act, 1948.
and detailed notes on agenda were sent in advance,
f) The Payment of Bonus Act, 1965. and a system exists for seeking and obtaining further
information and clarifications on the agenda items
g) The Payment of Gratuity Act, 1972.
before the meeting and for meaningful participation at
h) The Payment of Wages Act, 1936. the meeting.
i) The Workmen Compensation Act, 1923. Majority decision is carried through while the dissenting
j) Sexual Harassment of Women at Workplace members’ views are captured and recorded as part of
(Prevention, Prohibition and Redressal) Act 2013. the minutes.
k) Shops and Establishment Act of respective We further report that there are adequate systems and
states. processes in the Company commensurate with the size
and operations of the Company to monitor and ensure
l) The Child and Adolescent Labour (Prohibition
compliance with applicable laws, rules, regulations and
and Regulation) Act, 1986.
guidelines.
m) Tax on Profession of respective States.
We further report that during the audit period there
n) Labour Welfare Fund. were no specific events / actions having a major
o) The Legal Metrology Act, 2009. bearing on the company’s affairs except following:
p) The Consumer Protection Act, 1986. 1. Company has altered Memorandum of Association
of the Company by way of addition of new Objects
q) Trademarks Act, 1999.
related to supply or trading of goods or materials
r) The Information Technology Act, 2000. used in the real estate business, in addition to the
s) Income Tax Act, 1961 and its Rules. existing Main Objects Clause and Liability Clause.
t) The Goods and Services Tax Act, 2017. 2. Company has adopted new set of Articles of
Association of the Company in accordance with
u) Customs Act, 1962. the Provisions of the Companies Act, 2013.

Company Secretaries

FCS 4573 COP 3278
PR Cert. No. 1085/2021
(UDIN: F004573F000314146)

Corporate Overview
Statutory Reports
Annexure To Secretarial Audit Report
To,
The Members,
Arvind Hebbal Homes Private Limited,
Our Secretarial Audit Report of even date is to be read along with this letter.
1. Maintenance of secretarial records is the responsibility of management of the Company. Our responsibility is
to express an opinion on these secretarial records based on our audit.
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about
the correctness of the contents of the Secretarial records. The verification was done on the test basis to ensure
that correct facts are reflected in the Secretarial records. We believe that the processes and practices, we
followed provide a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and books of accounts of the
Company.
4. Wherever required, we have obtained the management representation about the compliance of laws, rules and
regulations and happening of events etc.
5. The compliance of the provisions of corporate and other applicable laws, rules, regulations and standards is
the responsibility of management. Our examination was limited to the verification of procedures on test basis.
6. The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the
efficacy or effectiveness with which the management has conducted the affairs of the Company.

Company Secretaries

FCS 4573 COP 3278
PR Cert. No. 1085/2021
(UDIN: F004573F000314146)

Annexure - D to the Directors’ Report
Information required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014.
Sr. Particulars Status Number of Times

No. If Total If total
remuneration remuneration
of the of the Director
director is excluding
considered variable pay and
commission is
considered
(i) The ratio of the remuneration of each Mr. Sanjay S. Lalbhai 1.60 0.66
director to median remuneration of the Mr. Kamal Singal 103.92 86.24
employees of the Company for financial Mr. Kulin S. Lalbhai 5.54 0.35
year 2023-24.
Mr. Pratul Shroff 1.56 0.38
Mr. Prem Prakash Pangotra 2.07 0.90
Mr. Nirav Shah 1.82 0.64
Ms. Pallavi Vyas 1.56 0.61
(ii) The percentage increase in remuneration Directors %
of each Director, Chief Financial Officer, Mr. Sanjay S. Lalbhai NA
Chief Executive Officer, Company Mr. Kulin S. Lalbhai NA
Secretary or Manager, if any, in the
Mr. Pratul Shroff 10%
financial year 2023-24.
Mr. Prem Prakash Pangotra 35%
Mr. Nirav Shah 22%
Ms. Pallavi Vyas 38%
Managing Director & CEO
Mr. Kamal Singal 5%
Chief Financial Officer
Mr. Ankit Jain 39%
Company Secretary
Mr. Prakash Makwana 11%
(iii) The percentage increase in the median 10%
remuneration of employees in the F.Y.
2023-24.
(iv) The number of permanent employees on 415
the rolls of Company.
(v) Average percentile increase already made Average increase for Key Managerial Personnel 13.10% and for
in the salaries of employees other than the other employees was about 9.70%.
managerial personnel in the last financial
year (i.e. F.Y. 2022-23) and its comparison
with the percentile increase in the
managerial remuneration and justification
thereof and point out if there are any
exceptional circumstances for increase in
the managerial remuneration.
(vi) Affirmation that the remuneration is as per It is affirmed that the remuneration is as per the Remuneration
the remuneration policy of the Company. Policy of the Company.
Read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and forming part
of the Directors’ Report for the year ended March 31, 2024.

Corporate Overview
Statutory Reports
Corporate Governance Report

Your Directors present the Company’s Report on Corporate Governance for the year ended on March 31, 2024.
1. COMPANY’S PHILOSOPHY ON CODE OF GOVERNANCE

Corporate governance at Arvind SmartSpaces Limited (here onwards will be referred as ‘Arvind SmartSpaces
Limited’, ‘the Company’) is a value-based framework to manage our Company affairs in a fair and transparent
manner. As a responsible corporate citizen, we use this framework to maintain accountability in all our affairs
and employ democratic and open processes. We are adopting applicable guidelines and best practices to
ensure timely and accurate disclosure of information regarding our financials, performance and governance
of the Company.
Our corporate governance philosophy is based on the following principles:

Satisfy the spirit of the law and not just the letter of the law. Corporate governance standards should go
beyond the law.
Be transparent and maintain a high degree of disclosure levels.
Make a clear distinction between personal conveniences and corporate resources.
Communicate externally, in a truthful manner, about how is the Company running internally.
Have a simple and transparent corporate structure driven solely by business needs.
The Management is the trustee of the shareholders’ capital and not the owner.
The Board of Directors (“the Board”) is at the core of our corporate governance practice and oversees
how the Management serves and protects the long-term interests of all our stakeholders. We believe that
an active, well-informed and independent Board is necessary to ensure the highest standards of Corporate
Governance. The Company has optimum combination of executive and non-executive directors including
Independent Directors with at least one woman director. Given below is the report on Corporate Governance
at Arvind SmartSpaces Limited.
2. BOARD OF DIRECTORS
2.1 Composition of the Board:
The Board has 8 (eight) Directors, comprising of Chairman, 1 (one) Managing Director & CEO, 3 (three)
Non - Executive Non Independent Directors including Chairman and Nominee Director and 4 (four) Non-
Executive Independent Directors including a Woman Director. The Non-Executive Independent Directors are
leading professionals from varied fields who take care of the stakeholder’s interest and bring in independent
judgment to the Board’s discussions and deliberations.
The Composition of the Board as at March 31, 2024 is as under:

Sr. Name of Director Executive/Non-executive/ No. of **Committee(s)
No. Independent Directorships position (Including the
Held (Including Company)
the Company)* Member Chairman
1 Mr. Sanjay S. Lalbhai Chairman and Non-Executive 5 2 1
Director
2 Mr. Kamal Singal Executive Director 2 2 0
3 Mr. Kulin S. Lalbhai Non-Executive Director and 7 2 1
Vice Chairman
4 Mr. Pratul Shroff Independent Director 2 2 1
5 Mr. Prem Prakash Pangotra Independent Director 1 2 0
6 Mr. Nirav Shah Independent Director 8 5 0
7 Ms. Pallavi Vyas Independent Director 1 0 0
8 Mr. Vipul Roongta Non-Executive Nominee Director 2 0 0
* All the Companies have been considered excluding Companies incorporated under Section 8 of the Companies Act, 2013 and Companies
incorporated outside India.
**Only Audit Committee and Stakeholders’ Relationship Committee has been considered as per Regulation 26 of SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”).

2.2 List of Directorship in other listed entities:
Sr. Name of Director Name of Listed Designation Audit Committee Stakeholders’
No. Entities Relationship
Committee
Member Chairman Member Chairman
1 Mr. Sanjay S. Arvind Chairman & Non- - - - √
Lalbhai SmartSpaces Executive Director
Limited
Arvind Limited Chairman & - - √ -
Managing Director
The Anup Chairman & Non- - - - -
Engineering Executive Director
Limited
Arvind Fashions Chairman & Non- - - - -
Limited Executive Director
2 Mr. Kamal Singal Arvind Managing Director √ - √ -
SmartSpaces & CEO
Limited
3 Mr. Kulin S. Arvind Non-Executive - - - -
Lalbhai SmartSpaces Director & Vice
Limited Chairman
Arvind Limited Executive Director - - - -
Arvind Fashions Non-Executive - - - √
Limited Director
Zydus Wellness Independent √ - - -
Limited Director
4 Mr. Pratul Shroff Arvind Independent - √ √ -
SmartSpaces Director
Limited
5 Mr. Prem Prakash Arvind Independent √ - √ -
Pangotra SmartSpaces Director
Limited
6 Mr. Nirav Shah Arvind Independent √ - - -
Limited
Jayatma Director √ - √ -
Enterprises
Limited
Jayatma CEO & Director √ - √ -
Industries
Limited
7 Ms. Pallavi Vyas Arvind Independent - - - -
Limited
8 Mr. Vipul Roongta Arvind Non-Executive - - - -
SmartSpaces Nominee Director
Limited
2.3 Matrix showing skills/expertise/competencies of Directors:

The Company is engaged in the business of Real Estate Development. The Board comprises of highly
renowned professionals drawn from diverse fields. For its effective collective functioning, the Board has
identified broad skills/expertise/competencies required in the context of its business and the sector in which
it operates viz. (a) standing and knowledge with significant achievements in business, professions and public

Corporate Overview
Statutory Reports
services (b) financial or business literacy/skills (c) real estate industry experience and the same are available
among the Board collectively.
Sr. Name of Director Skills/Expertise/Competencies

No.
1 Mr. Sanjay S. Lalbhai Industrialist, Entrepreneur, Board Service & Governance, strategic
thinking, track record of spotting disruptive opportunities ahead of
time, ability to take calibrated risk, Sales and marketing including an
understanding of consumer markets in India etc.
2 Mr. Kamal Singal Expertise in construction and real estate development along with product
delivery, production planning, quality control, technology advancement,
financial planning, formulation and its implementation of Strategies.
3 Mr. Kulin S. Lalbhai Industrialist, Entrepreneur, Technology Expert, Sales and marketing including
an understanding of consumer markets in India, innovation management to
ensure continuing relevance of Company’s offerings under changing market
etc.
4 Mr. Pratul Shroff Entrepreneur, Expertise in Information, Communication and Technology (ICT).
5 Mr. Prem Prakash Pangotra Expertise in Urban Management, Urban Economics, Environment
Management and Public Finance.
6 Mr. Nirav Shah Entrepreneur, Industrialist, Expertise in International Business Strategies
and Corporate Finance.
7 Ms. Pallavi Vyas Expertise in Economics, Public Policy etc. Interest in Labor Economics,
Human Capital Theory, Public Health and Development Economics.
8 Mr. Vipul Roongta Expertise in Mortgages, Banking, Economics, Real Estate etc.
2.4 Agendas of the Board and Committee Meetings:

The annual calendar of Board and Committee Meetings is agreed upon at the beginning of each year. Meetings
are governed by a structured Agenda and a Board member may bring up any matter for consideration of the
meeting in consultation with the Chairman. Agenda papers are generally circulated to the Board members
at least 7 working days in advance. In addition, for any business exigencies the resolutions are passed by
circulation and are placed at the subsequent Board or Committee Meeting for ratification/approval. Detailed
presentations are made at the meetings on all major issues to enable the Board to take informed decisions.
Invitees & Proceedings:

Apart from the Board members, Chief Financial Officer, Chief Operating Officer and Company Secretary
also attend the Board Meetings. Other senior management executives are called as and when necessary, to
provide additional inputs for the items being discussed by the Board. Managing Director, COO and CFO make
presentation on the quarterly, annual operating & financial performance and also on annual operating budget.
Head of Internal Audit department and representatives of the Statutory Auditors are the permanent invitees
of the Audit Committee meetings to discuss the areas of internal audit and financial reporting requirements.
The Company also invites prominent experts of the Real Estate Industry to make relevant presentation to the
Board / Committee as and when required.
Support and Role of Company Secretary:

The Company Secretary is responsible for convening the Board and Committee meetings, preparation and
distribution of Agenda and other documents and recording of the Minutes of the meetings. He acts as
interface between the Board and the Management and provides required assistance to the Board and the
Management.
2.5 Attendance of each Director at the meeting of the Board of Directors and the Last Annual
General Meeting:
The Board has held 4 (four) Board Meetings on May 19, 2023, August 2, 2023, November 1, 2023 and February
1, 2024 during the FY 23-24. The gap between two Board Meetings was within the maximum time gap
prescribed in the Companies Act, 2013 and Listing Regulations. The attendance of each Director at these
Board Meetings and last Annual General Meeting was as under:

Sr. Name of Directors Number of Board Number of Board Whether Present at
No Meetings held during Meetings attended the Last AGM held on
the year August 2, 2023
1 Mr. Sanjay S. Lalbhai 4 4 Yes
2 Mr. Kamal Singal 4 4 Yes
3 Mr. Kulin S. Lalbhai 4 3 Yes
4 Mr. Pratul Shroff 4 2 No
5 Mr. Prem Prakash Pangotra 4 4 Yes
6 Mr. Nirav Shah 4 3 Yes
7 Ms. Pallavi Vyas 4 4 Yes
8 Mr. Vipul Roongta 4 3 Yes
2.6 Separate Meeting of Independent Directors:

Independent Directors play an important role in the governance processes of the Board. They bring their
expertise and experience on the deliberations of the Board. This enriches the decision making process at the
Board with different points of view and experiences and prevents conflict of interest in the decision making
process.
None of the Independent Directors serves as “Independent Directors” in more than seven listed companies.
None of the Independent Directors have resigned before the expiry of his/her term and hence confirmation
from Independent Directors in respect of material reason for resignation is not applicable during the year.
The Independent Directors have confirmed that they meet the criteria of independence laid down under the
Companies Act, 2013 and the Listing Regulations.
A separate meeting of Independent Directors was held on February 1, 2024 to review:
the performance of the Non-Independent Directors (Executive/Non-Executive Directors).
the performance of the Board of the Company as a whole.
the performance of Chairman/Chairperson of the Company taking in to account the views of Executive
and Non-Executive Directors on the same.
the quality, quantity and timeliness of flow of information between the Company Management and the
Board.
The members of the Nomination and Remuneration Committee took note of the above.
2.7 Disclosure of relationships between the Directors inter-se:

Except Mr. Sanjay S. Lalbhai, Chairman and Non-Executive Director and his son Mr. Kulin S. Lalbhai,
Non-Executive Director & Vice Chairman, there is no relationship between the Directors inter-se.
2.8 Number of shares and convertible instruments held by Non-Executive Directors:

Mr. Sanjay S. Lalbhai and Mr. Nirav Shah, Non-Executive Directors of the Company are holding 200145 equity
shares equivalent to 0.44% and 16 equity shares equivalent to 0.00% respectively, of the paid equity share
capital.
During the year under review, none of the Non-Executive Directors hold any convertible instruments of the
Company.
2.9 Familiarisation programmes imparted to Independent Directors:

On appointment of an individual as Director, the Company issues a formal Letter of Appointment to the
concerned director, setting out in detail, the terms of appointment, duties and responsibilities. Each newly
appointed Independent Director is taken through a formal familiarisation program including the presentation
from the Managing Director & CEO providing information relating to the Company, industry, business model of
the Company, geographies in which Company operates, etc. The programme also provides awareness of the
Independent Directors on their roles, rights, responsibilities towards the Company. Further, the Familiarisation
Programme also provides information relating to the financial performance of the Company and budget and
control process of the Company.

Corporate Overview
Statutory Reports
The details of the familiarization programme imparted to independent directors can be accessed at the
following Web-link: https://www.arvindsmartspaces.com/wp-content/uploads/2024/04/Familiarization-
Programmes-imparted-Independent-Directors-2.pdf
2.10 Prohibition of Insider Trading Code:

In terms of SEBI (Prohibition of Insider Trading) Regulations, 2015 as amended from time to time, the Company
has formulated and adopted a Code of Conduct for Prohibition of Insider Trading, Code of Practices and
Procedures for Fair Disclosure of Unpublished Price Sensitive Information and Policy on procedures to be
followed while conducting an inquiry in the event of leak or suspected leak of Unpublished Price Sensitive
Information.
The codes viz. “Code of Conduct for Prohibition of Insider Trading” and the “Code of Practices & Procedures
for Fair Disclosure of Unpublished Price Sensitive Information” allows the formulation of a trading plan subject
to certain conditions and requires pre-clearance for dealing in the Company’s shares. It also prohibits the
purchase or sale of Company’s shares by the Designated Persons, while in possession of unpublished price
sensitive information in relation to the Company and during the period when the Trading Window is closed.
Chief Financial Officer is responsible for implementation of the Code.
All Directors, designated employees/persons and connected persons have affirmed compliance with the
code.
2.11 Committees of the Board:

The Board of Directors has constituted 6 (six) committees of the Board viz.
Audit Committee
Nomination and Remuneration Committee
Stakeholders’ Relationship Committee
Risk Management Committee
Corporate Social Responsibility Committee
Management Committee
The Board determines the terms of reference of these Committees from time to time. Meetings of these
Committees are convened by the respective Committee Chairman/Company Secretary. At each Board
Meeting, minutes of these Committee Meetings are placed before the Directors for their perusal and noting.
3. AUDIT COMMITTEE
The Board of Directors of the Company has constituted the Audit Committee in compliance with the
provisions of Section 177 of the Companies Act, 2013 and Regulation 18 of the Listing Regulations. The
Audit Committee of the Company comprises of 4 (four) members out of which 3 (three) members are
Non-Executive Independent Directors. Mr. Pratul Shroff, an Independent Director, acts as Chairman of the
Committee. The Committee members are having requisite experience in the fields of Finance, Accounts and
Management. The Chief Financial Officer, Internal Auditor and representatives of Statutory Auditors are the
permanent invitees to Audit Committee meetings and the Company Secretary acts as the Secretary of the
Audit Committee.
The brief terms of reference and composition of committee are as follows:
3.1 Brief description of the terms of reference:

1. Oversight of the company’s financial reporting process and the disclosure of its financial information to
ensure that the financial statement is correct, sufficient and credible;
2. Recommendation for appointment, remuneration and terms of appointment of auditors of the company;
3. Approval of payment to statutory auditors for any other services rendered by the statutory auditors;
4. Reviewing, with the management, the annual financial statements and auditor’s report thereon before
submission to the board for approval, with particular reference to:
(a) Matters required to be included in the Director’s Responsibility Statement to be included in the
Board’s report in terms of clause (c) of sub-section 3 of section 134 of the Companies Act, 2013;

(b) Changes, if any, in accounting policies and practices and reasons for the same;
(c) Major accounting entries involving estimates based on the exercise of judgment by management;
(d) Significant adjustments made in the financial statements arising out of audit findings;
(e) Compliance with listing and other legal requirements relating to financial statements;
(f) Disclosure of any related party transactions;
(g) Modified opinion / Qualifications in the draft audit report;
5. Reviewing, with the management, the quarterly financial statements before submission to the board for
approval;
6. Reviewing, with the management, the statement of uses / application of funds raised through an issue
(public issue, rights issue, preferential issue, etc.), the statement of funds utilized for purposes other than
those stated in the offer document / prospectus / notice and the report submitted by the monitoring
agency monitoring the utilization of proceeds of a public or rights issue, and making appropriate
recommendations to the Board to take up steps in this matter;
7. Reviewing and monitoring the auditor’s independence and performance and effectiveness of audit
process;
8. Approval or any subsequent modification of transactions of the company with related parties;
9. Scrutiny of inter-corporate loans and investments;
10. Valuation of undertakings or assets of the company, wherever it is necessary;
11. Evaluation of internal financial controls and risk management systems;
12. Reviewing, with the management, performance of statutory and internal auditors, adequacy of the
internal control systems;
13. Reviewing the adequacy of internal audit function, if any, including the structure of the internal audit
department, staffing and seniority of the official heading the department, reporting structure coverage
and frequency of internal audit;
14. Discussion with internal auditors of any significant findings and follow up there on;
15. Reviewing the findings of any internal investigations by the internal auditors into matters where there is
suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting
the matter to the board;
16. Discussion with statutory auditors before the audit commences, about the nature and scope of audit as
well as post-audit discussion to ascertain any area of concern;
17. To look into the reasons for substantial defaults in the payment to the depositors, debenture holders,
shareholders (in case of non-payment of declared dividends) and creditors;
18. To review the functioning of the Whistle Blower mechanism;
19. Approval of appointment of CFO (i.e., the whole-time Finance Director or any other person heading
the finance function or discharging that function) after assessing the qualifications, experience and
background, etc. of the candidate;
20. Carrying out any other function as mentioned in the terms of reference of the Audit Committee.
21. Reviewing the utilization of loans and/or advances from/investment by the holding company in the
subsidiary exceeding rupees 100 crores or 10% of the asset size of the subsidiary, whichever is lower
including existing loans / advances / investments existing as on the date of coming into force of this
provision.
22. To review the compliance with the provisions of Regulation 9A of Securities and Exchange Board of
India (Prohibition of Insider Trading) Regulations, 2015 at least once in a financial year and to verify that
the systems for internal control are adequate and are operating effectively.
23. To consider and comment on rationale, cost-benefits and impact of schemes involving merger, demerger,
amalgamation etc., on the listed entity and its shareholders.

Corporate Overview
Statutory Reports
Audit Committee shall mandatorily review the following information:

1. Management discussion and analysis of financial condition and results of operations;
2. Management letters / letters of internal control weaknesses issued by the statutory auditors;
3. Internal audit reports relating to internal control weaknesses; and
4. The appointment, removal and terms of remuneration of the chief internal auditor shall be subject to
review by the Audit Committee.
5. Statement of deviations:
(a) quarterly statement of deviation(s) including report of monitoring agency, if applicable, submitted
to stock exchange(s) in terms of Regulation 32(1).
(b) annual statement of funds utilized for purposes other than those stated in the offer document/
prospectus/notice in terms of Regulation 32(7).
3.2 Composition of Audit Committee, number of Meetings held and participation at the Meetings
during the year:
As on March 31, 2024, the Audit Committee consists of 4 (four) members. During the year, the Committee has
held 4 (four) Meetings on May 19, 2023, August 2, 2023, November 1, 2023 and February 1, 2024.
The details of composition of committee, number of meetings held and attendance thereof during the year
were as under:
Sr. Name of Committee Category Position / Number of Number of

No. members Status Meetings held Meetings
during the attended
year
1 Mr. Pratul Shroff Independent Director Chairman 4 2
2 Mr. Prem Prakash Pangotra Independent Director Member 4 4
3 Mr. Nirav Shah Independent Director Member 4 3
4 Mr. Kamal Singal Executive Director Member 4 4
The representatives of Internal and Statutory Auditors are invitees to Audit Committee meetings and the
Company Secretary acts as the Secretary of the Audit Committee.
4. NOMINATION AND REMUNERATION COMMITTEE

The Board of Directors of the Company has constituted the Nomination and Remuneration Committee
(“NRC”) in compliance with the provisions of Section 178 of the Companies Act, 2013 and Regulation 19
of Listing Regulations. The NRC of the Company comprises of 3 (three) Directors out of which 2 (two) are
Non-Executive Independent Directors and 1 (one) is Non-Executive Director. Mr. Prem Prakash Pangotra, an
Independent Director, acts as Chairman of the Committee.

Nomination of Directors / Key Managerial Personnel / Senior Management*
1. Formulation of the criteria for determining qualifications, positive attributes and independence of a
director and recommend to the board of directors a policy relating to, the remuneration of the directors,
key managerial personnel and other employees;
2. For every appointment of an independent director, the Nomination and Remuneration Committee
shall evaluate the balance of skills, knowledge and experience on the Board and on the basis of such
evaluation, prepare a description of the role and capabilities required of an independent director. The
person recommended to the Board for appointment as an independent director shall have the capabilities
identified in such description. For the purpose of identifying suitable candidates, the Committee may:
a. use the services of an external agencies, if required;
b. consider candidates from a wide range of backgrounds, having due regard to diversity; and
c. consider the time commitments of the candidates
3. Formulation of criteria for evaluation of performance of independent directors and the board of directors;

4. Devising a policy on diversity of board of directors;
5. Identifying persons who are qualified to become directors and who may be appointed in senior
management in accordance with the criteria laid down, and recommend to the board of directors their
appointment and removal.
6. Whether to extend or continue the term of appointment of the independent director, on the basis of the
report of performance evaluation of independent directors.
7. Recommend to the board, all remuneration, in whatever form, payable to senior management.
8. To administer and supervise Employee Stock Options Schemes (ESOS) including framing of policies
related to ESOS and reviewing grant of ESOS;
9. To review HR Policies and Initiatives.
10. Carrying out any other function as is mentioned in the terms of reference of the Nomination and
Remuneration Committee.
Remuneration of Directors / Key Managerial Personnel / Senior Management*/ other Employees:
1. Evolve the principles, criteria and basis of Remuneration Policy and recommend to the Board
a policy relating to the remuneration for all the Directors, KMP, senior management and other
employees of the Company and to review the same from time to time;
2. The Committee shall, while formulating the policy, ensure the following:
a) The level and composition of remuneration is reasonable and sufficient to attract, retain and
motivate Directors of the quality required to run the Company successfully;
b) Relationship of remuneration to performance is clear and meets appropriate performance
benchmarks; and
c) Remuneration to Directors, KMP and senior management involves a balance between fixed
and incentive pay reflecting short and long-term performance objectives appropriate to the
working of the Company and its goals.
*Senior Management for the above purpose shall mean personnel of the Company who are
members of its core management team excluding Board of Directors comprising all members of
management one level below the executive directors, including the functional heads.
4.2 Composition of Nomination and Remuneration Committee, number of Meetings held and
participation at the Meetings during the year:
As on March 31, 2024, the NRC consists of 3 (three) members. During the year, the NRC has held 1 (one)
Meeting on May 19, 2023.
were as under:

during the attended
year
1 Mr. Prem Prakash Pangotra Independent Director Chairman 1 1
2 Mr. Pratul Shroff Independent Director Member 1 0
3 Mr. Sanjay S. Lalbhai Non-Executive Director Member 1 1
4.3 Evaluation of the Board’s Performance:

During the year, the Board adopted a formal mechanism for evaluating its performance as well as that
of its Committees and individual Directors. The exercise was carried out through a structured evaluation
process covering various aspects of the Board’s functioning such as composition of the Board & committees,
experience & competencies, performance of specific duties & obligations, governance issues etc. Separate
exercise was carried out to evaluate the performance of individual Directors including the Board Chairman who
were evaluated on parameters such as attendance, contribution at the meetings and otherwise, independent
judgement, safeguarding of minority shareholders interest etc.
The evaluation of the Independent Directors was carried out by the entire Board and that of the Chairman
and the Non-Independent Directors by the Independent Directors.

Corporate Overview
Statutory Reports
The Directors were satisfied with the evaluation results, which reflected the overall engagement of the Board
and its Committees with the Company.
4.4 Remuneration of Directors:

Remuneration of Executive Directors is recommended by the Nomination & Remuneration Committee and
approved by the Board of Directors and the Shareholders of the Company.
The remuneration of Non-Executive Directors is determined by the Board and is also approved by the
Shareholders. Non-Executive Directors are paid Sitting Fees of Rs. 50,000/- for every meeting of Board
of Directors and Rs. 20,000/- for every meeting of Committees attended by them. Apart from this,
Non-Executive Directors (other than Managing Director and Whole Time Director(s)) are entitled for
commission not exceeding 1% of the net profits of the Company per annum.
Details of remuneration to all the Directors for the financial year 2023-24 is as under:
(Amount in Rs.)
Sr. Name of Director Salary Perquisites & Sitting Fees Retrial Commission
No. Allowances Benefits / Bonus
1 Mr. Sanjay S. Lalbhai Nil Nil 2,80,000 Nil 4,00,000
2 Mr. Kamal Singal 3,48,45,133 3,19,084 Nil 14,13,863 75,00,000
3 Mr. Kulin S. Lalbhai Nil Nil 1,50,000 Nil 22,00,000
4 Mr. Pratul Shroff Nil Nil 1,60,000 Nil 5,00,000
5 Mr. Prem Prakash Pangotra Nil Nil 3,80,000 Nil 5,00,000
6 Mr. Nirav Shah Nil Nil 2,70,000 Nil 5,00,000
7 Ms. Pallavi Vyas Nil Nil 2,60,000 Nil 4,00,000
8 Mr. Vipul Roongta Nil Nil Nil Nil Nil
The details of stock options granted to the eligible employees under Arvind infrastructure Limited - Employee
Stock Option Scheme 2016 (ESOP-2016) is provided in the Director’s Report of the Company.
Please refer point No. 7 - Employee Stock Option Scheme in Director’s Report.
(a) There is neither any pecuniary relationship nor any transactions of the Non-Executive Directors i.e.
Mr. Sanjay S. Lalbhai, Mr. Kulin S. Lalbhai, Mr. Pratul Shroff, Mr. Prem Prakash Pangotra, Mr. Nirav Shah,
Ms. Pallavi Vyas and Mr. Vipul Roongta vis-à-vis the Company except remuneration paid as above.
(b) The Company has disclosed the criteria of making payment to Non-Executive Directors and the
same can be accessed at the following Web-link: https://www.arvindsmartspaces.com/wp-content/
uploads/2022/02/Criteria_of_making_payment_to_Non_Executive_Directors.pdf.
5. STAKEHOLDERS’ RELATIONSHIP COMMITTEE

The Board of Directors of the Company has constituted the Stakeholders’ Relationship Committee (“SRC”)
in compliance with the provisions of Section 178(5) of the Companies Act, 2013 and Regulation 20 of the
Listing Regulations. The SRC of the Company comprises of 4 (four) Directors out of which 2 (two) are
Non-Executive Independent Directors, 1 (one) is Non-Executive Director and 1 (one) is Executive Director.
Mr. Sanjay S. Lalbhai, Non-Executive Director, acts as Chairman of the Committee.

1. Resolving the grievances of the security holders of the company including complaints related to transfer/
transmission of shares, non-receipt of annual report, non-receipt of declared dividends, issue of new/
duplicate certificates, dematerialization / rematerialization of Shares and debentures, general meetings
etc.
2. Review of measures taken for effective exercise of voting rights by shareholders.
3. Review of adherence to the service standards adopted by the company in respect of various services
being rendered by the Registrar & Share Transfer Agent.
4. Review of the various measures and initiatives taken by the company for reducing the quantum of
unclaimed dividends and ensuring timely receipt of dividend warrants/annual reports/statutory notices
by the shareholders of the company.

5. To look into the reasons for any defaults in the payment to the Depositors, Debenture holders,
Shareholders (in case of non-payment of declared dividends) and Creditors.
6. Carrying out any other function as is mentioned in the terms of reference of the Stakeholder’s Relationship
Committee.
5.2 Composition of Stakeholders’ Relationship Committee, number of Meetings held and

As on March 31, 2024, the SRC consists of 4 (four) members. During the year, the SRC has held 1 (one)
Meeting on November 1, 2023.
were as under:

during the attended
year
1 Mr. Sanjay S. Lalbhai Non-Executive Director Chairman 1 1
2 Mr. Pratul Shroff Independent Director Member 1 1
5.3 Name and designation of Compliance Officer:

Mr. Prakash Makwana, Company Secretary is the Compliance officer of the Company.
5.4 Details of Complaints/Queries received and redressed during April 1, 2023 to March 31, 2024:
Number of shareholders’ Number of shareholders’ Number of shareholders’ Number of shareholders’
complaints pending complaints received complaints redressed complaints pending
at the beginning of the during the year during the year at the end of the year
year
0 8 8 0
6. RISK MANAGEMENT COMMITTEE

The Board of Directors of the Company has constituted the Risk Management Committee (“RMC”) in
compliance with the provisions of the Regulation 21 of the Listing Regulations. The RMC of the Company
comprises of 3 (three) Members out of which 1 (one) is Non-Executive Independent Director, 1 (one) is
Executive Director and 1 (one) is Senior Executive i.e. Chief Financial Officer. Mr. Kamal Singal, Executive
Director, acts as Chairman of the Committee.

1. To formulate a detailed risk management policy which shall include:
(a) A framework for identification of internal and external risks specifically faced by the listed entity,
in particular including financial, operational, sectoral, sustainability (particularly, ESG related risks),
information, cyber security risks or any other risk as may be determined by the Committee.
(b) Measures for risk mitigation including systems and processes for internal control of identified risks.
(c) Business continuity plan.
2. To ensure that appropriate methodology, processes and systems are in place to monitor and evaluate
risks associated with the business of the Company;
3. To monitor and oversee implementation of the risk management policy, including evaluating the
adequacy of risk management systems;
4. To periodically review the risk management policy, at least once in two years, including by considering
the changing industry dynamics and evolving complexity;
5. To keep the board of directors informed about the nature and content of its discussions, recommendations
and actions to be taken;

Corporate Overview
Statutory Reports
6. The appointment, removal and terms of remuneration of the Chief Risk Officer (if any) shall be subject
to review by the Risk Management Committee
6.2 Composition of Risk Management Committee, number of Meetings held and participation at the
Meetings during the year:
As on March 31, 2024, the RMC consists of 3 (three) members. During the year, the RMC has held 2 (two)
Meetings on August 18, 2023 and February 1, 2024.
were as under:

during the attended
year
1 Mr. Kamal Singal Executive Director Chairman 2 2
2 Mr. Nirav Shah Independent Director Member 2 2
3 Mr. Ankit Jain Chief Financial Officer Member 2 2
7. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

The Board of Directors of the Company has constituted the Corporate Social Responsibility Committee
(“CSRC”) in compliance with the provisions of Section 135 read with Schedule VII of the Companies Act,
2013. The CSRC of the company comprises of 4 (four) Directors out of which 2 (two) are Non-Executive
Independent Directors, 1 (one) is Non-Executive Director and 1 (one) is Executive Director.

(a) formulate and recommend to the Board, a Corporate Social Responsibility Policy which shall indicate
the activities to be undertaken by the company as specified in Schedule VII to the Companies Act, 2013;
(b) to finalise a list of CSR projects or programs or initiatives proposed to be undertaken periodically
including the modalities for their execution / implementation schedules and to review the same from
time to time in accordance with requirements of section 135 of the Companies Act 2013;
(c) recommend the amount of expenditure to be incurred on the activities referred to in clause (a);
(d) monitor the Corporate Social Responsibility Policy of the company from time to time;
(e) review the CSR report and other disclosures on CSR matters for the approval of the Board for their
inclusion in the Board report;
7.2 Composition of Corporate Social Responsibility Committee, number of Meetings held and
As on March 31, 2024, the CSRC consists of 4 (four) members. During the year, the CSR has held 2 (two)
Meetings on May 19, 2023 and November 1, 2023.
were as under:

during the attended
year
3 Ms. Pallavi Vyas Independent Director Member 2 2
8. MANAGEMENT COMMITTEE OF BOARD OF DIRECTORS

The Board of Directors of the Company has constituted the Management Committee which comprises of 3
(three) Directors out of which 2 (two) are Non-Executive and 1 (one) is Executive Director.
The role and composition of committee are as follows:

8.1 Role of Management Committee:
The Management committee’s primary role is to look after the day-to-day business activities of the Company
within Board approved direction/framework. The committee meets frequently, as and when need arises, to
transact matters within the preview of its terms of reference.
8.2 Composition of Management Committee, number of Meetings held and participation at the
Meetings during the year:
As on March 31, 2024, the Management Committee of Board of Directors consist of 3 (three) Directors.
During the year, 13 (thirteen) Management Committee Meetings were held on various dates.
were as under:
during the year attended
2 Mr. Kulin S Lalbhai Non-Executive Director Member 13 12
9. SENIOR MANAGEMENT:
The Company has identified the senior management in accordance with the provisions of Listing Regulations.
The details of particulars of senior management including changes therein since close of the previous financial
years are as under:
9.1 Particulars of senior management:

Sr. Name Designation
No.
1 Mr. Avinash Suresh Chief Operating Officer
2 Mr. Ankit Jain Chief Financial Officer
3 Mr. Prakash Makwana Company Secretary
4 Mr. Arnab Kumar Basu Head HR, Admin, Compliance & Facilities
5 Mr. Venkataramana B. R Head Legal
6 Mr. L R Bansal Head Process Assurances & Commercial Controls
7 Mr. Saurabh Shah Head Liaison
8 Mr. Vijay Taneja Head IT
9.2 Changes in senior management during FY24:

During FY24, there is no change in senior management except Mr. Ankit Jain, Chief Financial Officer of the
Company who has resigned with effect from April 22, 2024.
10. INFORMATION OF GENERAL BODY MEETINGS:

10.1 Location and time, where last three Annual General Meetings (AGM) held:
Financial Year Date Time Venue
2022-23 August 2, 2023 10:00 pm The AGM was held through VC / OAVM i.e. electronic mode
where the Registered office of the Company was deemed venue.
2021-22 August 12, 2022 02:30 pm The AGM was held through VC / OAVM i.e. electronic mode
2020-21 September 22, 2021 11:00 am The AGM was held through VC / OAVM i.e. electronic mode
10.2 Special Resolutions passed in last three Annual General Meetings:
Financial Year Date Details of Special Resolution
2022-23 - -
2021-22 August 12, 2022 No Special Resolution was passed at the Meeting
2020-21 September 22, 2022 Special Resolution for approval of payment of remuneration /
commission payable to the Non-Executive Director(s) of the Company
for a period of five years from April 1, 2021 to March 31, 2026.

Corporate Overview
Statutory Reports
10.3 Extraordinary General Meetings (EGM):

Financial Year Date Time Venue
2022-23 - - -
2021-22 - - -
2020-21 October 4, 2021 The EGM was held through VC / OAVM i.e. electronic mode
10.4 Special Resolutions passed in last three Extraordinary General Meetings (EGM):
Financial Year Date Details of Special Resolution
2022-23 - -
2021-22 - -
2020-21 October 4, 2021 (1) To create, offer, issue and allot equity shares on Preferential
basis to Qualified Institutional Buyer.
(2) To create, offer, issue and allot equity shares on Preferential
basis to Promoter Group Entities.
(3) To amend the Articles of Association of the Company.
10.5 Details of Resolution Passed through Postal Ballot, the person who conducted the Postal Ballot
Exercise and details of the voting pattern:
During the year under review, the Company has completed process of postal ballot, in compliance with
provisions of Section 110 of the Companies Act, 2013 (‘the Act’) read with Rules 20 and 22 of the Companies
(Management and Administration) Rules, 2014 (“Rules”) including any amendment(s) thereof, Regulation 44
of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015, as amended (“Listing Regulations”), General Circular Nos. 14/2020 dated April 8, 2020, 17/2020 dated
April 13, 2020, 22/2020 dated June 15, 2020, 33/2020 dated September 28, 2020, 39/2020 dated December
31, 2020, 10/2021 dated June 23, 2021, 20/2021 dated December 8, 2021, 3/2022 dated May 5, 2022 and
11/2022 dated December 28, 2022, (collectively the ‘MCA Circulars’) issued by the Ministry of Corporate
Affairs (the “MCA”). The voting was conducted through remote e-voting only in compliance with the General
Circulars. The Company had engaged the services of NSDL to provide e-voting facility to its members. The
notice of postal ballot was accompanied with detailed instructions kit to enable the members to understand
the procedure and manner in which postal ballot voting (including remote e-voting) to be carried out. The
following Resolutions were deemed to have been passed on the last date of remote e-voting.
(i) Postal Ballot Notice dated May 19, 2023:

Sr. Particulars No. of No. and % No. and %
No. votes votes in votes in
Polled favour against
1 To approve Material Related Party Transaction 7854856 7854099 757
for purchase of land for development by Arvind (99.9904%) (0.0096%)
SmartHomes Private limited, wholly owned subsidiary
of Arvind SmartSpaces Limited from Mr. Sharad
Patel, a Designated Partner of Ahmedabad East
Infrastructure LLP (AEI LLP) and his relatives.
2 To approve Material Related Party Transaction(s) 7854674 7838786 15888
between the Company and its subsidiary i.e. (99.7977%) (0.2023)
Ahmedabad East Infrastructure LLP in respect of
providing Corporate Guarantee by the Company.
Mr. Hitesh Buch, Practicing Company Secretary was appointed as Scrutinizer for conducting the
aforesaid postal ballots in a fair and transparent manner.

11. MEANS OF COMMUNICATIONS
11.1 The Quarterly Results are published in Financial Express - All India Editions and Financial Express Gujarati
Edition of Ahmedabad and can also be accessed at the following Web-link: www.arvindsmartspaces.
com.
11.2 Information released to the press at the time of declaration of results is also sent to all Stock Exchanges
where the shares of the Company are listed for the benefit of investors. Moreover, the Company’s website
hosts a special page giving information which investors usually seek.
Presentations can be accessed at the following Web-link: www.arvindsmartspaces.com.
12. GENERAL SHAREHOLDER INFORMATION

12.1 Annual General Meeting:
Date Thursday, July 25, 2024
Time 11:00 AM
Venue The Company is conducting meeting through VC / OAVM pursuant to the General
Circular No. 14/2020 dated April 08, 2020 and General Circular No. 17/2020 dated April
13, 2020 followed by General Circular No. 20/2020 dated May 5, 2020, General Circular
No. 02/2021 dated January 13, 2021, General Circular No. 21/2021 dated December 14,
2021, General Circular No. 02/2022 dated May 05, 2022, General Circular No. 10/2022
dated December 28, 2022 and General Circular No. 09/2023 dated September 25, 2023,
issued by the Ministry of Corporate Affairs. The Registered office of the Company will be
the deemed venue for the AGM.
12.2 Financial Calendar:

The Financial Year of the Company is for a period of 12 months from April 1 to March 31.
First quarter results First week of August.
Second quarter results Last week of October.
Third quarter results Last week of January.
Fourth quarter results / Year end results Second week of May.
12.3 Book Closure: Friday, July 19, 2024 till Thursday, July 25, 2024 (Both Days inclusive).
12.4 Dividend payment Date: The Board of Director has recommended a final dividend of Rs. 2.50/- per equity
share and special dividend of Rs. 1.00/- per equity share, totaling Rs. 3.50/- per equity share of Rs. 10/- each
(i.e. 35%), for the financial year ended on March 31, 2024. The dividend, if declared at the Annual General
Meeting, will be paid within 30 days from the date of AGM.
12.5 Listing on Stock Exchanges: Equity Shares of the Company are listed on the following Stock
Exchanges:
Sr. Name of the Stock Exchange Code Address
No.
1 BSE Ltd. 539301 Phiroze Jeejeebhoy Tower, Dalal Street Mumbai -
400 001
2 National Stock Exchange of ARVSMART Exchange Plaza, 5th Floor, Plot No. C/1, G. Block,
India Limited Bandra - Kurla Complex, Bandra (E), Mumbai - 400
051
The Company has paid Annual Listing Fees for the Financial Year 2024-2025 to both Stock Exchanges.

Corporate Overview
Statutory Reports
12.6 Market Price data:

The Market and volume of the Company’s share traded on BSE Limited and National Stock Exchange of India
Limited during the financial year 2023-24 were as under:
Month Share Price BSE Volumes BSE Sensex Share Price NSE Volumes Nifty50
High Low No. of High Low High Low No. of High Low
Shares Shares
(H) (H) (H) (H)
Apr-23 322.10 278.10 106906 61209.46 58793.08 322.50 277.10 1023266 18089.15 17312.75
May-23 345.00 303.00 129244 63036.12 61002.17 344.90 304.95 1526301 18662.45 18042.40
Jun-23 382.50 331.95 165549 64768.58 62359.14 382.70 331.95 2036321 19201.70 18464.55
Jul-23 361.00 326.00 79043 67619.17 64836.16 361.95 326.05 724794 19991.85 19234.40
Aug-23 415.25 337.20 145062 66658.12 64723.63 415.20 325.45 3009595 19795.60 19223.65
Sep-23 374.55 294.10 79189 67927.23 64818.37 375.10 327.05 1959043 20222.45 19255.70
Oct-23 361.00 309.90 64694 66592.16 63092.98 359.70 309.00 1625111 19849.75 18837.85
Nov-23 388.35 321.65 253222 67069.89 63550.46 388.40 320.80 2837671 20158.70 18973.70
Dec-23 445.00 391.00 166730 72484.34 67149.07 445.00 390.00 3069221 21801.45 20183.70
Jan-24 538.50 426.10 166225 73427.59 70001.60 540.00 425.00 2113523 22124.15 21137.20
Feb-24 688.75 513.55 1072872 73413.93 70809.84 689.90 513.00 3458820 22297.50 21530.20
Mar-24 727.00 518.00 210726 74245.17 71674.42 727.95 518.05 3279385 22526.60 21710.20
12.7 Performance in comparison to broad-based indices viz. BSE Sensex and Nifty Fifty:
ARVIND SMARTSPACES SHARE PRICE MOVEMENT V/S BSE SENSEX
Arvind SmartSpaces Share Price on BSE BSE Sensex
76000.00
750.00
650.00 72000.00
550.00
68000.00
450.00
350.00 64000.00
250.00
60000.00
APR-23 MAY-23 JUN-23 JUL-23 AUG-23 SEP-23 OCT-23 NOV-23 DEC-23 JAN-24 FEB-23 MAR-24
ARVIND SMARTSPACES SHARE PRICE MOVEMENT V/S Nifty50

Arvind SmartSpaces Share Price on NSE Nifty 50
24000.00
750.00
23000.00
650.00 22000.00
21000.00
550.00
20000.00
450.00 19000.00
18000.00
350.00
17000.00
250.00 16000.00
APR-23 MAY-23 JUN-23 JUL-23 AUG-23 SEP-23 OCT-23 NOV-23 DEC-23 JAN-24 FEB-23 MAR-24

12.8 Registrars and Transfer Agents:
Link Intime India Private Limited
506-508, Amarnath Business Centre-1 (abc-1),
Beside Gala Business Centre, Near St. Xavier’s College Corner,
Off C G Road, Ellisbridge, Ahmedabad 380006. Tel No: +91 79 26465179 /86 / 87
E-mail id. : [email protected]
Website : www.linkintime.co.in
12.9 Share transfer system:
(I) Delegation of Share Transfer Formalities:
In terms of Regulation 40(1) of SEBI Listing Regulations, as amended, securities can be transferred
only in dematerialized form w.e.f. April 01, 2019, except in case of request received for transmission or
transposition of securities. Members holding shares in physical form are requested to consider converting
their holdings to dematerialized form. Transfers of equity shares in electronic form are effected through
the depositories with no involvement of the Company.
(II) Share Transfer Details for the period from April 1, 2023 to March 31, 2024:
SEBI vide its notification dated January 24, 2022 has mandated that all requests for transfer of securities
including transmission and transposition requests shall be processed only in dematerialized form. In
view of the same and to eliminate all risks associated with physical shares and avail various benefits
of dematerialisation, Members are advised to dematerialise the shares held by them in physical form.
Members can contact the Company or RTA - Link Intime India Private Limited, for assistance in this
regard.
There were no physical share transferred for the period from April 01, 2023 to March 31, 2024.
(III) Investors’ Grievances:

The Registrar and Transfer Agent under the supervision of the Secretarial Department of the Company
look after investors’ grievances. Link Intime India Private Limited is responsible for redressal of Investors’
Grievances. The Company Secretary of the Company has been appointed as the Compliance Officer for
this purpose. At each Meeting of the Stakeholders’ Relationship Committee, all matters pertaining to
investors including their grievances and redressal are reported.
12.10 Shareholding pattern dated March 31, 2024.

Sr. Category of Shareholders No. of shares % of shares
No held held
(A) Shareholding of Promoter and Promoter Group
[1] Indian
(a) Individuals / Hindu Undivided Family 209246 0.46
(b) Central Government / State Government(s) 0 0.00
(c) Financial Institutions / Banks 0 0.00
Any Other (Specify) 22643753 49.94
Sub Total (A)(1) 22852999 50.40
[2] Foreign
(a) Individuals (Non-Resident Individuals / Foreign Individuals) 0 0.00
(b) Government 0 0.00
(c) Institutions 0 0.00
(d) Foreign Portfolio Investor 0 0.00
(e) Any Other (Specify) 0 0.00
Sub Total (A)(2) 0 0.00
Total Shareholding of Promoter and Promoter Group (A)=(A)(1)+(A)(2) 22852999 50.40
(B) Public Shareholding
[1] Institutions
(a) Mutual Funds 1170052 2.58
(b) Venture Capital Funds 0 0.00
(c) Alternate Investment Funds 4955192 10.93
(d) Banks 476 0.00

Corporate Overview
Statutory Reports
Sr. Category of Shareholders No. of shares % of shares

No held held
(e) Insurance Companies 40 0.00
(f) Provident Funds/Pension Funds 0 0.00
(g) Asset reconstruction companies 0 0.00
(h) Sovereign Wealth Funds 0 0.00
(i) NBFCs registered with RBI 4411 0.01
(j) Other financial institutions 0 0.00
(k) Any Other (Specify) 0 0.00
Sub Total (B)(1) 6130171 13.52
[2] Institutions (Foreign)
(a) Foreign Direct Investment 0 0.00
(b) Foreign Venture Capital Investors 0 0.00
(c) Sovereign Wealth Funds 0 0.00
(d) Foreign Portfolio Investors Category I 187116 0.41
(e) Foreign Portfolio Investors Category II 142 0.00
(f) Overseas Depositories (holding DRs) (balancing figure) 0 0.00
(g) Any Other (specify) 412 0.00
Sub Total (B)(2) 187670 0.41
[3] Central Government/ State Government(s)
(a) Central Government / President of India 0 0.00
(b) State Government / Governor 53 0.00
(c) Shareholding by Companies or Bodies Corporate where 0 0.00
Central / State Government is a promoter
Sub Total (B)(3) 53 0.00
[4] Non-Institutions
(a) Associate companies / Subsidiaries 0 0.00
(b) Directors and their relatives (excluding independent directors 94744 0.21
and nominee directors)
(c) Key Managerial Personnel 12420 0.03
(d) Relatives of promoters (other than ‘immediate relatives’ of 0 0.00
promoters disclosed under ‘Promoter and Promoter Group’
category)
(e) Trusts where any person belonging to 'Promoter and Promoter 0 0.00
Group' category is 'trustee', 'beneficiary', or 'author of the
trust'
(f) Investor Education and Protection Fund (IEPF) 0 0.00
(g) Resident Individuals holding nominal share capital up to Rs. 2 5505900 12.14
Lac
(h) Resident Individuals holding nominal share capital in excess of 5869539 12.94
Rs. 2 Lac
(i) Non-Resident Indians (NRIs) 314840 0.69
(j) Foreign Nationals 0 0.00
(k) Foreign Companies 0 0.00
(l) Bodies Corporate 912079 2.01
(m) Any Other (specify) 3463564 7.64
Sub-Total (B)(4) 16173086 35.67
Total Public Shareholding (B) = (B)(1)+(B)(2)+(B)(3)+(B)(4) 22490980 49.60
Total (A)+(B) 45343979 100.00
(C) Non-Promoter - Non-Public
[1] Custodian/DR Holder 0 0.00
[2] Employee Benefit Trust (under SEBI (Share based Employee 0 0.00
Benefit) Regulations, 2014)
Total (A)+(B)+(C) 45343979 100.00

12.11 Distribution of shareholding as on March 31, 2024:
Sr. Shares Range Number of Total Shares for % of Issued Capital
No. Shareholders the Range
1 1 to 500 91983 2806932 6.19
2 501 to 1000 723 560362 1.24
3 1001 to 2000 392 590603 1.30
4 2001 to 3000 155 392829 0.87
5 3001 to 4000 69 243876 0.54
6 4001 to 5000 71 329216 0.73
7 5001 to 10000 120 893310 1.97
8 10001 and above 139 39526851 87.17
Total 93652 45343979 100.00
12.12 Dematerialisation of shares and liquidity:

Demat ISIN: Equity Shares fully paid: INE034S01021
The Company’s shares are available for dematerialisation on both the Depositories viz. National Securities
Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). Shares of the
Company are compulsorily to be delivered in the demat form on Stock Exchanges by all investors. As on
March 31, 2024, 4,51,68,036 shares representing 99.61% of the issued and paid-up capital have been
dematerialised by investors and bulk of transfers take place in the demat form.
12.13 Outstanding Global Depository Receipts or American Depository Receipts or Warrants or any
Convertible Instruments, conversion date and likely impact on equity:
During the financial year 2023-24, the Company has not issued Global Depository Receipts or American
Depository Receipts or Warrants or any Convertible Instruments:
12.14 Nomination Facility:

Shareholders holding shares in physical form and desirous of making a nomination in respect of their
shareholding in the Company, as permitted under Section 72 of the Companies Act, 2013 are requested to
submit the prescribed Form SH-13 for this purpose. Shareholders may write to the Secretarial Department of
the Company for a copy of the Form.
12.15 Credit rating:

During the financial year 2023-24, the Company has obtained/ upgraded / withdrawn following credit ratings
from Indian Ratings and Research (IRA).
Sr. Date of Credit Instruments Status Rating
No. Rating Letter
1 December Proposed term loan of Rs. 325/- Crores. Upgraded IND A+/Stable
26, 2023 Proposed term loan of Rs. 75/- Crores. Assigned IND A+/Stable
Non-convertible debentures (NCDs) of Rs. 75 Crores. Withdrawn -
12.16 Commodity price risk or foreign exchange risk and hedging activities:
The Company is not exposed to commodity price risk since it generally executes projects through its
contractors.
12.17 Plant / Site locations:

The Company is engaged in Real Estate business activities, it does not have any manufacturing plant. The
Company has various projects spread across in and around Ahmedabad, Bengaluru and Pune.
12.18 Transfer of unclaimed / unpaid amounts to the Investor Education and Protection Fund:
Unpaid / Unclaimed Dividends in accordance with the provisions of Sections 124 and 125 of Companies Act,
2013 and Investor Education and Protection Fund (Accounting, Audit, Transfer and Refund) Rules, 2016 (IEPF
Rules) dividends not encashed / claimed within seven years from the date of declaration are to be transferred
to the Investor Education and Protection Fund (IEPF) Authority. The IEPF Rules mandate companies to

Corporate Overview
Statutory Reports
transfer shares of Members whose dividends remain unpaid / unclaimed for a continuous period of seven
years to the demat account of IEPF Authority. The Members whose dividend / shares are transferred to the
IEPF Authority can claim their shares / dividend from the Authority.
The following tables give information relating due dates for transfer of dividend unclaimed to IEPF are as
follows:
Financial Year Rate of Dividend Date of Declaration of Due date for transfer to
Dividend IEPF*
2016-17 No Dividend - -
2018-19 15% August 05, 2019 October 09, 2026
2022-23 33% August 02, 2023 October 06, 2030
* Actual date of transfer may vary
12.19 Address for correspondence:
Shareholders may correspond with the Company at the Registered Office of the Company or at the office of
Registrars and Transfer Agents of the Company:
Arvind SmartSpaces Limited Link Intime India Private Limited

Secretarial Department 506-508, Amarnath Business Centre-1 (abc-1),
24 Government Servant’s Society, Beside Gala Business Centre,
Near Municipal Market, Off C. G. Road, Navrangpura, Near St. Xavier’s College Corner,
Ahmedabad- 380009 Off C G Road, Ellisbridge, Ahmedabad 380006.
Phone No: 079-68267000 Fax No. : 079-68267021 Tel No : +91 79 26465179 /86 / 87
e-mail : [email protected] E-mail id : [email protected]
Website address: www.arvindsmartspaces.com Website : www.linkintime.co.in
13. OTHER DISCLOSURE:

13.1 During the year under review, there are no materially significant related party transactions i.e. transactions of
the Company of material nature, with its promoters, directors or the management, their subsidiaries or relatives
etc. that may have potential conflicts with the interest of the Company at large or which warrants the approval
of the shareholders. Suitable disclosure as required under INDAS 24 has been made in the Annual Report. The
Related Party Transaction Policy as approved by the Board can be accessed at the following Web-link: https://
www.arvindsmartspaces.com/wp-content/uploads/2022/06/Related-Party-Transactions-Policy.pdf
13.2 Transactions with related parties are disclosed in detail in “Notes forming part of the Accounts” annexed to
the financial statements for the year. There were no related party transactions having potential conflict with
the interest of the Company at large.
13.3 There are no pecuniary relationships or transactions of Non-Executive Directors vis-à-vis the Company which
has potential conflict with the interests of the company at large.
13.4 No Strictures or penalties have been imposed on the Company by the Stock Exchanges or by the Security
Exchange Board of India (SEBI) or by any statutory authority on any matters related to capital markets
during the last three years i.e. 2021-22, 2022-23 and 2023-24.
13.5 The Company has formed the policy for determining material subsidiary as required by under Regulation
16 of the SEBI Listing Regulations and the same can be accessed at the following Web-link: https://www.
arvindsmartspaces.com/wp-content/uploads/2022/02/Material-Subsidiaries.pdf
The Audited Annual Financial Statements of Subsidiary Companies are tabled at the Audit Committee and
Board Meetings.
Copies of the Minutes of the Board Meetings of Subsidiary Companies are placed before the Board of the
Company.

13.6 Details of Material Subsidiaries:
Sr. Name of material subsidiaries Date of Place of Name of statutory Date of
No. incorporation incorporation auditors appointment
of statutory
auditors
1 Arvind Hebbal Homes Private 22-06-2011 Ahmedabad M/s. S R B C Co. & LLP 12-08-2022
Limited
13.7 The Company has not granted any loans and advances in the nature of loans to the firms or the companies
in which directors are interested.
13.8 Vigil Mechanism / Whistle Blower Policy:
In staying true to our values of Strength, Performance and Passion and in line with our vision of being one
of the most respected companies in India, the Company is committed to the high standards of Corporate
Governance and stakeholder responsibility.
The Company has Vigil Mechanism / Whistleblower Policy (WB Policy) which provides a secured avenue to
directors, employees, business associates and all other stakeholders of the company for raising their concerns
against the unethical practices, if any. The WB Policy ensures that strict confidentiality is maintained whilst
dealing with concerns and also that no discrimination will be meted out to any person for a genuinely raised
concern.
Pursuant thereto, a dedicated helpline “Arvind Ethics Helpline” has been set up which is managed by an
independent professional organization.
The Ethics Helpline can be contacted to report any suspected or confirmed incident of fraud /misconduct on:
Website for complaints: www.in.kpmg.com/ethicshelpline/Arvind
Toll Free No.: 1800 200 8301
Dedicated Email ID: [email protected]
Whistle blower Committee has been constituted which looks into the complaints raised. The Committee
reports to the Audit Committee.
No personnel have been denied access to the Chairman of the Audit Committee, for making complaint on
any integrity issue.
13.9 Code of Conduct for Directors & Senior Management Personnel:
In terms of Regulation 17 of the Listing Regulations and Section 149 of the Companies Act, 2013, the Board of
Directors of the Company has laid down a Code of Conduct for all Board Members and Senior Management
Personnel of the Company. The said Code of Conduct has been posted on the website of the Company.
The Board Members and Senior Management Personnel of the Company have affirmed compliance with
the Code. The Managing Director & CEO of the Company has given a declaration to the Company that all
the Board members and Senior Management Personnel of the Company have affirmed compliance with the
Code.
13.10 CEO/CFO Certification:
The Managing Director & CEO and Chief Financial Officer (CFO) have issued certificate pursuant to the
provisions of Regulation 17(8) of the Listing Regulations, certifying that the financial statements do not
contain any materially untrue statement and these statements represent a true and fair view of the Company’s
affair. The said certificate is annexed and forms a part of the Annual Report.
13.11 The Independent Directors have confirmed that they meet the criteria of “Independent Director” as stipulated
under the Companies Act, 2013 and Listing Regulations.

Corporate Overview
Statutory Reports
13.12 The minimum information to be placed before the Board of Directors as specified in Part A of Schedule II of
Listing Regulations is complied with to the extent applicable.
13.13 The disclosures in relation to the Sexual Harassment of the Woman at workplace (Prevention, Prohibition and
Redressal) Act, 2013 is disclosed in the Director’s Report forming part of the Annual Report.
13.14 Details of total fees paid to Statutory Auditors:

Details relating to fees paid to the Statutory Auditors are given in Note No. 25 to the Standalone and
Consolidated Financial Statements.
13.15 Certificate from Practicing Company Secretary:
Ms. Ankita Patel, Practicing Company Secretary has issued a certificate that the Company has complied with
the conditions of Corporate Governance as stipulated in the Listing Regulations which is forming a part of
the Annual Report.
Further she has issued a certificate as required under the Listing Regulations, confirming that none of the
directors on the Board of the Company have been debarred or is disqualified from being appointed or
continuing as directors of the Company by the Board/Ministry of Corporate Affairs or any such statutory
authority.
13.16 Details of compliance with mandatory requirements and adoption of the non-mandatory
requirements:
During the year, the Company has fully complied with the mandatory requirements as stipulated under Listing
Regulations.
The status of compliance with discretionary recommendations and adoption of the non-mandatory
requirements as specified in regulation 27(1) of the SEBI Listing Regulations is provided below:
a. The Board: The Chairman of the Company is Non-Executive & Non-Independent Director.
b. Shareholder Rights: Half-yearly and other Quarterly financial statements are published in newspapers,
uploaded on company’s website www.arvindsmartspaces.com and same are not being sent to the
shareholders.
c. Modified Opinion(s) in Audit Report: The Company already has a regime of un-qualified financial
statement. Auditors have raised no qualification on the financial statements.
d. Reporting of Internal Auditor: The Internal Auditor reports to the Audit Committee.
The above Report was placed before the Board at its meeting held on May 6, 2024 and the same was
approved.
And on behalf of the Board

Place: Ahmedabad Sanjay S. Lalbhai
Date: May 6, 2024 Chairman

CEO/CFO Certification
(Regulation 17(8) and Part B of Schedule II of SEBI (Listing Obligation & Disclosure Requirements)
Regulations, 2015 (LODR).
To,
The Board of Directors
Dear Sirs,
Ref.: Compliance Certificate by Managing Director & Chief Executive Officer (CEO) & Chief Financial
Officer (CFO)
We the undersigned, in our respective capacities as Managing Director & Chief Executive Officer (CEO) and Chief
Financial Officer (CFO) of Arvind SmartSpaces Limited (“the Company”) to the best of our knowledge and belief
certify that:
A. We have reviewed financial statements and the cash flow statement for the financial year ended March 31,
2024 and that to the best of our knowledge and belief:
(1) these statements do not contain any materially untrue statement or omit any material fact or contain
statements that might be misleading;
(2) these statements together present a true and fair view of the Company’s affairs and are in compliance with
existing accounting standards, applicable laws and regulations.
B. We further state that to the best of our knowledge and belief, no transactions entered into by the Company
during the year which are fraudulent, illegal or violative of the Company’s code of conduct.
C. We are responsible for establishing and maintaining internal controls for financial reporting and that we have
evaluated the effectiveness of internal control systems of the Company pertaining to financial reporting and
have disclosed to the auditors and the audit committee, deficiencies in the design or operation of such internal
controls, if any, of which we are aware and the steps we have taken or proposed to take to rectify these
deficiencies.
D. We have indicated, to the auditors and the Audit committee;
(1) significant changes in internal control over financial reporting during the year;
(2) significant changes in accounting policies during the year and that the same have been disclosed in the
notes to the financial statements; and
(3) instances of significant fraud of which they have become aware and the involvement therein, if any, of
the management or an employee having a significant role in the Company’s internal control system over
financial reporting.
Place: Ahmedabad Kamal Singal Ankit Jain

Date: March, 31, 2024 Managing Director & CEO Chief Financial Officer

Corporate Overview
Statutory Reports
Compliance certificate on Corporate Governance
To the Members of
I have examined the compliance of conditions of Corporate Governance by the company for the year ended
on March 31, 2024, as stipulated in regulations 17 to 27 and clauses (b) to (i) of regulation 46(2) and para C
and D of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing
Regulations”).
The compliance of conditions of Corporate Governance is the responsibility of the management of the company.
My examination was limited to a review of the procedures and implementation thereof, as adopted by the Company
for ensuring the compliance of the conditions of the Corporate Governance. It is neither an audit nor an expression
of opinion on the financial statements of the Company.
In my opinion and to the best of my information and according to the explanations given to me and the
representations made by the management, I certify that the Company has complied with the conditions of
Corporate Governance as stipulated in the Listing Regulations during the year ended on March 31, 2024.
I further state that such compliance is neither an assurance as to the future viability of the Company nor of the
efficiency or effectiveness with which the management has conducted the affairs of the Company.
CS Ankita Patel
Practicing Company Secretary
FCS No.: F8536
Place: Ahmedabad C P No. : 16497
Date: May 06, 2024 UDIN: F008536F000320837
Declaration regarding compliance with Code of Conduct for Directors and Senior
Management Personnel:
This is to confirm that the Company has adopted a Code of Conduct for Directors and Senior Management
Personnel, which is posted on the Company’s website at www.arvindsmartspaces.com
I hereby declare that all the Board Members and Senior Management Personnel have affirmed compliance with the
Code of Conduct for the year ended March 31, 2024.
Place: Ahmedabad Kamal Singal

Date: May 06, 2023 Managing Director & CEO

Business Responsibility and
Sustainability Report
A: General Disclosure
A. 1: Details of the listed entity
1. Corporate identity number (CIN) of the listed entity L45201GJ2008PLC055771
2. Name of the listed entity Arvind SmartSpaces Limited
3. Year of incorporation 26-12-2008
4. Registered office address 24, Government Servants Society, CG Road,
Navrangpura Ahmedabad-380009, Gujarat, India
5. Corporate address 24, Government Servants Society, CG Road,
Navrangpura Ahmedabad-380009, Gujarat, India
6. E-mail [email protected]
7. Telephone 7968267002
8. Website www.arvindsmartspaces.com
9. Financial year for which reporting is being done 2023 - 2024
10. Name of the stock exchange(s) where shares are BSE, NSE
listed
11. Paid-up Capital (in Rs.) 45,34,39,790
12. Name and contact details (telephone, email address) Mr. Avinash Suresh, COO, 079-6826 7002, avinash.
of the person who may be contacted in case of any [email protected]
queries on the BRSR report
13. Reporting boundary - Are the disclosures under this Consolidated basis
report made on a standalone basis (i.e. only for the
entity) or on a consolidated basis (i.e. for the entity and
all the entities which form a part of its consolidated
financial statements, taken together).
14. Name of assurance provider Not Applicable
15. Type of assurance obtained Not Applicable
A. 2: Products/services
16. Details of business activities (accounting for 90% of the turnover):
S. Description of main Description of business activity % of turnover of
No. activity the entity
1 Real Estate Development Construction of Residential and Commercial Projects 100
17. Products/services sold by the entity (accounting for 90% of the entity’s turnover):
S. Product/Service NIC code % of total turnover
No. contributed
1 Construction of Residential and Commercial Projects 4100, 70103, 70104 100
A. 3: Operations
18. Number of locations where plants and/or operations/offices of the entity are situated:
Location Number of plants Number of offices Total
National 13 2 15
International 0 0 0

Corporate Overview
Statutory Reports
19. Markets served by the entity:

a. Number of locations:
Location Number
National (No. of States) 3
International (No. of Countries) 0
b. What is the contribution of exports as a percentage of the total turnover of the entity? :
0
c. A brief on types of customers:
In the realm of real estate development, specifically pertaining to residential and commercial spaces, our
clientele spans two primary categories - retail customers and businesses. The geographical range of our
customer base extends across various Indian states such as Gujarat, Maharashtra, and Karnataka
A. 4: Employees (including those who have resigned and are serving notice period)
20. Details as at the end of financial year:
a. Employees and workers (including differently abled):
S. Particulars Total (A) Male Female Other
No. No. (B) % (B/A) No. (C) % (C/A) No. (H) % (H/A)
EMPLOYEES
1. Permanent (D) 415 341 82.17 74 17.83 0 0
2. Other than Permanent (E) 7 5 71.43 2 28.57 0 0
3. Total employees (D 422 346 81.99 76 18.01 0 0
WORKERS
4. Permanent (F) 0 0 0 0 0 0 0
5. Other than Permanent (G) 0 0 0 0 0 0 0
6. Total workers (F + G) 0 0 0 0 0 0 0
b. Differently abled employees and workers:

S. Particulars Total (A) Male Female Other
No. No. (B) % (B/A) No. (C) % (C/A) No. (H) % (H/A)
DIFFERENTLY ABLED EMPLOYEES
1. Permanent (D) 0 0 0 0 0 0 0
2. Other than Permanent (E) 0 0 0 0 0 0 0
3. Total differently abled 0 0 0 0 0 0 0
employees (D+ E)
DIFFERENTLY ABLED WORKERS
4. Permanent (F) 0 0 0 0 0 0 0
5. Other than Permanent (G) 0 0 0 0 0 0 0
6. Total differently- abled workers 0 0 0 0 0 0 0
(F + G)
21. Participation/inclusion/representation of women:

Leadership team Total (A) Number and percentage of females
No. (B) % (B / A)
Board of Directors 8 1 12.50
Key Management Personnel 3 0 0

22. Turnover rate for permanent employees and workers. (Disclose trends for the past 3 years):
Particulars FY 2023 – 2024 FY 2022-2023 FY 2021-2022
(Turnover rate in current FY) (Turnover rate in (Turnover rate in the year
previous FY) prior to the previous FY)
Male Female Other Total Male Female Other Total Male Female Other Total
Permanent Employees 37.52 31.4 0 38.64 32.05 26.89 0 33.02 30.27 18.95 0 29.89
Permanent Workers 0 0 0 0 0 0 0 0 0 0 0
A. 5: Holding, Subsidiary and Associate Companies (including joint ventures)

23. Details of holding/subsidiary/associate companies/joint ventures.:
S. Entity name (A) Entity type % of Entity (A)
No. shares participate in the
held BRSR initiatives of
the parent entity?
1 Arvind Hebbal Homes Private Limited Subsidiary 100 Yes
2 Arvind Homes Private Limited Subsidiary 100 Yes
3 Arvind SmartHomes Private Limited Subsidiary 100 Yes
4 Ahmedabad East Infrastructure LLP Subsidiary 55.24 Yes
5 ASL Facilities Management LLP Subsidiary 100 Yes
6 Uplands Facilities Management LLP Subsidiary 100 Yes
7 Changodar Industrial Infrastructure (One) LLP Subsidiary 100 No
8 Arvind Beyond Five Club LLP Subsidiary 100 Yes
9 Arvind Infracon LLP Subsidiary 100 Yes
10 Ahmedabad Industrial Infrastructure (One) LLP Subsidiary 100 No
11 Arvind Five Homes LLP Subsidiary 52.0 Yes
12 Chirping Woods Homes LLP Subsidiary 100 Yes
13 Arvind Smart City LLP Subsidiary 94 No
14 Arvind Infrabuild LLP Subsidiary 100 No
15 Yogita Shelters LLP Subsidiary 100 Yes
16 Thol Highlands LLP Subsidiary 100 No
17 Arvind Bsafal Homes LLP Joint Venture 50.0 No
18 Arvind Integrated Projects LLP Subsidiary 100 No
19 Adroda Homes LLP Subsidiary 76 Yes
20 Kalyangadh Homes LLP Subsidiary 76 No
21 Lagdana Homes LLP Subsidiary 100 No
22 Bavla Homes LLP Subsidiary 52 No
23 Arvind Surat Homes LLP (formerly Kesardi Homes LLP) Subsidiary 100 No
24 Ahmedabad Chhabasar Homes LLP Subsidiary 52 No
25 Arvind Green Homes LLP (formerly Amplus Subsidiary 100 No
Ahmedabad Projects LLP)
A. 6: CSR Details
a. Whether CSR is applicable as per section 135 of Companies Act, 2013 Yes
b. Turnover (in Rs.) 3411772415
c. Net worth (in Rs.) 4945610950

Corporate Overview
Statutory Reports
A. 7: Transparency and Disclosures Compliances

25. Complaints/grievances on any of the principles (Principles 1 to 9) under the National Guidelines on
Responsible Business Conduct:
Stakeholder Grievance If Yes, then provide FY 2023 – 2024 FY 2022-2023 If NA,
group from Redressal web-link for policy Current Financial Year Previous Financial Year then
whom Mechanism No. of No. of Remarks No. of No. of Remarks provide
complaint is in Place? complaints complaints complaints complaints the
received filed pending filed pending reason
during the resolution during the resolution
year at close of year at close of
the year the year
Communities Yes Yes, Grievance 0 0 NA 0 0 NA
redressal forms that
part of the Whistle
Blower Policy. Any
greivance should
be reported on the
Ethics portal. The
link to the portal is:
https://www.arvind.
ethicshelpline.in/
portal/en/home. The
policy is available on
Company’s website:
https://www.
arvindsmartspaces.
com/wp-content/
uploads/2022/02/
Whistleblower-
Policy-.pdf
Investors Yes Yes, Grievance 0 0 NA 0 0 NA
(other than redressal forms that
shareholders) part of the Whistle
Blower Policy. Any
greivance should
be reported on the
Ethics portal. The
ethicshelpline.in/
portal/en/home. The
policy is available
on Company’s
website: ttps://www.
arvindsmartspaces.
com/wp-content/
uploads/2022/02/
Whistleblower-
Policy-.pdf
Shareholders Yes Yes, Grievance 8 0 NA 3 0 NA
part of the Whistle
Blower Policy. Any
greivance should
be reported on the
Ethics portal. The
ethicshelpline.in/
portal/en/home. The
arvindsmartspaces.
com/wp-content/
uploads/2022/02/
Whistleblower-
Policy-.pdf

Stakeholder Grievance If Yes, then provide FY 2023 – 2024 FY 2022-2023 If NA,
group from Redressal web-link for policy Current Financial Year Previous Financial Year then
whom Mechanism No. of No. of Remarks No. of No. of Remarks provide
complaint is in Place? complaints complaints complaints complaints the
received filed pending filed pending reason
during the resolution during the resolution
year at close of year at close of
the year the year
Employees Yes Yes, Grievance 0 0 NA 0 0 NA
and workers redressal forms that
part of the Whistle
Blower Policy. Any
greivance should
be reported on the
Ethics portal. The
ethicshelpline.in/
portal/en/home. The
arvindsmartspaces.
com/wp-content/
uploads/2022/02/
Whistleblower-
Policy-.pdf
Customers Yes Yes, Grievance 5912 5554 NA 3792 100 NA
part of the Whistle
Blower Policy. Any
greivance should
be reported on the
Ethics portal. The
ethicshelpline.in/
portal/en/home. The
arvindsmartspaces.
com/wp-content/
uploads/2022/02/
Whistleblower-
Policy-.pdf
Value chain Yes Yes, Grievance 0 0 NA 0 0 NA
partners redressal forms that
part of the Whistle
Blower Policy. Any
greivance should
be reported on the
Ethics portal. The
ethicshelpline.in/
portal/en/home. The
arvindsmartspaces.
com/wp-content/
uploads/2022/02/
Whistleblower-
Policy-.pdf
Others Yes Yes, Grievance 2 0 NA 0 0 NA
part of the Whistle
Blower Policy. Any
greivance should
be reported on the
Ethics portal. The
https://ww w.arvind.
et hicshelplin e.in/
portal/ en/home

Corporate Overview
Statutory Reports
26. Overview of the entity’s material responsible business conduct issues. (Please indicate material responsible
business conduct and sustainability issues pertaining to environmental and social matters that present a risk
or an opportunity to your business, rationale for identifying the same, approach to adapt or mitigate the risk
along-with its financial implications, as per the following format.):
S. Material issue Indicate Rationale for identifying the risk / In case of risk, approach to adapt or Financial
No. identified whether opportunity mitigate implications
risk (R) or of the risk or
opportunity opportunity
(O)
Water R Increased water consumption and In order to mitigate this risk: Negative
Management constrained water supply are among the Implications
most critical global risks. Considering our 1. We have adopted water
dependency on water for the viability of management in the design phase of
our operations, we have identified it as a our projects.
material risk for us. 2. We are also maximizing the use
1. We must comply with various of such construction materials
environmental regulations related to which require less water for curing
water use and management. Failure purposes.
to do so can result in fines and legal 3. We are also putting our focus on the
issues. water recycling and harvesting. This
2. Poor water management can have enables us to recycle water efficiently
detrimental effects on the local and also supports replenishment of
ecosystem, potentially leading to water table. Investing in innovative
habitat destruction, pollution, and water- saving technologies and
other environmental issues. practices can lead to long-term
savings, operational efficiency, and a
stronger market position as a leader
in sustainable construction.
Water O By focusing on water management as an - Positive
Management opportunity, Arvind SmartSpaces Limited Implications
can not only contribute to environmental
conservation but also gain a competitive
edge, reduce costs, and build a positive
brand image. This strategic approach
to water management is a win-win for
the company, the community, and the
environment.
1. Effective water management can

enhance the company’s reputation
as an environmentally responsible
developer.
2. By reducing water consumption, the
company can lower operational costs
and increase profitability.
3. Implementing advanced water-
saving technologies can position the
company as a leader in innovative
construction practices.
4. As clients and consumers become
more environmentally conscious,
sustainable practices, including water
management, can become a significant
differentiating factor in the market.
Emissions R While energy contributes to the growth of In order to mitigate this risk: Negative
and Energy construction industry, resulting emissions Implications
Management are a dampener for environmental health. 1. We continually monitor the energy
consumption and take measures
1. High emissions and inefficient energy both at the design level and the
management can lead to increased construction level to flatten our
operational costs. energy consumption.
2. As public awareness of environmental 2. We are also engaged in increasing
issues grows, companies with poor renewable energy uptake in our
emissions and energy practices may projects.
face negative public perception, 3. We are using products like China
affecting their brand value and Mosaics in our construction activities
market position. which results in saving a significant
3. There is a growing market amount of energy.
preference for sustainable and green
construction. Companies not adhering
to low- emission and energy- efficient
practices may lose competitive
advantage and market share.

S. Material issue Indicate Rationale for identifying the risk / In case of risk, approach to adapt or Financial
No. identified whether opportunity mitigate implications
risk (R) or of the risk or
opportunity opportunity
(O)
4. Long-term strategic risks include
the potential for stricter future
regulations and the need for costly
retrofits or upgrades to meet these
new standards.
Emissions O Improving upon the energy efficiency and Positive
and Energy increasing renewable usage will support Implications
Management us in cutting down the energy expenses
and achievement of pertinent emission
reduction commitments.
1. By adopting advanced energy

management and low- emission
technologies, the company can
position itself as a leader in
sustainable construction practices.
2. Energy-efficient practices can lead
to significant cost savings over time
due to reduced energy consumption
and reliance on renewable energy
sources.
3. As sustainability becomes a key
factor for consumers, showcasing a
commitment to reducing emissions
can differentiate the company in a
competitive market
Health, Safety & R Reputational risk if we fail to ensure fair We conduct an assessment of potential Negative
Rights labour practices, protection of human risks across our project sites. This Implications
rights, health and safety of our employee. evaluation enables us to identify key
areas where safety could be enhanced,
1. The construction industry is prone to and we are actively integrating these
a high number of workplace injuries insights into our SOPs.
and accidents due to the nature
of the work, which often involves 1. We ensure that all personnel are
heights and heavy machinery. equipped with the necessary
2. There is a moral obligation to protective gear tailored to their
ensure the safety and well-being specific tasks.
of employees. Failure to do so can 2. We are committed to continuous
lead to a loss of trust and low morale improvement in our safety
among the workforce. standards. We regularly review and
3. Non-compliance with health and update our SOPs
safety regulations can lead to legal
action, hefty fines, and increased
insurance premiums, impacting the
financial stability of a company
Health, Safety & O By addressing the above risks we are - Positive
Rights securing our social license to operate Implications
and representing ourselves as a socially
responsible organisation.
1. By prioritizing health and safety,

we can build a reputation as a
responsible employer, which can
attract talent and increase client
trust.
2. A safe and healthy workforce is
more productive, which can lead to
faster project completion and higher
quality outcomes.
3. Keeping up with health and safety
regulations can prevent legal
issues and fines, ensuring smooth
operations.
4. Integrating health, safety, and rights
into business practices contributes
to sustainable development goals
and corporate social responsibility
initiatives

B: Management and Process Disclosures
B. 1: Policy and management processes
1-6. Policy and management processes:
Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
1 a. Whether your Yes Yes Yes Yes Yes Yes Yes Yes Yes
entity’s policy/
policies cover each
principle and its
core elements of
the NGRBCs.
b. Has the policy Yes Yes Yes Yes Yes Yes Yes Yes Yes
been approved by
the Board?
c. Web Link of the https://www. https://www. https://www. https://www. https://www. https://www. https://www. https://www. https://www.
Policies, if available arvindsmartspaces. arvindsmartspaces. arvindsmartspaces. arvindsmartspaces. arvindsmartspaces. arvindsmartspaces. arvindsmartspaces. arvindsmartspaces. arvindsmartspaces.
com/investors/ com/investors/ com/investors/ com/investors/ com/investors/ com/investors/ com/investors/ com/investors/ com/investors/
corporate- corporate- corporate- corporate- corporate- corporate- corporate- corporate- corporate-
governance/ governance/ governance/ governance/ governance/ governance/ governance/ governance/ governance/
2. Whether the entity has Yes Yes Yes Yes Yes Yes Yes Yes Yes
translated the policy
into procedures.
3. Do the enlisted policies No No No No No No No No No
extend to your value
chain partners?
4. Name of the national
and international codes/
certifications/labels/
standards (e.g. Forest
Stewardship Council,
Fairtrade, Rainforest
Alliance, Trustea)
standards (e.g. SA
8000, OHSAS, ISO, BIS)
adopted by your entity
and mapped to each
principle.
5. Specific commitments, We are targeting
goals and targets set by to complete our
the entity with defined scope 3 emissions
timelines, if any. boundar y in the
coming years.
6. Performance of the We worked
entity against the towards expanding
specific commitments, our scope 3
goals and targets along- boundary in
with reasons in case the FY 23-24.
same are not met.
Statutory Reports
Corporate Overview

7. Statement by director responsible for the business responsibility report, highlighting ESG related challenges,
targets and achievements. (Listed entity has flexibility regarding the placement of this disclosure.):
We would like to highlight our persistent commitment to Environmental, Social and Governance (ESG) criteria.
By seamlessly incorporating sustainability principles into our everyday business practices, we demonstrate
the depth of our dedication to preserving the natural environment and enhancing the well-being of our
stakeholders. At Arvind Smartspaces, we believe in maintaining a delicate balance between construction
and nature conservation. Our projects are planned and designed with a focus on minimal disturbance to
biodiversity. Our designs aim not only to accommodate and fulfill the needs of our occupants but also to
boost their overall health and productivity. This is achieved by innovative initiatives such as maximizing natural
daylight, installing energy-efficient fixtures, and providing solar fitments. Our commitments extend to public
spaces as well. Not only do these initiatives reduce our carbon footprint, but they also make a significant
contribution to our energy conservation efforts.
Furthermore, our landscape designs incorporate water treatment and harvesting. These installations are
geared towards achieving a balance in our water usage and ensuring the availability of this precious resource
for future generations. We have also introduced smart water meters in our facilities, allowing us to monitor
and control water consumption effectively. We have transitioned to the use of sustainable cleaning materials
for facility management. We consistently strive to use eco-friendly products in our projects. These include
AAC Blocks, RCC Pavers, Fly ash, Fibre Reinforced Plastic, Organic Waste Converters, and more. All these
products not only enhance the sustainability quotient of our projects but also promote a healthier lifestyle for
our occupants. By continuously monitoring our environmental impact and regularly updating our strategies to
incorporate the latest advancements in sustainability, we can ensure that Arvind Smartspaces remains ahead
in combining business growth with environmental and social responsibility. We are committed to achieving our
targets, and we stand by our achievements and contributions to a sustainable future.
8. Details of the highest authority responsible for implementation and oversight of the business responsibility
policy(ies).: Mr. Avinash Suresh COO
9. Details about the entity’s committee of the board/director responsible for decision making on sustainability
related issues?
a. Does the entity have a specified committee of the board/director responsible for decision making on
sustainability related issues? : No
b. If yes, provide details:
The Company does not have a specific Committee, however, periodic joint assessments are carried by
the Managing Director, COO and functional heads of the Company. These joint assessments focus on
the environmental and social issues, how these issues impact the continuity of the business and the way
forward to deal with them.
B. 2: Governance, leadership and oversight

10. Details of review of NGRBCs by the company:
a. Details about reviewing authority:
Subject for Review Indicate whether review was undertaken by Director/Committee
of the Board/Any other Committee
P1 P2 P3 P4 P5 P6 P7 P8 P9
Performance against above policies and Any other Committee The Compan y does not have a specific
follow up action Committee, however, periodic joint assess ments are carried by the
Managing Director, COO and function al heads of the Company
Description of any other committee The Company does not have a specific Committee, however,
periodic joint assessments are carried by the Managing Director,
COO and functional heads of the Company
Compliance with statutory requirements Any other Committee
of relevance to the principles and
rectification of any non-compliances
Description of any other committee The Company does not have a specific Committee, however,
periodic joint assessments are carried by the Managing Director,
COO and functional heads of the Company

Corporate Overview
Statutory Reports
b. Details about frequency:

Subject for Frequency (Annually/ Half yearly/ Quarterly/ Any other – please specify)
Review P1 P2 P3 P4 P5 P6 P7 P8 P9
Performance Annually Annually Annually Annually Annually Annually Annually Annually Annually
against above
policies and
follow up action
Description
of any
other frequency
Compliance Annually Annually Annually Annually Annually Annually Annually Annually Annually
with statutory
requirements
of relevance to
the principles
and rectification
of any non-
compliances
Description
of any
other frequency
11. Information about the independent assessment /evaluation of the working of its policies carried out by the
entity by an external agency.:
Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
Has the entity carried out No No No No No No No No No
independent assessment/
evaluation of the working of its
policies by an external agency?
If yes, provide name of Not Not Not Not Not Not Not Not Not
the agency Applicable Applicable Applicable Applicable Applicable Applicable Applicable Applicabl e Applicable
B. 3: Details of Review
12. If answer to Q1 of section B.1 - Policy and management processes is “No” i.e. not all principles are covered
by a policy, reasons to be stated:
Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
The entity does not
consider the Principles
material to its business
The entity is not at a
stage where it is in a
position to formulate and
implement the policies on
specified principles
Not Applicable
The entity does not have
the financial or/human
and technical resources
available for the task
It is planned to be done in
the next financial year
Any other reason (please
specify)

C: Principle Wise Performance Disclosures
C.1: Principle 1
Essential indicators
1. Percentage coverage by training and awareness programmes on any of the principles during the financial
year:
Segment Total number Topics/principles covered under %age of persons in
of training and the training and its impact respective category
awareness covered by the
programmes held awareness programmes
Board of Directors 0 NA 0
Key Managerial Personnel 0 NA 0
Employees other than 20 Various skill development 15.18
BoD and KMPs trainings were given to the
employees at all level of
employees.
Workers 183 Safety training sessions were
conducted for the contracted
laborers.
2. Details of fines/ penalties/ punishment/ award/ compounding fees/ settlement amount paid in proceedings
(by the entity or by directors/KMPs) with regulators/ law enforcement agencies/ judicial institutions, in the
financial year, in the following format (Note: the entity shall make disclosures on the basis of materiality as
specified in Regulation 30 of SEBI (Listing Obligations and Disclosure Obligations) Regulations, 2015 and
as disclosed on the entity’s website):
a. Monetary:
Penalties and Fees NGRBC Name of the Amount Brief of the Has an
Principle regulatory/ (In INR) Case appeal been
enforce ment preferred?
agencies/
judicial
institutions
Penalty/Fine NA NA 0 NA No
Settlement NA NA 0 NA No
Compoundin g fee NA NA 0 NA No
b. Non-monetary:
Legal sanctions NGRBC principle Name of the Brief of the case Has an appeal
regulatory/ been preferred?
enforcement
agencies/ judicial
institutions
Imprisonment NA NA NA No
Punishment NA NA NA No
3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where
monetary or non- monetary action has been appealed.:
Case details Name of the regulatory/ enforcement agencies/ judicial institutions
NA NA

Corporate Overview
Statutory Reports
4. Details about anti-corruption or anti-bribery policy.:

a. Does the entity have an anti-corruption or anti-bribery policy? : Yes
b. If yes, provide details in brief.:
The anti-corruption and anti-bribery are part of the Code of Conduct of the Lalbhai Group of Companies,
and since Arvind Smartspaces is part of this group the same is applicable to us. The policies can be viewed
at: https://www.arvind.com/corporate-governance
c. If available, provide a web-link to the policy.:
https://www.arvind.com/corporate-governance
5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law
enforcement agency for the charges of bribery/ corruption:
Organizational roles FY 2023 – 2024 FY 2022-2023
(Current Financial Year) (Previous Financial Year)
Directors 0 0
KMPs 0 0
Employees 0 0
Workers 0 0
6. Details of complaints with regard to conflict of interest:
Complaints type FY 2023 – 2024 FY 2022-2023

Number Remarks Number Remarks
Number of complaints received in relation 0 There are no 0 There were no
to issues of Conflict of Interest of the complaints complaints received
Directors received in relation in relation to the
to the conflict of conflict of interest
interest against against Directors
Directors in the in the previous
current financial financial year.
year.
Number of complaints received in relation 0 There are no 0 There were no
to issues of Conflict of Interest of the KMPs complaints complaints received
received in relation in relation to the
to the conflict of conflict of interest
interest against against KMPs in the
KMPs in the previous financial
current financial year
year.
7. Provide details of any corrective action taken or underway on issues related to fines / penalties / action
taken by regulators/ law enforcement agencies/ judicial institutions, on cases of corruption and conflicts of
interest.:
Not Applicable
8. Number of days of accounts payables ((accounts payable*365)/Cost of goods or services procured) in the
following format:
Organizational roles FY 2023 – 2024 FY 2022-2023
Number of days of accounts payables 156 193

9. Open-ness of business: Provide details of concentration of purchases and sales with trading houses, dealers,
and related parties along-with loans and advances & investments, with related parties, in the following
format:
Parameter Metrics FY 2023 – 2024 FY 2022-2023
(Current (Previous
Financial Year) Financial Year)
Concentration of a. Purchases from trading houses as % of total 0 0
Purchases purchases
b. Number of trading houses where purchases 0 0
are made from
c. Purchases from top 10 trading houses as % 0 0
of total purchases from trading houses
Concentration of a. Sales to dealers / distributors as % of total 0 0
Sales sales
b. Number of dealers / distributors to whom 0 0
sales are made
c. Sales to top 10 dealers / distributors as % of 0 0
total sales to dealers / distributors
Share of RPTs in a. Purchases (Purchases with related parties / 0 0
Total Purchases)
b. Sales (Sales to related parties / Total Sales) 9 30
c. Loans & advances (Loans & advances given 100 100
to related parties / Total loans & advances)
d. Investments ( Investments in related parties 75 76
/ Total Investments made)
Leadership indicators
1. Awareness programmes conducted for value chain partners on any of the Principles during the financial
year:
Total number of Topics / principles %age of value chain partners covered (by value
awareness programmes covered under the of business done with such partners) under the
held training awareness programmes
0 NA 0
2. Details about the processes in place to avoid/ manage conflict of interests involving members of the Board.:
a. Does the entity have processes in place to avoid/ manage conflict of interests involving members of the
Board:
Yes
b. If yes, provide details of the same.:
We have a Code of Conduct for Directors and Senior Management Personnel. Accordingly, each Board
Member or Senior Management Personnel should endeavour to avoid having his or her private interests
interfere with (i) the interests of the Company or (ii) his or her ability to perform his or her duties and
responsibilities objectively and effectively. Board Members and Senior Management Personnel should
avoid receiving or permitting members of their immediate family to receive, improper personal benefits
from the Company including loans from or guarantees of obligations by the Company. A Board
Member should make a full disclosure to the entire Board of any transaction or relationship that such a
Board Member reasonably expects could give rise to an actual conflict of interest with the Company and
seek the Board’s authorisation to pursue such transactions or relationships.

Corporate Overview
Statutory Reports
C.2: Principle 2
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the
environmental and social impacts of product and processes to total R&D and capex investments made by
the entity, respectively.:
Expenditure FY 2023 – 2024 FY 2022-2023 Details of improvements in
type (Current Financial Year) (Previous Financial Year) environmental and social impacts
R&D 0 0 These datapoints have not been
maintained separately in the current
FY but we are aware that there is need
for the companies to invest in the
specific technologies to improve the
environmental and social impacts and
we are also planning to invest in these
activities.
Capex 0 0 These datapoints have not been
maintained separately in the current
FY but we are aware that there is need
for the companies to invest in the
specific technologies to improve the
environmental and social impacts and
we are also planning to invest in these
activities.
2. Details about sustainable sourcing:

a. Does the entity have procedures in place for sustainable sourcing?
No
b. If yes, what percentage of inputs were sourced sustainably?
3. Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at the
end of life, for the following waste categories.:
Product type Process description
a. Plastics (including packaging We have devised an internal process that focusses on classification of
waste followed by segregation and storage in separated areas. After
storage, periodically the waste is collected and responsibly disposed off
in accordance with the applicable regulatory norms defined by the State
Pollution Control Board (SPCB) / Central Pollution Control Board (CPCB).
b. E-waste We have devised an internal process that focusses on classification of
c. Hazardous waste We currently do not generate any hazardous waste, so this requirement
does not apply to us.
d. Other waste We have devised an internal process that focusses on classification of

4. Details about Extended Producer Responsibility (EPR):
Questions Response
Whether Extended Producer Responsibility (EPR) is applicable to the No
entity’s activities.
If yes, whether the waste collection plan is in line with the Extended No
Producer Responsibility (EPR) plan submitted to Pollution Control Boards?
If not, provide steps taken to address the same. Extended Producer Responsibility
is not applicable to the company’s
activities
1. Details about the Life Cycle Perspective / Assessments (LCA):

a. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for
manufacturing industry) or for its services (for service industry)? :
No
b. If yes, provide details in the following format?:
NIC Name of % of total Boundary for Whether Results If yes, provide
code product/ turnover which the conducted by communicated in the web-link.
service contributed Life Cycle independent public domain
Perspective/ external agency
Assessment
was conducted
NA NA NA No No NA
2. If there are any significant social or environmental concerns and/or risks arising from production or disposal
of your products / services, as identified in the Life Cycle Perspective / Assessments (LCA) or through any
other means, briefly describe the same along-with action taken to mitigate the same.:
Name of product/service Description of the risk / concern Action taken
NA NA NA
3. Percentage of recycled or reused input material to total material (by value) used in production (for
manufacturing industry) or providing services (for service industry).:
Waste type Recycled or re-used input material to total material
FY 2023 – 2024 FY 2022-2023
NA
4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused,
recycled, and safely disposed, as per the following format:
Waste type FY 2023 – 2024 FY 2022-2023

Re-Used Recycled Safely Re-Used Recycled Safely
disposed disposed
Plastics (including packaging) 0 0 0 0 0 0
E-waste 0 0 0 0 0 0
Hazardous waste 0 0 0 0 0 0
Other waste 0 0 0 0 0 0
5. Reclaimed products and their packaging materials (as percentage of products sold) for each product
category.:
Indicate product category Reclaimed products and their packaging materials as % of total
products sold in respective category
NA

Corporate Overview
Statutory Reports
C.3: Principle 3
1. Details regarding well-being of employees and workers:
a. Details of measures for the well-being of employees:
Category % of employees covered by
Total Health Accident Maternity Paternity Day care
(A) insurance insurance benefits benefits facilities
Number % Number % Number % Number % Number %
(B) (B/A) (C) (C/A) (D) (D/A) (E) (E/A) (F) (F/A)
Permanent employees
Male 341 341 100 341 100 0 0 341 100 0 0
Female 74 74 100 74 100 74 100 0 0 0 0
Other 0 0 0 0 0 0 0 0 0 0 0
Total 415 415 100 415 100 74 17.83 341 82.17 0 0
Other than permanent employees
Male 0 0 0 0 0 0 0 0 0 0 0
Female 0 0 0 0 0 0 0 0 0 0 0
Other 0 0 0 0 0 0 0 0 0 0 0
Total 0 0 0 0 0 0 0 0 0 0 0
b. Details of measures for the well-being of workers:

Category % of employees covered by
Total Health Accident Maternity Paternity Day care
(A) insurance insurance benefits benefits facilities
Number % Number % Number % Number % Number %
(B) (B/A) (C) (C/A) (D) (D/A) (E) (E/A) (F) (F/A)
Permanent workers
Male 0 0 0 0 0 0 0 0 0 0 0
Female 0 0 0 0 0 0 0 0 0 0 0
Other 0 0 0 0 0 0 0 0 0 0 0
Total 0 0 0 0 0 0 0 0 0 0 0
Other than permanent workers
Male 0 0 0 0 0 0 0 0 0 0 0
Female 0 0 0 0 0 0 0 0 0 0 0
Other 0 0 0 0 0 0 0 0 0 0 0
Total 0 0 0 0 0 0 0 0 0 0 0
c. Spending on measures towards well-being of employees and workers (including permanent and other
than permanent) in the following format:
Question FY 2023 – 2024 FY 2022-2023
Cost incurred on well being measures as a % of 0.13 0.12
total revenue of the company
2. Details of retirement benefits, for the current and previous financial year.:
Benefits FY 2023 – 2024 FY 2022-2023
No. of No. of Deducted No. of No. of Deducted
employees workers and employees workers and
covered as covered as deposited covered as covered as deposited
a % of total a % of total with the a % of total a % of total with the
employees workers authority employees workers authority
PF 100 100 Yes 100 100 Yes
Gratuity 100 100 Yes 100 100 Yes
ESI 4 100 Yes 7 100 Yes

3. Accessibility of workplaces:
Questions Response
Are the premises / offices of the entity accessible to differently abled No
employees and workers, as per the requirements of the Rights of Persons
with Disabilities Act, 2016?
If not, whether any steps are being taken by the entity in this regard. NA
4. Details about equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016.:
Questions Response
Does the entity have an equal opportunity Yes
policy as per the Rights of Persons with
Disabilities Act, 2016?
If so, provide a web-link to the policy. Arvind SmartSpaces guarantees fair and equal treatment of
all employees, irrespective of their race, gender, or disability.
Every employee is given an equal opportunity to apply for
internal job postings, promotions, and training programs
within the workplace. For more information, please consult our
Opportunity & Non- Discrimination Policy, accessible at https://
www.arvindsmartspaces.com/wp-content/uploads/2022/03/
Equal-Opportunity-Non-Discrimination-Policy.pdf
5. Return to work and Retention rates of permanent employees and workers that took parental leave.:
Gender Permanent employees Permanent workers
Return to work rate Retention rate Return to work rate Retention rate
Male 0 100 0 0
Female 0 100 0 0
Other 0 0 0 0
Total 0 100 0 0
6. a.
Is there a mechanism available to receive and redress grievances for the following categories of
employees and worker? :
Yes
b. If yes, give details of the mechanism in brief.:

Category Yes/No If Yes, then give details of the mechanism in brief
Permanent workers Yes We provide a grievance website and have installed complaint
boxes at all our locations. For further information, please
consult the Transparency and Disclosures Compliances
section of our Business Responsibility and Sustainability
Report.
Other than permanent workers Yes We provide a grievance website and have installed complaint
Report.
Permanent employees Yes We provide a grievance website and have installed complaint
Report.
Other than permanent employees Yes We provide a grievance website and have installed complaint
Report.

Corporate Overview
Statutory Reports
7. Membership of employees and worker in association(s) or Unions recognised by the listed entity:
Category FY 2023 – 2024 FY 2022-2023
Total No. of % (B/A) Total No. of % (D/C)
employees/ employees/ employees/ employees/
worke rs in worke rs in worke rs in worke rs in
respective respective respective respective
category (A) category, who category (C) category, who
are part of are part of
association(s) association(s)
or Union (B) or Union (D)
Total permanent 415 0 0 289 0 0
employees
Male 341 0 0 240 0 0
Female 74 0 0 49 0 0
Other 0 0 0 0 0 0
Total permanent 0 0 0 0 0 0
workers
Male 0 0 0 0 0 0
Female 0 0 0 0 0 0
Other 0 0 0 0 0 0
8. Details of training given to employees and workers:

Category FY 2023 - 2024 (Current Financial Year) FY 2022-2023 (Previous Financial Year)
Total On Health and On Skill Total On Health and On Skill
(A) safety measures upgradation (D) safety measures upgradation
Number % Number % Number % Number %
(B) (B/A) (C) (C/A) (E) (E/D) (F) (F/D)
Employees
Male 341 0 0 54 15.84 209 0 0 0 0
Female 74 0 0 9 12.16 35 0 0 0 0
Other 0 0 0 0 0 0 0 0 0 0
Total 415 0 0 63 15.18 244 0 0 0 0
Workers
Male 0 0 0 0 0 0 0 0 0 0
Female 0 0 0 0 0 0 0 0 0 0
Other 0 0 0 0 0 0 0 0 0 0
Total 0 0 0 0 0 0 0 0 0 0
9. Details of performance and career development reviews of employees and worker:

Category FY 2023 – 2024 FY 2022-2023
Total (A) Number (B) % (B/A) Total (C) Number (D) % (D/C)
Employees
Male 341 249 73.02 209 203 97.13
Female 74 47 63.51 35 35 100
Other 0 0 0 0 0 0
Total 415 296 71.33 244 238 97.54
Workers
Male 0 0 0 0 0 0
Female 0 0 0 0 0 0
Other 0 0 0 0 0 0
Total 0 0 0 0 0 0

10. Health and safety management system:
Questions Response
a. Whether an occupational health Yes
and safety management system has
been implemented by the entity?
If yes, the coverage such system? Arvind has group-wide Safety, Health & Environment (SHE) policy
which endeavours to create safe and healthy working environment
at all our facilities.
b. What are the processes used to Our structured HSE management system allows us to detect and
identify work-related hazards and address risks at an early stage, incorporating early warning systems
assess risks on a routine and non- to ensure a safe workplace. We adhere to the Hazard Identification
routine basis by the entity? and Risk Assessment (HIRA) framework to identify and assess work-
related hazards. This framework facilitates systematic identification
of potential risks, evaluation of existing safeguards, and development
of additional control measures to mitigate risks to an acceptable
level.
HIRA is regularly updated based on insights from best practices,
incidents, and accidents across projects. Furthermore, we utilize
monitoring tools like safety surveillance reports and checklists for
conducting routine inspections. We also carry out an independent
third party safety audits periodically.
c. Whether you have processes for Yes
workers to report the work related
hazards and to remove themselves
from such risks.
d. Do the employees/ worker of Yes
the entity have access to non-
occupational medical and healthcare
services?
11. Details of safety related incidents, in the following format:

Safety incident/number Category* FY 2023 – 2024 FY 2022-2023
Lost time injury frequency rate Employees 0 0
(LTIFR) (per one million- person Workers 0 0
hours worked)
Total recordable work-related Employees 0 0
injuries Workers 0 0
No. of fatalities Employees 0 0
Workers 0 0
High consequence work-related Employees 0 0
injury or ill-health (excluding Workers 0 0
fatalities)
*Including in the contract workforce
12. Describe the measures taken by the entity to ensure a safe and healthy work place.:
In adherence to our established policies, we prioritize the safety of individual staff members as well as
contractual workers above all construction objectives, with the conviction that occurrences of occupational
illness, safety incidents and environmental hazards can be prevented. It’s our core commitment to foster a
safe and healthy work environment with the ultimate aim of completely nullifying accidents, injuries, and
corresponding losses in every operational sphere. In order to actualize health and safety objectives, we have
implemented various safeguarding measures within our facilities. Some key measures include: 1. In an effort to
minimize the risk related to fire hazards, we have strategically installed pressurized fire protection systems along
with relevant apparatus to swiftly manage potential fire incidents. 2. We actively encourage the enhancement
of safety awareness amongst our staff through regular training sessions, simulated drills, safety discussions,
and seminars, which focus on various aspects of emergency safety management.

Corporate Overview
Statutory Reports
13. Number of complaints on the following made by employees and workers:

Category FY 2023 – 2024 FY 2022-2023
Filed Pending Remarks Filed Pending Remarks
during resolution at during resolution at
the year the end of year the year the end of year
Working conditions 0 0 NA 0 0 NA
Health and safety 0 0 NA 0 0 NA
14. Assessments for the year:

Category % of your plants and offices that were assessed
(by entity or statutory authorities or third parties)
Health and safety practices 12
Working conditions 0
15. Provide details of any corrective action taken or underway to address safety related incidents (if any) and
on significant risks / concerns arising from assessments of health & safety practices and working conditions.:
On the basis of examination of our health and safety practices and working conditions, there are no significant
risks or concerns identified that require immediate attention or action. The assessment illustrates strong
compliance with necessary health and safety protocols, reflecting a secure working environment for all
personnel. We also implement dust suppression measures, plantations etc. to improve the air quality index
at construction site areas. We remain committed to consistently monitoring and reviewing our procedures to
ensure an optimal and safe working environment.
1. Does the entity extend any life insurance or any compensatory package in the event of death of:
Category Response
Employees Yes
Workers Yes
2. Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and
deposited by the value chain partners.:
The organization has implemented a system to ensure that its value chain partners subtract and remit all
statutory dues as mandated by existing laws and regulations. Overseeing this process is the responsibility of
our internal audit and tax team who ensure legal compliance.
3. Provide the number of employees / workers having suffered high consequence work-related injury / ill-
health / fatalities (as reported in Q11 of Essential Indicators above), who have been are rehabilitated and
placed in suitable employment or whose family members have been placed in suitable employment:
Category Total no. of affected employees/workers No. of employees/workers that are rehabilitated
and placed in suitable employment or whose family
members have been placed in suitable employment
FY 2023 – 2024 FY 2022-2023 FY 2023 – 2024 FY 2022-2023
(Current Financial Year) (Previous Financial Year) (Current Financial Year) (Previous Financial Year)
Employees 0 0 0 0
Workers 0 0 0 0
4. Does the entity provide transition assistance programs to facilitate continued employability and the
management of career endings resulting from retirement or termination of employment? :
Yes
5. Details on assessment of value chain partners:
Category % of value chain partners (by value of business
done with such partners) that were assessed
Health and safety practices 0
Working conditions 0
6. Provide details of any corrective actions taken or underway to address significant risks/concerns arising
from assessments of health and safety practices and working conditions of value chain partners.:
Not applicable

C.4: Principle 4
1. Describe the processes for identifying key stakeholder groups of the entity.:
For our diverse stakeholders with varied interests across the capitals, it is inherently important for us to
understand their expectations and integrate those into our business strategy. The procedures for identifying
key stakeholder groups are conducted in a multi-faceted manner. First, an internal analysis is performed
by categorizing individuals or groups who are directly linked with us, such as shareholders, employees,
customers and suppliers, local community, government agencies, or the media. Afterwards, their relations to
the organization are examined. This includes evaluating their interests, influence, proximity, and other relevant
aspects towards the organisation. Furthermore, ongoing stakeholder mapping is undertaken to review and
revise the understanding of these key stakeholder groups as their relationships and importance may evolve
over time. This methodology ensures all significant stakeholders are identified and their positions understood.
2. List stakeholder groups identified as key for your entity and the frequency of engagement with each
stakeholder group.:
Stakeholder Whether Channels of Details of other channels Frequency of Details of other Purpose and scope of
group identified as communication of communication engagement frequency of engagement including key
vulnerable & engagement topics and concerns raised
marginalized during such engagement
group
Customers No Website We have dedicated Others - please Continuous We aim to cultivate enduring,
relationship managers specify engagement long-term relationships with
to address customer throughout the our customers. We actively
needs, and we also year engage with them to gain
provide a dedicated a deeper understanding
portal for customers to of their expectations and
access information such needs, and we strive to fulfill
as payment records and these through our offerings.
construction status.
Investors No Newspaper Public disclosures Others - please Quarterly and We understand the
include annual reports, specify event based concerns and expectations
quarterly financial of investors and then take
performances posted on action to create significant
websites, newspapers, value.
and published accounts.
Detailed discussions occur
during analyst meetings,
investors call and investor
presentations.
Employees No Other Internal training initiatives, Others - please As per planned It aids in communicating
and Workers a well-structured specify activities the organization's vision,
interactive appraisal goals, and expectations,
process, rewards and while also facilitating a
recognition programs. better understanding
Chat with M.D., Employee of employees' career
Engagement Programs, aspirations, job satisfaction,
Sports Events, CLAP and development objectives.
(Compliment, Laud,
Appreciate, Praise) Cards
are some of the few
initiatives to bring out
the best, motivate and
recognize employees’
strengths. The Leadership
Enclave / Town Hall
Meets are few platforms
where individual /
team’s contribution to
organizational success,
has been recognized and
rewarded.
Local No Community We engage in activities Others - please As per planned We aim to establish
Community Meetings with institutions such as specify activities sustainable and cohesive
the Arvind Foundation and community relations,
SHARDA Trust, and our positively impacting the
business development and quality of life within the
civil & execution teams local community.
collaborate with them.

Corporate Overview
Statutory Reports
Stakeholder Whether Channels of Details of other channels Frequency of Details of other Purpose and scope of
group identified as communication of communication engagement frequency of engagement including key
vulnerable & engagement topics and concerns raised
marginalized during such engagement
group
Media No Other We engage with the media Others - please As per planned We communicate key
through announcements, specify activities & developments, milestone
events, visits, conferences, requirement s events, and our growth
and other interactions. perspective. It also enables
us to build larger outreach
and better narrative for key
initiatives.
Government No Other Through participation Others - please As required for We consider this as an
agencies in industry forums, specify compliance and opportunity to understand
submission of compliance as per available the changing compliance
documents, and opportunities. and regulatory landscape,
attendance at meetings. and discuss on opportunities
to collaborate on pressing
issues.
Suppliers No SMS Our procurement and Others - please As per planned It enables us to understand
sourcing team regularly specify activities mutual expectations and
engages with suppliers, and business needs, especially with
and we also interact with requirement s. regard to quality, cost, timely
them during training delivery, growth plans and
programs and workshops. sharing of best practices.
1. Provide the processes for consultation between stakeholders and the board on economic, environmental,
and social topics or if consultation is delegated, how is feedback from such consultations provided to the
board.:
Currently, we do not have a defined procedure in place for consultation between stakeholders and the board
on economic, environmental and social topics, nor do we have any mechanisms for feedback to be provided
to the board when such consultation is delegated. However, we will be working towards implementing such
procedures.
2. a. Whether stakeholder consultation is used to support the identification and management of environmental,
and social topics. :
No
b. If so, provide details of instances as to how the inputs received from stakeholders on these topics were
incorporated into policies and activities of the entity.:
Not Applicable
3. Provide details of instances of engagement with, and actions taken to, address the concerns of vulnerable/
marginalized stakeholder groups.:
We engage with and address the concerns raised by vulnerable or marginalized stakeholder groups when they
arise.

C.5: Principle 5
1. Employees and workers who have been provided training on human rights issues and policy(ies) of the
entity, in the following format:
Category FY 2023 – 2024 FY 2022-2023
Total No. of employees/ % Total No. of employees/ %
(A) workers covered (B) (B/A) (C) workers covered (D) (D/C)
Employees
Permanent 415 0 0 244 0 0
Other than permanent 7 0 0 5 0 0
Total employees 422 0 0 249 0 0
Workers
Permanent 0 0 0 0 0 0
Other than permanent 0 0 0 0 0 0
Total workers 0 0 0 0 0 0
2. Details of minimum wages paid to employees and workers, in the following format:
Category FY 2023 - 2024 (Current Financial Year) FY 2022-2023 (Previous Financial Year)
Total Equal to More than Total Equal to More than
(A) minimum wage minimum wage (D) minimum wage minimum wage
Number % Number % Number % Number %
(B) (B/A) (C) (C/A) (E) (E/D) (F) (F/D)
Employees
Permanent 415 0 0 415 100 289 0 0 289 100
Male 341 0 0 341 100 240 0 0 240 100
Female 74 0 0 74 100 49 0 0 49 100
Other 0 0 0 0 0 0 0 0 0 0
Other than 7 0 0 7 100 15 0 0 5 33.33
permanent
Male 5 0 0 5 100 5 0 0 5 100
Female 2 0 0 2 100 5 0 0 0 0
Other 0 0 0 0 0 5 0 0 0 0
Workers
Permanent 0 0 0 0 0 0 0 0 0 0
Male 0 0 0 0 0 0 0 0 0 0
Female 0 0 0 0 0 0 0 0 0 0
Other 0 0 0 0 0 0 0 0 0 0
Other than 0 0 0 0 0 0 0 0 0 0
permanent
Male 0 0 0 0 0 0 0 0 0 0
Female 0 0 0 0 0 0 0 0 0 0
Other 0 0 0 0 0 0 0 0 0 0

Corporate Overview
Statutory Reports
3. Details of remuneration/salary/wages:
a. Median remuneration/wages:
Category Male Female Other
Number Median Number Median Number Median
remuneration/ remuneration/ remuneration/
salary/wages salary/wages salary/wages
of respective of respective of respective
category category category
Board of Directors (BoD) 7 825000 1 660000 0 0
Key Managerial Personnel 3 17883639 0 0 0 0
Employees other than 338 455534 74 701402 0 0
BoD and KMP
Workers 0 0 0 0 0 0
b. Gross wages paid to females as % of total wages paid by the entity, in the following format:
Question FY 2023 – 2024 FY 2022-2023
Gross wages paid to females as % of total wages - -
4. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or
issues caused or contributed to by the business? :
Yes
5. Describe the internal mechanisms in place to redress grievances related to human rights issues.:
Arvind SmartSpaces has implemented comprehensive internal processes to handle and resolve grievances
pertaining to Human Rights violations or issues. Two primary bodies are tasked with this responsibility: the
Whistle Blower Committee and the Internal Grievance Redressal Body. The type and extent of the grievance
determine which body will be engaged in the resolution process. An essential tool made available for reporting
any such issues is Arvind’s Ethics Helpline portal. Concerns can be expressed and addressed through the portal
which is accessible at https://www.arvind.ethicshelpline.in/portal/en/home. These mechanisms collectively
ensure a robust and responsive approach to any human rights-related grievances within Arvind SmartSpaces.
6. Number of complaints on the following made by employees and workers:

Category FY 2023 – 2024 FY 2022-2023
Filed Pending Remarks Filed Pending Remarks
during resolution at during resolution at
the year the end of year the year the end of year
Sexual harassment 0 0 0 0
Discrimination at workplace 0 0 0 0
Child labour 0 0 0 0
Forced labour/involuntary 0 0 0 0
labour
Wages 0 0 0 0
Other human rights related 0 0 0 0
issues

7. Complaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013, in the following format:
Category FY 2023 – 2024 FY 2022-2023
Total complaints reported under Sexual Harassment of Women 0 0
at Workplace (Prevention, Prohibition and Redressal) Act, 2013
(POSH)
Complaints on POSH as a % of female employees / workers 0 0
Complaints on POSH upheld 0 0
8. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases:
Procedures are in place to address grievances pertaining to violations of human rights, including discrimination
and harassment, within the structure of the Whistle Blower and Prevention of Sexual Harassment (POSH)
policies. The identity of the grievance filer is held in strict confidentiality. Obligations are set for all internal and
external stakeholders to ensure their adherence prevents any negative repercussions for the individual filing
the complaint. This mechanism ensures the following:
a. The complainant is shielded from victimisation, and safeguards are put in place to ensure their protection
against any such occurrences.
b. Victimising behaviour is treated as a seriously offensive act, with potential disciplinary action against
individuals found guilty of inflicting or threatening detriment to others.
c. Absolute confidentiality is upheld through measures such as maintaining complete secrecy of the matter,
restrained discussion of the matter, securing documents and electronic communications, and limiting
discussion to necessary individuals for completion of the process and investigations. Detailed insights can
be found in the Whistle Blower and POSH policies.
9. Do human rights requirements form part of your business agreements and contracts? :
No
10. Assessments for the year:

Category % of your plants and offices that were assessed
(by entity or statutory authorities or third parties)
Child labour 0
Forced/involuntary labour 0
Sexual harassment 0
Discrimination at workplace 0
Wages 0
from the assessments at Question 10 above.:
No corrective actions have been taken or are currently underway as there were no assessments conducted
that would give rise to significant risks or concerns.

Corporate Overview
Statutory Reports
1. Details of a business process being modified / introduced as a result of addressing human rights grievances/
complaints.:
During the current reporting period, there have been no alterations or introductions to any business process
resultant from addressing human rights grievances or complaints. Therefore, this information is not applicable.
2. Details of the scope and coverage of any human rights due-diligence conducted.:
As per the given circumstances, it is worth noting that there was no execution or implementation of any
human rights due- diligence process. Thus, there do not exist any details pertaining to its scope and coverage.
3. Is the premise/office of the entity accessible to differently abled visitors, as per the requirements of the
Rights of Persons with Disabilities Act, 2016? :
Yes
4. Details on assessment of value chain partners:

Category % of value chain partners
(by value of business done with such partners) that were assessed
Sexual harassment 0
Discrimination at workplace 0
Child labour 0
Forced labour/involuntary labour 0
Wages 0
from the assessments at Question 4 above. :
Regarding Question 4, no examinations or evaluations were carried out to identify any significant risks or
concerns. Consequently, there is currently no requirement for corrective actions. Any future actions will be
implemented as per the outcomes of any potential assessments to be conducted.

C.6: Principle 6
1. Details of total energy consumption (in joules or multiples) and energy intensity, in the following format:
Parameter Unit FY 2023 – 2024 FY 2022-2023
From renewable sources
Total electricity consumption (A) GJ 170 160
Total fuel consumption (B) GJ 0 0
Energy consumption through other GJ 0 0
sources (C)
Total energy consumed from GJ 170 160
renewable sources (A+B+C)
From non-renewable sources
Total electricity consumption (D) GJ 8121 5900
Total fuel consumption (E) GJ 2766 2000
Energy consumption through other GJ 0 0
sources (F)
Total energy consumed from non- GJ 10887 7900
renewable sources (D+E+F)
Total energy consumed GJ 11057 8060
(A+B+C+D+E+F)
Energy intensity per rupee of turnover GJ/crore H 32.42 31.48
(Total energy consumed/revenue from turnover
operations)
Energy intensity per rupee of turnover GJ/crore H
adjusted for Purchasing Power Parity turnover
(PPP) (Total energy consumed/
revenue from operations adjusted for
PPP)
Energy intensity in terms of physical GJ/unit
output production
Energy intensity (optional) – the
relevant metric may be selected by
the entity
Indicate if any independent No No
assessment/evaluation/assurance
has been carried out by an external
agency?
If yes, name of the external agency. NA NA
2. Details about Performance, Achieve and Trade (PAT) Scheme of the Government of India:
Questions Response
Does the entity have any sites / facilities identified as designated consumers No
(DCs) under the Performance, Achieve and Trade (PAT) Scheme of the
Government of India?
If yes, disclose whether targets set under the PAT scheme have been NA
achieved. In case targets have not been achieved, provide the remedial
action taken, if any.

Corporate Overview
Statutory Reports
3. Provide details of the following disclosures related to water, in the following format:
Water withdrawal by source
(i) Surface water kilolitres 0 0
(ii) Groundwater kilolitres 0 0
(iii) Third party water kilolitres 64634 182500
(iv) Seawater/desalinated water kilolitres 0 0
(v) Others kilolitres 0 0
Total volume of water withdrawal (i + ii kilolitres 64634 182500
+ iii + iv + v)
Total volume of water consumption kilolitres 64634 182500
Water intensity per rupee of turnover kilolitres/crore H 189.54 712.89
(Total water consumption / Revenue turnover
from operations)
Water intensity per rupee of turnover kilolitres/crore H
adjusted for purchasing power parity turnover
(Total water consumption / Revenue
from operations adjusted for PPP)
Water intensity in terms of physical kilolitres/unit
output production
Water intensity (optional) – the relevant
metric may be selected by the entity
assessment/evaluation/assurance
agency?
4. Provide the following details related to water discharged:

Parameter FY 2023 – 2024 FY 2022-2023
Water discharge by destination and level of treatment (in kilolitres)
(i) To Surface water 0 0
- No treatment 0 0
- With treatment - please specify level of treatment 0 0
(ii) To Groundwater 0 0
- No treatment 0 0
(iv) To Seawater 0 0
- No treatment 0 0
(iii) Sent to third-parties 0 0
- No treatment 0 0
(v) Others 0 0
- No treatment 0 0
Total water discharged (in kilolitres) 0 0
Indicate if any independent assessment/evaluation/ No No
assurance has been carried out by an external agency?

5. Details about zero liquid discharge (ZLD):
Questions Response
Has the entity implemented a mechanism for zero liquid discharge (ZLD)? No
If yes, provide details of its coverage and implementation. NA
6. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format:
Parameter Please FY 2023 – 2024 FY 2022-2023
specify unit (Current Financial Year) (Previous Financial Year)
NOx NA 0 0
SOx NA 0 0
Particulate matter (PM) NA 0 0
Persistent organic pollutants (POP) NA 0 0
Volatile organic compounds (VOC) NA 0 0
Hazardous air pollutants (HAP) NA 0 0
assessment/ evaluation/assurance
agency?
If yes, name of the external agency.
7. Provide details of greenhouse gas emissions (scope 1 and scope 2 emissions) & its intensity, in the following
format:
Parameter Please FY 2023 – 2024 FY 2022-2023
specify unit (Current Financial Year) (Previous Financial Year)
Total scope 1 emissions (Break-up of tCO2e 225 184
the GHG into CO2, CH4, N2O, HFCs,
PFCs, SF6, NF3, if available)
Total scope 2 emissions(Break-up of tCO2e 1615 826
the GHG into CO2, CH4, N2O, HFCs,
PFCs, SF6, NF3, if available)
Total scope 1 and scope 2 emission tCO2e/crore 5.39 3.94
intensity per rupee of turnover (Total H turnover
scope 1 and scope 2 GHG emissions
/ Revenue from operations)
Total scope 1 and scope 2emission tCO2e/crore
intensity per rupee of turnover H turnover
adjusted for purchasing power
parity (PPP)(Total scope 1 and scope
2 GHG emissions/Revenue from
operations adjusted for PPP)
Total scope 1 and scope 2 emission tCO2e/unit
intensity in terms of physical output production
Total scope 1 and scope 2 emission
intensity (optional) – the relevant
metric may be selected by the entity
assessment/ evaluation/assurance
agency?

Corporate Overview
Statutory Reports
8. Does the entity have any project related to reducing GHG emission? If yes, then provide details.:
Indeed, Arvind SmartSpaces is actively involved in a range of projects aimed at reducing Greenhouse Gas
(GHG) emissions. These projects are mostly centered around sustainability in construction processes. One of
our notable initiatives is the Curing project, which is focused on the conservation of water, a resource crucial to
maintaining the earth’s temperature. Another project involves the use of Fiberglass Reinforced Polymer (FRP)
Bars. FRP bars, being non-corrosive, contribute to the longevity of constructions and hence, less wastage.
The use of Fly Ash is also a significant part of our sustainability approach. Fly Ash, being a byproduct of coal
combustion, is usually discarded as waste. However, using it in construction helps us recycle it and lessen
industrial pollution. We also employ Solar Coated Glasses in our buildings, which aid in harnessing solar energy,
thus reducing reliance on non-renewable energy sources. Another key part of our sustainable approach is
the use of alternative materials like High-Density Polyethylene (HDP) liner for water proofing, which helps to
minimize construction waste and increase efficiency. Moreover, we use Shahabad Stones in our projects which
are highly durable and require minimal maintenance, further reducing our environmental footprint. Finally, our
Heat Insulation project using China Mosaics plays a crucial role in energy savings. This strategy can reduce
indoor temperatures by up to 4 degrees, thereby reducing the need for artificial cooling and its associated
power consumption and GHG emissions.
9. Details related to waste management:

a. Different types of waste generated by the entity, in the following format:
Parameter FY 2023 – 2024 FY 2022-2023
Total waste generated (in metric tonnes)
Plastic waste (A) 0 0
E-waste (B) 0.33 0
Bio-medical waste (C) 0 0
Construction and demolition waste (D) 5552.79 350
Battery waste (E) 0 0
Radioactive waste (F) 0 0
Other Hazardous waste. Please specify, if any (G) 0 0
Other Non-hazardous waste generated (H). 14.39 0
Please specify, if any
Total (A+B+C+D+E+F+G+H) 5566 350
Waste intensity per crore rupee of turnover 16.32 1.36
(tonne/crore H turnover)
Waste intensity per crore rupee of turnover
adjusted for Purchasing Power Parity (PPP)
(tonne/crore H turnover)
Waste intensity in terms of physical output
(tonne/unit production)
Waste intensity (optional) – the relevant metric
may be selected by the entity
b. Different types of waste recovered or disposed by the entity, in the current financial year:
Category of waste (in metric tonnes) Recycled Re-used Other Incineration Landfilling Other
recovery disposal
operations operations
Plastic waste 0 0 0 0 0 0
E-waste 0.33 0 0 0 0 0
Bio-medical waste 0 0 0 0 0 0
Construction and demolition waste 0 5552.79 0 0 0 0
Battery waste 0 0 0 0 0 0
Radioactive waste 0 0 0 0 0 0
Other hazardous waste, if any 0 0 0 0 0 0
Other non-hazardous waste 6.53 7.86 0 0 0 0
generated, if any
6 5559 0 0 0 0

c. Different types of waste recovered or disposed by the entity, in the previous financial year:
Category of waste (in metric tonnes) Recycled Re-used Other Incineration Landfilling Other
recovery disposal
operations operations
Plastic waste 0 0 0 0 0 0
E-waste 0 0 0 0 0 0
Bio-medical waste 0 0 0 0 0 0
Construction and demolition waste 100 200 0 0 0 0
Battery waste 0 0 0 0 0 0
Radioactive waste 0 0 0 0 0 0
Other hazardous waste, if any 0 0 0 0 0 0
Other non-hazardous waste 0 0 0 0 0 0
generated, if any
Total (A+B+C+D+E+F+G+H) 100 200 0 0 0 0
10. Briefly describe the waste management practices adopted in your establishments. Describe the strategy
adopted by your company to reduce usage of hazardous and toxic chemicals in your products and processes
and the practices adopted to manage such wastes.:
Arvind SmartSpaces has incorporated an internal mechanism that emphasizes waste categorization as an
initial step of waste management. This involves the division of waste into varied classes, according to their
nature and disposal necessities.
Subsequent to this classification, the waste is meticulously segregated and stored in distinct zones designated
for each type. This systematic arrangement allows for convenient and efficient handling of wastes and it
facilitates proper disposal measures. The disposal process is conducted at prescribed intervals, ensuring timely
removal of waste from the facilities and thus preventing any potential accrual or accumulation. Our disposal
methodology complies with appropriate disposal techniques that are stringent, responsible, and in alignment
with regulatory standards.
11. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife
sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.)
where environmental approvals / clearances are required, please specify details in the following format:
S. Location of operations/ Type of operations Whether the conditions of If no, the reasons
No. offices environmental approval/ thereof and corrective
clearance are being action taken, if any.
complied with?
NA NA No NA
Notes: All of our projects are located in premises which have the requisite building permits, including
environmental approvals for carrying out the operations.
12. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws,
in the current financial year:
Name and brief EIA Date Whether conducted by Results communica Relevant
details of project notification No. independen t external agency ted in public domain web link
13. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the
Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment
protection act and rules thereunder (Y/N). If not, provide details of all such non-compliances, in the following
format:
S. Specify the law/ Provide details of Any fines / penalties / Corrective action taken,
No. regulation/guidelines the non-compliance action taken by regulatory if any
which was not agencies such as pollution
complied with control boards or by courts
NA NA No NA

Corporate Overview
Statutory Reports
1. Details of water withdrawal, consumption and discharge in areas of water stress (in kilolitres):
a. Name of the water stress area and nature of operations:
Name of the area Nature of operations
NA NA
b. Water withdrawal, consumption and discharge in the following format:

Parameter FY 2023 – 2024 FY 2022-2023
Water withdrawal by source (in kilolitres)
(i) Surface water 0 0
(ii) Groundwater 0 0
(iii) Third party water 0 0
(iv) Seawater/desalinated water 0 0
(v) Others 0 0
Total volume of water withdrawal (in kilolitres) 0 0
Total volume of water consumption (in kilolitres) 0 0
Water intensity per rupee of turnover//n(Water 0 0
consumed/turnover)
Water intensity (optional) – the relevant metric 0 0
may be selected by the entity
Water discharge by destination and level of
treatment (in kilolitres)
(i) Into Surface water 0 0
- No treatment 0 0
- With treatment - please specify level of 0 0
treatment
(ii) Into Groundwater 0 0
- No treatment 0 0
treatment
(iii) Into Seawater 0 0
- No treatment 0 0
-With treatment - please specify level of 0 0
treatment
(iv) Sent to third-parties 0 0
- No treatment 0 0
treatment
(v) Others 0 0
- No treatment 0 0
treatment
Total water discharged (in kilolitres) 0 0
Indicate if any independent assessment/ No
evaluation/assurance has been carried out by
an external agency?
If yes, name of the external agency. NA

2. Please provide details of total scope 3 emissions & its intensity, in the following format:
Total scope 3 emissions (Break-up of the GHG tCO2e 1215
into CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if
available)
Total scope 3 emissions per rupee of turnover tCO2e/crore 3.56
H turnover
Total scope 3 emission intensity (optional) – the
relevant metric may be selected by the entity
Indicate if any independent assessment/ No
evaluation/assurance has been carried out by an
external agency?
If yes, name of the external agency. NA
Notes: Scope 3 data contains emissions from business travel, services purchased and waste generated.
3. With respect to the ecologically sensitive areas reported at Question 11 of essential indicators above,
provide details of significant direct & indirect impact of the entity on biodiversity in such areas along-with
prevention and remediation activities.:
As per the context provided, the entity does not engage in operations within ecologically sensitive regions.
Therefore, it does not have a direct or indirect impact on the biodiversity of such areas. As a result, no preventive
or remediation activities are conducted due to the absence of operations within these specified regions.
4. If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve
resource efficiency, or reduce impact due to emissions / effluent discharge / waste generated, please
provide details of the same as well as outcome of such initiatives, as per the following format:
S. Initiatives undertaken Details of the initiative Outcome of the initiative

No. (Web-link, if any, may
be provided along-with
summary)
We have started using a particular type Not available This particular initiative has resulted in
of chemical in our construction sites less water intake for curing purposes
which in turn has resulted in less water and hence helping in saving a natural
requirements for curing purposes. resource.
5. Details about the disaster management plan.:
a. Does the entity have a business continuity and disaster management plan? :
Yes
b. Give details in 100 words/ web link.:
The Company is susceptible to disasters and crises such as pandemics, earthquakes, geopolitical instability,
fire hazards, etc. which may cause operational disruption, shutdown, project delays, supply chain hurdles,
and increased construction costs. The Company prioritises the safety of its stakeholder community and
ensures business survival during unpredictable crises. It has a well-designed safety management policy
that eliminates/reduces the risk of facilities incidents. Its proper implementation and updation enable
effective prevention besides equipping the employees to handle any incident that may occur. The risk
management committee at periodical interval reviews various risks.
6. Disclose any significant adverse impact to the environment, arising from the value chain of the entity. What
mitigation or adaptation measures have been taken by the entity in this regard.:
We continuously encourage our partners in the value chain to operate in an environmentally friendly way. In
the event of significant adverse impacts on the environment generated by our value chain operations, we are
proactive in implementing mitigation or adaptation measures. The specific nature of these measures can vary
substantially depending primarily on the particular environmental issue being addressed.
7. Percentage of value chain partners (by value of business done with such partners) that were assessed for
environmental impacts.:
0

Corporate Overview
Statutory Reports
C.7: Principle 7
1. a. Number of affiliations with trade and industry chambers/ associations.: 2

b. List the top 10 trade and industry chambers/ associations (determined based on the total members of
such body) the entity is a member of/ affiliated to.:
S. Name of the trade and industry chambers/ Reach of trade and industry chambers/
No. associations associations
1 Gujarat Institute of Housing and Estate Developers State
2 CREDAI Ahmedabad State
2. Provide details of corrective action taken or underway on any issues related to anticompetitive conduct by
the entity, based on adverse orders from regulatory authorities.:
Name of authority Brief of the case Corrective action taken
NA NA NA
1. Details of public policy positions advocated by the entity.:

S. Public policy Method Whether Frequency Details of other Web Link, if
No. advocated resorted for information of review by frequency available
such advocacy available in board of review by
public domain? Board
NA NA No NA NA

C.8: Principle 8
1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws,
in the current financial year.:
Name and SIA Date of Whether Results Relevant web link
brief details of notification notification conducted by communica
project No. independen t ted in public
external agency domain
NA NA NA NA
2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being
undertaken by your entity, in the following format:
S. Name of project for State District No. of % of PAFs Amounts paid
No. which R&R is ongoing project affected covered to PAFs in the
families (PAFs) by R&R FY (In INR)
NA NA NA
3. Describe the mechanisms to receive and redress grievances of the community.:

Mechanisms have been established to facilitate the receipt and resolution of grievances emanating from
individuals within the community. These mechanisms are designed to promote transparency, accountability,
and fairness in the handling of grievances and may include avenues such as hotlines, online portals, and face-
to-face meetings. Specifically, Arvind’s Ethics Helpline portal serves as one such platform where community
members can submit any complaint or concern. This dedicated portal allows for the prompt and efficient
documentation and addressing of grievances in an effective manner. Furthermore, this system maintains
confidentiality and ensures that no case goes unheard or unresolved. The grievances submitted through the
portal are redressed comprehensively, adhering to the highest level of ethical standards, and the information
is utilized for the continuous development and improvement of community experiences.
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers:
Category FY 2023 – 2024 FY 2022-2023
Directly sourced from MSMEs/ small producers 23 19
Directly from within India
5. Job creation in smaller towns – disclose wages paid to persons employed (including employees or workers
employed on a permanent or non-permanent/ on contract basis) in the following locations, as % of total
wage cost.:
Location FY 2023 – 2024 FY 2022-2023
Rural 0 0
Semi-urban 0 0
Urban 0 0
Metropolitan 100 100
Place to be categorized as per RBI Classification System - rural/semi-urban/urban/metropolitan

Corporate Overview
Statutory Reports
1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact
Assessments (reference: Q1 of essential indicators above).:
Details of negative social impact identified Corrective action taken
NA NA
2. Provide the following information on CSR projects undertaken by your entity in designated aspirational
districts as identified by government bodies.:
S. State Aspirational district Amount spent (In INR)
No.
NA NA
3. a. Do you have a preferential procurement policy where you give preference to purchase from suppliers
comprising marginalized/ vulnerable groups? :
No
b. From which marginalized/vulnerable groups do you procure? :
NA
c. c. What percentage of total procurement (by value) does it constitute? :
4. Details of the benefits derived and shared from the intellectual properties owned or acquired by your entity
(in the current financial year), based on traditional knowledge:
S. Intellectual property Owned/acquire d Benefit shared Basis of
No. based on traditional calculating benefit
knowledge share
NA No No NA
5. Details of corrective actions taken or underway, based on any adverse order in intellectual property related
disputes wherein usage of traditional knowledge is involved.:
Name of authority Brief of the case Corrective action taken
NA NA NA
6. Details of beneficiaries of CSR projects:

S. CSR project No. of persons benefitted % of beneficiaries from vulnerable
No. from CSR projects and marginalized groups
1 Rural Advancement Program 931
2 Digital Literacy Program 1700
3 Supplementary Education Program 800
Notes: The majority of those who have benefited belong to scheduled caste, other backward caste, and tribal
communities.

C.9: Principle 9
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.:
Arvind SmartSpaces is equipped with a robust system to receive and address consumer complaints and
feedback. A variety of avenues are accessible for consumers to voice their concerns, these include the Arvind
SmartSpaces Ethics Helpline Portal, a dedicated email address, and My Gate for project-specific issues. Upon
receiving a complaint, it is promptly directed to the pertinent relationship or facility manager. It is mandatory
for the assigned manager to acknowledge the complaint within a timeframe of 24 to 48 hours, initiating the
process of resolution. Further, it is incumbent upon this representative to successfully close the complaint within
an established time range of 7 to 10 days. In circumstances where a resolution might necessitate an extended
period exceeding the 7-day mark, the underlying protocol requires the relationship or facility manager to keep
the complainant informed of the projected timeline for closure. This mechanism marks a critical part of our
effort to maintain transparency in managing consumer-related issues and sustaining a prompt and effective
feedback system.
2. Turnover of products and/ services as a percentage of turnover from all products/service that carry
information about.:
Category As a percentage to total turnover
Environmental and social parameters relevant to the product 0
Safe and responsible usage 0
Recycling and/or safe disposal 0
3. Number of consumer complaints in respect of the following.:

Category FY 2023 – 2024 FY 2022-2023
Received Pending resolution Remarks Received Pending resolution Remarks
during at the end of year during at the end of year
the year the year
Data privacy 0 0 0 0 -
Advertising 0 0 0 0 -
Cyber-security 0 0 0 0 -
Delivery of essential services 0 0 0 0 -
Restrictive trade practices 0 0 0 0 -
Unfair trade practices 0 0 0 0 -
Other 0 0 0 0 -
4. Details of instances of product recalls on account of safety issues.:

Category Number Reasons for recall
Voluntary recalls 0 0
Forced recalls 0 0
5. Does the entity have a framework/ policy on cyber security and risks related to data privacy?:
Questions Response
Does the entity have a framework/ policy Yes
on cyber security and risks related to data
privacy?

Corporate Overview
Statutory Reports
Questions Response
If available, provide a web-link of the policy. The Company has an Information Security and Data Privacy
Policy. The purpose of this policy is to state the organisation’s
directive towards data confidentiality and to ensure adequate
safeguards to prevent misuse or loss of information. The
Company has taken adequate precautions for the protection of
data and has ensured that information related to its employees
is secure. Appropriate controls are in place to prevent
unauthorised disclosure or modification. Under this policy,
Cybersecurity Grievance Team has set a mechanism to handle
such incidents once they are reported to the team. The policy
also includes details of various security incidents that needs to
be reported, and also has a Cybersecurity Incident Response
Plan. The Response Plan has four major components which
include: Preparation, Detection and Analysis, Response and
Remediation, and Recovery.
6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery
of essential services; cyber security and data privacy of customers; re-occurrence of instances of product
recalls; penalty / action taken by regulatory authorities on safety of products / services.:
No such incident related to the mentioned topics has been reported.
7. Provide the following information relating to data breaches:

a. a. Number of instances of data breaches.:
0
b. Percentage of data breaches involving personally identifiable information of customers. :
0.
1. Channels / platforms where information on products and services of the entity can be accessed (provide
web link, if available):
The pertinent information about our products and services is readily accessible via our official website. Further
details can be procured by visiting this URL: https://www.arvindsmartspaces.com/
2. Steps taken to inform and educate consumers about safe and responsible usage of products and/or services:
To foster awareness and educate consumers about the safe and responsible usage of products and/or services,
relevant procedures are instigated. These include the deployment of numerous informational sign boards
with the aim of enlightening property owners about the effective utilization of energy and additional natural
resources. Ultimately, this aims to encourage practices that benefit the environment.
3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential services:

We have established a collaboration with My Gate, an effective communication platform with customers. This
service has been put in place as a mechanism to enable them to notify their grievances relating to our services.
Our customers’ interest remains our paramount concern, hence, we are committed to ensure they are kept
well-informed and updated through a reliable and prompt information system.
4. Details about display of product information. :

Questions Response
Does the entity display product information on the product over and above NA
what is mandated as per local laws?
If yes, provide details in brief.
Did your entity carry out any survey with regard to consumer satisfaction NA
relating to the major products / services of the entity, significant locations of
operation of the entity or the entity as a whole?

INDEPENDENT AUDITOR’S REPORT
To
the Members of
Report on the Audit of the Standalone Institute of Chartered Accountants of India together
Financial Statements with the ethical requirements that are relevant to our
audit of the standalone financial statements under
Opinion the provisions of the Act and the Rules thereunder,
We have audited the accompanying standalone and we have fulfilled our other ethical responsibilities
financial statements of Arvind SmartSpaces Limited in accordance with these requirements and the Code
(“the Company”), which comprise the Balance sheet of Ethics. We believe that the audit evidence we have
as at March 31, 2024, the Statement of Profit and obtained is sufficient and appropriate to provide a
Loss, including the statement of Other Comprehensive basis for our audit opinion on the standalone financial
Loss, the Cash Flow Statement and the Statement of statements.
Changes in Equity for the year then ended, and notes
to the standalone financial statements, including a Key Audit Matters
summary of material accounting policies and other Key audit matters are those matters that, in our
explanatory information (hereinafter referred to as “the professional judgment, were of most significance
standalone financial statements”). in our audit of the standalone financial statements
for the financial year ended March 31, 2024. These
In our opinion and to the best of our information and
matters were addressed in the context of our audit of
according to the explanations given to us, the aforesaid
the standalone financial statements as a whole, and in
standalone financial statements give the information
forming our opinion thereon, and we do not provide
required by the Companies Act, 2013, as amended
a separate opinion on these matters. For each matter
(“the Act”) in the manner so required and give a
below, our description of how our audit addressed the
true and fair view in conformity with the accounting
matter is provided in that context.
principles generally accepted in India, of the state of
affairs of the Company as at March 31, 2024, its profit We have determined the matters described below to
including other comprehensive Loss, its cash flows and be the key audit matters to be communicated in our
the changes in equity for the year ended on that date. report. We have fulfilled the responsibilities described
in the Auditor’s responsibilities for the audit of the
Basis for Opinion standalone financial statements section of our report,
We conducted our audit of the standalone financial including in relation to these matters. Accordingly,
statements in accordance with the Standards on our audit included the performance of procedures
Auditing (SAs), as specified under section 143(10) of designed to respond to our assessment of the risks
the Act. Our responsibilities under those Standards are of material misstatement of the standalone financial
further described in the ‘Auditor’s Responsibilities for the statements. The results of our audit procedures,
Audit of the Standalone Financial Statements’ section including the procedures performed to address the
of our report. We are independent of the Company matters below, provide the basis for our audit opinion
in accordance with the ‘Code of Ethics’ issued by the on the accompanying standalone financial statements.

Corporate Overview
Statutory Reports
Key audit matters How our audit addressed the key audit matter
Revenue from contracts with customer (Refer Note 2.2 of the standalone financial statements)
In accordance with the requirements of Ind AS Our audit procedures included, among others, the
115, Company’s revenue from real estate projects following:
is recognized at a point in time, which is upon the
We obtained and understood management process
Company satisfying its performance obligation and the
and controls around transfer of control in case of
customer obtaining control of the promised asset.
real estate projects and tested the relevant controls
Application of Ind AS 115 requires significant over revenue recognition at a point in time.
judgment in determining when ‘control’ of the property
We assessed the management evaluation of
underlying the performance obligation is transferred
whether the contracts with customers involved
to the customer and in assessment of whether the
any financing element, taking in to account the
contracts with customers involved any financing
consideration received in accordance with the terms
element.
of the contract.
As the revenue recognition involves significant
We performed test of details, on a sample basis, and
judgement, we regard this as a key audit matter.
inspected the underlying customer contracts, sale
deed and handover documents, evidencing the
transfer of control of the property to the customer
based on which revenue is recognized at a point in
time.
We performed cut off procedures for determination
of revenue in appropriate reporting period.
We assessed the disclosure made in accordance
with the requirements of Ind AS 115.
Assessing the carrying value of Inventory (Refer Note 2.2 of the standalone financial statements)
As at March 31, 2024, the carrying value of the Our audit procedures included, among others, the
inventory of ongoing and completed real estate following:
projects is Rs. 27,694.85 Lac. The inventories are held
Obtained an understanding of the management
at the lower of the cost and net realizable value.
process for determination of the Net realizable
We identified the assessment of whether carrying value (NRV) including estimating the future costs to
value of inventory were stated at the lower of cost and complete stock of ongoing projects.
net realizable value (“NRV”) as a key audit matter due
Obtained, read and assessed the management’s
to the significance of the balance to the standalone
process in estimating the future costs to complete
financial statements as a whole. The determination of
stock of ongoing projects.
the NRV involves estimates based on prevailing market
conditions and taking into account the estimated future Assessed the methods used by the management,
selling price, cost to complete projects and selling in determining the NRV of ongoing and completed
costs. real estate projects and tested the underlying
assumptions used by the management in arriving at
those projections.
Performed sensitivity analysis on these key
assumptions to assess any potential downside.
- For sample of selected projects:
Compared the forecasted costs to complete
the project to the construction costs of other
similar projects
Compared the NRV to recent sales in the project or
to the estimated selling price

Assessing carrying value of investment and other receivables in subsidiaries and joint venture (Refer Note 2.2
of the standalone financial statements)
As at March 31, 2024, the carrying value of Company’s Our audit procedures included, among others, the
investment in subsidiaries and joint ventures is Rs. following:
26,141.81 Lac and other receivable is Rs. 19,241.88
We evaluated the accounting policies with respect
Lac. Management reviews on a periodical basis
to investment.
whether there are any indicators of impairment of such
investments. We assessed Company’s evaluation of whether there
are any indicators of impairment of such investment
Management performs its impairment assessment by
and other receivable.
comparing the carrying value of these investments
and other receivable to their recoverable amount We assessed the Company’s valuation methodology
to determine whether an impairment needs to be applied in determining the recoverable amount.
recognized.
Assessed the financial position of the subsidiaries
For investments where impairment indicators exist, and joint venture to identify excess of their net
management estimated the recoverable amounts of assets over the aggregate of carrying amount of
the investments, being higher of fair value less costs investment and other receivable and assessing the
of disposal and value in use. Significant judgements assumptions used for projected profitability in these
are required to determine the key assumptions used in subsidiaries and joint ventures where applicable.
determination of fair value / value in use.
We compared the recoverable amount of the
As the impairment assessment involves significant investment to the aggregate of carrying value in
assumptions and judgement, we regard this as a key books of investment and other receivable.
audit matter.
We assessed the disclosures made in the standalone
Ind AS financial statements regarding such
investments.
Information Other than the Standalone respect to the preparation of these standalone financial
Financial Statements and Auditor’s statements that give a true and fair view of the financial
Report Thereon position, financial performance including other
comprehensive loss, cash flows and changes in equity
The Company’s Board of Directors is responsible for
of the Company in accordance with the accounting
the other information. The other information comprises
principles generally accepted in India, including the
the information included in the Annual report, but does
Indian Accounting Standards (Ind AS) specified under
not include the standalone financial statements and
section 133 of the Act read with the Companies (Indian
our auditor’s report thereon.
Accounting Standards) Rules, 2015, as amended. This
Our opinion on the standalone financial statements responsibility also includes maintenance of adequate
does not cover the other information and we do not accounting records in accordance with the provisions of
express any form of assurance conclusion thereon. the Act for safeguarding of the assets of the Company
and for preventing and detecting frauds and other
In connection with our audit of the standalone financial
irregularities; selection and application of appropriate
statements, our responsibility is to read the other
accounting policies; making judgments and estimates
information and, in doing so, consider whether such
that are reasonable and prudent; and the design,
other information is materially inconsistent with the
implementation and maintenance of adequate internal
standalone financial statements or our knowledge
financial controls, that were operating effectively
obtained in the audit or otherwise appears to be
for ensuring the accuracy and completeness of the
materially misstated. If, based on the work we have
accounting records, relevant to the preparation and
performed, we conclude that there is a material
presentation of the standalone financial statements
misstatement of this other information, we are required
that give a true and fair view and are free from material
to report that fact. We have nothing to report in this
misstatement, whether due to fraud or error.
regard.
In preparing the standalone financial statements,
Responsibilities of Management for the management is responsible for assessing the Company’s
Standalone Financial Statements ability to continue as a going concern, disclosing,
The Company’s Board of Directors is responsible for as applicable, matters related to going concern and
the matters stated in section 134(5) of the Act with using the going concern basis of accounting unless

Corporate Overview
Statutory Reports
management either intends to liquidate the Company report to the related disclosures in the standalone
or to cease operations, or has no realistic alternative financial statements or, if such disclosures are
but to do so. inadequate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to the
Those Board of Directors are also responsible for
date of our auditor’s report. However, future events
overseeing the Company’s financial reporting process.
or conditions may cause the Company to cease to
continue as a going concern.
Auditor’s Responsibilities for the Audit of
the Standalone Financial Statements Evaluate the overall presentation, structure and
Our objectives are to obtain reasonable assurance content of the standalone financial statements,
about whether the standalone financial statements as including the disclosures, and whether the
a whole are free from material misstatement, whether standalone financial statements represent the
due to fraud or error, and to issue an auditor’s report underlying transactions and events in a manner
that includes our opinion. Reasonable assurance that achieves fair presentation.
is a high level of assurance, but is not a guarantee We communicate with those charged with governance
that an audit conducted in accordance with Sas will regarding, among other matters, the planned scope
always detect a material misstatement when it exists. and timing of the audit and significant audit findings,
Misstatements can arise from fraud or error and are including any significant deficiencies in internal control
considered material if, individually or in the aggregate, that we identify during our audit.
they could reasonably be expected to influence the
We also provide those charged with governance with
economic decisions of users taken on the basis of
a statement that we have complied with relevant
these standalone financial statements.
ethical requirements regarding independence, and to
As part of an audit in accordance with Sas, we exercise communicate with them all relationships and other
professional judgment and maintain professional matters that may reasonably be thought to bear on
skepticism throughout the audit. We also: our independence, and where applicable, related
Identify and assess the risks of material misstatement safeguards.
of the standalone financial statements, whether From the matters communicated with those charged
due to fraud or error, design and perform audit with governance, we determine those matters that
procedures responsive to those risks, and obtain were of most significance in the audit of the standalone
audit evidence that is sufficient and appropriate financial statements for the financial year ended March
to provide a basis for our opinion. The risk of not 31, 2024 and are therefore the key audit matters. We
detecting a material misstatement resulting from describe these matters in our auditor’s report unless
fraud is higher than for one resulting from error, law or regulation precludes public disclosure about the
as fraud may involve collusion, forgery, intentional matter or when, in extremely rare circumstances, we
omissions, misrepresentations, or the override of determine that a matter should not be communicated
internal control. in our report because the adverse consequences of
Obtain an understanding of internal control relevant doing so would reasonably be expected to outweigh
to the audit in order to design audit procedures the public interest benefits of such communication.
that are appropriate in the circumstances. Under
section 143(3)(i) of the Act, we are also responsible Other Matter
for expressing our opinion on whether the We did not audit the financial statements and other
Company has adequate internal financial controls financial information, in respect of 1 LLP, whose
with reference to standalone financial statements financial statements include Company’s share of net
in place and the operating effectiveness of such profit of Rs. 0.11 Lac and Company’s share of total
controls. comprehensive income of Rs. 0.11 Lac for the year
ended March 31, 2024. These financial statements and
Evaluate the appropriateness of accounting
other financial information of the said LLP have been
policies used and the reasonableness of accounting
audited by other auditors, whose financial statements,
estimates and related disclosures made by
other financial information and auditor’s reports have
management.
been furnished to us by the management. Our opinion
Conclude on the appropriateness of management’s on the standalone financial statements, in so far as
use of the going concern basis of accounting and, it relates to the amounts and disclosures included in
based on the audit evidence obtained, whether respect of these LLP and our report in terms of sub-
a material uncertainty exists related to events or sections (3) of Section 143 of the Act, in so far as it
conditions that may cast significant doubt on the relates to the aforesaid LLP, is based solely on the
Company’s ability to continue as a going concern. reports of such other auditors. Our opinion is not
If we conclude that a material uncertainty exists, modified in respect of this matter.
we are required to draw attention in our auditor’s

Report on Other Legal and Regulatory (i) With respect to the other matters to be included
Requirements in the Auditor’s Report in accordance with Rule
11 of the Companies (Audit and Auditors)
1. As required by the Companies (Auditor’s Report)
Rules, 2014, as amended in our opinion and to
Order, 2020 (“the Order”), issued by the Central
the best of our information and according to
Government of India in terms of sub-section (11) of
the explanations given to us:
section 143 of the Act, we give in the “Annexure 1”
a statement on the matters specified in paragraphs i. The Company has disclosed the impact of
3 and 4 of the Order. pending litigations on its financial position
in its standalone financial statements –
2. As required by Section 143(3) of the Act, we
Refer Note 28 to the standalone financial
report, to the extent applicable, that:
statements;
(a) We have sought and obtained all the
ii. The Company did not have any long-term
information and explanations which to the best
contracts including derivative contracts for
of our knowledge and belief were necessary for
which there were any material foreseeable
the purposes of our audit;
losses;
(b) In our opinion, proper books of account as
iii. There were no amounts which were required
required by law have been kept by the Company
to be transferred to the Investor Education
so far as it appears from our examination of
and Protection Fund by the Company.
those books except for the matters stated in
the paragraph (i)(vi) below on reporting under iv. a) The management has represented
Rule 11(g); that, as disclosed in note 43 to the
standalone financial statements to the
(c) The Balance Sheet, the Statement of Profit
best of its knowledge and belief, no
and Loss including the Statement of Other
funds have been advanced or loaned or
Comprehensive loss, the Cash Flow Statement
invested (either from borrowed funds
and Statement of Changes in Equity dealt with
or share premium or any other sources
by this Report are in agreement with the books
or kind of funds) by the Company to or
of account;
in any other person or entity, including
(d) In our opinion, the aforesaid standalone financial foreign entities (“Intermediaries”), with
statements comply with the Accounting the understanding, whether recorded
Standards specified under Section 133 of the in writing or otherwise, that the
Act, read with Companies (Indian Accounting Intermediary shall, whether, directly
Standards) Rules, 2015, as amended; or indirectly lend or invest in other
persons or entities identified in any
(e) On the basis of the written representations
manner whatsoever by or on behalf of
received from the directors as on March 31,
the Company (“Ultimate Beneficiaries”)
2024 taken on record by the Board of Directors,
or provide any guarantee, security
none of the directors is disqualified as on March
or the like on behalf of the Ultimate
31, 2024 from being appointed as a director in
Beneficiaries;
terms of Section 164 (2) of the Act;
b) The management has represented that,
(f) With respect to the adequacy of the internal
as disclosed in note 43 to the standalone
financial controls with reference to these
financial statements, to the best of its
standalone financial statements and the
knowledge and belief, no funds have
operating effectiveness of such controls, refer
been received by the Company from
to our separate Report in “Annexure 2” to this
any person or entity, including foreign
report;
entities (“Funding Parties”), with the
(g) In our opinion, the managerial remuneration for understanding, whether recorded in
the year ended March 31, 2024 has been paid writing or otherwise, that the Company
/ provided by the Company to its directors in shall, whether, directly or indirectly, lend
accordance with the provisions of section 197 or invest in other persons or entities
read with Schedule V to the Act; identified in any manner whatsoever
(h) The modification relating to the maintenance by or on behalf of the Funding Party
of accounts and other matters connected (“Ultimate Beneficiaries”) or provide
therewith are as stated in the paragraph (b) any guarantee, security or the like on
above on reporting under Section 143(3)(b) behalf of the Ultimate Beneficiaries; and
and paragraph (i)(vi) below on reporting under c) Based on such audit procedures
Rule 11(g); performed that have been considered
reasonable and appropriate in the

Corporate Overview
Statutory Reports
circumstances, nothing has come to financial statements. Further, during

our notice that has caused us to believe the course of our audit we did not come
that the representations under sub- across any instance of audit trail feature
clause (a) and (b) contain any material being tampered with in respect of the SAP
misstatement. Application accounting software.
v. The final dividend paid by the Company In respect of legacy software Farvision,
during the year in respect of the same which was operated by a third-party
declared for the previous year is in software service provider, in the absence
accordance with section 123 of the Act of Service Organization Controls report
to the extent it applies to payment of we are unable to comment on whether
dividend. audit trail feature of the said software
was enabled and operated throughout
As stated in note 41 to the standalone
the period for all relevant transactions
financial statements, the Board of Directors
recorded in the software or whether there
of the Company have proposed final
were any instances of the audit trail feature
dividend and one-time special dividend for
being tampered with.
the year which is subject to the approval
of the members at the ensuing Annual
General Meeting. The dividend declared is
in accordance with section 123 of the Act
to the extent it applies to declaration of
dividend.
vi. The Company has migrated to SAP
Application software from legacy Farvision
software for maintaining its books of
For S R B C & CO LLP
account during the year. Based on our
examination of books of account which Chartered Accountants
included test checks, the Company has used ICAI Firm Registration Number: 324982E/E300003
accounting software SAP, for maintaining
its books of account which has a feature ______________________________
of recording audit trail (edit log) facility per Sukrut Mehta
and the same has operated throughout the
Partner
year for all relevant transactions recorded
in the software, except that audit trail Membership Number: 101974
feature is not enabled for direct changes UDIN: 24101974BKERSF2164
to data when using certain access rights, Place of Signature: Ahmedabad
as explained in note 42 to the standalone Date: May 06, 2024

ANNEXURE 1 REFERRED TO IN PARAGRAPH ON REPORT ON OTHER LEGAL AND
REGULATORY REQUIREMENTS OF OUR REPORT OF EVEN DATE OF ARVIND
SMARTSPACES LIMITED FOR THE YEAR ENDED MARCH 31, 2024
(i) (a) (A) The Company has maintained proper report on clause 3(ii)(b) of the Order is not
records showing full particulars, applicable to the Company.
including quantitative details and
(iii) a) During the year the Company has provided
situation of property, plant and
loan to three Companies as follows:
equipment.
(Amount Rs. In Lac)
(B) The Company has maintained proper
Loans
records showing full particulars of
intangibles assets. Aggregate amount 20,325.94
granted during the year to
(b) Property, plant and equipment has been subsidiaries
physically verified by the management during Balance outstanding as 17,720.04
the year, which is reasonable considering at balance sheet date in
the size of the company and nature of its respect of above loan to
assets and no material discrepancies were subsidiaries
identified on such verification.
Further, the Company has not provided
(c) The title deeds of all the immovable properties advances in the nature of loans, stood
(other than properties where the Company guarantee and provided security to any
is the lessee and the lease agreements are other companies, firms, Limited Liabilities
duly executed in favour of the lessee) are Partnerships or any other parties.
held in the name of the Company.
(b) During the year the investments made,
(d) The Company has not revalued its Property, loans and advances in the nature of loans,
Plant and Equipment (including Right of use to companies, firms, Limited liability
assets) or intangible assets during the year partnership or any other parties are not
ended March 31, 2024. prejudicial to the Company’s interest. The
(e) There are no proceedings initiated or are company has not provided any guarantee
pending against the Company for holding or security to any companies, firms, Limited
any benami property under the Prohibition liability partnership or any other parties
of Benami Property Transactions Act, 1988 during the year.
and rules made thereunder. (c) In respect of a loan or advance in the nature
(ii) (a) The inventory has been physically verified of loan granted to companies, firms, Limited
by the management during the year. In Liability Partnerships or any other parties,
our opinion, the frequency of verification the schedule of repayment of principal and
by the management is reasonable and the payment of interest has not been stipulated
coverage and procedure for such verification in the agreement. Hence, we are unable to
is appropriate. Discrepancies of 10% or more make a specific comment on the regularity
in aggregate for each class of inventory were of repayment of principal and payment of
not noticed on such physical verification. interest in respect of such loan.
(b) The Company has not been sanctioned (d) There are no stipulated repayment
working capital limits in excess of Rs. five schedules for loans given and hence there
Cr in aggregate from banks or financial are no amounts of loans and advances in the
institutions during any point of time of the nature of loans granted to companies, firms,
year on the basis of security of current Limited liability partnership or any other
assets. Accordingly, the requirement to parties which are overdue for more than
ninety days.

Corporate Overview
Statutory Reports
(e) There were no loans or advance in the nature of loan granted to companies, firms, Limited liability
partnership or any other parties which had fallen due during the year as these have not been demanded
during the year.
(f) As disclosed in note 5 to the standalone financial statements, the Company has granted loans or
advances in the nature of loans, either repayable on demand or without specifying any terms or period
of repayment to companies, firms, Limited Liability Partnerships or any other parties. Of these following
are the details of the aggregate amount of loans or advances in the nature of loans granted to promoters
or related parties as defined in clause (76) of section 2 of the Companies Act, 2013:
(Rs. Lac)
All Parties Promoters Related Parties

Aggregate amount of loans/ advances in nature of 20,325.94 NA 20,325.94
loans
- Repayable on demand
Percentage of loans/ advances in nature of loans to the 100% NA 100%
total loans
iv) There are no loans, investments, guarantees, and security in respect of which provisions of section 185 of the
Companies Act, 2013 are applicable and hence not commented upon. Further, according to the information
and explanations given to us, provisions of sections 186 of the Companies Act, 2013, to the extent applicable
in respect of loans, investments and, guarantees, and security have been complied with by the Company.
(v) The Company has neither accepted any deposits from the public nor accepted any amounts which are
deemed to be deposits within the meaning of sections 73 to 76 of the Companies Act 2013 (as amended)
and the rules made thereunder, to the extent applicable. Accordingly, the requirement to report on clause
3(v) of the Order is not applicable to the Company.
(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by
the Central Government for the maintenance of cost records under section 148(1) of the Companies Act,
2013 ( as amended), related to real estate development, and are of the opinion that prima facie, the specified
accounts and records have been made and maintained. We have not, however, made a detailed examination
of the same.
(vii) (a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including
goods and services tax, provident fund, employees’ state insurance, income-tax, cess and other
statutory dues applicable to it. The payment of sales-tax, service tax, duty of customs, duty of excise
and value added tax is not applicable to the Company. According to the information and explanations
given to us and based on audit procedures performed by us, no undisputed amounts payable in respect
of these statutory dues were outstanding, at the year end, for a period of more than six months from
the date they became payable.
(b) The dues of goods and services tax, income-tax, provident fund, employees’ state insurance, cess and
other statutory dues which have not been deposited on account of any dispute, are as follows:
Name of the statute Nature of the Amount Period to which the Forum where the
dues (Rs. Lac) amount relates dispute is pending
The Income tax Act 1961 Income tax 7.96 PY 2011-12 ITAT
The Income tax Act 1961 Income tax 520.89 PY 2013-14 ITAT
The Income tax Act 1961 Income tax 69.39 PY 2016-17 CIT(A)
Karnataka Goods and Service Goods and 236.39 PY 2017-18 Assistant Commissioner
Tax Act, 2017 Service Tax of Commercial Taxes
Gujarat Goods and Service Tax Goods and 19.54 PY 2018-19 Assistant Additional
Act, 2017 Service Tax Director - Directorate
General of GST
Intelligence
Karnataka Goods and Service Goods and 5,921.86 PY 2017-18 Deputy Commissioner of
Tax Act, 2017 Service Tax Commercial Taxes
Karnataka Goods and Service Goods and 1,914.10 PY 2017-18 & PY Assistant Commissioner
Tax Act, 2017 Service Tax 2018-19 of Commercial Taxes
Karnataka Goods and Service Goods and 735.29 PY 2018-19 Deputy Commissioner of
Tax Act, 2017 Service Tax Commercial Taxes
Central Goods and Service Tax Goods and 294.81 PY 2018-19 Additional Commissioner
Act, 2017 Service Tax of Central Tax

(viii) The Company has not surrendered or disclosed (c) We have taken into consideration the whistle
any transaction, previously unrecorded in the blower complaints received by the Company
books of account, in the tax assessments under during the year while determining the nature,
the Income Tax Act, 1961 as income during the timing and extent of audit procedures.
year. Accordingly, the requirement to report on
(xii) The Company is not a nidhi company as per
clause 3(viii) of the Order is not applicable to the
the provisions of the Companies Act, 2013( as
Company.
amended). Therefore, the requirement to report
(ix) (a) The Company has not defaulted in on clause 3(xii)(a)(b)( c) of the Order is not
repayment of loans or other borrowings or applicable to the Company.
in the payment of interest thereon to any
(xiii) Transactions with the related parties are in
lender.
compliance with sections 177 and 188 of
(b) The Company has not been declared willful Companies Act, 2013(as amended) where
defaulter by any bank or financial institution applicable and the details have been disclosed in
or government or any government authority. the notes to the standalone financial statements,
as required by the applicable accounting
(c) Term loans were applied for the purpose for
standards.
which the loans were obtained.
(xiv) (a) The Company has an internal audit system
(d) On an overall examination of the standalone
commensurate with the size and nature of its
financial statements of the Company, no
business.
funds raised on short-term basis have
been used for long-term purposes by the (b) The internal audit reports of the Company
Company. issued till the date of the audit report, for the
period under audit have been considered by
(e) On an overall examination of the standalone
us.
financial statements of the Company, the
Company has not taken any funds from any (xv) The Company has not entered into any non-
entity or person on account of or to meet cash transactions with its directors or persons
the obligations of its subsidiaries or joint connected with its directors and hence
ventures. requirement to report on clause 3(xv) of the
Order is not applicable to the Company.
(f) The Company has not raised loans during
the year on the pledge of securities held in (xvi) (a) The provisions of section 45-IA of the Reserve
its subsidiaries or joint ventures. Hence, the Bank of India Act, 1934 (2 of 1934) are not
requirement to report on Clause 3(ix)(f) of applicable to the Company. Accordingly, the
the Order is not applicable to the Company. requirement to report on clause 3(xvi)(a) of
the Order is not applicable to the Company.
(x) (a) The Company has not raised any money
during the year by way of initial public (b) The Company has not conducted any
offer / further public offer (including debt Non-Banking Financial or Housing Finance
instruments) hence, the requirement to activities without obtained a valid Certificate
report on clause 3(x)(a) of the Order is not of Registration (CoR) from the Reserve Bank
applicable to the Company. of India as per the Reserve Bank of India Act,
1934.
(b) The Company has not made any preferential
allotment or private placement of shares / (c) The Company is not a Core Investment
fully or partially or optionally convertible Company as defined in the regulations made
debentures during the year under audit and by Reserve Bank of India. Accordingly, the
hence, the requirement to report on clause requirement to report on clause 3(xvi)(c) of
3(x)(b) of the Order is not applicable to the the Order is not applicable to the Company.
Company.
(d) There is no Core Investment Company as a
(xi) (a) No fraud by the Company or no fraud on part of the Group, hence, the requirement to
the Company has been noticed or reported report on clause 3(xvi)(d) of the Order is not
during the year. applicable to the Company.
(b) During the year, no report under sub-section (xvii)The Company has not incurred cash losses in
(12) of section 143 of the Companies Act, the current financial year and in the immediately
2013 ( as amended) has been filed by cost preceding financial year respectively.
auditor, secretarial auditor or by us in Form
(xviii) There has been no resignation of the statutory
ADT – 4 as prescribed under Rule 13 of
auditors during the year and accordingly
Companies (Audit and Auditors) Rules, 2014
with the Central Government.

Corporate Overview
Statutory Reports
requirement to report on Clause 3(xviii) of the in Schedule VII of the Companies Act (the
Order is not applicable to the Company. Act), in compliance with second proviso to
sub section 5 of section 135 of the Act. This
(xix) On the basis of the financial ratios disclosed in
matter has been disclosed in note 25 to the
note 37 to the standalone financial statements,
standalone financial statements.
ageing and expected dates of realization of
financial assets and payment of financial liabilities, (b) There are no unspent amounts in respect
other information accompanying the standalone of ongoing projects, that are required
financial statements, our knowledge of the Board to be transferred to a special account in
of Directors and management plans and based on compliance of provision of sub section
our examination of the evidence supporting the (6) of section 135 of Companies Act. This
assumptions, nothing has come to our attention, matter has been disclosed in note 25 to the
which causes us to believe that any material standalone financial statements.
uncertainty exists as on the date of the audit
report that Company is not capable of meeting
its liabilities existing at the date of balance sheet
as and when they fall due within a period of one
year from the balance sheet date. We, however, For S R B C & CO LLP
state that this is not an assurance as to the future Chartered Accountants
viability of the Company. We further state that ICAI Firm Registration Number: 324982E/E300003
our reporting is based on the facts up to the
date of the audit report and we neither give any ______________________________
guarantee nor any assurance that all liabilities
per Sukrut Mehta
falling due within a period of one year from the
balance sheet date, will get discharged by the Partner
Company as and when they fall due. Membership Number: 101974
UDIN: 24101974BKERSF2164
(xx) (a) In respect of other than ongoing projects,
there are no unspent amounts that are Place of Signature: Ahmedabad
required to be transferred to a fund specified Date: May 06, 2024

ANNEXURE 2 TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON
THE STANDALONE FINANCIAL STATEMENTS OF ARVIND SMARTSPACES LIMITED
Report on the Internal Financial Controls Our audit involves performing procedures to obtain
under Clause (i) of Sub-section 3 of Section audit evidence about the adequacy of the internal
143 of the Companies Act, 2013 (“the Act”) financial controls over financial reporting with reference
to these standalone financial statements and their
We have audited the internal financial controls with
operating effectiveness. Our audit of internal financial
reference to standalone financial statements of Arvind
controls over financial reporting with reference to
SmartSpaces Limited (“the Company”) as of March 31,
standalone financial statements included obtaining
2024 in conjunction with our audit of the standalone
an understanding of internal financial controls with
financial statements of the Company for the year
reference to these standalone financial statements,
ended on that date.
assessing the risk that a material weakness exists,
and testing and evaluating the design and operating
Management’s Responsibility for Internal effectiveness of internal control based on the assessed
Financial Controls risk. The procedures selected depend on the auditor’s
The Company’s Management is responsible for judgement, including the assessment of the risks of
establishing and maintaining internal financial controls material misstatement of the standalone financial
over financial reporting based on the internal control statements, whether due to fraud or error.
over financial reporting criteria established by the
We believe that the audit evidence we have obtained
Company considering the essential components of
is sufficient and appropriate to provide a basis for
internal control stated in the Guidance Note on Audit
our audit opinion on the Company’s internal financial
of Internal Financial Controls Over Financial Reporting
controls with reference to these standalone financial
issued by the Institute of Chartered Accountants of
statements.
India (“ICAI”). These responsibilities include the design,
financial controls that were operating effectively Meaning of Internal Financial Controls
for ensuring the orderly and efficient conduct of With Reference to these Standalone
its business, including adherence to the Company’s Financial Statements
policies, the safeguarding of its assets, the prevention A company's internal financial controls over financial
and detection of frauds and errors, the accuracy and reporting with reference to these standalone financial
completeness of the accounting records, and the statements is a process designed to provide reasonable
timely preparation of reliable financial information, as assurance regarding the reliability of financial
required under the Companies Act, 2013. reporting and the preparation of standalone financial
statements for external purposes in accordance
Auditor’s Responsibility with generally accepted accounting principles. A
Our responsibility is to express an opinion on the company's internal financial controls with reference
Company's internal financial controls over financial to these standalone financial statements includes
reporting with reference to these standalone financial those policies and procedures that (1) pertain to the
statements based on our audit. We conducted our maintenance of records that, in reasonable detail,
audit in accordance with the Guidance Note on Audit accurately and fairly reflect the transactions and
of Internal Financial Controls Over Financial Reporting dispositions of the assets of the company; (2) provide
(the “Guidance Note”) and the Standards on Auditing, reasonable assurance that transactions are recorded
both, issued by the Institute of Chartered Accountants as necessary to permit preparation of standalone
of India and deemed to be prescribed under section financial statements in accordance with generally
143(10) of the Act, to the extent applicable to an audit accepted accounting principles, and that receipts and
of internal financial controls over financial reporting. expenditures of the company are being made only in
Those Standards and the Guidance Note require that accordance with authorisations of management and
we comply with ethical requirements and plan and directors of the company; and (3) provide reasonable
perform the audit to obtain reasonable assurance assurance regarding prevention or timely detection
about whether adequate internal financial controls of unauthorised acquisition, use, or disposition of the
with reference to these standalone financial statements company's assets that could have a material effect on
was established and maintained and if such controls the standalone financial statements.
operated effectively in all material respects.

Corporate Overview
Statutory Reports
Inherent Limitations of Internal Financial these standalone financial statements were operating
Controls With Reference to Standalone effectively as at March 31, 2024, based on the internal
Financial Statements control over financial reporting criteria established by
the Company considering the essential components of
Because of the inherent limitations of internal financial
internal control stated in the Guidance Note issued by
controls with reference to the standalone financial
the ICAI.
statements, including the possibility of collusion or
improper management override of controls, material
misstatements due to error or fraud may occur and not
be detected. Also, projections of any evaluation of the
internal financial controls with reference to standalone
financial statements to future periods are subject to For S R B C & CO LLP
the risk that the internal financial control with reference Chartered Accountants
to these standalone financial statements may become ICAI Firm Registration Number: 324982E/E300003
inadequate because of changes in conditions, or
that the degree of compliance with the policies or ______________________________
procedures may deteriorate.
per Sukrut Mehta
Opinion Partner
Membership Number: 101974
In our opinion, the Company has, in all material
respects, adequate internal financial controls with UDIN: 24101974BKERSF2164
reference to these standalone financial statements Place of Signature: Ahmedabad
and such internal financial controls with reference to Date: May 06, 2024

Standalone Balance Sheet as at March 31, 2024
(Amount in Rs. Lac unless stated otherwise)
Particulars Note As at As at
March 31, 2024 March 31, 2023
ASSETS
Non-current assets
Property, plant and equipment 3.1 1,024.92 890.28
Other Intangible assets 3.2 179.03 29.75
Right of use assets 3.3 338.98 73.92
Intangible assets under development 3.2 - 144.19
Financial assets
(i) Investments 4 23,083.02 14,959.88
(ii) Loans 5 11,520.04 21,639.84
(iii) Other financial assets 9 6,054.84 1,380.29
Deferred tax assets (net) 26 74.94 42.37
Income tax assets (net) 2.17 289.98
Other non-current assets 11 14,273.97 16,134.12
Total non-current assets 56,551.91 55,584.62
Current Assets
Inventories 10 27,694.85 18,052.43
Financial assets
(i) Investments 4 11,752.19 9,457.87
(ii) Trade receivables 6 187.00 178.31
(iii) Cash and cash equivalents 7 3,892.16 1,914.38
(iv) Bank balance other than (iii) above 8 11.48 4.40
(v) Loans 5 6,200.00 5,400.00
(vi) Others financial assets 9 5,778.14 4,594.10
Other current assets 11 1,600.09 2,830.43
Total current assets 57,115.91 42,431.92
Total assets 1,13,667.82 98,016.54
EQUITY AND LIABILITIES
Equity
Equity share capital 12 4,534.40 4,531.20
Other equity 13 52,522.38 48,354.35
Total Equity 57,056.78 52,885.55
Liabilities
Non-current liabilities
Financial liabilities
(i) Borrowings 14 4,660.85 4,977.19
(ii) Lease Liabilities 40 339.92 75.65
Long term provisions 17 411.65 271.00
Total non-current liabilities 5,412.42 5,323.84
Current liabilities
(i) Borrowings 14 1,530.09 215.85
(ii) Lease Liabilities 40 30.49 3.66
(iii) Trade payables
Total outstanding dues of micro enterprise and small enterprises 15 45.09 75.98
Total outstanding dues of creditors other than micro enterprise and 15 3,034.81 1,571.36
small enterprises
(iv) Other financial liabilities 16 4,817.21 364.75
Other current liabilities 18 41,106.37 37,368.24
Short term provisions 17 51.58 69.98
Current tax liabilities (net) 582.98 137.33
Total current liabilities 51,198.62 39,807.15
Total equity and liabilities 1,13,667.82 98,016.54
Summary of Material Accounting Policies 2.2
The accompanying notes are an integral part of these standalone financial statements.
As per our report of even date
For S R B C & CO LLP For and on Behalf of Board of Directors of
Chartered accountants Arvind SmartSpaces Limited
ICAI Firm Registration No. 324982E/E300003 CIN : L45201GJ2008PLC055771
Sanjay Lalbhai Kamal Singal

Chairman MD & CEO
DIN : 00008329 DIN : 02524196
per Sukrut Mehta Prakash Makwana

Partner Company Secretary
Membership No. : 101974
Place : Ahmedabad Place : Ahmedabad
Date : May 6,2024 Date : May 6,2024

Corporate Overview
Statutory Reports
Standalone Statement of Profit and Loss for the year ended March 31,2024
Particulars Note For the year For the year

2023-24 2022-23
INCOME
Revenue from contracts with customers 19 15,077.87 11,727.81
Other income 20 3,826.48 3,745.25
Total Income 18,904.35 15,473.06
EXPENSES
Cost of construction materials and components consumed 21 1,122.96 363.23
Land development costs 9,415.11 1,366.16
Construction and labour costs 4,126.98 2,917.61
Changes in inventories 22 (9,369.20) 1,481.86
Employee benefit expenses 23 3,182.16 1,875.54
Finance costs 24 572.69 556.64
Depreciation and amortisation expense 3.1/3.2/3.3 244.69 128.01
Other expenses 25 2,907.97 2,049.60
Total Expenses 12,203.36 10,738.65
Profit from operations before tax 6,700.99 4,734.41
Tax expense:
Current tax 26 1,216.87 1,004.97
Adjustment of tax pertaining to earlier years 26 (7.75) (104.21)
Deferred tax charge/ (credit) 26 (21.47) 6.34
Total tax expense 1,187.65 907.10
Net Profit for the year 5,513.34 3,827.31
Other Comprehensive Income
Items that will not be reclassified to profit or loss in
subsequent periods
Remeasurement gains/(losses) on defined benefit plans (44.10) (22.73)
Income tax effect 26 11.10 5.72
Total other comprehensive income/(loss) for the year, net of (33.00) (17.01)
tax
Total Comprehensive Income for the year 5,480.34 3,810.30
Earnings per equity share (nominal value per share Rs. 10/- 27
(March 31 2023: Rs. 10/-))
Basic 12.17 8.71
Diluted 12.05 8.41

Chairman MD & CEO
DIN : 00008329 DIN : 02524196


Standalone Cash Flow Statement for the year ended March 31,2024
Particulars For the year For the year

2023-24 2022-23
A. Cash flow from operating activities
Profit for the year before tax 6,700.99 4,734.41
Adjustments to reconcile profit before tax to net cash flow:
Profit from limited liability partnerships (2,096.10) (665.05)
Depreciation and amortization expense 244.69 128.01
Loss on sale of property plant and equipment (Net) 31.07 17.21
Finance cost 572.69 556.64
Share based payment expense 124.11 123.77
Interest income (3,161.14) (3,633.90)
Gain on sale of Mutual funds (557.41) (60.16)
Sundry balances written off 5.11 54.57
Fair value gain on financial instruments at fair value (72.47) -
through profit and loss
Operating profit before working capital changes 1,791.54 1,255.50
Adjustments for:
Increase / (Decrease) in trade payables 1,432.38 (284.59)
Increase in provisions 78.15 26.00
Increase in other liabilities 3,738.13 3,291.44
Increase / (Decrease) in financial liabilities 292.62 (34.95)
(Increase) / Decrease in inventory (9,642.42) 1,371.70
(Increase) / Decrease in financial assets (5,338.25) 9,590.37
(Increase) in trade receivables (13.81) (75.27)
(Increase) / Decrease in other assets 3,685.79 (17,553.97)
Cash (used in) operations (3,975.87) (2,413.77)
Direct taxes paid ( net of refund ) (525.56) (744.78)
Net cashflow (used in) from operating activities [A] (4,501.43) (3,158.55)
B. Cash flow from investing activities
Investments in subsidiaries and joint ventures (38,818.60) (20,470.34)
Proceeds from withdrawal of investments in subsidiaries 37,320.67 24,889.71
and joint ventures
(Investments) in mutual funds (2,131.63) (5,871.72)
(Investments)/redemption of fixed deposits (73.71) 297.94
(Investment)/Proceeds from other bank balances (7.08) -
Loans (given) (20,325.94) (17,257.28)
Loans repaid 29,645.75 -
Purchase of property, plant and equipment including CWIP, (995.92) (341.81)
capital advances and intangibles
Proceeds from sale of property, plant and equipment 34.19 35.83
Interest received 2,714.54 3,048.34
Net cashflow generated from/(used in) investing [B] 7,362.27 (15,669.33)
activities
C. Cash flow from financing activities
Proceeds from long term borrowings 5,202.38 9,547.45
Repayment of long term borrowings (4,265.85) (4,489.91)
Payment of lease liabilities (67.53) (11.04)
Finance cost paid (325.94) (492.20)
Dividend paid (1,488.22) -
Proceeds from issue of share capital through ESOPs & 62.10 2,180.26
warrants (including securities premium)
Net cashflow (used in) /generated from financing [C] (883.06) 6,734.56
activities
Net Increase/(decrease) in cash and cash equivalents [A+B+C] 1,977.78 (12,093.32)

Corporate Overview
Statutory Reports
Standalone Cash Flow Statement for the year ended March 31,2024

2023-24 2022-23
Cash and cash equivalents at the beginning of the year 1,914.38 14,007.70
Cash and cash equivalents at the end of the year 3,892.16 1,914.38
Components of cash and cash equivalents (Refer note 7)
Balances with banks 941.65 1,014.12
Cash in hand 0.51 0.26
Fixed deposits having original maturity of less than 3 2,950.00 900.00
months
3,892.16 1,914.38
Notes to the Cash Flow Statement:
1) The Cash Flow Statement has been prepared under the Indirect Method as set out in the Indian Accounting
Standard 7 on Statement of Cash Flows issued by the Institute of Chartered Accountants of India.
2) Changes in liabilities arising from financing activities :
Particulars April 1, 2023 Cash flow New Leases Other March 31, 2024
Non-current borrowings (Note 14) 5,193.03 936.53 - 61.38 6,190.94
Accrued interest (Note 16) 48.65 - - 97.82 146.47
Lease Liability (Note 40) 79.31 (67.53) 318.82 39.81 370.41
Total liabilities from financing 5,320.99 869.00 318.82 199.01 6,707.82
activities
Non-current borrowings (Note 14) 196.87 5,057.54 - (61.38) 5,193.03
Accrued interest (Note 16) - - - 48.65 48.65
Lease Liability (Note 40) - (11.04) 82.14 8.21 79.31
Total liabilities from financing 196.87 5,046.50 82.14 (4.52) 5,320.99
activities
Note : The ‘other’ column includes accrued interest & lease liabilities and the effect of reclassification if any, of
non-current portion of borrowings to current,including lease liabilities due to passage of time etc.
3) Non cash financing and Investing activities:
Particular March 31, 2024 March 31, 2023

Acquisition of Right of use of Assets (refer Note 40) 318.81 82.14
4) Figures in brackets indicate outflow.

Chairman MD & CEO
DIN : 00008329 DIN : 02524196


Standalone Statement of Changes in Equity for the year ended March 31,2024
A. Equity share capital (Refer Note 12)

F.Y. 2023-24
Particulars Balance as at Changes in Balance at the Changes in Balance as at
April 1, 2023 Equity Share beginning of equity share March 31, 2024
Capital due to the capital during
prior period current Year the current year
errors
Equity Shares of 4,531.20 - 4,531.20 3.20 4,534.40
Rs.10 each Issued, 4,531.20 - 4,531.20 3.20 4,534.40
Subscribed and
fully paid up
F.Y. 2022-23
errors
Equity Shares of 4,246.20 - 4,246.20 285.00 4,531.20
Rs.10 each Issued, 4,246.20 - 4,246.20 285.00 4,531.20
Subscribed and
fully paid up
B. Other Equity
For the year ended March 31 2024:
Particulars Reserves and Surplus attributable to equity Total other
holders of the Company (Refer note 13) equity
Securities Share based Retained
Premium Payment Earnings
Reserve
As at April 1, 2023 27,864.86 124.87 20,364.62 48,354.35
Changes in accounting policy or prior - - - -
period errors
Profit for the year - - 5,513.34 5,513.34
Remeasurement gains/(losses) on defined - - (33.00) (33.00)
benefit plans (net of taxes)
Total comprehensive income 27,864.86 124.87 25,844.96 53,834.69
Against issue of equity shares pursuant to 58.90 - - 58.90
exercise of stock options
Transferred on exercise of stock options (22.03) 22.03 -
Compensation expense for options - 124.09 - 124.09
granted during the year
Dividend - - (1,495.30) (1,495.30)
As at March 31, 2024 27,923.76 226.93 24,371.69 52,522.38

Corporate Overview
Statutory Reports
Standalone Statement of Changes in Equity for the year ended March 31,2024
B. Other Equity (contd.)

Particulars Reserves and Surplus attributable to equity Total other
holders of the Company (Refer note 13) equity
Securities Share based Retained
Premium Payment Earnings
Reserve
As at April 1, 2022 25,242.86 1.10 16,554.32 41,798.29
Changes in accounting policy or prior - - - -
period errors
Profit for the year - - 3,827.31 3,827.31
Remeasurement gains/(losses) on defined - - (17.01) (17.01)
benefit plans (net of taxes)
Total comprehensive income 25,242.86 1.10 20,364.62 45,608.59
Against issue of equity shares pursuant to 2,622.00 - - 2,622.00
exercise of Preferential issue
Compensation expense for options - 123.77 - 123.77
granted during the year
As at March 31, 2023 27,864.86 124.87 20,364.62 48,354.35

Chairman MD & CEO
DIN : 00008329 DIN : 02524196


Notes to Standalone Financial Statements for the year ended March 31, 2024
(Amount in Rs. Lac, unless stated otherwise)
1. CORPORATE INFORMATION
Arvind SmartSpaces Limited (“Company” or “ASL”) (CIN: L45201GJ2008PLC055771) is a public company domiciled
in India and is incorporated on December 26, 2008 under the provisions of the Companies Act applicable in India.
Its shares are listed on the National Stock Exchange of India Limited and Bombay Stock Exchange Limited. The
registered office of the Company is located at 24, Government Servant society, Nr Municipal Market, CG road,
Navrangpura, Ahmedabad – 380009.
The company is engaged in the development of real estate comprising of residential, commercial and industrial
projects.
The standalone financial statements were approved for issue in accordance with a resolution of the directors on
May 06, 2024.
2. MATERIAL ACCOUNTING POLICIES

2.1 Statement of compliance and basis of preparation
The standalone financial statements of the Company have been prepared in accordance with Indian Accounting
Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended
from time to time) and presentation requirements of Division II of Schedule III to the Companies Act, 2013, (Ind
AS compliant Schedule III), as applicable to the Standalone Financial Statements.
The standalone financial statements have been prepared on the historical cost basis, except for certain financial
assets and liabilities measured at fair value at the end of each reporting period, as explained in the accounting
policies below. The standalone financial statements are presented in Rs. and all values are rounded to the
nearest Lac (Rs. 00,000), except when otherwise indicated.
The Company has prepared the financial statements on the basis that it will continue to operate as a going
concern.
The Standalone financial statements provide comparative information in respect of the previous year. In
addition, the Company presents an additional balance sheet at the beginning of the preceding period when
there is a retrospective application of an accounting policy, a retrospective restatement, or a reclassification
of items in financial statements.
2.2 Summary of Material Accounting Policies

a) Use of estimates
The preparation of financial statements in conformity with Ind AS requires the management to make
judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets
and liabilities and the disclosure of contingent liabilities, at the end of the reporting period. Although these
estimates are based on the management’s best knowledge of current events and actions, uncertainty
about these assumptions and estimates could result in the outcomes requiring a material adjustment to
the carrying amounts of assets or liabilities. The effect of change in an accounting estimate is recognized
prospectively.
b) Current versus non-current classification

The Company presents assets and liabilities in the balance sheet based on current/non-current classification.
An asset is treated as current when it is:
- Expected to be realized or intended to be sold or consumed in normal operating cycle
- Held primarily for the purpose of trading
- Expected to be realized within twelve months after the reporting period, or
- Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least
Twelve months after the reporting period
All other assets are classified as non-current.
A liability is current when:
- It is expected to be settled in normal operating cycle

Corporate Overview
Statutory Reports
- It is held primarily for the purpose of trading

- It is due to be settled within twelve months after the reporting period, or
- There is no unconditional right to defer the settlement of the liability for at least twelve months after
the reporting period
All other liabilities are classified as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The Company’s normal operating cycle in respect of operations relating to the construction of real estate
projects may vary from project to project depending upon the size of the project, type of development,
project complexities and related approvals. Operating cycle for all completed projects is based on 12
months period. Assets and liabilities have been classified into current and non-current based on their
respective operating cycle.
c) Property, Plant and Equipment

Property, plant and equipment, are stated at cost net of accumulated depreciation and accumulated
impairment losses, if any. The cost comprises purchase price, borrowing costs if capitalization criteria are
met and directly attributable cost of bringing the asset to its working condition for the intended use and
initial estimate of decommissioning, restoring and similar liabilities. Any trade discounts and rebates are
deducted in arriving at the purchase price. When significant parts of plant and equipment are required
to be replaced at intervals, the Company depreciates them separately based on their specific useful lives.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that incremental future economic benefits associated with the item
will flow to the company.
When a major inspection is performed, its cost is recognized in the carrying amount of the plant and
equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs
are recognized in profit or loss as incurred.
Borrowing costs directly attributable to acquisition of property, plant and equipment which take substantial
period of time to get ready for its intended use are also included to the extent they relate to the period till
such assets are ready for its intended use.
Advances paid towards the acquisition of property, plant and equipment outstanding at each balance
sheet date is classified as capital advances under other non-current assets.
An item of property, plant and equipment and any significant part initially recognized is de-recognized
upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss
arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds
and the carrying amount of the asset) is included in the income statement when the Property, plant and
equipment is de-recognized.
Capital work-in-progress and intangible assets under development represents expenditure incurred in
respect of capital projects/ intangible assets under development and are carried at cost less accumulated
impairment loss, if any.
d) Depreciation on Property, Plant and Equipment

Depreciation on property, plant and equipment are provided on straight line method over the useful lives
of assets specified in Part C of Schedule II to the Companies Act 2013.
The leasehold improvements are depreciated over the period of lease term or life of asset whichever is less.
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed
at each financial year end and adjusted prospectively, if appropriate.
e) Intangible Assets
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition,
intangible assets are carried at cost less accumulated amortization and accumulated impairment losses,
if any.

Intangible assets comprising of computer softwares and SAP are amortized on a straight line basis over a
period of three years, which is estimated by the management to be the useful life of the asset.
The residual values, useful lives and methods of amortization of intangible assets are reviewed at each
financial year end and adjusted prospectively, if appropriate. An intangible asset is derecognised upon
disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected
from its use or disposal. Gains or losses arising from de-recognition of an intangible asset are measured as
the difference between the net disposal proceeds and the carrying amount of the asset and are recognized
in the statement of profit and loss when asset is derecognized.
f) Borrowing Costs
Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing
of funds.
Borrowing costs directly attributable to the acquisition, construction or production of an asset that
necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized/
inventorised as part of the cost of the respective asset. All other borrowing costs are charged to statement
of profit and loss.
g) Inventories
Direct expenditures relating to real estate activity are inventorised. Other expenditure (including borrowing
costs) during construction period is inventorised to the extent the expenditure is directly attributable cost
of bringing the asset to its working condition for its intended use. Other expenditure (including borrowing
costs) incurred during the construction period which is not directly attributable for bringing the asset to
its working condition for its intended use is charged to the statement of profit and loss. Direct and other
expenditure is determined based on specific identification to the real estate activity. Cost incurred/ items
purchased specifically for projects are taken as consumed as and when incurred/ received.
i. Work-in-progress (including land inventory): Represents cost incurred in respect of unsold area of
the real estate development projects or cost incurred on projects where the revenue is yet to be
recognized. Work-in-progress is valued at lower of cost and net realizable value.
ii. Finished goods – unsold flats and plots: Valued at lower of cost and net realizable value.
iii. Construction material: Valued at lower of cost and net realizable value. Cost is determined based on
FIFO basis.
Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs
of completion and estimated costs necessary to make the sale.
h) Land
Advances paid by the Company to the seller/ intermediary towards outright purchase of land is recognized
as land advance under other assets during the course of obtaining clear and marketable title, free from all
encumbrances and transfer of legal title to the Company, whereupon it is transferred to land stock under
inventories.
Land/ development rights received under joint development arrangements (‘JDA’) is measured at the fair
value of the estimated construction service rendered to the land owner and the same is accounted on
launch of the project.
i) Revenue from contracts with customers

(i) Revenue recognition
Revenue from contracts with customers is recognised when control of the goods or services are
transferred to the customer at an amount that reflects the consideration to which the Company expects
to be entitled in exchange for those goods or services. Revenue is measured based on the transaction
price, which is the consideration and adjusted for discounts, if any, as specified in the contract with
the customer. The Company presents revenue from contracts with customers net of indirect taxes in
its statement of profit and loss.
The Company considers whether there are other promises in the contract that are separate performance
obligations to which a portion of the transaction price needs to be allocated. In determining the

Corporate Overview
Statutory Reports
transaction price, the Company considers the effects of variable consideration and the existence of
significant financing components, if any.
Revenue from real estate development of residential or commercial unit is recognised at the point in
time, when the control of the asset is transferred to the customer.
Revenue consists of sale of undivided share of land and constructed area to the customer, which have
been identified by the Company as a single performance obligation, as they are highly interrelated/
interdependent.
The performance obligation in relation to real estate development is satisfied upon completion of
project work and transfer of control of the asset to the customer.
For contracts involving sale of real estate unit, the Company receives the consideration in accordance
with the terms of the contract in proportion of the percentage of completion of such real estate project
and represents payments made by customers to secure performance obligation of the Company under
the contract enforceable by customers. Such consideration is received and utilised for specific real
estate projects in accordance with the requirements of the Real Estate (Regulation and Development)
Act, 2016. Consequently, the Company has concluded that such contracts with customers do not
involve any financing element since the same arises for reasons explained above, which is other than
for provision of finance to/from the customer.
(ii) Contract balances

Contract asset is the right to consideration in exchange for goods or services transferred to the
customer. If the Company performs by transferring goods or services to a customer before the
customer pays consideration or before payment is due, a contract asset is recognised for the earned
consideration that is conditional.
Trade receivable represents the Company’s right to an amount of consideration that is unconditional
(i.e., only the passage of time is required before payment of the consideration is due).
Contract liability is the obligation to transfer goods or services to a customer for which the Company
has received consideration (or an amount of consideration is due) from the customer. If a customer
pays consideration before the Company transfers goods or services to the customer, a contract
liability is recognised when the payment is made or the payment is due (whichever is earlier). Contract
liabilities are recognised as revenue when the Company performs under the contract.
(iii) Cost to obtain a contract

The Company recognises as an asset the incremental costs of obtaining a contract with a customer
if the Company expects to recover those costs. The Company incurs costs such as sales commission
when it enters into a new contract, which are directly related to winning the contract. The asset
recognised is amortised on a systematic basis that is consistent with the transfer to the customer of
the goods or services to which the asset relates.
(iv) Share in profit/ loss of Limited liability partnerships (“LLPs”)

The Company’s share in profits from LLPs , where the Company is a partner, is recognised as income
in the statement of profit and loss as and when the right to receive its profit/ loss share is established
by the Company in accordance with the terms of contract between the Company and the partnership
entity.
(v) Interest income

Interest income, including income arising from other financial instruments measured at amortised cost,
is recognised using the effective interest rate method.
If the Company has a contract that is onerous, the present obligation under the contract is recognised
and measured as a provision. However, before a separate provision for an onerous contract is
established, the Company recognises any impairment loss that has occurred on assets dedicated to
that contract.

j) Retirement and other employee benefits

Retirement benefits in the form of state governed Employee Provident Fund and Employee State Insurance
are defined contribution schemes (collectively the ‘Schemes’). The company has no obligation, other than
the contribution payable to the schemes. The company recognizes contribution payable to the schemes
as expenditure, when an employee renders the related service. The contribution paid in excess of amount
due is recognized as an asset and the contribution due in excess of amount paid is recognized as a liability.
Gratuity, which is a defined benefit plan, is accrued based on an independent actuarial valuation, which is
done based on project unit credit method as at the balance sheet date. The company recognizes the net
obligation of a defined benefit plan in its balance sheet as an asset or liability. Gains and losses through re-
measurements of the net defined benefit liability/ (asset) are recognized in other comprehensive income.
In accordance with Ind AS, re-measurement gains and losses on defined benefit plans recognized in OCI
are not to be subsequently reclassified to statement of profit and loss. As required under Ind AS compliant
Schedule III, the company recognizes re-measurement gains and losses on defined benefit plans (net of
tax) to retained earnings.
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, made at the end of each
financial year. Actuarial gains/losses are immediately taken to the statement of profit and loss The
Company presents the leave as a current liability 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 non-current liability.
k) Income taxes
Income tax expense comprises current tax expense and the net change in the deferred tax asset or liability
during the year. Current and deferred tax are recognized in the statement of profit and loss, except when
they relate to items that are recognized in other comprehensive income or directly in equity, in which case,
the current and deferred tax are also recognized in other comprehensive income or directly in equity,
respectively.
I. Current income tax - Current income tax for the current and prior periods are measured at the amount
expected to be recovered from or paid to the taxation authorities based on the taxable income for
that period. The tax rates and tax laws used to compute the amount are those that are enacted or
substantively enacted by the balance sheet date.
II. Deferred income tax - Deferred income tax is recognized using the balance sheet approach, deferred
tax is recognized on temporary differences at the balance sheet date between the tax bases of assets
and liabilities and their carrying amounts for financial reporting purposes.
Deferred income tax assets are recognized for all deductible temporary differences, carry forward of
unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be
available against which the deductible temporary differences, and the carry forward of unused tax
credits and unused tax losses can be utilized.
When the deferred tax asset relating to the deductible temporary difference arises from the initial
recognition of an asset or liability in a transaction that is not a business combination and, at the time
of the transaction, affects neither the accounting profit nor taxable profit or loss and does not give rise
to equal taxable and deductible temporary differences
The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced
to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or
part of the deferred income tax asset to be utilized.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in
the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that
have been enacted or substantively enacted at the balance sheet date.

Corporate Overview
Statutory Reports
The Company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off
current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities
relate to income taxes levied by the same tax authority.
l) Share based payment

Employees (including senior executives) of the company receives remuneration in the form of share-based
payments, whereby employees render services as consideration for equity instruments (equity-settled
transactions).
The cost of equity-settled transactions is determined by the fair value at the date when the grant is
made using an appropriate valuation model and the cost is recognised, together with a corresponding
increase in share options outstanding account in equity, over the period in which the performance and/
or service conditions are fulfilled in employee benefits expense. The cumulative expense recognised for
equity-settled transactions at each reporting date until the vesting date reflects the extent to which the
vesting period has expired and the Company’s best estimate of the number of equity instruments that will
ultimately vest. The statement of profit and loss expense or credit for a period represents the movement in
cumulative expense recognised as at the beginning and end of that period and is recognised in employee
benefits expense.
The dilutive effect of outstanding options is reflected as additional share dilution in the computation of
diluted earnings per share.
m) Leases
The Company assesses whether a contract contains a lease, at the inception of the contract. A contract is,
or contains, a lease if the contract conveys the right to control the use of an identified asset for a period
of time in exchange for consideration. To assess whether a contract conveys the right to control the use of
an identified asset, the Company assesses whether (i) the contract involves the use of identified asset; (ii)
the Company has substantially all of the economic benefits from the use of the asset through the period
of lease and (iii) the Company has right to direct the use of the asset.
Where the Company is the lessee
The Company recognises a right-of-use asset and a lease liability at the lease commencement date. The
right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability
adjusted for any lease payments made at or before the commencement date, plus any initial direct costs
incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the site on
which it is located, less any lease incentives received.
Certain lease arrangements include the option to extend or terminate the lease before the end of the lease
term. The right-of-use assets and lease liabilities include these options when it is reasonably certain that
the option will be exercised.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement
date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term.
In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for
certain re-measurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at
the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot
be readily determined, and the Company’s incremental borrowing rate. Generally, the Company uses its
incremental borrowing rate as the discount rate.
The lease liability is measured at amortized cost using the effective interest method. It is re-measured when
there is a change in future lease payments arising from a change in an index or rate, if there is a change
in the Company’s estimate of the amount expected to be payable under a residual value guarantee, or if
Company changes its assessment of whether it will exercise a purchase, extension or termination option.
When the lease liability is re-measured in this way, a corresponding adjustment is made to the carrying
amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use
asset has been reduced to zero.
Lease payments have been classified as financing activities in Statement of Cash Flow.

Short term leases and leases of low value of assets

The Company applies the short-term lease recognition exemption to its short-term leases. It also applies
the lease of low value assets recognition exemption that are considered to be low value. Lease payments
on short-term leases and leases of low value assets are recognized as expense on a straight-line basis over
the lease term.
n) Provisions and contingent liabilities

A provision is recognized when the company has a present obligation (legal or constructive) as a result of
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. 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 recognized as a finance cost.
A contingent liability is a possible obligation that arises from past events and whose existence will be
confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly
within the control of the Company or a present obligation that is not recognized because it is not probable
that an outflow of resources will be required to settle the obligation. A contingent liability also arises in
extremely rare cases where there is a liability that cannot be recognized because it cannot be measured
reliably. The Company does not recognize a contingent liability but discloses it in the financial statements,
unless the possibility of an outflow of resources embodying economic benefits is remote.
If the Company has a contract that is onerous, the present obligation under the contract is recognised and
measured as a provision. However, before a separate provision for an onerous contract is established, the
Company recognises any impairment loss that has occurred on assets dedicated to that contract.
o) Financial Instruments
Financial assets and liabilities are recognized when the company becomes a party to the contractual
provisions of the instrument. Financial assets and liabilities are initially measured at fair value with the
exception of trade receivables that do not contain a significant financing component or for which the
company has applied the practical expedient. Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial liabilities (other than financial assets and financial
liabilities at fair value through profit or loss) are added to or deducted from the fair value measured on
initial recognition of financial asset or financial liability. Trade receivables that do not contain a significant
financing component or for which the company has applied the practical expedient are measured at the
transaction price determined under Ind AS 115. Refer to the accounting policies - Revenue from contracts
with customers."
i. Financial assets at fair value through other comprehensive income

Financial assets are measured at fair value through other comprehensive income if these financial
assets are held within a business whose objective is achieved by both collecting contractual cash flows
and selling financial assets and the contractual terms of the financial asset give rise on specified dates
to cash flows that are solely payments of principal and interest on the principal amount outstanding.
ii. Financial assets at fair value through profit or loss

Financial assets are measured at fair value through profit or loss unless it is measured at amortized
cost or at fair value through other comprehensive income on initial recognition. The transaction costs
directly attributable to the acquisition of financial assets and liabilities at fair value through profit or
loss are immediately recognized in statement of profit and loss.
iii. Debt instruments at amortized cost

A ‘debt instrument’ is measured at the amortized cost if both the following conditions are met:
a) The asset is held within a business model whose objective is to hold assets for collecting contractual
cash flows, and
b) 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.

Corporate Overview
Statutory Reports
After initial measurement, such financial assets are subsequently measured at amortized cost using
the effective interest rate (EIR) method. Amortized 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 in finance income in the profit or loss. The losses arising from impairment
are recognized in the profit or loss. This category generally applies to trade and other receivables
iv. Equity investment in subsidiaries and joint ventures

Investment in subsidiaries and joint ventures are carried at cost. Impairment recognized, if any, is
reduced from the carrying value.
v. De-recognition of financial asset

The Company derecognizes a financial asset when the contractual rights to the cash flows from the
financial asset expire or it transfers the financial asset and the transfer qualifies for de-recognition
under Ind AS 109.
vi. Financial liabilities

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit
or loss, loans and borrowings, or as payables, as appropriate. The company’s financial liabilities
include trade and other payables, loans and borrowings including bank overdrafts. The subsequent
measurement of financial liabilities depends on their classification, which is described below.
vii. Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial
liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the
near term.
viii. Financial liabilities at amortized cost

Financial liabilities are subsequently carried at amortized cost using the effective interest (‘EIR’)
method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as
well as through the EIR amortization process. Amortized 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.
Interest-bearing loans and borrowings are subsequently measured at amortized cost using EIR method.
For trade and other payables maturing within one year from the balance sheet date, the carrying
amounts approximate fair value due to the short maturity of these instruments.
ix. De-recognition of financial liability

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 or loss.
x. Fair value of financial instruments

In determining the fair value of its financial instruments, the Company uses following hierarchy and
assumptions that are based on market conditions and risks existing at each reporting date.
Fair value hierarchy:

All assets and liabilities for which fair value is measured or disclosed in the financial statements are
categorized within the fair value hierarchy, described as follows, based on the lowest level input that is
significant to the fair value measurement as a whole:
Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities

Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable
Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable.
For assets and liabilities that are recognized in the financial statements on a recurring basis, the
Company determines whether transfers have occurred between levels in the hierarchy by reassessing
categorization (based on the lowest level input that is significant to the fair value measurement as a
whole) at the end of each reporting period.
xi. Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the Standalone
balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there
is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
p) Impairment
a. Financial assets
The company assesses at each date of balance sheet whether a financial asset or a group of financial
assets is impaired. Ind AS 109 requires expected credit losses to be measured through a loss allowance.
The Company recognizes lifetime expected losses for all contract assets and /or all trade receivables
that do not constitute a financing transaction. For all other financial assets, expected credit losses are
measured at an amount equal to the 12-month expected credit losses or at an amount equal to the
life time expected credit losses if the credit risk on the financial asset has increased significantly since
initial recognition.
b. Non-financial assets
The company assesses at each reporting date whether there is an indication that an asset may be
impaired. If any indication exists, or when annual impairment testing for an asset is required, the
company estimates the asset’s recoverable amount. An impairment loss is recognized wherever the
carrying amount of an asset exceeds Its recoverable amount. The recoverable amount is the greater
of the asset’s net selling price 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. After impairment,
depreciation is provided on the revised carrying amount of the asset over its remaining useful life.
q) Earnings per Share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to
equity shareholders by the weighted average number of equity shares outstanding during the period.
For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable
to equity shareholders and the weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares.
r) Cash and cash equivalents

The Company considers all highly liquid financial instruments, which are readily convertible into known
amounts of cash that are subject to an insignificant risk of change in value and having original maturities of
three months or less from the date of purchase, to be cash equivalents. Cash and cash equivalents consist
of balances with banks which are unrestricted for withdrawal and usage.
s) Dividend
The Company recognises a liability to pay dividend 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.
2.3 Significant accounting judgements, estimates and assumptions

The preparation of financial statements in conformity with the recognition and measurement principles of Ind
AS requires management to make judgements, estimates and assumptions that affect the reported balances of

Corporate Overview
Statutory Reports
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.
(a) Judgements
In the process of applying the Company’s accounting policies, management has made the following
judgements, which have the most significant effect on the amounts recognized in the financial statements:
Evaluation of indicators for impairment of Investment in Subsidiaries and Joint Ventures:
The evaluation of applicability of indicators of impairment of assets requires assessment of several external
and internal factors which could result in deterioration of recoverable amount of the assets.
(b) Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting
date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year, are described below. The company based its assumptions and
estimates on parameters available when the financial statements were prepared. Existing circumstances and
assumptions about future developments, however, may change due to market changes or circumstances
arising that are beyond the control of the company. Such changes are reflected in the assumptions when
they occur.
Inventory is stated at the lower of cost and net realizable value (NRV).
NRV for completed inventory property is assessed by reference to market conditions and prices existing at
the reporting date and is determined by the company, based on comparable transactions identified by the
company for properties in the same geographical market serving the same real estate segment.
NRV in respect of inventory property under construction is assessed with reference to market prices at
the reporting date for similar completed property, less estimated costs to complete construction and an
estimate of the time value of money to the date of completion.
With respect to Land advance given, the net recoverable value is based on the present value of future
cash flows, which depends on the estimate of, among other things, the likelihood that a project will be
completed, the expected date of completion, the discount rate used and the estimation of sale prices and
construction costs.
The Company applied the following judgements that significantly affect the determination of the amount
and timing of revenue from contracts with customers:
a) Identification of performance obligation
Revenue consists of sale of undivided share of land and constructed area to the customer, which have
been identified by the Company as a single performance obligation, as they are highly interrelated/
interdependent. In assessing whether performance obligations relating to sale of undivided share of
land and constructed area are highly interrelated/ interdependent, the Company considers factors
such as:
Whether the customer could benefit from the undivided share of land or the constructed area on
its own or together with other resources readily available to the customer.
Whether the entity will be able to fulfil its promise under the contract to transfer the undivided
share of land without transfer of constructed area or transfer the constructed area without transfer
of undivided share of land.
b) Timing of satisfaction of performance obligation
Revenue from sale of real estate units is recognised when (or as) control of such units is transferred to
the customer.
For contracts where control is transferred at a point in time, the Company considers the following
indicators of the transfer of control of the asset to the customer:
When the entity obtains a present right to payment for the asset.

When the entity transfers legal title of the asset to the customer.
When the entity transfers physical possession of the asset to the customer.
When the entity transfers significant risks and rewards of ownership of the asset to the customer.
When the customer has accepted the asset.
c) Significant financing component
For contracts involving sale of real estate unit, the Company receives the consideration in accordance
with the terms of the contract in proportion of the percentage of completion of such real estate project
and represents payments made by customers to secure performance obligation of the Company under
the contract enforceable by customers. Such consideration is received and utilised for specific real
estate projects in accordance with the requirements of the Real Estate (Regulation and Development)
Act, 2016. Consequently, the Company has concluded that such contracts with customers do not
involve any financing element since the same arises for reasons explained above, which is other than
for provision of finance to the customer.
2.4 New Standards, Interpretation and amendments adopted by the company

New and amended Standards:-
The Ministry of Corporate Affairs has notified Companies (Indian Accounting Standards) Amendment Rules,
2023 dated March 31, 2023 to amend the following Ind AS which are effective for annual periods beginning on
or after April 1, 2023. The Company applied for the first-time these amendments.
(i) Definition of Accounting Estimates - Amendments to Ind AS 8

The amendments clarify the distinction between changes in accounting estimates and changes in
accounting policies and the correction of errors. It has also been clarified how entities use measurement
techniques and inputs to develop accounting estimates.
The amendments had no impact on the Company’s financial statements.
(ii) Disclosure of Accounting Policies – Amendments to Ind AS 1

The amendments aim to help entities provide accounting policy disclosures that are more useful by
replacing the requirement for entities to disclose their ‘significant’ accounting policies with a requirement
to disclose their ‘material’ accounting policies and adding guidance on how entities apply the concept of
materiality in making decisions about accounting policy disclosures.
The amendments have had an impact on the Company’s disclosures of accounting policies, but not on the
measurement, recognition or presentation of any items in the Company’s financial statements.
(iii) Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to Ind
AS 12
The amendments narrow the scope of the initial recognition exception under Ind AS 12, so that it no longer
applies to transactions that give rise to equal taxable and deductible temporary differences such as leases.
The amendment have no impact in the balance sheet. There was also no impact on the opening retained
earnings as at April 1, 2022."
Standards notified but not yet effective:
There are no standards that are notified and not yet effective as on the date.

3.1 Property Plant and Equipment

Particulars Buildings Equipments Furniture & Office Computers Vehicles Leasehold Total Capital
Fixtures Equipments Improvements Work in
( Refer Note 40) progress
Cost (Refer note 1 below)
At April 1, 2022 504.02 100.76 132.41 9.74 74.58 396.97 - 1,218.48 -
Additions - 18.98 12.20 13.39 48.05 63.06 82.15 237.83 44.56
Disposals/transfers - (24.64) (19.15) (1.70) (1.19) (65.99) - (112.67) (44.56)
At March 31, 2023 504.02 95.10 125.46 21.43 121.44 394.04 82.15 1,343.64 -
Additions - 25.48 14.08 1.58 21.00 198.99 66.83 327.96 41.14
Disposals/transfers - (12.03) (12.38) (1.07) (5.18) (117.44) - (148.10) (41.14)
At March 31, 2024 504.02 108.55 127.16 21.94 137.26 475.59 148.98 1,523.50 -
Accumulated Depreciation
At April 1, 2022 105.00 42.07 70.44 5.55 50.43 131.47 - 404.96 -
Depreciation charge for the year 17.46 9.53 13.51 2.31 14.51 46.37 4.32 108.01 -
On Disposals - (10.53) (14.24) (0.98) (1.13) (32.73) - (59.61) -
At March 31, 2023 122.46 41.07 69.71 6.88 63.81 145.11 4.32 453.36 -
Depreciation charge for the year 17.49 9.76 9.80 3.38 26.11 49.03 12.32 127.89 -
On Disposals - (8.10) (7.18) (0.91) (4.62) (61.86) - (82.67) -
At March 31, 2024 139.95 42.73 72.33 9.35 85.30 132.28 16.64 498.58 -
Net book value
At March 31, 2024 364.07 65.82 54.83 12.59 51.96 343.31 132.34 1,024.92 -
At March 31, 2023 381.56 54.03 55.75 14.55 57.63 248.93 77.83 890.28 -
Statutory Reports
Corporate Overview

3.2 Intangible assets

Particulars Software/ Intangible Asset Total
Trademark under Development
At April 1, 2022 38.78 69.35 108.13
Additions 20.93 74.84 95.77
Disposals - - -
At March 31, 2023 59.71 144.19 203.90
Additions 212.33 68.14 280.47
Disposals - (212.33) (212.33)
At March 31, 2024 272.04 - 272.04
Accumulated Amortisation
At April 1, 2022 18.18 - 18.18
Amortisation charge for the year 11.79 - 11.79
At March 31, 2023 29.96 - 29.96
Amortisation charge for the year 63.05 - 63.05
At March 31, 2024 93.01 - 93.01
Net book value
At March 31, 2024 179.03 - 179.03
At March 31, 2023 29.75 144.19 173.94
3.3 Leased Assets:

Right of use assets (Refer Note 40)
Particulars Building -HO Building -RO Total
At April 1, 2023 82.13 - 82.13
Additions - 318.81 318.81
Disposals - - -
At March 31 2024 82.13 318.81 400.94
At April 1, 2023 8.21 - 8.21
Amortisation charge for the year 8.21 45.54 53.75
At March 31 2024 16.42 45.54 61.96
Net book value
At March 31 2024 65.71 273.27 338.98
At March 31 2023 73.92 - 73.92
Note-1 : For property plant & equipment and intangible assets existing as on April 1, 2016 i.e. the date of transition
to Ind AS, the company had elected to continue Indian GAAP carrying value as deemed cost as permitted by Ind
AS 101 “First Time Adoption of Indian Accounting Standard”. Accordingly, the net WDV as per Indian GAAP as
on April 1, 2016 was considered as Gross block under Ind AS and the accumulated depreciation was accordingly
netted off as on April 1, 2016.

Corporate Overview
Statutory Reports
3.4 Intangible Asset under Development Ageing Schedule

As at March 31, 2023
Particulars Amount in Intangible under Development for Total
a period of
Less than 1-2 years 2-3 years More than
1 year 3 years
Projects in progress (Refer note 1 below) 74.84 69.35 - - 144.19
Projects temporarily suspended - - - - -
Total 74.84 69.35 - - 144.19
Note-1 : Intangible assets under development for FY22-23 consists of SAP software under development and
patents & trademark which has been capitalised in FY23-24. There are no intangible assets under development as
on March 31, 2024.
4 Investments
Particulars Non current portion Current portion
March 31, March 31, March 31, March 31,
2024 2023 2024 2023
Unquoted (carried at cost)
i. In equity shares of
Wholly owned subsidiary
Arvind Hebbal Homes Private Limited
10,000 (March 31, 2023: 10,000) shares of Rs.10/- each, 1.00 1.00 - -
fully paid up
Arvind Homes Private Limited
1,25,10,000 (March 31, 2023: 1,25,10,000) shares of 1,251.00 1,251.00 - -
Rs.10/- each, fully paid up
Arvind SmartHomes Private Limited
2,10,10,000 (March 31, 2023: 2,10,10,000) shares of 2,101.00 2,101.00 - -
Rs.10/- each, fully paid up
ii. In capital of Limited Liability Partnership firms
(subsidiaries)
Ahmedabad East Infrastructure LLP 944.59 438.66 1,900.00 2,000.00
Ahmedabad Industrial Infrastructure (One) LLP 1,281.27 1,344.77 - -
ASL Facilities Management LLP 32.49 32.49 - -
Uplands facility Management LLP (Formerly known as - 2.36 12.36 -
Arvind Altura LLP)
Arvind Beyond Five Club LLP 433.38 418.38 - -
Arvind Five Homes LLP - 29.10 438.10 -
Arvind Infracon LLP 0.99 1,028.17 - 1,501.37
Changodar Industrial Infrastructure (One) LLP 27.96 26.50 - -
Arvind Infrabuild LLP 710.99 710.99
Yogita Shelters LLP 1,998.22 1,828.22 700.00 -
Arvind Smart City LLP 6,585.84 5,247.24 - -
Thol Highlands LLP 697.75 - - -
Kalyangadh Homes LLP 5,295.81 - - -
Lagdana Homes LLP 0.99 - - -
Adroda Homes LLP 0.75 - - -
Bavla Homes LLP - Capital 1,217.51 - - -
Arvind Green Homes LLP 0.99 - - -
Arvind Integrated Projects LLP 0.49 - - -

4 Investments (contd.)
2024 2023 2024 2023
iii. In capital of Limited Liability Partnership firms (joint
venture)
Arvind Bsafal Homes LLP - - 8.33 24.62
In debt Securities of
Arvind Smart Homes Private Limited 500.00 500.00 - -
500 (March 31, 2023 : 500) optionally convertible
debentures of Rs. 100000/- each
Aggregate value of unquoted investments 23,083.02 14,959.88 3,058.79 3,525.99
Quoted
Investment carried at fair value through profit or loss
Investment in mutual funds
45,837.60 (March 31, 2023 : 2,11,441.37) Units of Aditya - - 176.78 760.76
Birla Sunlife Liquid Fund - Regular - Growth
18,109.81 (March 31, 2023 : 9,079.78) Units of Kotak Liquid - - 876.50 410.17
Fund - Regular - Growth
38,420.05 (March 31, 2023 : 17,340.23) Units of HDFC Liquid - - 1,804.94 760.19
9,831.21 (March 31, 2023 : 28,621.05) Units of SBI Liquid - - 368.25 1,000.62
28,551.04 (March 31, 2023 : 7,339.70) Units of Nippon India - - 1,668.42 400.25
Liquid Fund - Regular - Growth
45,438.28 (March 31, 2023 : 27,284.52) Units of UTI Liquid - - 1,784.20 999.57
Fund - Cash Plan - Regular - Growth
1,26,101.43 (March 31, 2023 : 3,02,303.18) Units of ICICI - - 446.88 1,000.00
Prudential liquid fund - Regular - Growth
58,831.77 (March 31, 2023 : 24,166.10) Units of Axis Liquid - - 1,567.43 600.32
Aggregate book and market value of Quoted investment - - 8,693.40 5,931.88
Total investments 23,083.02 14,959.88 11,752.19 9,457.87
Note : i) Aggregate value of impairment of quoted and unquoted Investment is Rs. Nil (March 31, 2023- NIL)
5 Loans
Particulars Non current Current
2024 2023 2024 2023
Loans Receivables considered good - Unsecured (Refer 11,520.04 21,639.84 6,200.00 5,400.00
notes below)
11,520.04 21,639.84 6,200.00 5,400.00

Corporate Overview
Statutory Reports
Details of Loans repayable on demand

Type of Borrower March 31, 2024 March 31, 2023
Amount of loan % of total Loans Amount of loan % of total Loans
or advances in and Advances or advances in and Advances
the nature of in the nature of the nature of in the nature of
loan outstanding loans loan outstanding loans
Promoters - -
Directors - -
KMPs - -
Related parties 17,720.04 100% 27,039.84 100%
Others - -
Total 17,720.04 100% 27,039.84 100%
Note:
(i) As required under section 186(4) of the Companies Act, loan outstanding of Rs. 17,720.04 Lac (March 31,
2023 : Rs. 27,039.84 Lac) is given at rate of interest ranging from 10% - 12% for business purpose and the same
are repayable on demand.
(ii) For amounts due and terms and conditions relating to related party receivables, refer Note 38.
(iii) Since all the above loans given by the company are unsecured and considered good, the bifurcation of loan in
other categories as required by Schedule III of Companies Act, 2013 Viz : (a) Secured, (b) Loans which have
significant increase in credit risk and (c) credit impaired is not applicable.
(iv) No loans are due from directors or other officers of the company, either severally or jointly with any other
person.Nor any loans are due from firms or private companies respectively in which any director is a partner,
director or a member.
6 Trade receivables
Particulars March 31, 2024 March 31, 2023
Trade receivables ( refer note below ) 187.00 178.31
(Unsecured , Considered good, unless Otherwise stated)
187.00 178.31
Trade Receivables considered good 187.00 178.31
Trade Receivables - credit impaired 3.74 3.74
Less: Impairment allowance - credit impaired (3.74) (3.74)
187.00 178.31
Trade receivables Ageing Schedule (Refer Notes below)

Particulars Current Outstanding for following periods from due date of Total
but not payment
due Less than 6 months 1-2 2-3 More than
6 Months – 1 year years years 3 years
Undisputed Trade Receivables – - 173.13 - - - 13.87 187.00
considered good
Undisputed Trade Receivables – - - - - - - -
which have significant increase
in credit risk
Undisputed Trade receivable – - - - - - 3.74 3.74
credit impaired

Trade receivables Ageing Schedule (Refer Notes below) (contd.)

but not payment
Disputed Trade receivables - - - - - - - -
considered good
Disputed Trade receivables – - - - - - - -
in credit risk
credit impaired
Total - 173.13 - - - 17.61 190.74

but not payment
considered good
in credit risk
credit impaired
considered good
in credit risk
credit impaired
Total - 164.44 - - - 17.61 182.05
Note : (i) Since all the above trade receivables of the company are unsecured and considered good except
those which are disclosed as credit impaired, the further bifurcation in other categories as required by
Schedule III of Companies Act, 2013 viz : (a) Secured, (b) Receivables which have significant increase
in credit risk is not applicable.
(ii) For amounts due and terms and conditions relating to related party receivables, refer Note 38
(iii) For information about credit risk and market risk related to trade receivables, refer note 35
(iv) No trade or other receivables are due from directors or other officers of the company, either severally
or jointly with any other person. Nor any trade or other receivables are due from firms or private
companies respectively in which any director is a partner, director or a member.
(v) Trade receivables are non interest bearing and are generally on credit terms of upto 30-60 days

Corporate Overview
Statutory Reports
*Following is the table summarized change in impairment allowance using lifetime expected credit loss model:
At the beginning of the year 3.74 3.74
Provision during the year - -
Utilised/Reversed during the year - -
At the end of the year 3.74 3.74
7 Cash and cash equivalents

Balances with banks in current accounts 941.65 1,014.11
Cash on hand 0.51 0.26
Fixed deposits having original maturity of less than 3 months 2,950.00 900.00
3,892.16 1,914.38
8 Other bank balances

Balances with banks
- Earmarked balances for unclaimed dividend 11.48 4.40
11.48 4.40
9 Other financial assets

2024 2023 2024 2023
(Unsecured, considered good)
Security deposits 362.42 90.52 - -
Interest accrued but not due from Limited Liability - 741.89 3,460.96 2,284.56
Partnership firms (Refer note 38)
Interest accrued - Others - - 14.25 2.15
Receivables from Limited Liability Partnership firms 264.27 402.43 2,093.72 1,327.37
for sharing of common costs (Refer note 38)
Advance for land, recoverable in cash 5,214.22 - 150.00 917.01
Bank deposits* 213.93 140.22 - -
Other Receivables from LLP / Subsidiaries (refer - 3.57 59.21 56.26
note 38)
Others - 1.66 - 6.75
6,054.84 1,380.29 5,778.14 4,594.10
*Non current bank deposits consists of deposits which are lien as a stipulation of sanction for various loans.
10 Inventories (At lower of cost and net realisable value)

Construction work-in-progress 26,715.82 17,242.20
Unsold developed plots of land and units 568.22 672.64
Construction materials 410.81 137.59
27,694.85 18,052.43

11 Other assets
2024 2023 2024 2023
Prepaid expenses 3.04 4.68 52.54 40.18
Capital Advances 600.00 - - -
Advances to suppliers - - 256.15 410.57
Balance with government authorities 207.19 207.44 187.21 152.52
Advance for land (refer note below) 100.00 950.00 1,055.00 2,205.00
Other Receivables from LLP / Subsidiaries (refer 13,363.74 14,959.51 - -
note 38)
Others advances - 12.49 49.19 22.16
14,273.97 16,134.12 1,600.09 2,830.43
Note: (i) Advance for land though unsecured, are considered good as the advances have been given based
on arrangement/memorandum of understanding executed by the company and the company/seller/
intermediary is in the course of obtaining clear and marketable title, free from all encumbrances,
including for certain properties under litigation.
(ii) Balance with government authorities includes amounts paid under protest Rs.207.19 Lac ( March 31,
2023 : Rs.207.19 Lac )
(iii) No advances are due from directors or other officers of the company, either severally or jointly with
any other person.
12 Equity share capital

(a) Authorised
5,00,00,000 (March 31, 2023 : 5,00,00,000) equity shares of Rs. 10/- each 5,000.00 5,000.00
(P.Y. Rs. 10/-)
(b) Issued, subscribed and fully paid-up
4,53,43,979 (March 31, 2023 : 4,53,11,979) equity shares of Rs. 10/- 4,534.40 4,531.20
each (P.Y. Rs. 10/-)
(c) Reconciliation of shares outstanding at the beginning and at the end of the reporting year

No. of Amount No. of Amount
shares shares
Equity Shares
Outstanding at beginning of the year 4,53,11,979 4,531.20 4,24,61,979 4,246.20
Add :
Equity shares issued under ESOP scheme 32,000 3.20 - -
Shares issued pursuant to preferential share warrants - - 28,50,000 285.00
Outstanding at end of the year 4,53,43,979 4,534.40 4,53,11,979 4,531.20
(d) The company has allotted Nil (March 31, 2023 - 28,50,000) equity shares of Rs. 10 each on pursuant to
conversion of warrants to equity shares to Kausalya Realserve LLP.
(e) Terms / rights attached to the equity shares
The company has only one class of shares referred to as equity shares having a par value of Rs.10/-. Each
holder of equity shares is entitled to one vote per share. The parent Company declares and pays dividend in
Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders
in the ensuing Annual General meeting.

Corporate Overview
Statutory Reports
In the event of liquidation of the parent company, the holders of the equity shares will be entitled to receive any
of the remaining assets of the parent company, after distribution of all preferential amounts. The distribution
will be in proportion to the number of equity shares held by shareholders.
(f) During the year ended March 31, 2024, the company has issued 32000 (March 31, 2023 - NIL) equity shares
of Rs. 10 each to the eligible employee’s pursuant to the exercise of stock options granted to them under
Employees Stock Option Scheme - 2016 (AIL ESOP 2016) for shares reserved for issue under ESOP scheme.
(g) For details of shares reserved for issue under the share based payment plan of the company, please refer note
31.
(h) Shareholders holding more than 5% in the shareholding of the company

Name of the shareholder March 31, 2024 March 31, 2023
No. of Rs. in Lac % Holding No. of Rs. in Lac % Holding
shares shares
Equity shares of Rs. 10 each
fully paid
Aura Securities Private 1,87,12,646 1,871.26 41.27% 1,87,12,646 1,871.26 41.30%
Limited
HDFC Capital Affordable Real 40,32,200 403.22 8.89% 40,32,200 403.22 8.90%
Estate Fund – 1
Kausalya Realserve LLP 21,50,000 215.00 4.74% 28,50,000 285.00 6.29%
Ketankumar Ratilal Patel 22,65,101 226.51 5.00% 22,65,101 226.51 5.00%
The above details is as per records of the company, including its register of shareholders / Members and other
declarations received from shareholders regarding beneficial interest, the above shareholding represents both
legal and beneficial ownership of shares.
(i) Details of shares held by promoters

Class of Promoter Name No. of shares at Change No. of shares % of Total % change
Shares the beginning during the at the end of Shares* during the
of the year year the year year
Equity shares Aura Securities 1,87,12,646 - 1,87,12,646 41.27% -0.03%
of Rs. 10 each Private Limited
fully paid Sanjaybhai 2,00,155 (10.00) 2,00,145 0.44% 0.00%
Shrenikbhai
Lalbhai
Jayshreeben 33 - 33 0.00% 0.00%
Sanjaybhai
Lalbhai
Punit Sanjaybhai 371 - 371 0.00% 0.00%
Sanjaybhai 0 10.00 10 0.00% 0.00%
Shrenikbhai
Lalbhai, as
representative
trustee of
discretionary
trust
Total 1,89,13,205 - 1,89,13,205 41.71%


Equity shares Aura Securities 1,87,12,646 - 1,87,12,646 41.30% 0.00%
fully paid Sanjaybhai 2,00,155 - 2,00,155 0.44% 0.00%
Shrenikbhai
Lalbhai
Jayshreeben 33 - 33 0.00% 0.00%
Sanjaybhai
Lalbhai
Total 1,89,13,205 - 1,89,13,205 41.74%
*Disclosed as rounded to two decimals
13 Other equity
(a) Securities Premium
Balance at the beginning of the year 27,864.86 25,242.86
Add : Received during the year on issue of equity shares 58.90 2,622.00
Balance at the end of the year 27,923.76 27,864.86
(b) Share Based Payment Reserve
Balance at the beginning of the year 124.87 1.10
Add : Compensation expense for options granted during the year 124.09 123.77
Less : Transferred to General reserve on exercise of stock options (22.03) -
Balance at the end of the year 226.93 124.87
(c) Retained Earnings
Less: Dividend paid (1,495.30) -
Add: Profit for the year 5,513.34 3,827.31
Add : Transferred on exercise of stock options 22.03 -
Items of other comprehensive income recognised directly in retained
earning:
Remeasurement gains / (losses) on defined benefit plans, Net of taxes (33.00) (17.01)
52,522.38 48,354.35
Securities premium
Securities premium is used to record the premium on issue of shares. The reserve can be utilised only for limited
purposes such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.
Share based payment reserve

The share options based payment reserve is used to recognise the grant date fair value of options issued to
employees under Employee stock option plan.
Retained Earnings
The cumulative gain or loss arising from the operations which is retained by the company is recognised and
accumulated under the head of retained earnings.

Corporate Overview
Statutory Reports
Distribution Proposed
Proposed dividends on Equity shares
Proposed dividend for the year ended on March 31, 2024:Rs. 3.50 per 1,587.04 1,495.30
share (March 31, 2023: Rs. 3.30 per share) (refer note below)
The Board of Directors recommended a final dividend of Rs.2.5/- (March 31, 2023: Rs. 1.65/-) per equity share
and special dividend of Rs.1/- (March 31, 2023: Rs. 1.65/-) per equity share, totalling to a dividend of Rs.3.5/-
(March 31, 2023: Rs. 3.3/-) per equity share of face value of Rs.10 each , for the financial year ended March 31,
2024.
Proposed dividends on equity shares are subject to approval at the annual general meeting and is not recognised
as a liability as at March 31, 2024.
14 Borrowings
Particulars Effective Maturity March 31, 2024 March 31, 2023
Rate of
Interest
Non-current borrowings
Secured
Vehicle loans from banks 7.25% - 9.5% 2024-2029 240.93 158.44
Term loans
- From Banks 9% - 10% 2025 - 4,048.32
- From Financial institutions 10% - 11% 2027 5,950.01 986.28
Total 6,190.94 5,193.04
Less : Current maturities of long term (1,530.09) (215.85)
borrowings disclosed under Current
Borrowings
Total 4,660.85 4,977.19
Current borrowings
Secured
Current maturities of long term borrowings 1,530.09 215.85
Total 1,530.09 215.85
The above amounts includes :
Secured Borrowings 6,190.94 5,193.04
Nature of Securities on above Loans:

1. Term loan taken and outstanding of Rs. NIL (March 31, 2023 : Rs. 4095.98 Lac) and overdraft facility from ICICI
Bank Limited is secured by first mortgage of unsold units of project “Arvind Aavishkaar” and “Arvind Oasis”
together with hypothecation of receivables from the same projects.
2. Term loan taken and outstanding of Rs. 6000 Lac (March 31, 2023 : Rs. 1000 Lac) is secured by way of mortgage
of NA land at project Uplands township situated at Nasmed village, Gandhinagar owned by Ahmedabad East
Infrastructure LLP (Subsidiary Company).
3. Vehicle loans amounting to Rs. 240.93 Lac (March 31, 2023 : Rs. 158.44 Lac) are secured by respective vehicles.

Terms of Repayment of Loans

Overdraft Facility
ICICI Bank Limited Company has availed Rs. 1,500 Lac ( March 31,2023 : Rs. 1,500
Lac) overdraft facility with a tenure of 32 months (including
moratorium of 8 months ending on May 2023).
Vehicle Loan
HDFC Bank Limited, ICICI Bank Limited and Loan is repayable in monthly instalments on varied dates as
The Kalupur Commercial Co-operative Bank mentioned above.
Ltd.
Term Loan
ICICI Bank Limited Company has borrowed Rs. NIL ( March 31,2023 : Rs. 8,500 Lac)
with a tenure of 32 months (including moratorium of 8 months
ending on May 2023). The said loan is repaid fully in FY 2023-24.
TATA capital financial services limited Loan of Rs. 6,000 Lac (March 31, 2023 : Rs. 1,000 ) at the rate of
10.3% p.a. with a tenure of 48 months (including moratorium of 15
months)
15 Trade payables
Total outstanding dues of micro and small enterprises 45.09 75.98
Total outstanding dues of creditors other than micro and small
enterprises
For goods and services 3,034.81 1,571.37
3,079.90 1,647.35
Trade payables 3,033.91 1,335.28
Trade payables to related parties (Refer Note 38) 45.99 312.07
3,079.90 1,647.35
Note 1 : Trade payables Ageing Schedule

Particulars Outstanding for following periods from due Total
date of payment
1 year 3 years
(i) Total outstanding dues of micro enterprises 45.09 - - - 45.09
and small enterprises (MSME)
(ii) Total outstanding dues of creditors other 2,965.08 45.87 7.70 16.16 3,034.81
than micro enterprises and small enterprises
(Others)
(iii) Disputed dues of micro enterprises and - - - - -
small enterprises (MSME)
(iv) Disputed dues of creditors other than micro - - - - -
enterprises and small enterprises (Others)
3,010.17 45.87 7.70 16.16 3,079.90

Corporate Overview
Statutory Reports

date of payment
1 year 3 years
(Others)
1,311.24 78.24 51.51 206.36 1,647.35
Note 2: Relationship with Struck off companies

Name of the party Nature of Transactions during Balance Relationship
Transactions the year ended Outstanding as at with the struck
March 31,2024 March 31,2024 off company
KRISHNA MARKETING Receivable - - -
LINTAS INDIA PVT. LTD. Payable - - -
OMICRON MARKETING Payable - - -
PATEL TRADERS Payable - - -
SETU INFRASTRUCTURE Payable - - -
SHYAM TRADERS Payable - - -

KRISHNA MARKETING Receivable 4.24 2.14 -
LINTAS INDIA PVT. LTD. Payable (4.72) - -
OMICRON MARKETING Payable * * -
PATEL TRADERS Payable * * -
SETU INFRASTRUCTURE Payable * * -
SHYAM TRADERS Payable * * -
*Amount less than Rs. 1 Lac
Note 3: Trade payables for goods and services are non-interest bearing and are majorly settled on 30 to 90
days terms
Note 4: Based on information and records available with company, details of suppliers who are registered as micro,
small or medium enterprise under “The Micro, Small and Medium Enterprise Development Act, 2006” (Act) till
March 31, 2024 is as mentioned below. This has been relied upon by the auditors.

On the basis of the information and records available with management, details of dues to micro and small
enterprises as defined under the MSMED Act, 2006 are as below:
Principal amount remaining unpaid to any supplier as at the year end 45.09 75.98
Interest due thereon - -
Amount of interest paid in terms of section 16 of the MSMED, along with - -
the amount of the payment made to the supplier beyond the appointed
day during the accounting year
Amount of interest due and payable for the period of delay in making - -
payment (which have been paid but beyond the appointed day during
the period) but without adding the interest specified under the MSMED.
Amount of interest accrued and remaining unpaid at the end of the - -
accounting year.
The amount of further interest remaining due and payable even in the - -
succeeding years, until such date when the interest dues as above are
actually paid to the small enterprise for the purpose of disallowance as a
deductible expenditure under section 23 of the MSMED Act 2006
Note 5: Refer Note 35 for company’s credit risk management process.
16 Other financial liabilities

Advance Share of Profit 4,062.03 -
Unclaimed Dividend 11.48 4.40
Employee Benefits Expense Payable (Refer Note 38) 483.24 311.70
Interest accrued and not due on borrowings 146.47 48.65
Other Liabilities (includes payable for development rights) 113.99 -
4,817.21 364.75
17 Provisions
2024 2023 2024 2023
Provision for employee benefits
Provision for gratuity (Refer Note 30) 268.39 174.60 29.52 43.01
Provision for leave encashment 143.26 96.40 22.06 26.97
411.65 271.00 51.58 69.98
18 Other current liabilities

Advances from customers (Refer Note 39 - contract liabilities) 40,655.63 36,963.93
Statutory dues 444.30 401.68
Other payables 6.44 2.63
41,106.37 37,368.24

Corporate Overview
Statutory Reports
19 Revenue from operations

Revenue from contracts with customers ( Refer note 39)
Commercial and residential units 12,101.94 10,317.99
Other operating revenue
Share of profit from investments in Limited Liability Partnership firms 2,096.10 665.05
Plot cancellation and transfer fees 7.15 11.50
Project consultancy income 872.68 733.27
15,077.87 11,727.81
20 Other income
2023-24 2022-23
Interest on
- Bank deposits 17.96 75.97
- Financial assets measured at amortised cost 3,143.19 3,548.64
Fair value gain on investments carried at fair value through profit or loss 72.47 32.89
Gain on sale of Mutual funds 557.41 60.16
Others 35.45 27.59
3,826.48 3,745.25
21 Cost of construction materials and components consumed

2023-24 2022-23
Inventory at the beginning of the year 137.59 35.45
Add : Purchases 1,396.18 465.37
Less : Inventory at the end of the year (410.81) (137.59)
Cost of construction materials and components consumed 1,122.96 363.23
22 Changes in inventories
2023-24 2022-23
Closing Stock
Unsold developed plots of land and units 568.22 672.64
27,284.04 17,914.84
Opening Stock
Unsold developed plots of land and units 672.64 2,829.03
17,914.84 19,396.70
(Increase) / Decrease in inventories (9,369.20) 1,481.86

23 Employee benefit expenses

2023-24 2022-23
Salaries, allowances and bonus 2,784.92 1,533.93
Contribution to provident and other funds (Refer Note 30) 182.06 137.66
Employee stock option expenses/ charge (Refer note 31) 124.09 123.77
Gratuity (Refer Note 30) 48.95 37.80
Staff welfare expenses 42.14 42.38
3,182.16 1,875.54
The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post employment
benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India.
Certain sections of the Code came into effect on May 3, 2023. However, the final rules/interpretation have not
yet been issued. Based on a preliminary assessment, the entity believes the impact of the change will not be
significant.
24 Finance costs
2023-24 2022-23
Interest on
Term loan 467.77 519.73
Vehicle loans from banks 14.95 12.91
Lease Liabilities ( Refer Note 40) 39.81 8.21
Others 50.16 15.79
572.69 556.64
25 Other expenses
2023-24 2022-23
Repairs and maintenance
Buildings 0.16 5.39
Others 15.84 18.87
Rates and taxes 13.09 46.28
Travelling expenses 142.14 90.48
Power and fuel 102.50 80.64
Advertisement 305.25 400.35
Brokerage and commission charges 365.95 111.64
Legal and professional charges 1,100.13 783.88
Secretarial expenses 46.09 48.03
Information Technology expenses 163.12 86.48
Auditors' remuneration (Refer note a) 23.29 21.71
Insurance charges 78.37 48.59
CSR expenses (Refer note b) 75.00 60.00
Disposal of Items of property, plant and equipment 31.07 17.44
Rent (Refer note 40) 1.02 -
Donation 1.85 -
Printing & Stationary & Postage 24.15 21.94

Corporate Overview
Statutory Reports
25 Other expenses (contd.)

2023-24 2022-23
Security Expenses 34.71 48.03
Site General expense 44.02 6.75
Miscellaneous expenses 340.22 153.09
2,907.97 2,049.60
a. Payment to Auditors

2023-24 2022-23
Statutory audit fees 14.00 13.75
Limited review fees 7.57 6.27
Certification Fees - 1.00
Out of pocket expenses 1.72 0.69
23.29 21.71
b (i) Details of CSR expenditure
Particulars For the year 2023-24 For the year 2022-23

In cash Yet to be Total In cash Yet to be Total
paid in cash paid in cash
Gross amount required to - - 74.11 - - 59.84
be spent during the year
Amount approved by the 75.00 60.00
Board
Amount spent during the
year
Construction/acquisition of 8.55 - 8.55 - - -
any asset
On purposes other than 66.45 - 66.45 60.00 - 60.00
above
Total 75.00 - 75.00 60.00 - 60.00
b (ii) Details related to spent / unspent obligations:

a) Contribution to Charitable Trust, Spent by that trust 75.00 36.45
b) Direct Expenditure - 23.55
c) Amount Unspent - -
Total 75.00 60.00
Note 1: Nature of CSR activities undertaken by company includes Rural digital education, projects around
area of operations and supplementary education for municipal school students .

Details of ongoing project and other than ongoing project

In case of S. 135(6) (Ongoing Project)
Opening Balance as at Amount Amount spent during Closing Balance as at
April 1, 2023 required to the year March 31, 2024
With In Separate be spent From From With In Separate
Company CSR Unspent during the Company’s Separate Company CSR Unspent
A/c year bank A/c” CSR A/c
Unspent
A/c
- - - - - - -
In case of S. 135(5) (Other than ongoing project)

Opening Balance Amount deposited Amount required Amount spent Closing
as at April 1, 2023 in Specified Fund to be spent during during the year Balance as at
of Sch. VII within the year March 31, 2024
6 months
- - 74.11 75.00 -

A/c year bank A/c CSR A/c
Unspent
A/c
- - - - - - -

Opening Balance Amount deposited Amount required Amount spent Closing Balance
as at April 1, 2022 in Specified Fund to be spent during during the year as at
6 months
- - 59.84 60.00 -

Corporate Overview
Statutory Reports
26 Income Tax
(a) Tax expenses
The major components of income tax expenses for the years ended March 31, 2024 and March 31, 2023 are :
Statement of Profit and Loss :

2023-24 2022-23
Profit or loss section :
Current income tax
Current income tax charge 1,216.87 1,004.97
Adjustment of tax pertaining to earlier years (7.75) (104.21)
Deferred tax
Relating to origination and reversal of temporary differences (21.47) 6.34
Income tax expense reported in the statement of profit or loss 1,187.65 907.10
OCI section :
Deferred tax related to items recognised in OCI during in the year:
Net loss/(gain) on remeasurements of defined benefit plans 11.10 5.72
Income tax effect recognised in OCI 11.10 5.72
(b) Reconciliation of tax expense and the accounting profit multiplied by India’s domestic tax rate for March 31,
2024 and March 31, 2023:
2023-24 2022-23
Accounting profit before income tax 6,700.99 4,734.41
Tax on accounting profit at statutory income tax rate 25.17% 1,686.64 1,191.65
(March 31, 2023: 25.17%)
Income exempt from taxes (527.59) (175.67)
Expenses disallowed 40.67 23.75
Others (4.32) (28.41)
Tax expense reported in the statement of profit or loss 1,187.65 907.11
(Effective Incometax rate - 17.72% (March 31, 2023: 19.16%)
Tax expense reported in the statement of profit or loss (Effective Incometax rate - 17.72% (March 31, 2023:
19.16%)

(c) Deferred tax

Particulars Balance sheet Other comprehensive Statement of profit and
income loss
As at As at For the For the For the For the
March 31, March 31, year year year year
2024 2023 2023-24 2022-23 2023-24 2022-23
a) Deferred Tax Liabilities
Impact of difference between 24.04 49.17 - - 25.13 (17.28)
tax depreciation and
depreciation charged for the
financial reporting
Impact of Difference between 7.91 - - - (7.91) -
Lease Liabilities and Right of
Use of Assets
Impact of Fair value of Mutual 26.52 - - - (26.52) -
funds
Gross deferred tax liabilities 58.47 49.17 - - (9.30) (17.28)
b) Deferred Tax Assets
Impact of expenditure charged 116.59 85.82 11.10 5.72 (30.77) (12.66)
to the statement of profit and
loss in the current year but
allowed for tax purposes on
payment basis
Income offered for tax but not - - - - - 1.72
recognized in the books
Gross deferred tax assets 116.59 85.82 11.10 5.72 (30.77) (10.94)
Deferred tax expense/ 11.10 5.72 (21.47) 6.34
(income)
Deferred tax assets/ 74.94 42.37
(liabilities)
Reconciliation of deferred tax liabilities/(assets) (net):

2023-24 2022-23
Opening balance as at April 1, 2023 42.37 42.99
Deferred tax credit/(charge) during the year recognised in profit or 21.47 (6.34)
loss
Deferred tax credit/(charge) during the year recognised in OCI 11.10 5.72
Closing balance as at March 31, 2024 74.94 42.37

Corporate Overview
Statutory Reports
27 Earnings per share ( EPS )

Basic EPS is calculated by dividing the profit for the year attributable to equity shareholders by weighted average
number of equity shares outstanding during the year. Diluted EPS is calculated by dividing the profit for the year
attributable to equity shareholders 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. The following table reflects the income and share data used in the basic and
diluted EPS computation.

2023-24 2022-23
Earnings per share (Basic and Diluted)
Profit after tax attributable to equity shareholders 5,513.34 3,827.31
Total number of equity shares at the end of the year 4,53,43,979 4,53,11,979
Weighted average number of equity shares
For basic EPS 4,53,12,154 4,39,50,441
For diluted EPS 4,57,52,475 4,54,83,390
Nominal value of equity shares 10.00 10.00
Basic earnings per share 12.17 8.71
Diluted earnings per share 12.05 8.41
Weighted average number of equity shares for basic EPS 4,53,12,154 4,39,50,441
Effect of dilution: stock options granted under ESOP 4,40,321 1,97,955
Effect of dilution: share warrants - 13,34,995
Weighted average number of equity shares adjusted for the effect of 4,57,52,475 4,54,83,390
dilution
28 Commitments and Contingencies

a. Commitments
As at March 31, 2024 the company has given net advance of Rs. 6519.22 Lac/- (March 31, 2023: Rs. 4,072.01
Lac) for purchase of land. Under the agreements executed with the land owners, the company is required to
make further payments based on the agreed terms. Further the company has commitment on capital account
( Net of advances) amounting to Rs. 1800 Lac (March 31, 2023: Rs. NIL) relating to purchase of assets.
b. Contingent liabilities
Claims against the company not acknowledged as debt:

2023-24 2022-23
Disputed demands in respect of -
Income tax 597.27 563.03
Indirect Tax (TDR) 226.54 207.44
Indirect Tax - Goods & Service Tax Act 2017 247.30 -
Indirect Tax (VAT) - 42.22
Notes:
The Company has not recognized and acknowledged the claims as liability in the books of account amounting
to Rs.597.27 Lac (March 31, 2023: Rs.563.03 Lac) which have been made against the company by Department
of Income Tax since such claims have been disputed and pending before the appropriate authorities for final
adjudication and accordingly sub-judice. The company has been advised by its tax counsel that it is only
possible, but not probable, that the action will succeed. Accordingly, no provision for any liability has been
made in these financial statements.

The Company has not recognized and acknowledged the claims as liability in the books of account amounting
to Rs. 473.84 Lac (March 31, 2023: Rs. 249.66 Lac ) which have been made against the company by Department
of Goods and service tax & Karnataka VAT, since such claims have been disputed and pending before the
appropriate authorities for final adjudication and accordingly sub-judice. The claim of TDR of Rs. 226.54 Lac
(March 31, 2023: Rs. 207.44 Lac) , Out of which Rs. 207.44 is paid under protest while Rs.42.22 have been paid
in cash and by furnishing Bank guarantee which has been settled and revoked as on March 31, 2024. Further,
the claim of Rs. 247.30 (March 31, 2023: Nil) pertains to denial of Tran-1 credit on the grounds that transitional
credit availed is in excess to the credit available in the KVAT returns. The company has been advised by its
legal counsel that it is only possible, but not probable, that the action will succeed. Accordingly, no provision
for any liability has been made in these financial statements.
29 Segment Reporting
The Company’s primary business is development of real estate comprising of residential, commercial and
industrial projects. Company’s performance for operation as defined in Ind AS 108 is evaluated as a whole by
the Managing Director & CEO/Chief Financial Officer who are chief operating decision maker (‘CODM’) of the
Company based on which development of real estate activities are considered as a single operating segment.
The Company reports geographical segment which is based on the areas in which major operating divisions
of the Company operate and the entire operations are based only in India and hence no further disclosures
are made in this regards. During the year 2023-24 and 2022-23 , no single external customer has generated
revenue of 10% or more of the Company’s total revenue.
30 Disclosure pursuant to employee benefits

A. Defined contribution plans : Provident fund and employee state insurance
The company makes contribution towards employees’ provident fund and employees’ state insurance plan
scheme. Under the rules of these schemes, the Company is required to contribute a specified percentage
of payroll costs. The Company during the year recognized Rs. 182.06 Lac (March 31, 2023 : Rs. 137.66 Lac)
as expense towards contributions to these plans. The company does not have any further obligation in this
regards.
B. Defined benefit plans

(a) Gratuity
The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972.
Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of
gratuity payable on retirement / termination is the employees last drawn basic salary per month computed
proportionately for 15 days salary multiplied for the number of years of service. The gratuity plan is a non
funded plan.

Notes to standalone financial statements for the year ended March 31, 2024
March 31, 2024 : Changes in defined benefit obligation

Particulars April 1, Gratuity cost charged to Benefit Remeasurement (gains)/losses in other comprehensive income Contributions March
2023 statement of profit and loss paid by employer 31,
Service Net Sub-total Return on Actuarial Actuarial Experience Sub-total 2024
cost interest included plan assets changes changes adjustments included
expense in (excluding arising from arising from in OCI
statement amounts changes in changes in
of profit included demographic financial
and loss in net assumptions assumptions
interest
expense)
Gratuity
Defined 217.61 32.87 16.08 48.95 (12.75) - (0.60) 25.89 18.81 44.11 - 297.91
benefit
obligation
Benefit 217.61 32.87 16.08 48.95 (12.75) - (0.60) 25.89 18.81 44.11 - 297.91
liability

of profit included in demographic financial
and loss net interest assumptions assumptions
expense)
Gratuity
Defined 176.66 26.47 11.32 37.80 (19.58) - - (9.19) 31.92 22.73 - 217.61
benefit
obligation
Benefit 176.66 26.47 11.32 37.80 (19.58) - - (9.19) 31.92 22.73 - 217.61
liability
Statutory Reports
Corporate Overview

The principal assumptions used in determining above defined benefit obligations for the Company’s
plans are shown below:
Discount rate 7.20% 7.39%
Future salary increase 8.00% 7.00%
Attrition rate For service 2 15.00%
years and below
20.00% p.a.
For service 3
years to 5 years
10.00% p.a.
For service 6
years and above
5.00% p.a.
Mortality rate during employment Indian Assured Indian Assured
Lives Mortality Lives Mortality
2012-14 (Urban) 2012-14 (Urban)
A quantitative sensitivity analysis for significant assumptions is as shown below:

Gratuity
Particulars Sensitivity level Increase / (Decrease) in defined
benefit obligation (Impact)
March 31, 2024 March 31, 2023
Gratuity
Discount rate 1% increase (21.97) (8.58)
1% decrease 25.32 9.38
Salary increase 1% increase 24.87 9.33
1% decrease (22.01) (8.69)
Attrition rate 1% increase (2.79) (0.81)
1% decrease 3.00 0.82
The following are the expected future benefit payments for the defined benefit plan :
Gratuity
Within the next 12 months (next annual reporting period) 29.52 43.01
2 to 5 years 67.18 97.84
6 to 10 years 182.13 113.57
Beyond 11 years 335.30 60.88
Total expected payments 614.14 315.30
Weighted average duration of defined plan obligation (based on discounted cash flows)
Particulars Years
March 31, 2024 March 31, 2023
Gratuity 9 5

Corporate Overview
Statutory Reports
31 Share-based payments
The company provides share-based payment schemes to its employees. During the year ended March 31, 2024,
an employee stock option plan (ESOP) was in existence. The relevant details of the scheme and the grant are as
below:
Employee Stock Option (ESOP) Scheme (2016)

The Company instituted an Employees Stock Option Scheme (‘ESOP 2016’) pursuant to the approval of the
shareholders of the company at their Annual General Meeting held on September 23, 2016. In accordance with
the ESOP 2016 :
a. The Company has on August 23, 2018, granted 3,70,000 options to the eligible employees of the company
at an exercise price of Rs. 158.30/-. The options under this grant would vest to the employees in the ratio of
25%, 25% and 50% on 1st year, 2nd year and 5th year respectively from the date of grant, based on continued
service and certain performance parameters. These options can be exercised by the employees within period
of five years from the date of respective vesting of options.
b. The Company has on March 29, 2022, granted 4,50,000 options to the eligible employees of the company and
subsidiaries, at an exercise price of Rs. 194.05/-. The options under this grant would vest to the employees
in the ratio of 40% and 60% on 2nd year and 3rd year respectively from the date of grant, based on continued
Expense recognised for employee services received during the year is shown in the following table:
2023-24 2022-23
Expense arising from equity-settled share-based payment 124.09 123.77
transactions
Total 124.09 123.77
*There were no cancellations or modifications to the plan during the year ended March 31, 2024 or March 31,
2023.
Movement during the year:

The following table illustrates the number and weighted average exercise price of share options during the
year:
ESOP ESOP ESOP ESOP
Scheme 2016 Scheme 2016 Scheme 2016 Scheme 2016
(Tranch-1) (Tranch-2) (Tranch-1) (Tranch-2)
Options
Outstanding at the beginning of the year 3,70,000 4,50,000 3,70,000 4,50,000
Exercised during the year - 32,000 - -
Outstanding at the end of the year 3,70,000 4,18,000 3,70,000 4,50,000
Exercisable at the end of the year 3,70,000 1,48,000 1,85,000 -
weighted average share price at the - 666.85 - -
exercise date
weighted average remaining contractual 3.39 6.99 4.39 7.99
life ( In years )
The fair value of the share options is estimated at the grant date using Binomial Model taking into account the
terms and conditions upon which the share options are granted and there are no cash settled alternatives for
employees.

32 Fair value disclosures for financial assets and financial liabilities

Below is a comparison, by class, of the carrying amounts and fair value of the Company’s financial instruments:
Particulars Carrying amount Fair value
2024 2023 2024 2023
Financial assets measured at amortised cost
Investments ( Refer Note 4 ) 26,141.81 18,485.87 26,141.81 18,485.87
Loans given ( Refer Note 5 ) 17,720.04 27,039.84 17,720.04 27,039.84
Trade Receivables ( Refer Note 6 ) 187.00 178.31 187.00 178.31
Other financial assets ( Refer Note 9 ) 11,832.98 5,974.39 11,832.98 5,974.39
Cash and cash equivalents ( Refer Note 7 ) 3,892.16 1,914.38 3,892.16 1,914.38
Other bank balances ( Refer Note 8 ) 11.48 4.40 11.48 4.40
Total 59,785.47 53,597.19 59,785.47 53,597.19
Financial assets measured at fair value through
profit or loss
Investment in mutual funds ( Refer Note 4 ) 8,693.40 5,931.88 8,693.40 5,931.88
Total 8,693.40 5,931.88 8,693.40 5,931.88
Financial liabilities measured at amortised cost
Borrowings ( Refer Note 14 ) 6,190.94 5,193.03 6,190.94 5,193.03
Trade payables ( Refer Note 15 ) 3,079.90 1,647.35 3,079.90 1,647.35
Other financial liabilities ( Refer Note 16 ) 4,817.21 364.75 4,817.21 364.75
Total 14,088.05 7,205.13 14,088.05 7,205.13
The management assessed that the fair values of financial assets and financial liabilities approximate their carrying
amounts due to the short-term maturities.
33 Fair value measurement hierarchy

The details of fair value measurement hierarchy of company’s financial assets/liabilities are as below:
Level March 31, 2024 March 31, 2023
Assets disclosed at fair value
Investments ( Refer Note 4 ) Level - 1 8,693.40 5,931.88
The management assessed that carrying amount of unquoted Investments, cash and cash equivalents, other bank
balance, trade receivables, loans, Other financial assets, trade payable and other financial liabilities approximate
their fair values largely due to the short term maturities of these instruments. Borrowings are to be repaid as per
specified repayment schedule.
There have been no transfers between Level 1 and Level 2 during the period.
34 Capital management
The Company’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence
and to sustain future development of the business. The Board of Directors of the Company seek to maintain a
balance between the higher returns that might be possible with higher level of borrowings and advantages of a
sound capital position.
The Company monitors capital using a net debt to equity ratio, which is as follows:
1. Equity includes equity share capital and all other equity components attributable to the equity holders.
2. Net debt includes borrowings (non-current and current) less cash and cash equivalents

Corporate Overview
Statutory Reports

Borrowings 6,190.94 5,193.04
Less: Cash and cash equivalents (3,892.16) (1,914.38)
Net Debt (A) 2,298.78 3,278.66
Equity share capital 4,534.40 4,531.20
Other equity 52,522.38 48,354.35
Total Equity (B) 57,056.78 52,885.55
Gearing Ratio (C=A/B) 0.04 0.06
No changes were made in the objectives, policies or processes for managing capital during the current and
previous years.
35 Financial risk management objectives and policies

The Company’s principal financial liabilities, comprise of borrowings, trade and other payables. The main purpose
of these financial liabilities is to finance the Company’s operations. The Company’s principal financial assets include
loans, Investments , trade and other receivables and cash and cash equivalents that are derived directly from its
operations.
The Company is exposed to market risk, credit risk and liquidity risk. The Company’s management oversees the
management of these risks and ensures that the Company’s financial risk activities are governed by appropriate
policies and procedures and that financial risks are identified, measured and managed in accordance with the
Company’s policies and risk objectives.
1. Market Risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in market prices. Market risk comprises two types of risk: interest rate risk and other price risk, such
as commodity/ real-estate risk.
The sensitivity analysis in the following sections relate to the position as at March 31, 2024 and March 31, 2023.
The sensitivity analysis has been prepared on the basis that the amount of net debt and the ratio of fixed to
floating interest rates of the debt. The analysis excludes the impact of movements in market variables on the
carrying values of gratuity and other post retirement obligations/provisions.
The below assumption has been made in calculating the sensitivity analysis:
The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market
risks. This is based on the financial assets and financial liabilities held at March 31, 2024 and March 31, 2023.
Interest rate risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of
changes in Interest rate. The entity’s exposure to the risk of changes in Interest rates relates primarily to the
entity’s operating activities (when receivables or payables are subject to different interest rates) and the
entity’s net receivables or payables.
The company is affected by the price volatility of certain commodities/ real estate. Its operating activities
require the ongoing development of real estate. The company’s management has developed and enacted
a risk management strategy regarding commodity/ real estate price risk and its mitigation. The company is
subject to the price risk variables, which are expected to vary in line with the prevailing market conditions.
Interest rate sensitivity
The following tables demonstrate the sensitivity to a reasonably possible change in interest rates, with all other
variables held constant for variable rate instruments. This calculation also assumes that the change occurs at
the balance sheet date and has been calculated based on risk exposures outstanding as at that date. The year
end balances are not necessarily representative of the average debt outstanding during the year.

Particulars Changes in Effect of profit

interest rate before tax
March 31, 2024 +1% (61.91)
-1% 61.91
March 31, 2023 +1% (51.93)
-1% 51.93
2. Credit Risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer
contract, leading to a financial loss. The carrying amount of following financial assets represents the maximum
credit exposure.
Trade receivables
Receivables resulting from sale of properties: Customer credit risk is managed by requiring customers to pay
advances before transfer of ownership, therefore substantially eliminating the company’s credit risk in this
respect.
The ageing of trade receivables (net) is as follows:

More than 6 months 13.87 13.87
Others 173.13 164.44
Total receivables 187.00 178.31
Financial Instrument and cash deposits
Credit risk from balances with banks and financial institutions is managed by the company’s treasury
department in accordance with the company’s policy. Investments of surplus funds are made only with
approved counterparties and within credit limits assigned to each counterparty. Counterparty credit limits
are reviewed by the company’s Board of Directors on an annual basis. The limits are set to minimise the
concentration of risks and therefore mitigate financial loss through a counterparty’s potential failure to make
payments. The company’s maximum exposure to credit risk for the components of the statement of financial
position at March 31, 2024 and March 31, 2023 is the carrying amounts.
3. Liquidity Risk
Liquidity risk is the risk that the company will encounter difficulty in meeting the obligations associated with
its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to
managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when
they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking
damage to the Company‘s reputation.
The table below summarises the remaining contractual maturities of the company’s financial liabilities at the
reporting date.
Particulars On demand Less than 3 months 1 year to More than Total

3 months to 1 year 5 years 5 Years
Year ended March 31, 2024
Borrowings* - 465.64 1,210.92 4,660.85 - 6,337.41
Trade payables - 3,079.90 - - - 3,079.90
Other financial liabilities 4062.03 597.23 - - - 4659.26
Lease Liabilities - 7.62 22.86 251.34 88.59 370.41
4062.03 4150.39 1,233.78 4,912.19 88.59 14446.98

Corporate Overview
Statutory Reports

Borrowings* - 58.83 205.67 4,977.19 - 5,241.69
Trade payables - 1,647.35 - - - 1,647.35
Other financial liabilities - 311.70 - - - 311.70
- 2,018.80 208.42 5,002.60 50.24 7,280.05
*Includes current maturities of non-current borrowings and interest accrued but not due on borrowings
36 Disclosure in respect interest in joint ventures and subsidiaries

(a) List of subsidiaries
Sr Name of subsidiary Country of Percentage of holding

No. incorporation March 31, 2024 March 31, 2023
(i) Companies
1 Arvind Hebbal Homes Pvt. Ltd. India 100.00% 100.00%
2 Arvind Homes Pvt. Ltd. India 100.00% 100.00%
3 Arvind SmartHomes Pvt. Ltd. India 100.00% 100.00%
(ii) LLPs
1 ASL Facilities Management LLP India 99.00% 99.00%
2 Uplands facilities Management LLP India 99.00% 99.00%
3 Changodar Industrial Infrastructure (One) LLP India 99.00% 99.00%
4 Ahmedabad Industrial Infrastructure (One) LLP India 99.00% 99.00%
5 Ahmedabad East Infrastructure LLP* India 51.43% 51.43%
6 Arvind Five Homes LLP* India 51.00% 51.00%
7 Arvind Infracon LLP India 99.00% 99.00%
8 Arvind Beyond Five Club LLP India 99.00% 99.00%
9 Yogita Shelters LLP India 99.79% 99.79%
10 Arvind Smart City LLP India 93.21% 93.21%
11 Arvind Infrabuild LLP India 99.00% 99.00%
12 Thol Highlands LLP India 75.00% 99.00%
13 Adroda Homes LLP India 75.00% -
14 Bavla Homes LLP India 51.00% -
15 Kalyangadh Homes LLP India 75.00% -
16 Lagdana Homes LLP India 99.00% -
17 Arvind Green Homes LLP (Formerly known as India 99.00% -
Amplus Ahmedabad Projects LLP)
18 Arvind Integrated Projects LLP (Subsidiary from India 99.00% -
March 01,2024)
*Profit sharing of Arvind SmartSpaces Limited in Ahmedabad East Infrastructure LLP is 94% during March 31,
2024 and March 31, 2023.
*Profit sharing of Arvind SmartSpaces Limited in Arvind Five Homes LLP is 41% during March 31, 2024 and
March 31, 2023

(b) List of joint ventures

Sr Name of Joint Ventures Country of Percentage of holding
(i) LLPs
1 Arvind Bsafal Homes LLP* India 50.00% 50.00%
* Profit sharing of Arvind SmartSpaces Limited in Arvind Bsafal Homes LLP is 41% during March 31, 2024 and
March 31, 2023.
In case of LLPs percentage of holding in the above table denotes the share of capital contribution in the LLP
which is same as share of profit, unless stated otherwise.
Particulars As at As at
March 31, 2024 March 31, 2023
Arvind Bsafal Homes Arvind Bsafal Arvind Integrated
LLP Homes LLP Projects LLP
Assets 51.82 91.27 0.51
Liabilities 0.69 0.40 0.74
Income 0.57 3.93 -
Expense (Including depreciation and tax) 0.31 0.51 0.43
37 Ratio Analysis and its elements

Ratio Numerator Denominator March 31, 2024 March 31, 2023 % change Reason for
variance
Current ratio Current Current 1.12 1.07 5% -
Assets Liabilities
Debt- Equity Total Debt Shareholder’s 0.11 0.10 11% -
Ratio Equity
Debt Service Earnings for Debt service 1.37 0.91 51% Increase in
Coverage ratio debt service = Interest ratio is due
= Net Profit & Lease to increase
after taxes Payments in net profit
+ Non-cash + Principal
operating Repayments
expenses
(depreciation
and other
amortizations
+ Interest +
other
adjustments
like loss on
sale of Fixed
assets etc."
Return on Net Profits Average 10% 8% 31% Higher
Equity ratio after taxes – Shareholder’s return
Preference Equity mainly due
Dividend to increase
in net profit
Inventory Cost of goods Average 0.23 0.33 -29% Increase in
Turnover ratio sold Inventory ratio is due
to increase
in average
inventory

Corporate Overview
Statutory Reports
37 Ratio Analysis and its elements (contd.)

Ratio Numerator Denominator March 31, 2024 March 31, 2023 % change Reason for
variance
Trade Net credit Average 66.26 73.35 -10% -
Receivable sales = Gross Trade
Turnover Ratio credit sales Receivable
Trade Payable Net credit Average 2.34 1.89 24% -
Turnover Ratio purchases = Trade
Gross credit Payables
purchases/
services -
purchase
return
Net Capital Net sales = Working 2.55 4.47 -43% Increased
Turnover Ratio Total sales capital = in Working
Current capital
assets – mainly
Current due to
liabilities increased
investment
and
inventory
Net Profit ratio Net Profit Net sales = 36% 32% 12% -
Total sales -
sales return
Return on Earnings Capital 12% 9% 26% Higher
Capital before Employed return
Employed interest and = Tangible mainly due
taxes Net Worth + to increase
Total Debt + in Earnings
Deferred Tax before
Liability interest and
taxes
Return on
Investment
a. Mutual Gain on sale/ Average 7% 7% 4% -
Funds fair valuation investment in
of investment Mutual Funds
b. Fixed Interest Average 7% 7% -3% Investment
Income income investment in in fixed
Investments Fixed Income income
investments investment
for a
shorter
term as
large
investments
are in
mutual
funds

38 Related party transactions

As per the Indian Accounting Standard on "Related Party Disclosures" (Ind AS 24), the related parties of the
company are as follows :
A. Name of related parties and nature of relationship :

Entity name Relationship
Arvind Hebbal Homes Private Limited Subsidiary Company
Arvind Homes Private Limited Subsidiary Company
Arvind Smart Homes Private limited Subsidiary Company (w.e.f August 12, 2022)
Arvind Bsafal Homes LLP Joint Venture
Arvind Integrated Projects LLP Joint Venture (Upto February 28, 2024)
Subsidiary Entity (Partner in LLP) (w.e.f March 01,2024)
ASL Facilities Management LLP Subsidiary Entity (Partner in LLP)
Uplands facilities management LLP (Formerly Subsidiary Entity (Partner in LLP)
known as Arvind Altura LLP)
Changodar Industrial Infrastructure (One) LLP Subsidiary Entity (Partner in LLP)
Chirping Woods Homes LLP Fellow subsidiary Entity (Partner in LLP)
Ahmedabad Industrial Infrastructure (One) Subsidiary Entity (Partner in LLP)
LLP
Ahmedabad East Infrastructure LLP Subsidiary Entity (Partner in LLP)
Arvind Five Homes LLP Subsidiary Entity (Partner in LLP)
Arvind Infracon LLP Subsidiary Entity (Partner in LLP)
Arvind Beyond Five Club LLP Subsidiary Entity (Partner in LLP)
Arvind Smart City LLP Subsidiary Entity (Partner in LLP)
Yogita Shelters LLP Subsidiary Entity (Partner in LLP)
Arvind Infrabuild LLP Subsidiary Entity (Partner in LLP) (w.e.f. October 6, 2022)
Thol Highlands LLP Subsidiary Entity (Partner in LLP) (w.e.f. July 8, 2022)
Adroda Homes LLP Subsidiary Entity (Partner in LLP) (w.e.f. May 30, 2023)
Bavla Homes LLP Subsidiary Entity (Partner in LLP) (w.e.f. June 1, 2023)
Ahmedabad Chhabasar Homes LLP Fellow Subsidiary Entity (Partner in LLP) (w.e.f. June 2,
2023)
Kalyangadh Homes LLP Subsidiary Entity (Partner in LLP) (w.e.f. May 30, 2023)
Arvind Surat Homes LLP (Formerly known as Fellow Subsidiary Entity (Partner in LLP) (w.e.f. June 2,
Kesardi Homes LLP) 2023)
Lagdana Homes LLP Subsidiary Entity (Partner in LLP) (w.e.f. June 2, 2023)
Arvind Green Homes LLP (Formerly known as Subsidiary Entity (Partner in LLP) (w.e.f.February 1 ,2024)
Amplus Ahmedabad Projects LLP)
Mr. Sanjay S. Lalbhai Chairman & Non-Executive Director
Mr. Kamal Singal Managing Director and Chief Executive Officer- Key
Managerial Personnel
Mr. Kulin Lalbhai Non-Executive Director
Mr. Prem Prakash Pangotra Non-Executive Director
Mr. Pratul Shroff Non-Executive Director
Ms. Pallavi Vyas Non-Executive Director
Mr. Nirav Kalyanbhai Shah Non-Executive Director
Mr. Ankit Jain Chief Financial Officer - Key Managerial Personnel
Mr. Prakash Makwana Company Secretary - Key Managerial Personnel
Aura Securities Private limited Enterprise having significant influence by Key Management
Personnel

Corporate Overview
Statutory Reports
A. Name of related parties and nature of relationship :

Aura Merchandise Private Limited Enterprise having significant influence by Key Management
Personnel
Aura Business Ventures LLP Enterprise having significant influence by Key Management
Personnel
Kausalya Realserve LLP Enterprise having significant influence by Key Management
Personnel
Arvind Lifestyle brands Ltd Enterprise having significant influence by Key Management
Personnel
Arvind and Smartvalue Homes LLP Enterprise having significant influence by Key Management
Personnel
Arvind Limited Enterprise having significant influence by Key Management
Personnel
B. Disclosure in respect of total amount of transactions that have been entered into with related parties :
Remuneration
Mr. Kamal Singal 439.78 418.23
Mr. Ankit Jain 178.84 135.99
Mr. Prakash Makwana 38.66 40.87
Director's Sitting Fees & Commission
Mr. Kulin Lalbhai 23.50 -
Mr. Sanjay Lalbhai 6.80 -
Mr. Nirav Kalyanbhai Shah 7.70 6.30
Sale of Inventory / Assignment of Receivables
Arvind Hebbal Homes Private Limited 240.00 2,760.00
Arvind Infracon LLP - 68.00
Mr. Ankit Jain and relatives - -
Kausalya Realserve LLP - -
Mr. Prakash Makwana - -
Project Management Consultancy Income
Arvind Limited 872.68 733.27
Expenses incurred
Arvind Lifestyle Brands Ltd - 8.40
Rent and Professional charges paid
Purchase of Asset
Arvind Limited - 3.68
Purchase of Asset
Arvind Hebbal Homes Private Limited 5.35 -
Sale of Asset
Arvind Smart Homes Private limited 0.86 -
Arvind Homes Private limited 2.90 -
Arvind Hebbal Homes Private Limited 0.79 -

Ahmedabad East Infrastructure LLP 2.58 -
Advance for Land (Net)
Arvind Five Homes LLP (540.88) 5,283.32
Ahmedabad East Infrastructure LLP (1,054.90) 6,987.08
Reimbursement of Employee Benefit Expense
Ahmedabad East Infrastructure LLP 335.80 406.68
Uplands Facilities Management LLP 25.27 18.35
Arvind Infracon LLP 98.71 408.51
Arvind Homes Private limited 328.72 189.73
Chirping Woods Homes LLP 200.64 150.95
Arvind Smart Homes Private limited 359.98 25.60
Arvind Hebbal Homes Private Limited 358.35 384.18
Yogita Shelters LLP 197.91 177.73
Kalyangadh Homes LLP 20.32 -
Thol Highlands LLP 8.41 -
Adroda Homes LLP 155.34 -
Reimbursement of expenses received /(paid) (net)
Arvind Bsafal Homes LLP 7.45 0.37
Ahmedabad Industrial Infrastructure (One) LLP 0.27 0.11
Yogita Shelters LLP 1.51 (1.28)
Arvind Smart Homes Private limited 14.08 -
Arvind Five Homes LLP - 0.93
Interest income from Limited Liability Partnerships
Arvind Five Homes LLP 11.30 168.70
Arvind Smart Homes Private limited 1,610.51 587.80
Interest on OCDs to Arvind Smart Homes Private limited 50.00 -
Investments made during the year
Ahmedabad East Infrastructure LLP 3,235.00 5,690.01
Ahmedabad Industrial Infrastructure (One) LLP 6.50 4.00
Arvind Five Homes LLP 757.00 1,101.48
Arvind Beyond Five Club LLP 220.00 173.00
Arvind Infracon LLP 16,491.50 5,774.13

Corporate Overview
Statutory Reports
Changodar Industrial Infrastructure (One) LLP 8.02 9.77
Yogita Shelters LLP 995.00 -
Arvind Smart City LLP 1,589.34 4,405.96
Arvind Infrabuild LLP - 710.99
Kalyangadh Homes LLP 5,902.81 -
Lagdana Homes LLP 0.99 -
Arvind Smart Homes Private Limited - 2,601.00
Adroda Homes LLP 7,639.89 -
Uplands Facilities Management LLP 10.00 -
Bavla Homes LLP 1,262.51 -
Arvind Green Homes LLP 0.99 -
Arvind Integrated Projects LLP 0.49 -
Investments withdrawn during the year
Arvind Five Homes LLP 348.00 4,526.60
Ahmedabad Industrial infrastructure (One) LLP 70.00 67.00
Arvind Infracon LLP 19,910.50 9,486.42
Changodar Industrial Infrastructure (One) LLP 6.55 -
Adroda Homes LLP 7,639.14 -
Arvind Smart City LLP 250.74 -
Bavla Homes LLP 45.00 -
Advance Share of Profit from LLPs
Arvind Infracon LLP 3,057.51 -
Arvind Homes Private Limited 168.66 -
Loans Given
Arvind Hebbal Homes Private Limited 1,639.28 460.93
Arvind Smart Homes Private Limited 13,237.16 17,088.28
Arvind Homes Private Limited 5,449.50 4,417.69
Loans Repaid
Arvind Hebbal Homes Private Limited 5,849.53 -
Arvind Smart Homes Private Limited 10,440.36 3,298.98
Other receivable in respect of Project transfer
Arvind Hebbal Homes Private Limited - 7,000.00
Share of Profit/(Loss) from investments in LLP
Ahmedabad East Infrastructure LLP 1,204.69 (1,864.69)
Arvind Infracon LLP 891.31 2,528.55

Arvind Integrated LLP - (0.07)
Money received against share warrants
Kausalya Realserve LLP - 2,180.25
Exercise of share options under ESOS / ESOP
Mr. Ankit Jain 23.29 -
C. Disclosure in respect of outstanding balance as at March 31, 2024 :

Receivables for common sharing expenses
Arvind homes private Limited 355.02 204.91
Chirping Woods Homes LLP 216.69 163.02
Uplands Facilities Management LLP 27.29 19.82
Arvind Smart Homes Private Limited 388.78 27.65
Ahmedabad Chhabasar Homes LLP 100.96 -
Arvind Surat Homes LLP 0.42
Other receivables / ( Payables) from LLP
Arvind Beyond Five Club LLP - -
Arvind Five homes LLP 7,495.55 8,028.50
Arvind Smart City LLP - 0.87
Arvind Homes Private Limited 7.79 11.86
Arvind Smart Homes Private Limited 16.72 -
Advance Share of Profit from LLPs
Arvind Infracon LLP (3,057.51) -
Adroda Homes LLP (835.86) -
Arvind Homes Private Limited (168.66) -
Receivables for Interest accrued but not due
Arvind homes private limited 522.64 743.04
Arvind Smart Homes Private Limited 2,028.48 529.02

Corporate Overview
Statutory Reports

Trade Receivable
Trade payables
Arvind Homes Private limited - 5.87
Ahmedabad East Infrastructure LLP - 207.56
Yogita Shelters LLP - 5.17
Arvind Five Homes LLP - 0.02
Mr. Sanjay S. Lalbhai 3.60 -
Employee Benefits Expense Payable
Mr. Ankit Jain 5.87 4.64
Advance to suppliers
Changodar Industrial Infrastructure (One) LLP - 0.02
Loans Given/(Taken)
Arvind Homes Private Limited - 7,912.67
Arvind Hebbal Homes Private Limited 1,133.95 5,337.88
Arvind Smart Homes Private limited 16,586.09 13,789.29
Capital Contributions (Initial and Additional)
Ahmedabad Industrial Infrastructure (One) LLP 1,281.27 1,344.77
ASL Facilities Management LLP 32.49 32.49
Uplands facility management LLP 12.36 2.36
Arvind Infracon LLP 0.99 2,529.54
Changodar Industrial Infrastructure (One) LLP 27.96 26.50
Arvind Infrabuild LLP 710.99 710.99
Yogita Shelters LLP 2,698.22 1,828.22
Arvind Smart City LLP 6,585.84 5,247.24
Kalyangadh Homes LLP 5,295.81 -
Lagdana Homes LLP 0.99 -
Arvind Integrated Projects LLP 0.49 -
Arvind Green Homes LLP 0.99 -


Bavla Homes LLP 1,217.51 -
Investment in subsidiary company
Arvind Smart Homes Private limited 2,601.00 2,601.00
D. Terms and conditions of transactions with related parties :

1) Transaction entered into with related party 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 except as
specified and expected based on terms of agreement and settlement occurs in cash. There have been
no guarantees provided or received for any related party receivables or payables. The company has not
recorded any provision/ write-off of receivables relating to amounts owed by related parties.
2) In respect of the transactions with the related parties, the Company has complied with the provisions of
Section 177 and 188 of the Companies Act, 2013 where applicable, and the details have been disclosed
above, as required by the applicable accounting standards.
3) Refer note 31 for ESOPs granted as per ESOP schemes
E. Commitments with related parties :

The company has not provided any commitment to the related party as at March 31, 2024 (March 31, 2023:
Rs. Nil)
F. Transactions with key management personnel :

Compensation of key management personnel of the Company

Short-term employee benefits 657.27 595.08
Post employment benefits
Other long-term employment benefits
Total compensation paid to key management personnel 657.27 595.08
The company creates provision for post-employment gratuity benefits based on actuarial valuation of such
liability. Such an actuarial valuation is carried out on a company-level and not an individual level. Hence,
expenses incurred on key management personnel during the year to this extent is not identifiable and has thus
not been disclosed.
39 Disclosures for Ind AS 115

Revenue from contracts with customers:
1 Disaggregation of revenue
Below is the disaggregation of the Company’s revenue from contracts with customers, which is in agreement
with the contracted price and is recognised in accordance with revenue recognition policy. ( Refer Note -2.2
(i))
Particulars Note Year Ended Year Ended
March 31, 2024 March 31, 2023
Revenue from contracts with customers
Commercial and residential units 19 12,101.94 10,317.99
Timing of revenue recognition
Revenue transferred at a point in time 12,101.94 10,317.99

Corporate Overview
Statutory Reports
2 Contract balances
March 31, 2024 March 31, 2023
Trade and other receivables 6 187.00 178.31
Contract liabilities 18 40,655.63 36,963.93
Trade receivables are generally on credit terms of upto 30-60 days.
Contract liabilities include advances received from customers representing transaction price allocated to
unsatisfied performance obligations. The increase in contract liabilities majorly pertains to revenue to be
recognised pertaining to Uplands - II and Highgrove projects since BU for the same is yet to be received / Sale
deeds yet to be executed.
Particulars Year Ended Year Ended

March 31, 2024 March 31, 2023
Revenue recognised during the year that was included in the contract 10,871.67 5,930.75
liability balance at the beginning of the year.
3 Performance obligations
Particulars Year Ended Year Ended
March 31, 2024 March 31, 2023
Aggregate amount of the transaction price allocated to the
performance obligations that are unsatisfied as of the end of the
current year **
Revenue to be recognised at a point in time 44,933.41 46,631.58
**The entity expects to satisfy the performance obligations when (or as) the underlying real estate projects to
which such performance obligations relate are completed. Such real estate projects are in various stages of
development and are expected to be completed in the coming periods of upto four years.
For information on major customers refer Note-29.
40 Leases
Company as a lessee
The lease liability is initially measured at amortized cost at the present value of the future lease payments on the
date of initial application. Right to use assets are initially recognized that is equal to lease liabilities on the initial
application date.
The company has lease contract for office building at head office-Ahmedabad used for its operations with lease
term of 3 years and option of further extension for additional 7 years at the option of lessee . Accordingly, a
right-of-use asset of Rs. 82.14 Lac and a corresponding lease liability of Rs. 82.14 Lac has been recognized.
The principal portion of the lease payments have been disclosed under cash flow from financing activities. The
company’s obligations under its leases are secured by the lessor’s title to the leased assets. The lease contract
includes extension and termination options and variable lease payments, which are further discussed below.
The company has lease contract for office building at Bangalore used for its operations with lease term of 7 years
. Accordingly, a right-of-use asset of Rs. 318.81 Lac and a corresponding lease liability of Rs. 318.81 Lac has been
recognized. The principal portion of the lease payments have been disclosed under cash flow from financing
activities. The company’s obligations under its leases are secured by the lessor’s title to the leased

assets. The lease contract includes extension and termination options and variable lease payments, which are
further discussed below.
Set out below are the carrying amounts of right-of-use assets recognised and the movements during the year:

As at April 1 73.92 -
Additions ( Refer Note 3.2) 318.81 82.14
Depreciation Expense ( Refer Note 3.2) 53.75 8.21
As at March 31 338.98 73.92
Set out below are the carrying amounts of lease liabilities and the movements during the year:

Additions 318.82 82.14
Accretion of interest 39.81 8.21
Payments (67.53) (11.04)
As at March 31 370.41 79.31
Current 30.49 3.66
Non-current 339.92 75.65
The maturity analysis of lease liabilities disclosed as below:

Maturity analysis of contractual undiscounted cashflows
Less than one Year 30.49 3.66
One to Five Years 251.34 25.41
More than 5 Years 88.59 50.24
Total 370.41 79.31
The weighted average incremental borrowing rate of 10% has been applied to lease liabilities recognised in the
balance sheet at the date of initial application.
The following are the amounts recognised in profit or loss:

Depreciation expense of right-of-use assets (Refer Note 3.3) 53.75 8.21
Interest expense on lease liabilities (Refer Note 24) 39.81 8.21
Expense relating to short-term leases (included in other expenses) 1.02 -
Total amount recognised in statement of profit or loss 94.58 16.42
The company had total cash outflows for leases of Rs. 67.53 Lac in March 31, 2024 (Rs. 11.04 Lac in March 31,
2023). The company had non-cash additions of right-of-use assets and lease liabilities of Rs. 318.81 Lac in March
31, 2023 (Rs.82.14 Lac in March 31, 2023).
The Company has incurred leasehold improvement cost of Rs. 66.83 Lac which will be amortised over the tenure
of lease. ( Refer Note 3.1)
41 Events after the reporting period:

The board of directors have proposed dividend after the balance sheet date which are subject to approval by
the shareholders at the annual general meeting. Refer Note 13 for details.

Corporate Overview
Statutory Reports
42 The company has migrated to SAP Application software from legacy Farvision software wef July 31, 2023
for maintaining its books of account during the year. In respect of SAP Application software, which has a
feature of recording audit trail (edit log) facility, the same has operated for all the transactions recorded in the
Application except that audit trail feature is not enabled for direct changes to data when using certain access
rights to the HANA application. Further there is no instance of audit trail feature being tampered with in respect
of the SAP Application accounting software. In respect of legacy software, Farvision which was operated by
a third-party software service provider, Management is not in possession of Service Organization Controls
report to determine whether audit trail feature of the said software was enabled and operated throughout the
year for all relevant transactions recorded in the software or whether there were any instances of the audit trail
feature being tampered with.
43 Other statutory Information:

a The Company has availed loans from banks on the basis of security of current assets. The Company files
statement of current assets with the bank on periodical basis. There are no material discrepancies between
the statements filed by the Company and the books of accounts of the Company.
b The company has not been declared a wilful Defaulters by any bank or financial institution or consortium
thereof in accordance with the guidelines on wilful defaulters issued by the RBI.
c There are no proceedings initiated or pending against the company for holding any benami property under
the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
d The company has not traded or invested in Crypto currency or Virtual Currency during the reporting
periods.
e The company has neither advanced, loaned or invested funds nor received any fund to/from any person
or entity for lending or investing or providing guarantee to/on behalf of the ultimate beneficiary during the
reporting periods.
f There is no immovable property whose title deed is not held in the name of the company.
g There is no charge or satisfaction of charge which is yet to be registered with ROC beyond the statutory
period.
h The company has complied with the number of layers prescribed under clause (87) of section 2 of the Act
read with the Companies (Restriction on number of Layers) Rules, 2017.
i The company has not entered into any scheme of arrangement in terms of sections 230 to 237 of the
Companies Act, 2013.
j The company does not have any transaction not recorded in the books of accounts that has been
surrendered or not disclosed as income during the year in the tax assessments under the Income Tax Act,
1961.
k The Company has complied with the relevant provisions of the Foreign Exchange Management Act, 1999
(42 of 1999)and the Prevention of Money-Laundering Act, 2002 wherever applicable.

44 These financial statements is not signed by CFO since existing CFO has resigned with effect from April 22,
2024.
45 The figures for the previous year have been regrouped wherever necessary to conform with the current year’s
classification.

Chairman MD & CEO
DIN : 00008329 DIN : 02524196


Corporate Overview
Statutory Reports
INDEPENDENT AUDITOR’S REPORT

To
the Members of
Report on the Audit of the Consolidated the Audit of the Consolidated Financial Statements’
Financial Statements section of our report. We are independent of the Group
and its joint venture in accordance with the ‘Code of
Opinion Ethics’ issued by the Institute of Chartered Accountants
We have audited the accompanying consolidated of India together with the ethical requirements that are
financial statements of Arvind SmartSpaces Limited relevant to our audit of the financial statements under
(hereinafter referred to as “the Holding Company”), its the provisions of the Act and the Rules thereunder,
subsidiaries (the Holding Company and its subsidiaries and we have fulfilled our other ethical responsibilities
together referred to as “the Group”) and its joint in accordance with these requirements and the Code
venture comprising of the consolidated Balance sheet of Ethics. We believe that the audit evidence we have
as at March 31, 2024, the consolidated Statement obtained is sufficient and appropriate to provide a
of Profit and Loss, including other comprehensive basis for our audit opinion on the consolidated financial
income, the consolidated Cash Flow Statement and statements.
the consolidated Statement of Changes in Equity for
the year then ended, and notes to the consolidated Key Audit Matters
financial statements, including a summary of material Key audit matters are those matters that, in our
accounting policies and other explanatory information professional judgment, were of most significance in
(hereinafter referred to as “the consolidated financial our audit of the consolidated financial statements for
statements”). the financial year ended March 31,2024. These matters
were addressed in the context of our audit of the
In our opinion and to the best of our information and
consolidated financial statements as a whole, and in
according to the explanations given to us and based
forming our opinion thereon, and we do not provide
on the consideration of reports of other auditors on
a separate opinion on these matters. For each matter
separate financial statements and on the other financial
below, our description of how our audit addressed the
information of the subsidiaries and joint venture, the
matter is provided in that context.
aforesaid consolidated financial statements give the
information required by the Companies Act, 2013, We have determined the matters described below
as amended (“the Act”) in the manner so required to be the key audit matters to be communicated
and give a true and fair view in conformity with the in our report. We have fulfilled the responsibilities
accounting principles generally accepted in India, of the described in the Auditor’s responsibilities for the
consolidated state of affairs of the Group and its joint audit of the consolidated financial statements section
venture as at March 31, 2024, their consolidated profit of our report, including in relation to these matters.
including other comprehensive loss, their consolidated Accordingly, our audit included the performance of
cash flows and the consolidated statement of changes procedures designed to respond to our assessment of
in equity for the year ended on that date the risks of material misstatement of the consolidated
financial statements. The results of audit procedures
Basis for Opinion performed by us and by other auditors of components
We conducted our audit of the consolidated financial not audited by us, as reported by them in their audit
statements in accordance with the Standards on reports furnished to us by the management, including
Auditing (SAs), as specified under section 143(10) of those procedures performed to address the matters
the Act. Our responsibilities under those Standards are below, provide the basis for our audit opinion on the
further described in the ‘Auditor’s Responsibilities for accompanying consolidated financial statements.

Revenue from contracts with customer (Refer Note 2.3 of the consolidated financial statements
In accordance with the requirements of Ind AS 115, Our audit procedures included, among others, the
Group’s revenue from real estate projects is recognized following:
at a point in time, which is upon the Group satisfying
We obtained and understood management process
its performance obligation and the customer obtaining
and controls around transfer of control in case of
control of the promised asset.
real estate projects and tested the relevant controls
Application of Ind AS 115 requires significant over revenue recognition at a point in time.
judgment in determining when ‘control’ of the property
We assessed the management evaluation of whether
underlying the performance obligation is transferred to
the contracts with customers involved any financing
the customer and in assessment of whether the
element, taking in to account the consideration
contracts with customers involved any financing received in accordance with the terms of the
element. contract.
As the revenue recognition involves significant We performed test of details, on a sample basis,
judgement, we regard this as a key audit matter. and inspected the underlying customer contracts,
sale deed documents, evidencing the satisfaction of
performance obligation and the transfer of control of
the property based on which revenue is recognized
at a point in time.
We performed cut off procedures for determination
of revenue in appropriate reporting period.
We assessed the disclosures made in accordance
with the requirements of Ind AS 115.
Assessing the carrying value of Inventory (Refer Note 2.3 of the consolidated financial statements)
As at March 31, 2024, the carrying value of the Our audit procedures included, among others, the
inventory of ongoing and completed real estate following:
projects is Rs.136,195.91 Lac. The inventories are held
Obtained an understanding of the management
at the lower of the cost and net realizable value.
process for determination of the Net realizable
We identified the assessment of whether carrying value value (NRV) including estimating the future costs to
of inventory were stated at the lower of cost and net complete for stock of ongoing projects.
realizable value (“NRV”) as a key audit matter due to
Obtained, read and assessed the management’s
the significance of the balance to the consolidated
process in estimating the future costs to complete
financial statements as a whole. The determination of
stock of ongoing projects.
the NRV involves estimates based on prevailing market
conditions and taking into account the estimated future Assessed the methods used by the management,
selling price, cost to complete projects and selling in determining the NRV of ongoing and completed
costs. real estate projects and tested the underlying
assumptions used by the management in arriving at
those projections.
Performed sensitivity analysis on these key
assumptions to assess any potential downside.
- For sample of selected projects:
Compared the forecasted costs to complete
the project to the construction costs of other
similar projects
Compared the NRV to recent sales in the project or
to the estimated selling price.
Compared the carrying value to the NRV.

Corporate Overview
Statutory Reports
Information Other than the Consolidated In preparing the consolidated financial statements, the
Financial Statements and Auditor’s respective Board of Directors of the companies and
Report Thereon management of limited liability partnership included
in the Group and of its joint venture are responsible
The Holding Company’s Board of Directors is
for assessing the ability of the Group and of its joint
responsible for the other information. The other
venture to continue as a going concern, disclosing,
information comprises the information included in the
as applicable, matters related to going concern and
Annual report, but does not include the consolidated
using the going concern basis of accounting unless
financial statements and our auditor’s report thereon.
management either intends to liquidate the Group or
Our opinion on the consolidated financial statements to cease operations, or has no realistic alternative but
does not cover the other information and we do not to do so.
express any form of assurance conclusion thereon.
Those respective Board of Directors of the companies
In connection with our audit of the consolidated included in the Group and of its joint venture are also
financial statements, our responsibility is to read the responsible for overseeing the financial reporting
other information and, in doing so, consider whether process of the Group and of its joint venture.
such other information is materially inconsistent
with the consolidated financial statements or our Auditor’s Responsibilities for the Audit of
knowledge obtained in the audit or otherwise appears the Consolidated Financial Statements
to be materially misstated. If, based on the work we Our objectives are to obtain reasonable assurance
have performed, we conclude that there is a material about whether the consolidated financial statements
misstatement of this other information, we are required as a whole are free from material misstatement,
to report that fact. We have nothing to report in this whether due to fraud or error, and to issue an auditor’s
regard. report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee
Responsibilities of Management for the that an audit conducted in accordance with SAs will
Consolidated Financial Statements always detect a material misstatement when it exists.
The Holding Company’s Board of Directors is Misstatements can arise from fraud or error and are
responsible for the preparation and presentation of considered material if, individually or in the aggregate,
these consolidated financial statements in terms of the they could reasonably be expected to influence the
requirements of the Act that give a true and fair view economic decisions of users taken on the basis of
of the consolidated financial position, consolidated these consolidated financial statements.
financial performance including other comprehensive
As part of an audit in accordance with SAs, we exercise
loss, consolidated cash flows and consolidated
professional judgment and maintain professional
statement of changes in equity of the Group including
skepticism throughout the audit. We also:
its joint venture in accordance with the accounting
principles generally accepted in India, including the Identify and assess the risks of material
Indian Accounting Standards (Ind AS) specified under misstatement of the consolidated financial
section 133 of the Act read with the Companies (Indian statements, whether due to fraud or error, design
Accounting Standards) Rules, 2015, as amended. The and perform audit procedures responsive to those
respective Board of Directors of the companies and risks, and obtain audit evidence that is sufficient
management of limited liability partnerships included and appropriate to provide a basis for our opinion.
in the Group and of its joint venture are responsible The risk of not detecting a material misstatement
for maintenance of adequate accounting records resulting from fraud is higher than for one resulting
in accordance with the provisions of the Act for from error, as fraud may involve collusion, forgery,
safeguarding of the assets of the Group and of its intentional omissions, misrepresentations, or the
joint venture and for preventing and detecting frauds override of internal control.
and other irregularities; selection and application of
Obtain an understanding of internal control relevant
appropriate accounting policies; making judgments
to the audit in order to design audit procedures
and estimates that are reasonable and prudent;
that are appropriate in the circumstances. Under
and the design, implementation and maintenance
section 143(3)(i) of the Act, we are also responsible
of adequate internal financial controls, that were
for expressing our opinion on whether the Holding
operating effectively for ensuring the accuracy and
Company has adequate internal financial controls
completeness of the accounting records, relevant to
with reference to consolidated financial statements
the preparation and presentation of the consolidated
in place and the operating effectiveness of such
financial statements that give a true and fair view and
controls.
are free from material misstatement, whether due to
fraud or error, which have been used for the purpose Evaluate the appropriateness of accounting
of preparation of the consolidated financial statements policies used and the reasonableness of
by the Directors of the Holding Company, as aforesaid.

accounting estimates and related disclosures made From the matters communicated with those charged
by management. with governance, we determine those matters that were
of most significance in the audit of the consolidated
Conclude on the appropriateness of management’s
financial statements for the financial year ended March
use of the going concern basis of accounting and,
31, 2024 and are therefore the key audit matters. We
based on the audit evidence obtained, whether
describe these matters in our auditor’s report unless
a material uncertainty exists related to events
law or regulation precludes public disclosure about the
or conditions that may cast significant doubt on
matter or when, in extremely rare circumstances, we
the ability of the Group and its joint venture to
determine that a matter should not be communicated
continue as a going concern. If we conclude that
in our report because the adverse consequences of
a material uncertainty exists, we are required to
doing so would reasonably be expected to outweigh
draw attention in our auditor’s report to the related
the public interest benefits of such communication.
disclosures in the consolidated financial statements
or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit
Other Matter
evidence obtained up to the date of our auditor’s (a) We did not audit the financial statements and
report. However, future events or conditions may other financial information, in respect of 17
cause the Group and its joint venture to cease to subsidiaries, whose financial statements include
continue as a going concern. total assets of Rs. 46,636.66 Lac as at March 31,
2024, and total revenues of Rs. 115.19 Lac and
Evaluate the overall presentation, structure and net cash outflows of Rs. 682.81 Lac for the year
content of the consolidated financial statements, ended on that date. These financial statement and
including the disclosures, and whether the other financial information have been audited by
consolidated financial statements represent the other auditors, which financial statements, other
underlying transactions and events in a manner financial information and auditor’s reports have
that achieves fair presentation. been furnished to us by the management. The
Obtain sufficient appropriate audit evidence consolidated financial statements also include the
regarding the financial information of the entities Group’s share of net profit of Rs. 0.11 Lac for the
or business activities within the Group and its joint year ended March 31, 2024, as considered in the
venture of which we are the independent auditors, consolidated financial statements, in respect of 1
to express an opinion on the consolidated financial joint venture, whose financial statements, other
statements. We are responsible for the direction, financial information have been audited by other
supervision and performance of the audit of the auditors and whose reports have been furnished
financial statements of such entities included in the to us by the Management. Our opinion on the
consolidated financial statements of which we are consolidated financial statements, in so far as it
the independent auditors. For the other entities relates to the amounts and disclosures included in
included in the consolidated financial statements, respect of these subsidiaries and joint venture, and
which have been audited by other auditors, such our report in terms of sub-sections (3) of Section
other auditors remain responsible for the direction, 143 of the Act, in so far as it relates to the aforesaid
supervision and performance of the audits carried subsidiaries and joint venture, is based solely on
out by them. We remain solely responsible for our the reports of such other auditors.
audit opinion. Our opinion above on the consolidated financial
We communicate with those charged with governance statements, and our report on Other Legal and
of the Holding Company and such other entities Regulatory Requirements below, is not modified in
included in the consolidated financial statements of respect of the above matters with respect to our
which we are the independent auditors regarding, reliance on the work done and the reports of the other
among other matters, the planned scope and timing auditors.
of the audit and significant audit findings, including
any significant deficiencies in internal control that we Report on Other Legal and Regulatory
identify during our audit. Requirements
We also provide those charged with governance with 1. As required by the Companies (Auditor’s Report)
a statement that we have complied with relevant Order, 2020 (“the Order”), issued by the Central
ethical requirements regarding independence, and to Government of India in terms of sub-section (11)
communicate with them all relationships and other of section 143 of the Act, based on our audit, we
matters that may reasonably be thought to bear on give in the “Annexure 1” a statement on the matters
our independence, and where applicable, related specified in paragraph 3(xxi) of the Order.
safeguards. 2. As required by Section 143(3) of the Act, based on
our audit we report, to the extent applicable, that:

Corporate Overview
Statutory Reports
(a) We have sought and obtained all the (i) With respect to the other matters to be
information and explanations which to the best included in the Auditor’s Report in accordance
of our knowledge and belief were necessary with Rule 11 of the Companies (Audit and
for the purposes of our audit of the aforesaid Auditors) Rules, 2014, as amended, in our
consolidated financial statements; opinion and to the best of our information and
according to the explanations given to us and
(b) In our opinion, proper books of account as
based on the consideration of the report of the
required by law relating to preparation of
other auditors on separate financial statements
the aforesaid consolidation of the financial
as also the other financial information of the
statements have been kept so far as it appears
subsidiaries , as noted in the ‘Other matter’
from our examination of those books except
paragraph:
for the matters stated in the paragraph (i)(vi)
below on reporting under Rule 11(g); i. The consolidated financial statements
disclose the impact of pending litigations
(c) The Consolidated Balance Sheet, the
on its consolidated financial position of the
Consolidated Statement of Profit and
Group and its joint venture in its consolidated
Loss including the Statement of Other
financial statements – Refer Note 28 to the
Comprehensive loss, the Consolidated Cash
consolidated financial statements;
Flow Statement and Consolidated Statement
of Changes in Equity dealt with by this Report ii. The Group and its joint venture did not
are in agreement with the books of account have any material foreseeable losses in
maintained for the purpose of preparation of long-term contracts including derivative
the consolidated financial statements; contracts during the year ended March 31,
2024;
(d) In our opinion, the aforesaid consolidated
financial statements comply with the iii. There were no amounts which were
Accounting Standards specified under Section required to be transferred to the Investor
133 of the Act, read with Companies (Indian Education and Protection Fund by the
Accounting Standards) Rules, 2015, as Holding Company and its subsidiaries
amended; incorporated in India during the year ended
March 31, 2024.
(e) On the basis of the written representations
received from the directors of the Holding iv. a) The respective managements of the
Company and Subsidiaries as on March 31, Holding Company and its subsidiaries
2024 taken on record by the respective Board which are companies incorporated
of Directors of the Holding Company and its in India whose financial statements
subsidiaries , none of the directors of the have been audited under the Act
Group’s companies, incorporated in India, is have represented to us, as disclosed
disqualified as on March 31, 2024 from being in note 44 to the consolidated
appointed as a director in terms of Section 164 financial statements, to the best of its
(2) of the Act; knowledge and belief, no funds have
been advanced or loaned or invested
(f) With respect to the adequacy of the internal
(either from borrowed funds or share
financial controls with reference to consolidated
premium or any other sources or kind
financial statements of the Holding Company
of funds) by the Holding Company or
and its subsidiary companies, incorporated
any of such subsidiaries to or in any
in India, and the operating effectiveness of
other persons or entities, including
such controls, refer to our separate Report in
foreign entities (“Intermediaries”),
“Annexure 2” to this report;
with the understanding, whether
(g) In our opinion, the managerial remuneration recorded in writing or otherwise,
for the year ended March 31, 2024 has been that the Intermediary shall, whether,
paid / provided by the Holding Company and directly or indirectly lend or invest in
its subsidiaries incorporated in India to their other persons or entities identified
directors in accordance with the provisions of in any manner whatsoever by or
section 197 read with Schedule V to the Act; on behalf of the respective Holding
Company or any of such subsidiaries
(h) The modification relating to the maintenance
(“Ultimate Beneficiaries”) or provide
of accounts and other matters connected
any guarantee, security or the like on
therewith are as stated in the paragraph (b)
behalf of the Ultimate Beneficiaries;
above on reporting under Section 143(3)(b)
and paragraph (i)(vi) below on reporting under b) The respective managements of the
Rule 11(g). Holding Company and its subsidiaries

which are companies incorporated in maintaining its books of account during the
India whose financial statements have year. Based on our examination of books
been audited under the Act have of account of the Holding Company and
represented to us that, as disclosed in subsidiaries incorporated in India which
note 44 to the consolidated financial included test checks, Holding Company
statements, to the best of its knowledge and subsidiaries has used accounting
and belief, no funds have been received software SAP, for maintaining its books of
by the respective Holding Company account which has a feature of recording
or any of such subsidiaries from any audit trail (edit log) facility and the same
persons or entities, including foreign has operated throughout the year for
entities (“Funding Parties”), with the all relevant transactions recorded in the
understanding, whether recorded in software except that audit trail feature
writing or otherwise, that the Holding is not enabled for direct changes to
Company or any of such subsidiaries data when using certain access rights as
shall, whether, directly or indirectly, lend explained in note 42 to the consolidated
or invest in other persons or entities financial statements. Further, during
identified in any manner whatsoever the course of our audit we did not come
by or on behalf of the Funding Party across any instance of audit trail feature
(“Ultimate Beneficiaries”) or provide being tampered with in respect of the SAP
any guarantee, security or the like on Application accounting software.
behalf of the Ultimate Beneficiaries; and
In respect of legacy software Farvision,
c) Based on the audit procedures that which was operated by third-party
have been considered reasonable service provider, in the absence of Service
and appropriate in the circumstances Organization Controls report we are
performed by us of the subsidiaries unable to comment on whether audit trail
which are companies incorporated in feature of the said software was enabled
India whose financial statements have and operated throughout the period
been audited under the Act, nothing has for all relevant transactions recorded in
come to our or other auditor’s notice the software or whether there were any
that has caused us or the other auditors instances of the audit trail feature being
to believe that the representations tampered with.
under sub-clause (a) and (b) contain
any material mis-statement.
v. The final dividend paid by the Holding
Company during the year in respect of the
same declared for the previous year is in
accordance with section 123 of the Act to
the extent it applies to payment of dividend.
As stated in note 43 to the consolidated For S R B C & CO LLP
financial statements, the Board of Directors Chartered Accountants
of the Holding Company have proposed ICAI Firm Registration Number: 324982E/E300003
final dividend and one-time special dividend
for the year which is subject to the approval ______________________________
of the members at the respective ensuing
Annual General Meeting. The dividend per Sukrut Mehta
declared is in accordance with section Partner
123 of the Act to the extent it applies to Membership Number: 101974
declaration of dividend. UDIN: 24101974BKERSG2212
vi. The Group has migrated to SAP Application Place of Signature: Ahmedabad
software from legacy Farvision software for Date: May 06, 2024

Corporate Overview
Statutory Reports
ANNEXURE 1 REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING OF OTHER

LEGAL AND REGULATORY REQUIREMENTS” OF OUR REPORT OF EVEN DATE
ON CONSOLIDATED FINANCIAL STATEMENTS OF ARVIND SMARTSPACES
LIMITED
(xxi) Qualifications or adverse remarks in the Companies (Auditors Report) Order (CARO) reports of the
companies included in the consolidated financial statements are:
S. Name CIN Holding company/ Clause number of the

No subsidiary CARO report which is
qualified or is adverse
1 Arvind Smartspaces L45201GJ2008PLC055771 Holding Company iii(c )
Limited
2. Arvind Hebbal Homes U45200GJ2011PTC066023 Subsidiary xvii, ix(d)
Private Limited
3 Arvind Homes Private U70104GJ2019PTC108188 Subsidiary xvii, ix(d)
Limited
4 Arvind Smarthomes U70109GJ2022PTC134678 Subsidiary xvii
Private Limited

Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003
______________________________
per Sukrut Mehta
Partner
UDIN: 24101974BKERSG2212
Place of Signature: Ahmedabad
Date: May 06, 2024

ANNEXURE 2 TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON
THE CONSOLIDATED FINANCIAL STATEMENTS OF ARVIND SMARTSPACES
LIMITED
Report on the Internal Financial Controls with reference to consolidated financial statements
under Clause (i) of Sub-section 3 of Section was established and maintained and if such controls
143 of the Companies Act, 2013 (“the Act”) operated effectively in all material respects.
In conjunction with our audit of the consolidated Our audit involves performing procedures to obtain
financial statements of Arvind Smartspaces Limited audit evidence about the adequacy of the internal
(hereinafter referred to as the “Holding Company”) as financial controls over financial reporting with
of and for the year ended March 31, 2024, we have reference to consolidated financial statements and their
audited the internal financial controls with reference operating effectiveness. Our audit of internal financial
to consolidated financial statements of the Holding controls over financial reporting with reference to
Company and its subsidiaries (the Holding Company consolidated financial statements included obtaining
and its subsidiaries together referred to as “the an understanding of internal financial controls with
Group”), which are companies incorporated in India, as reference to consolidated financial statements,
of that date. assessing the risk that a material weakness exists,
and testing and evaluating the design and operating
Management’s Responsibility for Internal effectiveness of internal control based on the assessed
Financial Controls risk. The procedures selected depend on the auditor’s
judgement, including the assessment of the risks of
The respective Board of Directors of the companies
material misstatement of the consolidated financial
included in the Group, which are companies
statements, whether due to fraud or error.
incorporated in India, are responsible for establishing
and maintaining internal financial controls over We believe that the audit evidence we have obtained,
financial reporting based on the internal control over is sufficient and appropriate to provide a basis for our
financial reporting criteria established by the Holding audit opinion on the internal financial controls with
Company considering the essential components of reference to consolidated financial statements.
internal control stated in the Guidance Note on Audit
of Internal Financial Controls Over Financial Reporting Meaning of Internal Financial Controls
issued by the Institute of Chartered Accountants of With Reference to Consolidated Financial
India (ICAI). These responsibilities include the design, Statements
A company’s internal financial controls over financial
financial controls that were operating effectively
reporting with reference to consolidated financial
for ensuring the orderly and efficient conduct of
statements is a process designed to provide reasonable
its business, including adherence to the respective
assurance regarding the reliability of financial
company’s policies, the safeguarding of its assets,
reporting and the preparation of consolidated financial
the prevention and detection of frauds and errors,
statements for external purposes in accordance
the accuracy and completeness of the accounting
with generally accepted accounting principles. A
records, and the timely preparation of reliable financial
company’s internal financial control with reference
information, as required under the Companies
to consolidated financial statements includes those
Act, 2013.
policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail,
Auditor’s Responsibility accurately and fairly reflect the transactions and
Our responsibility is to express an opinion on the dispositions of the assets of the company; (2) provide
Holding Company’s internal financial controls over reasonable assurance that transactions are recorded
financial reporting with reference to consolidated as necessary to permit preparation of consolidated
financial statements based on our audit. We conducted financial statements in accordance with generally
our audit in accordance with the Guidance Note on accepted accounting principles, and that receipts and
Audit of Internal Financial Controls Over Financial expenditures of the company are being made only in
Reporting (the “Guidance Note”) and the Standards on accordance with authorisations of management and
Auditing, specified under section 143(10) of the Act, directors of the company; and (3) provide reasonable
to the extent applicable to an audit of internal financial assurance regarding prevention or timely detection
controls over financial reporting, both, issued by ICAI. of unauthorised acquisition, use, or disposition of the
Those Standards and the Guidance Note require that company’s assets that could have a material effect on
we comply with ethical requirements and plan and the consolidated financial statements.
perform the audit to obtain reasonable assurance
about whether adequate internal financial controls

Corporate Overview
Statutory Reports
Inherent Limitations of Internal Financial with reference to consolidated financial statements

Controls With Reference to Consolidated were operating effectively as at March 31, 2024, based
Financial Statements on the internal control over financial reporting criteria
established by the Holding Company considering the
Because of the inherent limitations of internal financial
essential components of internal control stated in the
controls with reference to consolidated financial
Guidance Note issued by the ICAI.
statements, including the possibility of collusion or
improper management override of controls, material
misstatements due to error or fraud may occur and
not be detected. Also, projections of any evaluation
of the internal financial controls with reference to
consolidated financial statements to future periods are
subject to the risk that the internal financial controls
with reference to consolidated financial statements Chartered Accountants
may become inadequate because of changes in ICAI Firm Registration Number: 324982E/E300003
conditions, or that the degree of compliance with the
policies or procedures may deteriorate. ______________________________
per Sukrut Mehta
Opinion
Partner
In our opinion the Holding company and its subsidiary
companies, which are companies incorporated in India,
UDIN: 24101974BKERSG2212
have maintained in all material respects, adequate
internal financial controls with reference to consolidated Place of Signature: Ahmedabad
financial statements and such internal financial controls Date: May 06, 2024

Consolidated Balance Sheet as at March 31, 2024
March 31, 2024 March 31, 2023
ASSETS
Non-current assets
Property, plant and equipment 3.1 4,795.68 4,527.01
Capital work in progress 3.1 1,865.27 1,572.11
Other Intangible assets 3.2 188.29 42.19
Right of use assets 3.3 338.98 73.92
Intangible assets under development 3.2 - 144.20
Financial assets
(i) Other financial assets 9 14,387.78 3,830.20
Deferred tax assets (net) 26 2,601.14 3,041.91
Income tax assets (net) 1,159.52 1,231.35
Other non-current assets 11 13,565.47 2,111.42
Total non-current assets 38,902.13 16,574.31
Current Assets
Inventories 10 1,36,195.91 95,703.18
Financial assets
(i) Investment in joint ventures 4 8.33 24.62
(ii) Investments 5 10,320.04 8,324.43
(iii) Trade receivables 6 261.84 271.29
(iv) Cash and cash equivalents 7 6,302.70 6,360.78
(v) Bank balance other than (iv) above 8 11.48 4.40
(vi) Other financial assets 9 9,301.60 13,721.37
Other current assets 11 8,934.74 10,076.50
Total current assets 1,71,336.64 1,34,486.57
Total assets 2,10,238.77 1,51,060.88
EQUITY AND LIABILITIES
Equity
Equity share capital 12 4,534.40 4,531.20
Other equity 13 44,921.73 42,109.97
Equity attributable to equity holders of the parent 49,456.13 46,641.17
Non-controlling interests 13,160.93 2,898.96
Total Equity 62,617.06 49,540.13
Liabilities
Non-current liabilities
(i) Borrowings 14 9,094.81 14,270.75
(ii) Lease Liabilities 339.92 75.65
Long term provisions 17 411.65 271.00
Deferred tax liabilities (net) 26 50.58 -
Total non-current liabilities 9,896.96 14,617.40
Current liabilities
(i) Borrowings 14 1,556.92 230.09
(ii) Lease Liabilities 30.49 3.66
(iii) Trade payables
Total outstanding dues of micro enterprise and small enterprises 15 304.58 99.43
Total outstanding dues of creditors other than micro enterprise and 15 12,060.40 5,893.98
small enterprises
(iv) Other financial liabilities 16 1,557.72 1,578.88
Other current liabilities 18 1,21,536.38 78,820.72
Short term provisions 17 51.58 69.98
Current tax liabilities (net) 626.67 206.61
Total current liabilities 1,37,724.74 86,903.35
Total equity and liabilities 2,10,238.77 1,51,060.88
The accompanying notes are an integral part of these consolidated financial statements.

Chairman MD & CEO
DIN : 00008329 DIN : 02524196


Corporate Overview
Statutory Reports
Consolidated Statement of Profit and Loss for the year ended March 31,2024
2023-24 2022-23
INCOME
Revenue from contracts with customers 19 34,117.72 25,591.68
Other income 20 970.01 733.36
Total Income 35,087.73 26,325.04
EXPENSES
Cost of construction materials and components consumed 21 2,596.67 1,701.57
Land development costs 35,093.29 19,244.64
Construction and labour costs 11,508.82 10,585.91
Changes in inventories 22 (40,004.30) (18,962.62)
Employee benefits expenses 23 5,390.16 3,681.91
Finance costs 24 4,093.81 1,399.47
Depreciation and amortisation expense 3.1/3.2/3.3 450.40 270.90
Other expenses 25 8,387.59 4,446.88
Total Expenses 27,516.44 22,368.66
Share of profit from joint venture 0.11 1.33
Profit from operations before tax 7,571.40 3,957.71
Tax expense:
Current tax charge 26 2,118.02 1,802.73
Adjustment of tax pertaining to earlier years 26 (56.99) (104.06)
Deferred tax charge/(credit) 26 401.29 (523.67)
Total tax expense 2,462.33 1,175.00
Net Profit for the year 5,109.08 2,782.71
Other Comprehensive Income
Items that will not be reclassified to profit or loss in subsequent
periods:
Remeasurement gains/(losses) on defined benefit plans (44.10) (22.73)
Income tax effect 11.10 5.72
Total other comprehensive income/(loss) for the year, net of tax (33.00) (17.01)
Total Comprehensive Income for the year 5,076.08 2,765.70
Profit for the year attributable to :
Equity holders of the parent company 4,157.06 2,560.75
Non-controlling interests 952.02 221.96
Other comprehensive income attributable to :
Equity holders of the parent company (33.00) (17.01)
Non-controlling interests - -
Total comprehensive income attributable to :
Equity holders of the parent company 4,124.06 2,543.74
Non-controlling interests 952.02 221.96
Earnings per equity share (nominal value per share Rs. 10/- (March 27
31 2023: Rs. 10/-)
Basic 9.17 5.83
Diluted 9.09 5.63

Chairman MD & CEO
DIN : 00008329 DIN : 02524196


Consolidated Cash Flow Statement for the year ended March 31,2024

2023-24 2022-23
A. Cash flow from operating activities
Profit for the year before tax 7,571.40 3,957.71
Adjustments to reconcile profit before tax to net cash flow:
Share of profit of LLP and joint ventures (0.11) (1.33)
Depreciation and amortization expense 450.40 270.90
Loss on sale of property, plant and equipment (Net) 31.30 17.51
Finance cost 4,093.81 1,399.47
Share based payment expense 124.11 123.77
Interest income (34.80) (547.61)
Gain on sale of Mutual funds (791.00) (62.85)
Sundry balances written off/ written back (Net) 152.67 54.57
Operating profit before working capital changes 11,597.78 5,212.14
Adjustments for:
Increase in trade payables 6,371.57 267.17
Increase in provisions 78.16 26.00
Increase in other liabilities 42,715.66 24,602.05
Increase in financial liabilities 170.14 110.05
(Increase) in inventory (40,492.73) (19,082.70)
(Increase) in financial assets (6,054.48) (11,022.21)
(Increase) / Decrease in trade receivables 9.45 (165.15)
(Increase) in other assets (9,826.17) (6,413.23)
Cash generated from / (used in) operations 4,569.38 (6,465.88)
Direct taxes paid (net of refund) (1,519.25) (3,638.39)
Net cashflow generated from / (used in) operating [A] 3,050.13 (10,104.27)
activities
B. Cash flow from investing activities
(investments) in mutual funds (1,204.61) (8,261.16)
(Investments)/redemption of fixed deposits (73.71) 482.38
(Investment)/Proceeds from other bank balances (7.08) -
Purchase of property, plant and equipment including CWIP, (1,593.33) (1,052.00)
capital advances and intangibles
Proceeds from withdrawal of investments in joint ventures 16.40 3.80
Proceeds from sale of property, plant and equipments 51.46 90.65
Interest received 34.48 584.48
Net cashflow (used in) investing activities [B] (2,776.39) (8,151.85)
C. Cash flow from financing activities
Proceeds from long term borrowings 5,268.77 9,625.92
Repayment of long term borrowings (4,307.21) (4,499.93)
Proceeds from issue of debentures 3,000.00 5,200.00
Repayment of debentures (8,002.80) (1,680.00)
Capital contribution in LLP by minority partners 11,697.19 879.54
Withdrawal from LLP by minority partners (2,387.23) (1,704.42)
Payment of lease liabilities (67.29) (11.04)
Finance costs paid (4,107.12) (463.93)
Dividend paid (1,488.22) -
Proceeds from issue of share capital through ESOPs & 62.09 2,180.26
warrants (including securities premium)
Net cashflow (used in) / generated from financing [C] (331.82) 9,526.40
activities
Net (decrease) in cash and cash equivalents [A+B+C] (58.08) (8,729.72)
Cash and cash equivalents at the beginning of the year 6,360.78 15,090.50

Corporate Overview
Statutory Reports
Consolidated Cash Flow Statement for the year ended March 31,2024

2023-24 2022-23
Cash and cash equivalents at the end of the year 6,302.70 6,360.78
Components of cash and cash equivalents (Refer note - 7)
Balances with banks 3,164.46 3,913.68
Fixed deposits having maturity of less than 3 months 3,131.33 2,430.89
6,302.70 6,360.78
Notes to the Cash Flow Statement:
1) The Cash Flow Statement has been prepared under the Indirect Method as set out in the Indian Accounting
Standard 7 on Statement of Cash Flows issued by the Institute of Chartered Accountants of India.
2) Changes in liabilities arising from financing activities :
Non-current borrowings (Note 14) 14,500.84 (4,041.24) - 192.12 10,651.72
Accrued interest (Note 16) 48.65 - - 97.82 146.47
Lease Liability (Note 41) 79.31 (67.29) 318.81 39.58 370.41
Total liabilities from financing 14,628.80 (4,108.53) 318.81 329.52 11,168.60
activities
Particulars April 1 , 2022 Cash flow New Leases Other March 31, 2023
Non-current borrowings (Note 14) 3,016.82 8,645.99 - 2,838.03 14,500.84
Accrued interest (Note 16) - - - 48.65 48.65
Lease Liability (Note 41) - (11.04) 82.14 8.21 79.31
Total liabilities from financing 3,016.82 8,634.95 82.14 2,894.89 14,628.80
activities
Note : The ‘other’ column includes accrued interest & lease liabilities and the effect of reclassification if any, of
non-current portion of borrowings to current,including lease liabilities due to passage of time etc.
3) Non cash financing and Investing activities:
Particular March 31, 2024 March 31, 2023

Acquisition of Right of use of Assets (refer Note 41) 318.81 82.14
4) Figures in brackets indicate outflow.

Chairman MD & CEO
DIN : 00008329 DIN : 02524196


Consolidated Statement of Changes in Equity for the year ended March 31,2024
A. Equity share capital (Refer Note 12)

F.Y. 2023-24
Capital due to the current Year capital during
prior period the current year
errors
Equity Shares of 4,531.20 - 4,531.20 3.20 4,534.40
Rs.10 each Issued, 4,531.20 - 4,531.20 3.20 4,534.40
Subscribed and
fully paid up
F.Y. 2022-23
errors
Equity Shares of 4,246.20 - 4,246.20 285.00 4,531.20
Rs.10 each Issued, 4,246.20 - 4,246.20 285.00 4,531.20
Subscribed and
fully paid up

Corporate Overview
Statutory Reports
B. Other Equity
Particulars Reserves and Surplus attributable to equity holders of Non- Total
the Parent company (Refer note 13) controlling other
Securities Capital Share Retained Total Interest equity
Premium Reserve based Earnings
Payment
Reserve
As at April 1, 2023 27,864.86 38.36 124.87 14,081.88 42,109.97 2,898.96 45,008.93
Changes in accounting - - - - - - -
policy or prior period
errors
Profit for the year - - - 4,157.06 4,157.06 952.02 5,109.08
Remeasurement gains/ - - - (33.00) (33.00) - (33.00)
(losses) on defined
benefit plans (net of
taxes)
Total comprehensive 27,864.86 38.36 124.87 18,205.94 46,234.03 3,850.98 50,085.01
income for the year
Against Issue of equity 58.90 - - - 58.90 - 58.90
shares pursuant to
exercise of ESOP
Transferred on exercise - - (22.03) 22.03 - - -
of stock options
Compensation expense - - 124.09 - 124.09 - 124.09
for options granted
during the year
Withdrawal of capital by - - - - - 9,309.95 9,309.95
non controlling interests
Dividend - - - (1,495.30) (1,495.30) - (1,495.30)
As at March 31, 2024 27,923.76 38.36 226.93 16,732.67 44,921.73 13,160.93 58,082.66


Particulars Reserves and Surplus attributable to equity holders of the Parent company Non- Total other
(Refer note 13) controlling equity
Securities Capital Share Retained Equity Total Interest
Premium Reserve based Earnings Component
Payment of
Reserve Compound
Financial

Instrument
As at April 1, 2022 25,242.86 38.36 1.10 11,234.15 2,418.43 38,934.89 3,763.15 42,698.04
Changes in accounting policy or prior period errors - - - - - - - -
Profit for the year - - - 2,560.75 - 2,560.75 221.96 2,782.71
Remeasurement gains/(losses) on defined benefit - - - (17.01) - (17.01) - (17.01)
plans (net of taxes)
Total comprehensive income for the year 25,242.86 38.36 1.10 13,777.88 2,418.43 41,478.62 3,985.11 45,463.74
Equity Component of Compound Financial Instrument - - - - (2,418.43) (2,418.43) - (2,418.43)
Against Issue of equity shares pursuant to exercise of 2,622.00 - - - - 2,622.00 - 2,622.00
preferential issue
Compensation expense for options granted during the - - 123.77 - - 123.77 - 123.77
year
Acquisition of non controlling interest - - - 304.00 - 304.00 - 304.00
Withdrawal of capital by non controlling interests - - - - - - (1,086.15) (1,086.15)
As at March 31, 2023 27,864.86 38.36 124.87 14,081.88 - 42,109.97 2,898.96 45,008.93

Chairman MD & CEO
DIN : 00008329 DIN : 02524196

Corporate Overview
Statutory Reports
Notes to Consolidated Financial Statements for the year ended March 31, 2024
1. CORPORATE INFORMATION
The consolidated financial statements comprise financial statements of Arvind SmartSpaces Limited (“Holding
Company” or “ASL”) (CIN: L45201GJ2008PLC055771) and its subsidiaries (the Holding Company and its
Subsidiaries together referred to as “the Group”) and its Joint Ventures for the year ended March 31, 2024. The
Company is a public company domiciled in India and is incorporated on December 26, 2008 under the provisions
of the Companies Act applicable in India. Its shares are listed on the National Stock Exchange of India Limited and
Bombay Stock Exchange Limited. The registered office of the group is located at 24, Government Servant society,
Nr Municipal Market, CG road, Navrangpura, Ahmedabad – 380009.
The Group is in the business of development of real estate comprising of residential, commercial and industrial
projects.
The consolidated financial statements were authorized and approved for issue in accordance with a resolution of
the directors on May 06, 2024.
2. MATERIAL ACCOUNTING POLICIES

2.1 Statement of compliance and basis of preparation
The consolidated financial statements of the Group and its joint ventures have been prepared in accordance
with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards)
Rules, 2015 (as amended from time to time) and presentation requirements of Division II of Schedule III to the
Companies Act, 2013, (Ind AS compliant Schedule III), as applicable to the Consolidated financial statements.
The accounting policies adopted and methods of computation followed are consistent with those of the
previous financial year except for items disclosed below.
The consolidated financial statements have been prepared on the historical cost basis, except for certain
financial assets and liabilities measured at fair value at the end of each reporting period, as explained in
the accounting policies below. The consolidated financial statements are presented in Rs. and all values are
rounded to the nearest Lac (Rs. 00,000), except when otherwise indicated.
The Company has prepared the financial statements on the basis that it will continue to operate as a going
concern.
The consolidated financial statements provide comparative information in respect of the previous year. In
addition, the Group presents an additional balance sheet at the beginning of the preceding period when there
is a retrospective application of an accounting policy, a retrospective restatement, or a reclassification of items
in financial statements.

The consolidated financial statements comprise the financial statements of the Holding Company and its
subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”) and its joint
ventures as at March 31, 2024. Subsidiaries are all entities over which the Group has control. The Group
controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with
the entity and has the ability to affect those returns through its power to direct the relevant activities of the
entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and are
de-consolidated from the date that control ceases.
Consolidated financial statements are prepared using uniform accounting policies for like transactions and
other events in similar circumstances. If a member of the Group uses accounting policies other than those
adopted in the consolidated financial statements for like transactions and events in similar circumstances,
appropriate adjustments are made to that Group member’s financial statements in preparing the consolidated
financial statements to ensure conformity with the Group’s accounting policies.
Consolidation procedure:
a. Combine like items of assets, liabilities, equity, income, expenses and cash flows of the parent with those
of its subsidiaries. For this purpose, income and expenses of the subsidiary are based on the amounts of
the assets and liabilities recognised in the consolidated financial statements at the acquisition date.

b. Offset (eliminate) the carrying amount of the parent’s investment in each subsidiary and the parent’s
portion of equity of each subsidiary. Business combinations policy explains how to account for any related
goodwill.
c. Eliminate in full intragroup assets and liabilities, equity, income, expenses and cash flows relating to
transactions between entities of the group (profits or losses resulting from intragroup transactions that
are recognised in assets, such as inventory and property, plant and equipment, are eliminated in full).
Intragroup losses may indicate an impairment that requires recognition in the consolidated financial
statements. Ind AS 12 Income Taxes applies to temporary differences that arise from the elimination of
profits and losses resulting from intragroup transactions.
d. The financial statements of all subsidiaries used for the purpose of consolidation are drawn up to same
reporting date as that of the parent company, i.e., year ended on March 31 and are prepared using uniform
accounting policies for like transactions and other events in similar circumstances.
e. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated
statement of profit and loss, consolidated balance sheet and consolidated statement of changes in equity,
respectively.

a. Business combination
The Group acquires subsidiaries that own real estate. At the time of acquisition, the Group considers
whether each acquisition represents the acquisition of a business or the acquisition of an asset. The
Group accounts for an acquisition as a business combination where an integrated set of activities and
assets, including property, is acquired. When the acquisition of subsidiaries does not represent a business
combination, it is accounted for as an acquisition of a group of assets and liabilities. The cost of the
acquisition is allocated to the assets and liabilities acquired based upon their relative fair values, and no
goodwill or deferred tax is recognised.
b. Investment in Joint ventures

A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement
have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control
of an Arrangement, which exists only when decisions about the relevant activities require unanimous
consent of the parties sharing control.
The Group’s investments in its joint ventures are accounted for using the equity method. Under the
equity method, the investment in a joint venture is initially recognised at cost. The carrying amount of the
investment is adjusted to recognise changes in the Group’s share of net assets of the joint venture since
the acquisition date.
Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested
for impairment individually.
The consolidated statement of profit and loss reflects the Group’s share of the results of operations of the
joint ventures. Any change in OCI of those investees is presented as part of the Group’s OCI. In addition,
when there has been a change recognised directly in the equity of the joint venture, the Group recognises
its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and
losses resulting from transactions between the Group and the joint venture is eliminated to the extent of
the interest in the joint venture.
If an entity’s share of losses of a joint venture equals or exceeds its interest in joint venture, the entity
discontinues recognising its share of further losses. Additional losses are recognised only to the extent that
the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture.
If the joint venture subsequently reports profits, the entity resumes recognising its share of those profits
only after its share of the profits equals the share of losses not recognised.
The aggregate of the Group’s share of profit or loss of a joint venture is shown on the face of the
consolidated statement of profit and loss. The financial statements of the joint venture is prepared for
the same reporting period as the Group. When necessary, adjustments are made to bring the accounting
policies in line with those of the Group.

Corporate Overview
Statutory Reports
After application of the equity method, the Group determines whether it is necessary to recognise an
impairment loss on its investment in its joint venture. At each reporting date, the Group determines whether
there is objective evidence that the investment in the joint venture is impaired. If there is such evidence,
the Group calculates the amount of impairment as the difference between the recoverable amount of the
joint venture and its carrying value, and then recognises the loss as ‘Share of profit of a joint venture’ in the
consolidated statement of profit or loss.
Upon loss of joint control over the joint venture, the Group measures and recognises any retained investment
at its fair value. Any difference between the carrying amount of the joint venture upon loss of joint control
and the fair value of the retained investment and proceeds from disposal is recognised in profit or loss.
c. Use of estimates
The preparation of financial statements in conformity with Ind AS requires the management to make
judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets
and liabilities and the disclosure of contingent liabilities, at the end of the reporting period. Although these
estimates are based on the management’s best knowledge of current events and actions, uncertainty
about these assumptions and estimates could result in the outcomes requiring a material adjustment to
the carrying amounts of assets or liabilities. The effect of change in an accounting estimate is recognized
prospectively.
d. Current versus non-current classification

The Group presents assets and liabilities in the consolidated balance sheet based on current/non-current
classification.
An asset is treated as current when it is:
- Expected to be realized or intended to be sold or consumed in normal operating cycle
- Held primarily for the purpose of trading
- Expected to be realized within twelve months after the reporting period, or
- Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least
twelve months after the reporting period
All other assets are classified as non-current.
A liability is current when:
- It is expected to be settled in normal operating cycle
- It is held primarily for the purpose of trading
- It is due to be settled within twelve months after the reporting period, or
- There is no unconditional right to defer the settlement of the liability for at least twelve months after
the reporting period
All other liabilities are classified as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The Group’s normal operating cycle in respect of operations relating to the construction of real estate
projects may vary from project to project depending upon the size of the project, type of development,
project complexities and related approvals. Operating cycle for all completed projects is based on 12
months period. Assets and liabilities have been classified into current and non-current based on their
respective operating cycle.
e. Property, Plant and Equipment

Property, plant and equipment, are stated at cost net of accumulated depreciation and accumulated
impairment losses, if any. The cost comprises purchase price, borrowing costs if capitalization criteria are
met and directly attributable cost of bringing the asset to its working condition for the intended use and
initial estimate of decommissioning, restoring and similar liabilities. Any trade discounts and rebates are
deducted in arriving at the purchase price. When significant parts of plant and equipment are required to
be replaced at intervals, the group depreciates them separately based on their specific useful lives.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that incremental future economic benefits associated with the item
will flow to the company.
When a major inspection is performed, its cost is recognized in the carrying amount of the plant and
equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs
are recognized in profit or loss as incurred.
Borrowing costs directly attributable to acquisition of property, plant and equipment which take substantial
period of time to get ready for its intended use are also included to the extent they relate to the period till
such assets are ready for its intended use.
Advances paid towards the acquisition of property, plant and equipment outstanding at each balance
sheet date is classified as capital advances under other non-current assets.
An item of property, plant and equipment and any significant part initially recognized is de-recognized
upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss
arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds
and the carrying amount of the asset) is included in the income statement when the Property, plant and
equipment is de-recognized.
Capital work-in-progress and intangible assets under development represents expenditure incurred in
respect of capital projects/ intangible assets under development and are carried at cost less accumulated
impairment loss, if any.
f. Depreciation on Property, Plant and Equipment

Depreciation on property, plant and equipment are provided on straight line method over the useful lives
of assets specified in Part C of Schedule II to the Companies Act 2013.
The leasehold improvements are depreciated over the period of lease term or life of asset whichever is less.
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed
at each financial year end and adjusted prospectively, if appropriate.
g. Intangible Assets
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition,
intangible assets are carried at cost less accumulated amortization and accumulated impairment losses,
if any.
Intangible assets comprising of computer softwares and SAP are amortized on a written down value basis
over a period of three years, which is estimated by the management to be the useful life of the asset.
The residual values, useful lives and methods of amortization of intangible assets are reviewed at each
financial year end and adjusted prospectively, if appropriate. An intangible asset is derecognised upon
disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected
from its use or disposal. Gains or losses arising from de-recognition of an intangible asset are measured as
the difference between the net disposal proceeds and the carrying amount of the asset and are recognized
in the consolidated statement of profit and loss when asset is derecognized.
h. Borrowing Costs
Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing
of funds.
Borrowing costs directly attributable to the acquisition, construction or production of an asset that
necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized/
inventorised as part of the cost of the respective asset. All other borrowing costs are charged to
consolidated statement of profit and loss.
i. Inventories
Direct expenditures relating to real estate activity are inventorised. Other expenditure (including borrowing
costs) during construction period is inventorised to the extent the expenditure is directly attributable cost

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Statutory Reports
of bringing the asset to its working condition for its intended use. Other expenditure (including borrowing
costs) incurred during the construction period which is not directly attributable for bringing the asset
to its working condition for its intended use is charged to the consolidated statement of profit and loss.
Direct and other expenditure is determined based on specific identification to the real estate activity. Cost
incurred/ items purchased specifically for projects are taken as consumed as and when incurred/ received.
i. Work-in-progress (including land inventory): Represents cost incurred in respect of unsold area of
the real estate development projects or cost incurred on projects where the revenue is yet to be
recognized. Work-in-progress is valued at lower of cost and net realizable value.
ii. Finished goods – unsold flats and plots: Valued at lower of cost and net realizable value.
iii. Construction material: Valued at lower of cost and net realizable value. Cost is determined based on
FIFO basis.
Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs
of completion and estimated costs necessary to make the sale.
j. Land
Advances paid by the Group to the seller/ intermediary towards outright purchase of land is recognized
as land advance under other assets during the course of obtaining clear and marketable title, free from
all encumbrances and transfer of legal title to The group, whereupon it is transferred to land stock under
inventories.
k. Revenue from contracts with customers

(i) Revenue recognition
Revenue from contracts with customers is recognised when control of the goods or services are
transferred to the customer at an amount that reflects the consideration to which the Group expects
to be entitled in exchange for those goods or services. Revenue is measured based on the transaction
price, which is the consideration and adjusted for discounts, if any, as specified in the contract with
the customer. The Group presents revenue from contracts with customers net of indirect taxes in its
statement of profit and loss.
The Group considers whether there are other promises in the contract that are separate performance
obligations to which a portion of the transaction price needs to be allocated. In determining the
transaction price, the Group considers the effects of variable consideration and the existence of
significant financing components, if any.
Revenue from real estate development of residential or commercial unit is recognised at the point in
time, when the control of the asset is transferred to the customer.
Revenue consists of sale of undivided share of land and constructed area to the customer, which
have been identified by the Group as a single performance obligation, as they are highly interrelated/
interdependent.
The performance obligation in relation to real estate development is satisfied upon completion of
project work and transfer of control of the asset to the customer.
For contracts involving sale of real estate unit, the Group receives the consideration in accordance with
the terms of the contract in proportion of the percentage of completion of such real estate project and
represents payments made by customers to secure performance obligation of the Group under the
contract enforceable by customers. Such consideration is received and utilised for specific real estate
projects in accordance with the requirements of the Real Estate (Regulation and Development) Act,
2016. Consequently, the Group has concluded that such contracts with customers do not involve any
financing element since the same arises for reasons explained above, which is other than for provision
of finance to/from the customer.
(ii) Contract balances

Contract asset is the right to consideration in exchange for goods or services transferred to the
customer. If the Group performs by transferring goods or services to a customer before the customer

pays consideration or before payment is due, a contract asset is recognised for the earned consideration
that is conditional.
Trade receivable represents the Group’s right to an amount of consideration that is unconditional (i.e.,
only the passage of time is required before payment of the consideration is due).
Contract liability is the obligation to transfer goods or services to a customer for which the Group
has received consideration (or an amount of consideration is due) from the customer. If a customer
pays consideration before the Group transfers goods or services to the customer, a contract liability is
recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities
are recognised as revenue when the Group performs under the contract.
(iii) Cost to obtain a contract

The Group recognises as an asset the incremental costs of obtaining a contract with a customer if
the Group expects to recover those costs. The Group incurs costs such as sales commission when it
enters into a new contract, which are directly related to winning the contract. The asset recognised is
amortised on a systematic basis that is consistent with the transfer to the customer of the goods or
services to which the asset relates.
(iv) Share in profit/ loss of Limited liability partnerships (“LLPs”)

The Company’s share in profits from LLPs, where the Company is a partner, is recognised as income
in the statement of profit and loss as and when the right to receive its profit/ loss share is established
by the Company in accordance with the terms of contract between the Company and the partnership
entity.
(v) Interest income

Interest income, including income arising from other financial instruments measured at amortised cost,
is recognised using the effective interest rate method.
If the Group has a contract that is onerous, the present obligation under the contract is recognised and
measured as a provision. However, before a separate provision for an onerous contract is established,
the Group recognises any impairment loss that has occurred on assets dedicated to that contract.
l. Retirement and other employee benefits

Retirement benefits in the form of state governed Employee Provident Fund, Employee State Insurance
is defined contribution schemes (collectively the ‘Schemes’). The Group has no obligation, other than
the contribution payable to the schemes. The Group recognizes contribution payable to the schemes as
expenditure, when an employee renders the related service. The contribution paid in excess of amount
due is recognized as an asset and the contribution due in excess of amount paid is recognized as a liability.
Gratuity, which is a defined benefit plan, is accrued based on an independent actuarial valuation, which
is done based on project unit credit method as at the balance sheet date. The Group recognizes the
net obligation of a defined benefit plan in its consolidated balance sheet as an asset or liability. Gains
and losses through re-measurements of the net defined benefit liability/ (asset) are recognized in other
comprehensive income. In accordance with Ind AS, re-measurement gains and losses on defined benefit
plans recognized in OCI are not to be subsequently reclassified to consolidated statement of profit and
loss. As required under Ind AS compliant Schedule III, the Group recognizes re-measurement gains and
losses on defined benefit plans (net of tax) to retained earnings.
The Group 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, made at the end of each financial
year. Actuarial gains/losses are immediately taken to the consolidated statement of profit and loss. The
Group presents the leave as a current liability in the consolidated balance sheet, to the extent it does not
have an unconditional right to defer its settlement for 12 months after the reporting date. Where Group
has the unconditional legal and contractual right to defer the settlement for a period beyond 12 months,
the same is presented as non-current liability.

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Statutory Reports
m. Income taxes
Income tax expense comprises current tax expense and the net change in the deferred tax asset or liability
during the year. Current and deferred tax are recognized in the consolidated statement of profit and loss,
except when they relate to items that are recognized in other comprehensive income or directly in equity,
in which case, the current and deferred tax are also recognized in other comprehensive income or directly
in equity, respectively.
I. Current income tax - Current income tax for the current and prior periods are measured at the amount
expected to be recovered from or paid to the taxation authorities based on the taxable income for
that period. The tax rates and tax laws used to compute the amount are those that are enacted or
substantively enacted by the balance sheet date.
II. Deferred income tax - Deferred income tax is recognized using the balance sheet approach, deferred
tax is recognized on temporary differences at the balance sheet date between the tax bases of assets
and liabilities and their carrying amounts for financial reporting purposes.
Deferred income tax assets are recognized for all deductible temporary differences, carry forward of
unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be
available against which the deductible temporary differences, and the carry forward of unused tax
credits and unused tax losses can be utilized.
When the deferred tax asset relating to the deductible temporary difference arises from the initial
recognition of an asset or liability in a transaction that is not a business combination and, at the time
of the transaction, affects neither the accounting profit nor taxable profit or loss and does not give rise
to equal taxable and deductible temporary differences.
The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced
to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or
part of the deferred income tax asset to be utilized.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in
the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that
have been enacted or substantively enacted at the balance sheet date.
The Group offsets tax assets and liabilities if and only if it has a legally enforceable right to set off
current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities
relate to income taxes levied by the same tax authority.
n. Share based payment

Employees (including senior executives) of the Group receives remuneration in the form of share-based
payments, whereby employees render services as consideration for equity instruments (equity-settled
transactions).
The cost of equity-settled transactions is determined by the fair value at the date when the grant is
made using an appropriate valuation model and the cost is recognised, together with a corresponding
increase in share options outstanding account in equity, over the period in which the performance and/
or service conditions are fulfilled in employee benefits expense. The cumulative expense recognised for
equity-settled transactions at each reporting date until the vesting date reflects the extent to which the
vesting period has expired and The Group’s best estimate of the number of equity instruments that will
ultimately vest. The consolidated statement of profit and loss expense or credit for a period represents the
movement in cumulative expense recognised as at the beginning and end of that period and is recognised
in employee benefits expense.
The dilutive effect of outstanding options is reflected as additional share dilution in the computation of
diluted earnings per share.
o. Leases
The Group assesses whether a contract contains a lease, at the inception of the contract. A contract is, or
contains, a lease if the contract conveys the right to control the use of an identified asset for a period of
time in exchange for consideration. To assess whether a contract conveys the right to control the use of
an identified asset, the Group assesses whether (i) the contract involves the use of identified asset; (ii) the

Group has substantially all of the economic benefits from the use of the asset through the period of lease
and (iii) the Group has right to direct the use of the asset.
Where the Group is the lessee

The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-
of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted
for any lease payments made at or before the commencement date, plus any initial direct costs incurred
and an estimate of costs to dismantle and remove the underlying asset or to restore the site on which it is
located, less any lease incentives received.
Certain lease arrangements include the option to extend or terminate the lease before the end of the lease
term. The right-of-use assets and lease liabilities include these options when it is reasonably certain that
the option will be exercised.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement
date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term.
In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for
certain re-measurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the
commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be
readily determined, and the Group’s incremental borrowing rate. Generally, the Group uses its incremental
borrowing rate as the discount rate.
The lease liability is measured at amortized cost using the effective interest method. It is re-measured
when there is a change in future lease payments arising from a change in an index or rate, if there is a
change in the Group’s estimate of the amount expected to be payable under a residual value guarantee,
or if Group changes its assessment of whether it will exercise a purchase, extension or termination option.
When the lease liability is re-measured in this way, a corresponding adjustment is made to the carrying
amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use
asset has been reduced to zero.
Lease payments have been classified as financing activities in Statement of Cash Flow.
p. Provisions and contingent liabilities
A provision is recognized when the Group has a present obligation (legal or constructive) as a result of
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. 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 recognized as a finance cost.
A contingent liability is a possible obligation that arises from past events and whose existence will be
confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly
within the control of the Group or a present obligation that is not recognized because it is not probable
that an outflow of resources will be required to settle the obligation. A contingent liability also arises in
extremely rare cases where there is a liability that cannot be recognized because it cannot be measured
reliably. The Group does not recognize a contingent liability but discloses it in the financial statements,
unless the possibility of an outflow of resources embodying economic benefits is remote.
If the Group has a contract that is onerous, the present obligation under the contract is recognised and
measured as a provision. However, before a separate provision for an onerous contract is established, the
Group recognises any impairment loss that has occurred on assets dedicated to that contract.
q. Financial Instruments
Financial assets and liabilities are recognized when the Group becomes a party to the contractual provisions
of the instrument. Financial assets and liabilities are initially measured at fair value with the exception of
trade receivables that do not contain a significant financing component or for which the company has
applied the practical expedient. Transaction costs that are directly attributable to the acquisition or issue
of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value

Corporate Overview
Statutory Reports
through profit or loss) are added to or deducted from the fair value measured on initial recognition of
financial asset or financial liability. Trade receivables that do not contain a significant financing component
or for which the company has applied the practical expedient are measured at the transaction price
determined under Ind AS 115. Refer to the accounting policies - Revenue from contracts with customers.
i. Financial assets at fair value through other comprehensive income
Financial assets are measured at fair value through other comprehensive income if these financial
assets are held within a business whose objective is achieved by both collecting contractual cash flows
and selling financial assets and the contractual terms of the financial asset give rise on specified dates
to cash flows that are solely payments of principal and interest on the principal amount outstanding.
ii. Financial assets at fair value through profit or loss
Financial assets are measured at fair value through profit or loss unless it is measured at amortized
cost or at fair value through other comprehensive income on initial recognition. The transaction costs
directly attributable to the acquisition of financial assets and liabilities at fair value through profit or
loss are immediately recognized in consolidated statement of profit and loss.
iii. Debt instruments at amortized cost
A ‘debt instrument’ is measured at the amortized cost if both the following conditions are met:
a) The asset is held within a business model whose objective is to hold assets for collecting contractual
cash flows, and
b) 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.
After initial measurement, such financial assets are subsequently measured at amortized cost using the
effective interest rate (EIR) method. Amortized 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 in finance income in the profit or loss. The losses arising from impairment are recognized in
the profit or loss. This category generally applies to trade and other receivables.,
iv. Equity investment in subsidiaries and joint ventures
Investment in subsidiaries and joint ventures are carried at cost. Impairment recognized, if any, is
reduced from the carrying value.
v. De-recognition of financial asset
The Group derecognizes a financial asset when the contractual rights to the cash flows from the
financial asset expire or it transfers the financial asset and the transfer qualifies for de-recognition
under Ind AS 109.
vi. Financial liabilities
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
loss, loans and borrowings, or as payables, as appropriate. The Group’s financial liabilities include trade
and other payables, loans and borrowings including bank overdrafts. The subsequent measurement of
financial liabilities depends on their classification, which is described below.
vii. Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial
liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the
near term.
viii. Financial liabilities at amortized cost
Financial liabilities are subsequently carried at amortized cost using the effective interest (‘EIR’)
method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as
well as through the EIR amortization process. Amortized 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 consolidated statement of profit and loss.
Interest-bearing loans and borrowings are subsequently measured at amortized cost using EIR method.
For trade and other payables maturing within one year from the balance sheet date, the carrying
amounts approximate fair value due to the short maturity of these instruments.
ix. De-recognition of financial liability
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 consolidated statement of profit
or loss.
x. Fair value of financial instruments
In determining the fair value of its financial instruments, the Group uses following hierarchy and
assumptions that are based on market conditions and risks existing at each reporting date.
Fair value hierarchy:
All assets and liabilities for which fair value is measured or disclosed in the financial statements are
categorized within the fair value hierarchy, described as follows, based on the lowest level input that is
significant to the fair value measurement as a whole:
• Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities
• Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable
• Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable.
For assets and liabilities that are recognized in the financial statements on a recurring basis, the
Group determines whether transfers have occurred between levels in the hierarchy by reassessing
categorization (based on the lowest level input that is significant to the fair value measurement as a
whole) at the end of each reporting period.
xi. Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the consolidated
balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there
is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
r. Impairment
a. Financial assets
The Group assesses at each date of balance sheet whether a financial asset or a group of financial
assets is impaired. Ind AS 109 requires expected credit losses to be measured through a loss allowance.
The Group recognizes lifetime expected losses for all contract assets and /or all trade receivables that
do not constitute a financing transaction. For all other financial assets, expected credit losses are
measured at an amount equal to the 12-month expected credit losses or at an amount equal to the
life time expected credit losses if the credit risk on the financial asset has increased significantly since
initial recognition.
b. Non-financial assets
The Group assesses at each reporting date whether there is an indication that an asset may be impaired.
If any indication exists, or when annual impairment testing for an asset is required, the Group estimates
the asset’s recoverable amount. An impairment loss is recognized wherever the carrying amount of an
asset exceeds its recoverable amount. The recoverable amount is the greater of the asset’s net selling
price and value in use. In assessing value in use, the estimated future cash flows are discounted to their

Corporate Overview
Statutory Reports
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. After impairment, depreciation is provided on the revised
carrying amount of the asset over its remaining useful life.
s. Earnings per Share

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

The Group considers all highly liquid financial instruments, which are readily convertible into known
amounts of cash that are subject to an insignificant risk of change in value and having original maturities of
three months or less from the date of purchase, to be cash equivalents. Cash and cash equivalents consist
of balances with banks which are unrestricted for withdrawal and usage.
u. Dividend
The Group recognises a liability to pay dividend to equity holders of the parent when the distribution is
authorised, and the distribution is no longer at the discretion of the Group. 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.
2.3 Significant accounting judgements, estimates and assumptions

The preparation of consolidated financial statements in conformity with the recognition and measurement
principles of Ind AS requires management to make judgements, estimates and assumptions that affect the
reported balances 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.
(a) Judgements
In the process of applying the Group’s accounting policies, management has made the following
judgements, which have the most significant effect on the amounts recognized in the financial statements:
Evaluation of indicators for impairment of Investment in Joint Ventures:
The evaluation of applicability of indicators of impairment of assets requires assessment of several external
and internal factors which could result in deterioration of recoverable amount of the assets.
(b) Estimates and assumptions
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting
date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year, are described below. The Group based its assumptions and estimates
on parameters available when the financial statements were prepared. Existing circumstances and
assumptions about future developments, however, may change due to market changes or circumstances
arising that are beyond the control of the group. Such changes are reflected in the assumptions when they
occur.
Inventory is stated at the lower of cost and net realizable value (NRV).
NRV for completed inventory property is assessed by reference to market conditions and prices existing
at the reporting date and is determined by the Group, based on comparable transactions identified by the
Group for properties in the same geographical market serving the same real estate segment.

NRV in respect of inventory property under construction is assessed with reference to market prices at
the reporting date for similar completed property, less estimated costs to complete construction and an
estimate of the time value of money to the date of completion.
With respect to Land advance given, the net recoverable value is based on the present value of future
cash flows, which depends on the estimate of, among other things, the likelihood that a project will be
completed, the expected date of completion, the discount rate used and the estimation of sale prices and
construction costs.
The Group applied the following judgements that significantly affect the determination of the amount and
timing of revenue from contracts with customers:
a) Identification of performance obligation
Revenue consists of sale of undivided share of land and constructed area to the customer, which
have been identified by the Group as a single performance obligation, as they are highly interrelated/
interdependent. In assessing whether performance obligations relating to sale of undivided share of
land and constructed area are highly interrelated/ interdependent, the Group considers factors such
as:
- Whether the customer could benefit from the undivided share of land or the constructed area on
its own or together with other resources readily available to the customer.
- Whether the entity will be able to fulfil its promise under the contract to transfer the undivided
share of land without transfer of constructed area or transfer the constructed area without transfer of
undivided share of land.
b) Timing of satisfaction of performance obligation
Revenue from sale of real estate units is recognised when (or as) control of such units is transferred to
the customer.
For contracts where control is transferred at a point in time, the Group considers the following
indicators of the transfer of control of the asset to the customer:
- When the entity obtains a present right to payment for the asset.
- When the entity transfers legal title of the asset to the customer.
- When the entity transfers physical possession of the asset to the customer.
- When the entity transfers significant risks and rewards of ownership of the asset to the customer.
- When the customer has accepted the asset.
c) Significant financing component
For contracts involving sale of real estate unit, the Group receives the consideration in accordance with
the terms of the contract in proportion of the percentage of completion of such real estate project and
represents payments made by customers to secure performance obligation of the Group under the
contract enforceable by customers. Such consideration is received and utilised for specific real estate
projects in accordance with the requirements of the Real Estate (Regulation and Development) Act,
2016. Consequently, the Group has concluded that such contracts with customers do not involve any
financing element since the same arises for reasons explained above, which is other than for provision
of finance to the customer.
2.4 New Standards, Interpretation and amendments adopted by the Group

New and amended Standards:-
The Ministry of Corporate Affairs has notified Companies (Indian Accounting Standards) Amendment Rules,
2023 dated March 31, 2023 to amend the following Ind AS which are effective for annual periods beginning on
or after April 1, 2023. The group applied for the first-time these amendments.

Corporate Overview
Statutory Reports
(i) Definition of Accounting Estimates - Amendments to Ind AS 8

The amendments clarify the distinction between changes in accounting estimates and changes in
accounting policies and the correction of errors. It has also been clarified how entities use measurement
techniques and inputs to develop accounting estimates.
The amendments had no impact on the group’s financial statements.
(ii) Disclosure of Accounting Policies – Amendments to Ind AS 1

The amendments aim to help entities provide accounting policy disclosures that are more useful by
replacing the requirement for entities to disclose their ‘significant’ accounting policies with a requirement
to disclose their ‘material’ accounting policies and adding guidance on how entities apply the concept of
materiality in making decisions about accounting policy disclosures.
The amendments have had an impact on the group’s disclosures of accounting policies, but not on the
measurement, recognition or presentation of any items in the group’s financial statements.
(iii) Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to Ind
AS 12
The amendments narrow the scope of the initial recognition exception under Ind AS 12, so that it no longer
applies to transactions that give rise to equal taxable and deductible temporary differences such as leases.
The amendment have no impact in the balance sheet. There was also no impact on the opening retained
earnings as at April 1, 2022.
Standards notified but not yet effective:
There are no standards that are notified and not yet effective as on the date.

3.1 Property Plant and Equipment

Particulars Buildings Equipments Furniture Office Computers Vehicles Land Leasehold Total Capital
& Fixtures Equipments Improvements Work in
( Refer Note 41) progress*
Cost ( Refer note 1 below)
At April 1, 2022 3,211.09 577.91 344.39 40.08 94.39 436.87 158.34 - 4,863.07 1,204.07
Additions 50.05 159.30 48.37 21.11 52.87 170.75 3.59 82.15 588.21 412.61

Disposals/transfers - (73.77) (43.52) (3.11) (2.17) (66.79) - - (189.36) (44.56)
At March 31, 2023 3,261.15 663.45 349.24 58.08 145.10 540.83 161.93 82.15 5,261.92 1,572.11
Additions - 117.25 87.25 2.49 31.18 326.61 - 66.83 631.61 500.14
Disposals/transfers - (25.36) (15.85) (1.23) (7.14) (117.44) (3.59) - (170.61) (206.99)
At March 31, 2024 3,261.14 755.34 420.64 59.34 169.14 750.00 158.34 148.98 5,722.92 1,865.27
Accumulated Depreciation
At March 31, 2022 115.59 113.95 99.51 11.05 64.43 163.32 - - 567.85 -
Depreciation charge for the 61.13 58.49 38.04 8.21 17.31 60.77 - 4.32 248.26 -
year
On Disposals - (19.76) (25.34) (1.16) (2.05) (32.89) - - (81.20) -
At March 31, 2023 176.72 152.67 112.21 18.10 79.69 191.20 - 4.32 734.91 -
Depreciation charge for the 61.78 62.74 36.11 9.04 31.69 67.07 - 12.32 280.74 -
year
On Disposals - (9.97) (8.51) (1.03) (6.48) (62.42) - - (88.41) -
At March 31, 2024 238.50 205.44 139.81 26.11 104.89 195.86 - 16.64 927.24 -
Net book value
At March 31, 2024 3,022.63 549.89 280.83 33.23 64.25 554.14 158.34 132.34 4,795.68 1,865.27
At March 31, 2023 3,084.43 510.77 237.04 39.98 65.41 349.63 161.93 77.83 4,527.01 1,572.11
*Capital work in progress mainly includes amount incurred towards development of club house at Arvind Beyond Five Club LLP
Corporate Overview
Statutory Reports
Capital work in progress (CWIP) Ageing Schedule

At March 31, 2024
Particulars Amount in CWIP for a period of Total
1 year 3 years
Projects in progress 293.15 368.04 242.21 961.86 1865.27
Total 293.15 368.04 242.21 961.86 1865.27
At March 31, 2023

Particulars Amount in CWIP for a period of Total
1 year 3 years
Projects in progress 368.04 242.21 95.68 866.18 1572.11
Total 368.04 242.21 95.68 866.18 1572.11
There are no capital work in progress , whose completion is overdue or has exceeded its cost compared to its
original plan during the financial year 2023-24.
3.2 Other Intangible assets

Particulars Software/ Intangible Asset Total
Trademark under Development
At April 1, 2022 54.94 69.35 124.29
Additions 20.93 74.84 95.77
Disposals - - -
At March 31, 2023 75.87 144.19 220.06
Additions 212.76 68.57 281.34
Disposals - (212.76) (212.76)
At March 31, 2024 288.64 - 288.64
At April 1, 2022 19.25 - 19.25
Amortisation for the year 14.43 - 14.43
At March 31, 2023 33.68 - 33.68
Amortisation for the year 66.67 - 66.67
At March 31, 2024 100.35 - 100.35
Net book value
At March 31, 2024 188.29 - 188.29
At March 31, 2023 42.19 - 42.19
Note 1 : For property plant & equipment and intangible assets existing as on April 1,2016 i.e. the date of transition
to Ind AS, the group had elected to continue Indian GAAP carrying value as deemed cost as permitted by Ind
AS 101 “First Time Adoption of Indian Accounting Standard”. Accordingly, the net WDV as per Indian GAAP as
on April 1, 2016 was considered as Gross block under Ind AS and the accumulated depreciation was accordingly
netted off as on April 1, 2016.

3.2 a Intangible Asset under Development Ageing Schedule

Particulars Amount in Intangible under Development for Total
a period of
1 year 3 years
Projects in progress (Refer Note 1 below) 74.85 69.39 - - 144.24
Total - - - - 144.24
on March 31, 2024.
3.3 Right of use assets:

Particulars Building -HO Building -RO Total
Cost
At April 1, 2023 82.14 - 82.14
Additions - 318.81 318.81
Disposals - - -
At March 31, 2024 82.14 318.81 400.95
At April 1, 2023 8.21 - 8.21
Amortisation charge for the year 8.21 45.54 53.75
At March 31, 2024 16.42 45.54 61.97
Net book value
At March 31, 2024 65.71 273.27 338.98
At March 31, 2023 73.92 - 73.92
on March 31, 2024.
4 Investment in joint ventures

2024 2023 2024 2023
Unquoted (carried at cost)
In capital of Limited Liability Partnership firms (joint
ventures)
Arvind Bsafal Homes LLP - - 8.33 24.62
Aggregate value of unquoted investments. - - 8.33 24.62
Note : (i) Aggregate value of impairment of Investment is Nil. (March 23- Rs.Nil)

Corporate Overview
Statutory Reports
5 Other Investments
Particulars Current portion
March 31, 2024 March 31, 2023
In Mutual Funds (Quoted)
45,837.60 (March 31, 2023 : 2,11,441.37) Units of Aditya Birla Sunlife 176.78 760.76
Liquid Fund - Regular - Growth
18,109.82 (March 31, 2023 : 9,079.78) Units of Kotak Liquid Fund - 876.50 410.17
Regular - Growth
56,638.65 (March 31, 2023 : 17,340.23) Units of HDFC Liquid Fund - 2,660.83 760.19
Regular - Growth
13,177.83 (March 31, 2023 : 28,621.05) Units of SBI Liquid Fund - Regular 493.60 1,000.62
- Growth
23,705.64 (March 31, 2023 : 7,339.70) Units of Nippon India Liquid Fund - 1,668.42 400.25
Regular - Growth
29,951.21 (March 31, 2023 : 27,284.52) Units of UTI Liquid Fund - Cash 1,784.20 999.57
Plan - Regular - Growth
1,26,101.43 (March 31, 2023 : 3,02,303.18) Units of ICICI Prudential liquid 446.87 1,000.00
fund - Regular - Growth
58,237.45 (March 31, 2023 : 24,166.10) Units of Axis Liquid Fund - 1,567.43 600.32
Regular - Growth
40,372.73 (March 31, 2023 : 40,372.73) Units of Aditya Birla Sunlife Liquid - 145.26
Fund - Reg - Growth
5,845.46 (March 31, 2023 : 5,845.46) Units of Axis Liquid Fund - Reg - - 145.21
Growth
1,74,154.57 (March 31, 2023 : 1,74,154.57) Units of ICICI Pru Liquid Fund - 575.85
- Reg - Growth
16,436.29 (March 31, 2023 : 19,390.41) Units of UTI Liquid Fund - Cash 645.40 710.37
Plan - Reg - Growth
32,842.55 (March 31, 2023 : 32,842.55) Units of Axis Liquid Fund - Reg - - 815.86
Growth
Total investments 10,320.04 8,324.43
Aggregate value of Quoted investments 10,320.04 8,324.43
Note : i) Aggregate and market value of Quoted investment is Rs.10,320.04 Lac.(March 23- 8,324.43)
ii) Aggregate value of impairment of Investment is NIL. (March 23- Rs. NIL)
6 Trade receivables
Trade receivables ( refer note below )
(Unsecured , Considered good, unless Otherwise stated) 261.84 271.29
261.84 271.29
Trade Receivables considered good 261.84 271.29
Trade Receivables which have significant increase in Credit Risk - -
Trade Receivables - credit impaired 3.74 3.74
Less: Impairment allowance - credit impaired (3.74) (3.74)
261.84 271.29

Trade receivables Ageing Schedule (Refer Notes below)

but not payment
considered good
in credit risk
credit impaired
considered good
in credit risk
credit impaired
Total - 247.67 - - - 17.91 265.58

but not payment
considered good
in credit risk
credit impaired
considered good
in credit risk
credit impaired
Total - 257.12 - - - 17.91 275.03
Note : (i) Since all the above trade receivables of the Group are unsecured and considered good except those
which are disclosed as credit impaired , the further bifurcation of receivables in other categories as
required by Schedule III of Companies Act, 2013 viz : (a) Secured, (b) Receivables which have
significant increase in credit risk is not applicable.
(ii) For amounts due and terms and conditions relating to related party receivables, refer Note 39
(iii) For information about credit risk and market risk related to trade receivables, refer note 35

Corporate Overview
Statutory Reports
(iv) No trade or other receivables are due from directors or other officers of the Group, either severally
or jointly with any other person. Nor any trade or other receivables are due from firms or private
companies respectively in which any director is a partner, director or a member.
(v) Trade receivables are non interest bearing and are generally on credit terms of upto 30-60 days
* Following is the table summarized change in impairment allowance using lifetime expected credit loss model:
March 31, 2024 March 31, 2023
At the beginning of the year 3.74 3.74
Provision during the year - -
Utilised/Reversed during the year - -
At the end of the year 3.74 3.74
7 Cash and cash equivalents

Balances with banks:
- In current accounts 3,164.46 3,913.68
Fixed deposits having maturity of less than 3 months 3,131.33 2,430.89
6,302.70 6,360.78
8 Other bank balances

Balances with banks
- Earmarked balances for unclaimed dividend 11.48 4.40
11.48 4.40
9 Other financial assets

2024 2023 2024 2023
Security deposits 588.26 316.99 20.00 -
Interest accrued - others - - 14.73 5.12
Loan given to partners (repayable on demand) 3,269.46 3,369.46 - -
Advance for land, recoverable in cash 10,316.14 - 9,266.66 13,651.84
Bank deposits * 213.92 140.22 - -
Others - 3.53 0.21 64.41
14,387.78 3,830.20 9,301.60 13,721.37
*Non-current bank deposits consists of deposits which are lien as a stipulation of sanction for various loans.
10 Inventories (At lower of cost and net realisable value)

Construction work-in-progress 1,32,524.55 93,629.31
Unsold developed plots of land and units 2,582.96 1,473.90
Construction materials 1,088.40 599.97
1,36,195.91 95,703.18

11 Other assets
2024 2023 2024 2023
Prepaid expenses 5.96 7.29 58.64 429.03
Advances to suppliers 0.62 272.07 1,092.26 1,125.43
Capital Advance 600.00 - - -
Balance with government authorities 207.19 207.44 1,613.68 847.25
Advance for land (refer note below) 11,828.83 1,002.13 5,722.36 7,024.69
Other advances 922.88 622.49 447.80 650.10
13,565.47 2,111.42 8,934.74 10,076.50
Note: (i) Advance for land though unsecured, are considered good as the advances have been given based
on arrangement/memorandum of understanding executed by the group and the group/seller/
intermediary is in the course of obtaining clear and marketable title, free from all encumbrances,
including for certain properties under litigation.
(ii) Balance with government authorities includes amounts paid under protest Rs.207.19 Lac ( March 31,
2023 : Rs.207.19 Lac )
(iii) No advances are due from directors or other officers of the group, either severally or jointly with any
other person.
12 Equity share capital

(a) Authorised
5,00,00,000 (March 31, 2023 : 5,00,00,000) equity shares of Rs. 10/- each 5,000.00 5,000.00
(P.Y. Rs. 10/-)
(b) Issued, subscribed and fully paid-up
4,53,43,979 (March 31, 2023 : 4,53,11,979) equity shares of Rs. 10/- 4,534.40 4,531.20
each (P.Y. Rs. 10/-)
(c) Reconciliation of shares outstanding at the beginning and at the end of the reporting year

No. of Amount No. of Amount
shares shares
Equity Shares
Outstanding at beginning of the year 4,53,11,979 4,531.20 4,24,61,979 4,246.20
Add :
Equity shares issued under ESOP scheme 32,000 3.20 - -
Shares issued pursuant to conversion of preferential - - 28,50,000 285.00
share warrants
Outstanding at end of the year 4,53,43,979 4,534.40 4,53,11,979 4,531.20
(d) The group has allotted Nil (March 31, 2023 - 28,50,000) equity shares of Rs.10 each on pursuant to conversion
of warrants to equity shares to Kausalya Realserve LLP.
(e) Terms / rights attached to the equity shares
The parent company has only one class of shares referred to as equity shares having a par value of Rs.10/-
. Each holder of equity shares is entitled to one vote per share. The parent company declares and pays
dividend in Indian Rupees. The dividend proposed by the Board of director is subject to the approval of the
shareholders in the ensuing Annual General meeting.

Corporate Overview
Statutory Reports
In the event of liquidation of the parent company the holders of the equity shares will be entitled to receive any
of the remaining assets of the parent company, after distribution of all preferential amounts. The distribution
will be in proportion to the number of equity shares held by shareholders.
(f) During the year ended March 31, 2024, the group has issued 32000 (March 31, 2023 - NIL) equity shares
of Rs.10 each to the eligible employee’s pursuant to the exercise of stock options granted to them under
Employees Stock Option Scheme - 2016 (AIL ESOP 2016) for shares reserved for issue under ESOP scheme.
(g) For details of shares reserved for issue under the share based payment plan of the group, Please refer note 31.
(h) Number of shares held by holding company and shareholders holding more than 5% shares in the company
Name of the shareholder March 31, 2024 March 31, 2023
No. of Rs. in Lac % Holding No. of Rs. in Lac % Holding
shares shares
Equity shares of Rs.10 each
fully paid
Aura Securities Private 1,87,12,646 1,871.26 41.27% 1,87,12,646 1,871.26 41.30%
Limited
HDFC Capital Affordable Real 40,32,200 403.22 8.89% 40,32,200 403.22 8.90%
Estate Fund – 1
Kausalya Realserve LLP 21,50,000 215.00 4.74% 28,50,000 285.00 6.29%
Ketankumar Ratilal Patel 22,65,101 226.51 5.00% 22,65,101 226.51 5.00%
As per records of the parent company, including its register of shareholders / Members and other declarations
received from shareholders regarding beneficial interest, the above shareholding represents both legal and
beneficial ownership of shares.
(i) Details of shares held by promoters

Equity shares Aura Securities 1,87,12,646 - 1,87,12,646 41.27% -0.03%
fully paid Sanjaybhai 2,00,155 (10.00) 2,00,145 0.44% 0.00%
Shrenikbhai
Lalbhai
Jayshreeben 33 - 33 0.00% 0.00%
Sanjaybhai
Lalbhai
Sanjaybhai - 10 10 0.00% 0.00%
Shrenikbhai
Lalbhai,
as representative
trustee of
discretionary
trust
Total 1,89,13,205 - 1,89,13,205 41.71%


Equity shares Aura Securities 1,87,12,646 - 1,87,12,646 41.30% 0%
of Rs10 each Private Limited
fully paid Sanjaybhai 2,00,155 - 2,00,155 0.44% 0%
Shrenikbhai
Lalbhai
Jayshreeben 33 - 33 0.00% 0%
Sanjaybhai
Lalbhai
Punit Sanjaybhai 371 - 371 0.00% 0%
Total 1,89,13,205 - 1,89,13,205 41.74%
*Disclosed as rounded to two decimals
13 Other equity
(a) Securities Premium
Add : Received during the year on issue of equity shares 58.90 2,622.00
(b) Share Based Payment Reserve
Add : Compensation expense for options granted during the year 124.09 123.77
Less : Transferred to General reserve on exercise of stock options (22.03) -
(c) Retained Earnings
Add: Profit for the year 4,157.06 2,560.75
Less : Dividend (1,495.30) -
Add: Acquisition of non controlling interest - 304.00
Add : Transferred on exercise of stock options 22.03
Items of other comprehensive income recognised directly in retained
earning:
Remeasurement gains / (losses) on defined benefit plans, Net of taxes (33.00) (17.01)
(e) Capital Reserve
(f) Equity Component of Compound Financial Instrument
Balance at the beginning of the year - 2,418.43
Add: Movement in OCI (Net) during the year - (2,418.43)
Balance at the end of the year - -
44,921.73 42,109.97
Securities premium
Securities premium reserve is used to record the premium on issue of shares. The reserve can be utilised only for
limited purposes such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.

Corporate Overview
Statutory Reports
Share based payment reserve

The share options based payment reserve is used to recognise the grant date fair value of options issued to
employees under Employee stock option plan.
Retained Earnings
The cumulative gain or loss arising from the operations which is retained by the group is recognised and
accumulated under the head of retained earnings.
Capital Reserve
Capital reserve on consolidation represents excess of fair value of net assets acquired over consideration paid.
Distribution Proposed
Proposed dividends on Equity shares
Proposed dividend for the year ended on March 31, 2024: Rs.3.5 per 1,587.04 1,495.30
share (March 31, 2023: Rs.3.30 per share) (Refer Note Below)
The Board of Directors recommended a final dividend of Rs.2.5 per equity share (March 31, 2023: Rs.1.65/- per
share) and special dividend of Rs.1 per equity share (March 31, 2023: Rs.1.65/- per share) , totalling to a dividend
of Rs.3.5 per equity share (March 31, 2023: Rs.3.30 per share) of face value of Rs.10 each , for the financial year
ended March 31, 2024.
Proposed dividends on equity shares are subject to approval at the annual general meeting and is not recognised
as a liability as at March 31, 2024.
14 Borrowings (at amortised cost)

Particulars Effective Maturity March 31, March 31,
Rate of 2024 2023
Interest
Non-current borrowings
Vehicle loans from banks (Secured) 7.25% - 9.5% 2024-2029 357.67 226.89
Term loans (Secured):
- From Banks 9% - 10% 2025 - 4,048.32
- From Financial institutions 10% - 11% 2027 5,950.01 986.28
Debentures 3% / 9% 2031-2032 4,344.04 9,239.36
Coupon
Total 10,651.72 14,500.84
Less : Current maturities of long term (1,556.92) (230.09)
borrowings disclosed under other financial
liabilities
Total 9,094.81 14,270.75
Current borrowings
Current maturities of long term borrowings 1,556.92 230.09
Total 1,556.92 230.09
Nature of Securities on above Loans:

1. Term loan taken and outstanding of Rs. NIL (March 31, 2023 : Rs.4095.98 Lac) and overdraft facility from ICICI
Bank Limited is secured by first mortgage of unsold units of project “Arvind Aavishkaar” and “Arvind Oasis”
together with hypothecation of receivables from the same projects.
2. Term loan taken and outstanding of Rs.6000 Lac (March 31, 2023 : Rs.1,000 Lac) from TATA Capital Limited is
secured by way of mortgage of NA land at project Uplands township situated at Nasmed village, Gandhinagar
owned by Ahmedabad East Infrastructure LLP (Subsidiary Company).
3. Vehicle loans amounting to Rs.357.67 Lac (March 31, 2023 : Rs.226.89 Lac) are secured by respective vehicles.

4 a. 3% redeemable unsecured optionally convertible debentures - Nil ( March 31, 2023 : 5000 ) having face value
of Rs. Nil (March 31, 2023 : Rs. 76,062 ) each amounting to Rs. Nil Lac (March 31, 2023 :Rs. 3803.1Lac).
b. 9% redeemable optionally convertible debentures - Nil ( March 31, 2023 : 4200) having face value of Rs.
1,00,000 (March 31, 2023 : Rs. 1,00,000) each .These debentures are secured by First Ranking exclusive
charge against land , Inventory and receivables of Arvind Fruits of Life project in Arvind Smarthomes
Private Limited.
c. 3% redeemable optionally convertible debentures - 4000 ( March 31, 2023 : 1000) having face value of Rs.
1,00,000 (March 31, 2023 : Rs. 1,00,000 ) each. These debentures are secured by First Ranking exclusive
charge against land , Inventory and receivables of Arvind Orchards project in Arvind Smarthomes Private
Limited.
Terms of Repayment of Loans

Secured Loan
ICICI Bank Limited Group has availed Rs.1,500 Lac ( March 31,2023 : Rs.1,500 Lac)
overdraft facility with a tenure of 32 months (including moratorium
of 8 months ending on May 2023).
Vehicle Loan
HDFC Bank Limited and ICICI Bank Limited Loan is repayable in monthly instalments on varied dates as
mentioned above.
Term Loan
ICICI Bank Limited Group has borrowed Rs.NIL ( March 31,2023 : Rs.8,500 Lac) with
a tenure of 32 months (including moratorium of 8 months ending
on May 2023). The said loan is repaid fully in FY 2023-24.
TATA capital financial services limited Loan of Rs.6,000 Lac (March 31, 2023 : Rs.1,000 Lac) at the rate
of 10.3% p.a. with a tenure of 12 structured quarterly payment
(including moratorium of 15 months) starting from December,
2022.
Debentures
3% redeemable unsecured optionally One of the Subsidiary Company, Arvind homes Private Limited has
convertible debentures: issued Optionally Convertible Redeemable Debentures (“OCRD”)
having a coupon rate @ 3% p.a. The Term of the Debentures shall
be 15 (Fifteen) years from the date of allotment of first tranche of
Debenture unless redeemed or converted earlier. At the option of
debenture holder, these OCRD are convertible into equity shares
at a ratio which is mutually agreed upon between the Debenture
holders and the Company at any time on or before 15 years after
obtaining prior written approval of all the holders of Debentures
and all the Shareholders. The resulting shares upon conversion
shall rank pari-passu in all respect with the existing equity shares
issued by Subsidiary Company.

Corporate Overview
Statutory Reports
9% redeemable optionally convertible One of the Subsidiary Company, Arvind Smart homes Private
debentures: Limited has issued Optionally Convertible Redeemable
Debentures (“OCRD”) having a coupon rate @ 9% p.a. The term of
the Debentures shall be 8 (Eight) years from the date of allotment
of first tranche of Debenture or such date as may be extended
by mutual agreement between the Subsidiary Company and
Debenture holder subject to maximum of 10 (Ten) years unless
redeemed or converted earlier.
At the option of debenture holder, these OCRD are convertible
into equity shares at a ratio which is mutually agreed upon
between the Debenture holders and the Company at any time
on or before 8 years extendable to 10 years after obtaining prior
written approval of all the holders of Debentures and all the
Shareholders. The resulting shares upon conversion shall rank
pari-passu in all respect with the existing equity shares issued by
Subsidiary Company.
3% redeemable optionally convertible One of the Subsidiary Company, Arvind Smart homes Private
debentures: Limited has issued Optionally Convertible Redeemable
Debentures (“OCRD”) having a coupon rate @ 3% p.a. The term of
the Debentures shall be 8 (Eight) years from the date of allotment
of first tranche of Debenture or such date as may be extended
by mutual agreement between the Subsidiary Company and
Debenture holder subject to maximum of 10 (Ten) years unless
redeemed or converted earlier. At the option of debenture holder,
these OCRD are convertible into equity shares at a ratio which
will be mutually agreed upon between the Debenture holders and
the Company at any time on or before 8 years extendable to 10
years after obtaining prior written approval of all the holders of
Debentures and all the Shareholders. The resulting shares upon
conversion shall rank pari-passu in all respect with the existing
equity shares issued by Subsidiary Company.
15 Trade payables
Total outstanding dues of micro and small enterprises 304.58 99.43
Total outstanding dues of creditors other than micro and small
enterprises:
For goods and services 9,603.44 4,326.74
For land 2,456.96 1,567.24
12,364.98 5,993.41
Trade payables 12,364.98 5,893.69
Trade payables to related parties (Refer Note 39) - 99.72
12,364.98 5,993.41

Note 1 : Trade payables Ageing Schedule

date of payment
1 year 3 years
(Others)
11,025.42 355.79 534.32 449.45 12,364.98

date of payment
1 year 3 years
(ii) Total outstanding dues of creditors other 4,010.05 619.66 223.03 1,041.24 5,893.98
(Others)
4,109.48 619.66 223.03 1,041.24 5,993.41
Note 2: Details of transactions with struck off companies

KRISHNA MARKETING Payable - - -
LINTAS INDIA PVT. LTD. Payable - - -
OMICRON MARKETING Payable - - -
PATEL TRADERS Payable - - -
SETU INFRASTRUCTURE Payable - - -
R J ASSOCIATES Payable - - -
SM CONSTRUCTION Payable - - -
Sagar Fabrication Payable - - -
RUDRA ENTERPRISE Payable - - -
MURLIDHAR ENGINEERING Payable - - -
J K ASSOCIATES Payable - - -

Corporate Overview
Statutory Reports

KRISHNA MARKETING Receivable 4.24 2.14 -
LINTAS INDIA PVT. LTD. Payable (4.72) - -
OMICRON MARKETING Payable * * -
PATEL TRADERS Payable * * -
SETU INFRASTRUCTURE Payable * * -
R J ASSOCIATES Payable * * -
SM CONSTRUCTION Payable * * -
Sagar Fabrication Payable - * -
RUDRA ENTERPRISE Payable - * -
MURLIDHAR ENGINEERING Payable * * -
J K ASSOCIATES Payable (1.41) - -
*Amount less than Rs. 1 Lac
Note 3:. Trade payables for goods and services are non-interest bearing and are normally settled on 30 to 90
days terms
Note 4: Based on information and records available with Group, details of suppliers who are registered as micro,
small or medium enterprise under “The Micro, Small and Medium Enterprise Development Act, 2006” (Act) till
March 31, 2024 is as mentioned below. This has been relied upon by the auditors.
On the basis of the information and records available with management, details of dues to micro and small
enterprises as defined under the MSMED Act, 2006 are as below:
Particulars As at As at
March 31, 2024 March 31, 2023
Principal amount remaining unpaid to any supplier as at the year end 304.58 99.43
Interest due thereon - -
Amount of interest paid in terms of section 16 of the MSMED, along with - -
the amount of the payment made to the supplier beyond the appointed
day during the accounting year
Amount of interest due and payable for the period of delay in making - -
payment (which have been paid but beyond the appointed day during
the period) but without adding the interest specified under the MSMED.
Amount of interest accrued and remaining unpaid at the end of the - -
accounting year.
Amount of further interest remaining due and payable even in the - -
succeeding years, until such date when the interest dues as above are
actually paid to the small enterprise for the purpose of disallowance as a
deductible expenditure under section 23 of the MSMED Act 2006
Note 5: Refer Note 35 for group’s credit risk management process.
16 Other financial liabilities

Interest accrued but not due on borrowings 146.47 343.12
Unclaimed Dividend 11.48 4.40
Employee Benefits Expense Payable 483.24 311.71
Advances against capital contribution 916.53 919.65
1,557.72 1,578.88

17 Provisions
2024 2023 2024 2023
Provision for employee benefits
Provision for gratuity (Refer Note 30) 296.99 174.60 27.35 43.01
Provision for leave encashment 114.66 96.40 24.22 26.97
411.65 271.00 51.58 69.98
18 Other current liabilities

Advances from customers (Refer Note 40 - contract liabilities) 1,20,151.22 77,789.16
Statutory dues 1,109.43 989.84
Other payables 275.73 41.72
1,21,536.38 78,820.72
19 Revenue from operations

2023-24 2022-23
Revenue from contracts with customers ( Refer note 40)
Commercial and residential units 33,023.56 24,576.14
Other operating revenue
Plot cancellation and transfer fees 64.33 49.33
Project consultancy income 872.68 733.27
Maintenance Income 62.43 142.36
Others 94.72 90.58
34,117.72 25,591.68
20 Other income
2023-24 2022-23
Interest on
- Bank deposits 34.80 82.60
- Financial assets measured at amortised cost - 455.71
Fair value gain on investments carried at fair value through profit or loss 72.47 60.53
Gain on sale of Mutual funds 718.53 62.85
Others 144.22 71.67
970.01 733.36
21 Cost of construction materials and components consumed

2023-24 2022-23
Inventory at the beginning of the year 599.97 487.94
Add : Purchases 3,085.09 1,813.60
Less : Inventory at the end of the year (1,088.40) (599.97)
Cost of construction materials and components consumed 2,596.67 1,701.57

Corporate Overview
Statutory Reports
22 Changes in inventories
2023-24 2022-23
Closing Stock
Construction work-in-progress 1,32,524.55 93,629.31
1,35,107.51 95,103.21
Opening Stock
95,103.21 76,140.59
Increase in inventories (40,004.30) (18,962.62)
23 Employee benefit expenses

2023-24 2022-23
Salaries, allowances and bonus 4,969.76 3,295.66
Contribution to provident and other funds(Refer Note 30) 182.06 137.66
Employee stock option expenses/ charge (Refer note 31) 124.09 123.77
Gratuity (Refer Note 30) 48.95 37.80
Staff welfare expenses 65.30 87.02
5,390.16 3,681.91
The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post employment
benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India.
Certain sections of the Code came into effect on May 3, 2023. However, the final rules/interpretation have not
yet been issued. Based on a preliminary assessment, the entity believes the impact of the change will not be
significant.
24 Finance costs*
2023-24 2022-23
Interest on
Term loan 467.83 577.20
Vehicle loans from banks 65.52 16.99
Debenture 3,391.10 584.84
Others 129.54 212.23
Lease 39.82 8.21
4,093.81 1,399.47
*Net of interest amounting to Rs.3391.10 Lac (P.Y. Rs.584.84 Lac) inventorised to qualifying construction work-
in-progress.
25 Other expenses
2023-24 2022-23
Repairs and maintenance :
Buildings 0.16 5.39
Others 29.63 34.95

25 Other expenses (contd.)

2023-24 2022-23
Rates and taxes 567.83 282.57
Travelling expenses 197.62 120.08
Power and fuel 248.34 219.77
Advertisement 803.08 742.25
Brokerage and commission charges 1,520.25 443.45
Legal and professional charges 2,030.95 1,280.15
Secretarial expenses 48.32 50.88
Information Technology expenses 174.12 88.87
Auditors' remuneration (Refer note a) 36.64 30.12
Insurance charges 99.52 74.34
CSR expenses (Refer note b) 75.00 60.00
Disposal of Items of property, plant and equipment 31.30 17.51
Rent (Refer note 41) 15.32 16.22
Donation 9.01 400.00
Partners' Remuneration 1,487.36 5.00
Printing & Stationary & Postage 24.39 21.94
Security Expenses 34.71 48.03
Site General expense 44.02 6.75
Club & Restaurent expenses 199.34 44.25
Miscellaneous expenses 710.67 454.36
8,387.59 4,446.88
a. Payment to Auditors

2023-24 2022-23
Statutory audit fees 26.75 22.16
Limited review fees 7.57 6.27
Certification Fees 0.60 1.00
Out of pocket expenses 1.72 0.69
36.64 30.12
b. (i) Details of CSR expenditure

In cash Yet to be Total In cash Yet to be Total
paid in cash paid in cash
Gross amount required to - - 74.11 - - 59.84
be spent during the year
Amount approved by the - - 75.00 - - 60.00
Board
Amount spent during the - - - - - -
year
Construction/acquisition of 8.55 - 8.55 - - -
any asset
On purposes other than 66.45 - 66.45 60.00 - 60.00
above
Total 75.00 - 75.00 60.00 - 60.00

Corporate Overview
Statutory Reports
b. (ii) Details related to spent / unspent obligations:

a) Contribution to Charitable Trust , Spent by that trust 75.00 36.45
b) Direct Expenditure - 23.55
75.00 60.00
Note 1:Nature of CSR activities undertaken by group includes Rural digital education, projects around area
of operations and supplementary education for municipal school students

Opening Balance as at Amount Amount spent during Closing
April 1, 2023 required to the year
Unspent
A/c
- - - - - - -

as at April 1 2023 in Specified Fund to be spent during during the year Balance as at
6 months
- - 74.11 75.00 -

Unspent
A/c
- - - - - - -

as at 1 April, 2022 in Specified Fund to be spent during during the year Balance as at 31
of Sch. VII within the year March, 2023
6 months
- - 59.84 60.00 -

26 Income Tax
(a) Tax expenses
The major components of income tax expenses for the years ended March 31, 2024 and March 31, 2023 are :

2023-24 2022-23
Profit or loss section :
Current income tax
Current tax charge 2,118.02 1,802.73
Deferred tax charge
Relating to origination and reversal of temporary differences 401.29 (523.67)
Income tax expense reported in the statement of profit or loss 2,462.32 1,175.00
OCI section :
Deferred tax related to items recognised in OCI during in the year:
Net loss/(gain) on remeasurements of defined benefit plans 11.10 5.72
Income tax effect recognised in OCI 11.10 5.72
(b) Reconciliation of tax expense and the accounting profit multiplied by India’s domestic tax rate for March 31,
2024 and March 31, 2023
2023-24 2022-23
Accounting profit before income tax 7,571.40 3,957.71
Tax on accounting profit at statutory income tax rate 25.17% (March 1,905.72 996.16
31, 2023: 25.17%]
On account of different tax rate in subsidiaries 561.70 296.52
Expenses disallowed 40.67 23.76
Others 11.24 (37.38)
Tax expense at an effective tax rate of 32.52% (31 March, 2023: 2,462.32 1,175.00
29.69%)
(c) Deferred tax

income loss
2024 2023 2023-24 2022-23 2023-24 2022-23
a) Deferred Tax Liabilities
Impact of difference between 24.04 49.17 - - 25.12 (17.28)
tax depreciation and
depreciation charged for the
financial reporting
Impact of difference between 7.91 - - - (7.91) -
Lease Liabilities and Right of
Use of Assets
Impact of Fair value of Mutual 26.52 - - - (26.52) -
Funds
Gross deferred tax liabilities 58.47 49.17 - - (9.31) (17.28)

Corporate Overview
Statutory Reports

income loss
2024 2023 2023-24 2022-23 2023-24 2022-23
b) Deferred Tax Assets
Impact of expenditure charged 116.59 85.82 11.10 5.72 (19.67) (6.55)
to the statement of profit and
loss in the current year but
allowed for tax purposes on
payment basis
Impact of losses carried 2,593.61 3,005.26 - - 411.65 (534.39)
forward
Gross deferred tax assets 2,710.21 3,091.08 - - 391.98 (540.94)
Deferred tax expense/ - - 11.10 5.72 401.28 (523.67)
(income)
Deferred tax assets/(liabilities) 2,651.72 3,041.91 - - - -
Deferred tax asset is recognized on unabsorbed depreciation and carry forward losses to the extent it is
probable that future taxable profits will be available against which the deductible temporary differences,
unabsorbed depreciation and carried forward tax losses can be utilised. The Subsidiary entities has tax losses
comprising business loss that are available for offsetting against future taxable profit for eight years and
unabsorbed depreciation available for offsetting against future taxable profits. Based upon margin from sale
of existing projects, the Group believes there is reasonable certainty that deferred tax asset will be recovered.

2023-24 2022-23
Opening balance as at April 1 3,041.91 2,512.52
Deferred tax credit/(charge) during the year recognised in profit or (401.29) 523.67
loss
Deferred tax credit/(charge) during the year recognised in OCI 11.10 5.72
Closing balance as at March 31 2,651.72 3,041.91
27 Earnings per share ( EPS )

Basic Earnings per share (EPS) amounts are calculated by dividing the profit for the year attributable to equity
holders of the Holding 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 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.
The following reflects the income and share data used in the basic and diluted EPS computations:
Earnings per share (Basic and Diluted)
Profit after tax attributable to equity holders of the parent 4,157.06 2,560.75
Total number of equity shares at the end of the year 4,53,43,979 4,53,11,979
Weighted average number of equity shares
For basic EPS 4,53,12,154 4,39,50,441
For diluted EPS 4,57,52,475 4,54,83,390
Nominal value of equity shares 10.00 10.00
Basic earnings per share 9.17 5.83
Diluted earnings per share 9.09 5.63
Weighted average number of equity shares for basic EPS 4,53,12,154 4,39,50,441

The following reflects the income and share data used in the basic and diluted EPS computations:
Effect of dilution: stock options granted under ESOP 4,40,321 1,97,955
Effect of dilution: share warrants - 13,34,995
Weighted average number of equity shares adjusted for the effect of 4,57,52,475 4,54,83,390
dilution
28 Commitments and Contingencies

a. Commitments
As at March 31, 2024 the group has given net advance of Rs.30,671.51 Lac/- (March 31, 2023: Rs.16,858.97
Lac) for purchase of land, under the agreements executed with the land owners. The Group is required to
make further payments based on the agreed terms. As at March 31, 2024, one of the subsidiary has Rs.3269.46
Lac (March 31, 2023 : Rs.3,369.46 Lac) outstanding as interest free loan given to its Land Managing Partners.
Further the group has commitment on capital account (net of advances) amounting to Rs.1800 Lac (March
31, 2023: Rs. NIL) relating to purchase of assets.
b. Contingent liabilities
Claims against the group not acknowledged as debt:

Disputed demands in respect of -
Income Tax (Refer note a) 611.27 576.07
Indirect Tax (TDR) (Refer note b) 226.54 207.44
Indirect Tax (VAT) (Refer note b) - 42.22
Indirect Tax - Goods & Service Tax Act 2017 (Refer note b) 247.30 -
Excise (Refer note c) 4.90 4.90
Service Tax (Refer note c) 6.80 6.80
Others 0.72 0.72
Notes:
a) The group has not recognized and acknowledged the claims as liability in the books of account amounting
to Rs.610.30 Lac (March 31, 2023: Rs.576.07 Lac) which have been made against the group by Department
of Income Tax since such claims have been disputed and pending before the appropriate authorities for
final adjudication and accordingly sub-judice. The group has been advised by its tax counsel that it is only
possible, but not probable, that the action will succeed. Accordingly, no provision for any liability has been
made in these financial statements.
b) The group has not recognized and acknowledged the claims as liability in the books of account amounting
to Rs.473.84 Lac (March 31, 2023: Rs.249.66 Lac ) which have been made against the group by Department
of Goods and service tax & Karnataka VAT, since such claims have been disputed and pending before the
appropriate authorities for final adjudication and accordingly sub-judice. The claim of TDR of Rs.226.54
Lac (March 31, 2023: Rs.207.44 Lac), out of which Rs.207.44 is paid under protest, while Rs 42.22 have
been paid in cash and by furnishing Bank guarantee which has been settled and revoked as on March 31,
2024. The group has been advised by its legal counsel that it is only possible, but not probable, that the
action will succeed. Accordingly, no provision for any liability has been made in these financial statements.
c) The group has not recognized and acknowledged the claims as liability in the books of account amounting
to Rs.11.70 Lac (March 31, 2023: Rs.11.70 Lac) which have been made against the Group by Department
of Central Board of Excise and Customs since such claims have been disputed and pending before the
appropriate authorities for final adjudication and accordingly sub-judice. The final outcome of such lawsuits

Corporate Overview
Statutory Reports
filed against the Group is not presently ascertained and accordingly no provision in respect thereof has
been made in the books of account of the Group.
29 Segment Reporting
The Group is primarily engaged in the development of real estate comprising of residential, commercial and
industrial projects. Group’s performance for operation as defined in Ind AS 108 are evaluated as a whole by
Managing Director & CEO/Chief Financial Officer who are chief operating decision maker (‘CODM’) of the Group
based on which development of real estate activities are considered as a single operating segment. The Group
reports geographical segment which is based on the areas in which major operating divisions of the Group operate
and the entire operations are based only in India and hence no further disclosures are made in this regards. During
the year 2023-24 and 2022-23 , no single external customer has generated revenue of 10% or more of the Group’s
total revenue.
30 Disclosure pursuant to employee benefits

A. Defined contribution plans : Provident fund and employee state insurance
The group makes contribution towards employees’ provident fund and employees’ state insurance plan
scheme. Under the rules of these schemes, the group is required to contribute a specified percentage of
payroll costs. The group during the year recognized Rs.182.06 Lac (March 31,2023 : Rs.137.66 Lac ) as
expense towards contributions to these plans.
B. Defined benefit plans

(a) Gratuity
The Group provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees
who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable
on retirement / termination is the employees last drawn basic salary per month computed proportionately
for 15 days salary multiplied for the number of years of service. The gratuity plan is a non funded plan.



expense)
Gratuity
Defined 217.61 32.87 16.08 48.95 (12.75) - (0.60) 25.89 18.81 44.11 - 297.91
benefit
obligation
Benefit 217.61 32.87 16.08 48.95 (12.75) - (0.60) 25.89 18.81 44.11 - 297.91
liability

expense)
Gratuity
Defined 176.66 26.47 11.32 37.80 (19.58) - - (9.19) 31.92 22.73 -
benefit 217.61
obligation
Benefit 176.66 26.47 11.32 37.80 (19.58) - - (9.19) 31.92 22.73 - 217.61
liability
Corporate Overview
Statutory Reports
The principal assumptions used in determining above defined benefit obligations for the Group’s plans are
shown below:
Particulars March 31,2024 March 31,2023
Discount rate 7.20% 7.39%
Future salary increase 8.00% 7.00%
Attrition rate For service 2 15%
years and
below 20.00%
p.a.
For service 3
years to 5
years 10.00% p.a.
For service 6
years and
above 5.00%
p.a."
Mortality rate during employment Indian Assured Indian Assured
Lives Mortality Lives Mortality
2012-14 (Urban) 2012-14 (Urban)
A quantitative sensitivity analysis for significant assumption is as shown below:

Gratuity
Particulars Sensitivity level Increase / (Decrease) in defined
benefit obligation (Impact)
March 31, 2024 March 31, 2023
Gratuity
Discount rate 1% increase (21.97) (8.58)
1% decrease 25.32 9.38
Salary increase 1% increase 24.87 9.33
1% decrease (22.01) (8.69)
Attrition rate 1% increase (2.79) (0.81)
1% decrease 3.00 0.82
The following are the expected future benefit payments for the defined benefit plan :
Gratuity
Within the next 12 months (next annual reporting period) 29.52 43.01
2 to 5 years 67.18 97.84
6 to 10 years 182.13 113.57
Beyond 11 years 335.30 60.88
Total expected payments 614.14 315.30
Weighted average duration of defined plan obligation (based on discounted cash flows)
Particulars Years
March 31, 2024 March 31, 2023
Gratuity 9 5

31 Share-based payments
The Group provides share-based payment schemes to its employees. During the year ended March 31, 2024, an
employee stock option plan (ESOP) was in existence. The relevant details of the scheme and the grant are as
below:
Employee Stock Option (ESOP) Scheme (2016)

The group instituted an Employees Stock Option Scheme (‘ESOP 2016’) pursuant to the approval of the shareholders
of the company at their Annual General Meeting held on September 23, 2016. In accordance with the ESOP 2016 :
a. The group has on August 23, 2018, granted 3,70,000 options to the eligible employees of the company at an
exercise price of Rs.158.30/-. The options under this grant would vest to the employees in the ratio of 25%, 25%
and 50% on 1st year, 2nd year and 5th year respectively from the date of grant, based on continued service
and certain performance parameters. These options can be exercised by the employees within period of five
years from the date of respective vesting of options
b. The group has on March 29, 2022, granted 4,50,000 options to the eligible employees of the company and
subsidiaries, at an exercise price of Rs.194.05/-. The options under this grant would vest to the employees in
the ratio of 40% and 60% on 2nd year and 3rd year respectively from the date of grant, based on continued
Expense recognised for employee services received during the year is shown in the following table:
2023-24 2022-23
Expense arising from equity-settled share-based payment 124.09 123.77
transactions
Total 124.09 123.77
*There were no cancellations or modifications to the plan during the year ended March 31, 2024 or March 31,
2023.
Movement during the year:

The following table illustrates the number and weighted average exercise price of share options during
the year:
ESOP ESOP ESOP ESOP
Scheme 2016 Scheme 2016 Scheme 2016 Scheme 2016
(Tranch-1) (Tranch-2) (Tranch-1) (Tranch-2)
Options
Outstanding at the beginning of the 3,70,000 4,50,000 3,70,000 4,50,000
year
Exercised during the year - 32,000 - -
Outstanding at the end of the year 3,70,000 4,18,000 3,70,000 4,50,000
Exercisable at the end of the year 3,70,000 1,48,000 1,85,000 -
weighted average share price at the - 666.85 - -
exercise date
weighted average remaining 3.39 6.99 4.39 7.99
contractual life ( In years )
The fair value of the share options is estimated at the grant date using Binomial Model taking into account
the terms and conditions upon which the share options are granted and there are no cash settled alternatives
for employees.

Corporate Overview
Statutory Reports
32 Fair value disclosures for financial assets and financial liabilities

Set out below is a comparison, by class, of the carrying amounts and fair value of the Group’s financial
instruments:
Particulars Carrying amount Fair value
2024 2023 2024 2023
Financial assets measured at amortised cost
Investments ( Refer Note 4 ) 8.33 24.62 8.33 24.62
Trade Receivables ( Refer Note 6 ) 261.84 271.29 261.84 271.29
Other financial assets ( Refer Note 9 ) 23,689.38 17,551.58 23,689.38 17,551.58
Cash and cash equivalents ( Refer Note 7 ) 6,302.70 6,360.78 6,302.70 6,360.78
Other bank balances ( Refer Note 8 ) 11.48 4.40 11.48 4.40
Total 30,273.73 24,212.67 30,273.73 24,212.67
Financial assets measured at fair value through
profit or loss
Investment in mutual funds ( Refer Note 5 ) 10,320.04 8,324.43 10,320.04 8,324.43
Total 10,320.04 8,324.43 10,320.04 8,324.43
Financial liabilities measured at amortised cost
Borrowings ( Refer Note 14 ) 10,651.72 14,500.84 10,651.72 14,500.84
Trade payables ( Refer Note 15 ) 12,364.98 5,993.41 12,364.98 5,993.41
Other financial liabilities ( Refer Note 16 ) 1,557.72 1,578.88 1,557.72 1,578.88
Total 24,574.42 22,073.13 24,574.42 22,073.13
33 Fair value measurement hierarchy

The details of fair value measurement hierarchy of Group’s financial assets/liabilities are as below:
Particulars Level March 31, 2024 March 31, 2023
Assets disclosed at fair value
Investment in mutual funds ( Refer Note 5 ) Level - 1 10,320.04 8,324.43
The management assessed that carrying amount of unquoted Investments, cash and cash equivalents, other bank
balance, trade receivables, loans, Other financial assets, trade payable and other financial liabilities approximate
their fair values largely due to the short term maturities of these instruments. Borrowings are to be repaid as per
specified repayment schedule
There have been no transfers between Level 1 and Level 2 during the period.
34 Capital management
The Group’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence
and to sustain future development of the business. The Board of Directors of the Group seek to maintain a balance
between the higher returns that might be possible with higher level of borrowings and advantages of a sound
capital position.
The Group monitors capital using a net debt to equity ratio, which is as follows:
1. Equity includes equity share capital and all other equity components attributable to the equity holders.
2. Net debt includes borrowings (non-current and current) less cash and cash equivalents


Borrowings 10,651.72 14,500.84
Less: Cash and cash equivalents 6,302.70 6,360.78
Net Debt (A) 4,349.02 8,140.07
Equity share capital 4,534.40 4,531.20
Other equity 44,921.73 42,109.97
Total Equity (B) 49,456.13 46,641.17
Gearing Ratio (C=A/B) 0.09 0.17
No changes were made in the objectives, policies or processes for managing capital during the current and
previous years.
35 Financial risk management objectives and policies

The Group’s principal financial liabilities, comprise borrowings, trade and other payables. The main purpose of
these financial liabilities is to finance the Group’s operations. The Group’s principal financial assets include loans,
Investments,trade and other receivables and cash and cash equivalents that are derived directly from its operations.
The Group is exposed to market risk, credit risk and liquidity risk. The Group’s management oversees the
management of these risks and ensures that the Group’s financial risk activities are governed by appropriate
policies and procedures and that financial risks are identified, measured and managed in accordance with the
Group’s policies and risk objectives.
1. Market Risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in market prices. Market risk comprises two types of risk: interest rate risk and other price risk, such
as commodity/ real-estate risk.
The sensitivity analysis in the following sections relate to the position as at March 31, 2024 and March 31, 2023.
The sensitivity analysis has been prepared on the basis that the amount of net debt and the ratio of fixed to
floating interest rates of the debt. The analysis excludes the impact of movements in market variables on the
carrying values of gratuity and other post retirement obligations/provisions.
The below assumption has been made in calculating the sensitivity analysis:
The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market
risks. This is based on the financial assets and financial liabilities held at March 31, 2024 and March 31, 2023.
Interest rate risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of
changes in Interest rate. The Group’s exposure to the risk of changes in Interest rates relates primarily to the
Group’s operating activities (when receivables or payables are subject to different interest rates) and the
Group’s net receivables or payables.
The Group is affected by the price volatility of certain commodities/ real estate. Its operating activities
require the ongoing development of real estate. The Group’s management has developed and enacted a risk
management strategy regarding commodity/ real estate price risk and its mitigation. The Group is subject to
the price risk variables, which are expected to vary in line with the prevailing market conditions.
Interest rate sensitivity
The following tables demonstrate the sensitivity to a reasonably possible change in interest rates, with all other
variables held constant for variable rate instruments. This calculation also assumes that the change occurs at
the balance sheet date and has been calculated based on risk exposures outstanding as at that date. The year
end balances are not necessarily representative of the average debt outstanding during the year.

Corporate Overview
Statutory Reports
Particulars Changes in Effect of profit

interest rate before tax
March 31, 2024 +1% (63.08)
-1% 63.08
March 31, 2023 +1% (52.61)
-1% 52.61
2. Credit Risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer
contract, leading to a financial loss. The carrying amount of following financial assets represents the maximum
credit exposure.
Trade receivables
Receivables resulting from sale of properties: Customer credit risk is managed by requiring customers to
pay advances before transfer of ownership. therefore, substantially eliminating the group’s credit risk in this
respect.
The ageing of trade receivables (net) is as follows:

More than 6 months 14.17 14.17
Others 247.67 257.12
Total receivables 261.84 271.29
Financial Instrument and cash deposits
Credit risk from balances with banks and financial institutions is managed by the Group’s treasury department in
accordance with the Group’s policy. Investments of surplus funds are made only with approved counterparties
and within credit limits assigned to each counterparty. Counterparty credit limits are reviewed by the Group’s
Board of Directors on an annual basis. The limits are set to minimise the concentration of risks and therefore
mitigate financial loss through a counterparty’s potential failure to make payments. The Group’s maximum
exposure to credit risk for the components of the statement of financial position at March 31, 2024 and March
31, 2023 is the carrying amounts.
3. Liquidity Risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with
its financial liabilities that are settled by delivering cash or another financial asset. The Group’s approach to
managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when
they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking
damage to the Group‘s reputation
The table below summarises the remaining contractual maturities of the group’s financial liabilities at the
reporting date.

3 months to 1 year 5 years 5 years
Borrowings* - 492.46 1,210.92 9,094.81 - 10,798.19
Trade payables - 12,364.98 2,456.96 - - 14,821.94
Other financial liabilities 928.01 483.24 - - - 1,411.25
928.01 13,348.30 3,690.74 9,346.16 88.59 27401.80


Year ended March 31,
2023
Borrowings* - 13.64 216.44 14,270.76 - 14,500.84
Trade payables - 5,993.41 - - - 5,993.41
Other financial liabilities 924.05 311.71 - - - 1,235.76
924.05 6,319.68 219.19 14,346.41 50.24 21,859.57
*Includes current maturities of non-current borrowings and interest accrued but not due on borrowings
36 Disclosure in respect interest in joint ventures and subsidiaries

(a) List of subsidiaries
Sr Name of subsidiary Country of Percentage of holding
(i) Companies
1 Arvind Hebbal Homes Pvt. Ltd. India 100% 100%
2 Arvind Homes Pvt. Ltd. India 100% 100%
3 Arvind SmartHomes Pvt. Ltd. India 100% 100%
(ii) LLPs
1 ASL Facilities Management LLP India 100% 100%
2 Uplands facilities management LLP India 100% 100%
3 Changodar Industrial Infrastructure (One) LLP India 100% 100%
4 Ahmedabad Industrial Infrastructure (One) LLP India 100% 100%
5 Ahmedabad East Infrastructure LLP (Refer Note) India 55.24% 55.24%
6 Arvind Five Homes LLP (Refer Note) India 52% 52%
7 Arvind Infracon LLP India 100% 100%
8 Arvind Beyond Five Club LLP India 100% 100%
9 Yogita Shelters LLP India 100% 100%
10 Arvind Smart City LLP India 94.17% 94.17%
11 Arvind Infrabuild LLP India 100% 100%
12 Chirping woods Homes LLP India 100% 100%
13 Thol Highlands LLP India 76% 100%
14 Adroda Homes LLP India 76% -
15 Ahmedabad Chhabasar Homes LLP India 76% -
16 Bavla Homes LLP India 52% -
17 Kalyangadh Homes LLP India 76% -
18 Arvind Surat Homes LLP(Formerly known as Kesardi India 100% -
Homes LLP)
19 Lagdana Homes LLP India 100% -
20 Arvind Integrated Projects LLP India 100% -
21 Arvind Green Homes LLP(Formerly known as India 100% -
Amplus Ahmedabad Project LLP)
Note:
In case of LLPs, percentage of holding in the above table denotes the share of capital contribution in the LLP
which is the same as the share of profit, except for following:
1. Investment in Ahmedabad East Infrastucture LLP where share of profit of Holding Company is 98% during
March 31, 2024 and March 31, 2023

Corporate Overview
Statutory Reports
2. Investment in Arvind Five Homes LLP where share of profit of Holding company is 41% during March 31, 2024
and March 31, 2023
3. Investment in Kalyangadh Homes LLP where share of profit of Holding company is 56.37% during March 31,
2024.
4. Investment in Ahmedabad Chhabasar Homes LLP where share of profit of Holding company is 52% during
March 31, 2024.
5. Investment in Adroda Homes LLP where share of profit of Holding companyis 52% during March 31, 2024.
6. Investment in Bavla Homes LLP where share of profit of Holding company is 50% during March 31, 2024.
Summarised financial information of subsidiaries having material non-controlling interests:
Management has determined that below LLP have material non controlling interests. The summarised financial
information of the LLP are provided below. This information is based on amounts before inter-company eliminations.

a. Summarised balance sheet information:

Particulars Kalyangadh Homes LLP Adroda Homes LLP Arvind Five Homes LLP Ahmedabad East LLP
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Current assets 9,086.66 - 6,522.59 - 5,254.19 6,070.29 9,068.45 13,936.78
Non - current assets 2,904.32 - 3,979.52 - 6,557.43 5,170.68 7,606.85 9,307.48
Current liabilities 1,786.48 - 7,579.51 - 8,457.10 9,427.69 12,998.16 21,916.73
Non - current - - 15.42 - - - 58.83 54.21

liabilities
Total equity 10,204.50 - 2,907.18 - 3,354.52 1,813.28 3,618.31 1,273.32
Attributable to:
Equity holders of the 5,199.58 - (1,086.82) - (339.59) (748.57) 3,413.43 936.06
parent
Non controlling 5,004.92 - 3,994.00 - 3,694.10 2,561.85 204.88 337.26
interests
b. Summarised statement of profit and loss:

Particulars March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31,
2024 2023 2024 2023 2024 2023 2024 2023
Revenue - - 0.72 - 1,834.18 1,168.87 13,756.87 1,441.50
Total Expenses 148.29 - 388.01 - 627.31 473.83 8,685.25 1,714.62
Profit before tax (148.29) - (387.29) - 1,206.87 695.04 5,071.62 (273.12)
Tax expenses (51.82) - (135.34) - 278.08 242.88 1,772.23 (93.81)
Total comprehensive income (96.47) - (251.96) - 928.79 452.17 3,299.39 (179.31)
Attributable to:
Equity holders of the parent (96.47) - (251.96) - - 185.39 3,276.14 (134.66)
Non controlling interests - - - - 928.79 266.78 23.26 (44.66)
c. Summarised cash flow:

Particulars March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31,
2024 2023 2024 2023 2024 2023 2024 2023
Operating activities (10,082.63) - (2,607.31) - (529.17) 3,178.59 1,207.37 7,374.46
Investing activities - - (193.40) - 0.00 0.83 (69.58) (185.86)
Financing activities 10,153.71 - 3,134.45 - 492.48 (3,106.32) (1,137.34) (7,351.55)
Net increase/(Decrease) in cash and 71.08 - 333.75 - (36.69) 73.10 0.45 (162.95)
cash equivalents
Corporate Overview
Statutory Reports
(b) Investment in joint ventures

List of joint ventures
Sr No. Name of Joint Ventures Country of Percentage of holding

incorporation March 31, 2024 March 31, 2023
LLPs
1 Arvind Bsafal Homes LLP* India 50% 50%
*Profit sharing of Arvind SmartSpaces Limited in Arvind Bsafal Homes LLP is 41% during March 31,2024 and March
31,2023.
Management has determined its investments in joint ventures are individually immaterial. Aggregate information
of the above joint ventures are as follows:

Group's share in:
Net profit/(loss) 0.11 1.33
Total comprehensive income 0.11 1.33
Aggregate carrying value of the investments (Refer Note 4) 8.33 24.62

37 Disclosures as per Schedule III of Companies Act, 2013

Name of the enterprise 2023-24
Net assets i.e. total assets Share in profit/(loss) Share in other Share in total comprehensive
minus total liabilities comprehensive income income
As % of Amount As % of Amount As % of Amount As % of Amount
consolidated consolidated consolidated consolidated
net assets share in profit share in other share in total
and loss comprehensive comprehensive
income income
Parent company
Arvind SmartSpaces Limited 115% 57,056.78 133% 5,513.32 100% (33.00) 133% 5,480.32

Subsidiaries
Arvind Hebbal Homes Pvt. Ltd. -3% (1,723.09) -12% (517.46) 0% - -13% (517.46)
Ahmedabad East Infrastructure LLP 7% 3,618.31 79% 3,299.39 0% - 80% 3,299.39
Ahmedabad Industrial Infrastructure (One) LLP 3% 1,333.92 0% 15.81 0% - 0% 15.81
ASL Facilities Management LLP 0% 6.92 0% (0.29) 0% - 0% (0.29)
Uplands facility Management LLP 0% (108.59) -3% (134.71) 0% - -3% (134.71)
Arvind Beyond Five Club LLP 1% 421.78 0% (3.97) 0% - 0% (3.97)
Arvind Five Homes LLP 7% 3,354.53 22% 928.79 0% - 23% 928.79
Arvind Infracon LLP -6% (3,115.98) 36% 1,511.12 0% - 37% 1,511.12
Changodar Industrial Infrastructure (One) LLP 0% (7.04) 0% (7.03) 0% - 0% (7.03)
Yogita Shelters LLP 4% 2,058.85 -8% (314.35) 0% - -8% (314.35)
Arvind Homes Private Limited -2% (806.16) -23% (973.81) 0% - -24% (973.81)
Arvind Smart City LLP 13% 6,576.84 0% (0.47) 0% - 0% (0.47)
Chirping Woods Homes LLP -12% (6,152.26) -1% (60.01) 0% - -1% (60.01)
Thol Highlands LLP 1% 697.18 0% (0.59) 0% - 0% (0.59)
Arvind Infrabuild LLP 1% 638.07 0% (0.36) 0% - 0% (0.36)
Arvind SmartHomes Pvt. Ltd. 0% 3.65 -39% (1,608.63) 0% - -39% (1,608.63)
Adroda Homes LLP 6% 2,907.18 -6% (251.96) 0% - -6% (251.96)
Bavla Homes LLP 2% 1,217.78 0% (0.22) 0% - 0% (0.22)
Kalyangadh Homes LLP 21% 10,204.51 -2% (96.47) 0% - -2% (96.47)
Kesardi Homes LLP 0% 2.78 0% (0.22) 0% - 0% (0.22)
Lagdana Homes LLP 0% 0.78 0% (0.22) 0% - 0% (0.22)
Arvind Integrated Projects LLP 0% (0.12) 0% (0.40) 0% - 0% (0.40)
Arvind Green Homes LLP 0% 0.91 0% (0.07) 0% - 0% (0.07)
Ahmedabad Chhabasar Homes LLP 5% 2,629.12 -1% (34.38) 0% -1% (34.38)
Joint Ventures (investment accounted for using equity method)
Arvind Bsafal Homes LLP 0% 0.11 0% 0.11 0% - 0% 0.11
Non controlling interests
Ahmedabad East Infrastructure LLP 0% (204.88) -1% (23.26) 0% - -1% (23.26)
Yogita Shelters LLP 0% - 0% - 0% - 0% -
Arvind Five Homes LLP -7% (3,694.10) -22% (928.79) 0% - -23% (928.79)
Arvind Smart City LLP 0% 0.19 0% - 0% - 0% -
Thol Highlands LLP 0% (0.24) 0% - 0% - 0% -
Adroda Homes LLP -8% (3,994.00) 0% - 0% - 0% -
Bavla Homes LLP 0% (0.48) 0% - 0% - 0% -
Ahmedabad Chhabasar Homes LLP -1% (262.50) 0% - 0% - 0% -
Kalyangadh Homes LLP -10% (5,004.92) 0% - 0% - 0% -
Intercompany elimination -37% (18,199.66) -52% (2,153.84) 0% - -52% (2,153.84)
Total 100% 49,456.13 100% 4,157.06 100% (33.00) 100% 4,124.06
37 Disclosures as per Schedule III of Companies Act, 2013
Name of the enterprise 2022-23
Net assets i.e. total assets Share in profit/(loss) Share in other Share in total
minus total liabilities comprehensive income comprehensive income
As % of Amount As % of Amount As % of Amount As % of Amount
consolidated consolidated consolidated consolidated
net assets share in share in other share in total
profit and comprehensive comprehensive
loss income income
Parent
Arvind SmartSpaces Limited 113% 52,885.55 149% 3,827.30 100% (17.01) 150% 3,810.29
Subsidiaries
Arvind Hebbal Homes Pvt. Ltd. -3% (1,205.65) -31% (784.34) 0% - -31% (784.34)
Ahmedabad East Infrastructure LLP 3% 1,273.32 -7% (179.32) 0% - -7% (179.32)
Ahmedabad Industrial Infrastructure (One) LLP 3% 1,381.61 0% 7.94 0% - 0% 7.94
ASL Facilities Management LLP 0% 7.20 0% 1.52 0% - 0% 1.52
Uplands facility Management LLP (Formerly known as 0% 16.12 0% 6.06 0% - 0% 6.06
Arvind Altura LLP)
Arvind Beyond Five Club LLP 1% 410.75 0% (0.94) 0% - 0% (0.94)
Arvind Five Homes LLP 4% 1,813.27 18% 452.17 0% - 18% 452.17
Arvind Infracon LLP 4% 1,678.90 67% 1,711.62 0% - 67% 1,711.62
Changodar Industrial Infrastructure (One) LLP 0% (1.45) 0% (10.25) 0% - 0% (10.25)
Yogita Shelters LLP 3% 1,503.21 -2% (54.62) 0% - -2% (54.62)
Arvind Homes Private Limited 0% 167.66 -38% (982.91) 0% - -39% (982.91)
Arvind Smart City LLP 11% 5,238.71 0% (2.73) 0% - 0% (2.73)
Chirping Woods Homes LLP -6% (2,786.56) -1% (30.39) 0% - -1% (30.39)
Thol Highlands LLP 0% (0.23) 0% (0.23) 0% - 0% (0.23)
Arvind Infrabuild LLP 1% 639.08 -3% (71.92) 0% - -3% (71.92)
Arvind Smarthomes Pvt. Ltd. 3% 1,612.28 -19% (488.72) 0% - -19% (488.72)
Joint Venture (investment accounted for using equity method)
Arvind Bsafal Homes LLP 0% 1.40 0% 1.40 0% - 0% 1.40
Arvind Integrated Projects LLP 0% (0.07) 0% (0.07) 0% - 0% (0.07)
Non controlling interests
Ahmedabad East Infrastructure LLP -1% (337.26) 2% 44.66 0% - 2% 44.66
Yogita Shelters 0% - 0% - 0% - 0% -
Arvind Five Homes LLP -5% (2,561.86) -10% (266.78) 0% - -10% (266.78)
Arvind Smart City LLP 0% 0.16 0% 0.16 0% - 0% 0.16
Intercompany elimination -32% (15,094.97) -24% (618.87) 0% - -24% (618.87)
Statutory Reports
Corporate Overview
Total 100% 46,641.17 100% 2,560.75 100% (17.01) 100% 2,543.74

38 Ratio Analysis and its elements

As per Para 12.1 of Guidance Note on Division II - Ind AS Schedule III to the Companies Act 2013 The requirement
of Analytical Ratios is not relevant at CFS level and hence group need not disclose in CFS.
39 Related party transactions

As per the Indian Accounting Standard on “Related Party Disclosures” (Ind AS 24), the related parties of the Group
are as follows :
A. Name of related parties and nature of relationship

Mr. Sanjay Lalbhai Chairman & Non-Executive Director
Mr. Kamal Singal Managing Director and Chief Executive Officer- Key Managerial
Personnel
Mr. Kulin Lalbhai Non-Executive Director
Mr. Prem Prakash Pangotra Non-Executive Director
Mr. Pratul Shroff Non-Executive Director
Ms. Pallavi Vyas Non-Executive Director
Mr. Nirav Kalyanbhai Shah Non-Executive Director
Mr. Ankit Jain Chief Financial Officer - Key Managerial Personnel
Mr. Prakash Makwana Company Secretary - Key Managerial Personnel
Ms. Garima Jain Close member of Key Managerial Personnel
Mr. Mahaveer Jain Close member of Key Managerial Personnel
Ms. Usha Jain Close member of Key Managerial Personnel
Mr. Dinesh Jasraj Jain Land Managing Partner
Mr. Sharad Govindbhai Patel Land Managing Partner
Mrs. Kavita Dinesh Jain Relative of Land Managing Partner
Mr. Neel Dinesh Jain Relative of Land Managing Partner
Mrs. Rashmi Sharadbhai Patel Relative of Land Managing Partner
Mr. Jignesh Govindbhai Patel Relative of Land Managing Partner
Aura Securities Private limited Enterprise having significant influence by Key Management
Personnel
Aura Merchandise Private Limited Enterprise having significant influence by Key Management
Personnel
Aura Business Ventures LLP Enterprise having significant influence by Key Management
Personnel
Kausalya Realserve LLP Enterprise having significant influence by Key Management
Personnel
Arvind Lifestyle Brands Ltd Enterprise having significant influence by Key Management
Personnel
Arvind Infrabuild LLP Company under common control of Key Managerial Personnel
Arvind and Smartvalue Homes LLP Enterprise having significant influence by Key Management
Personnel
Safal Homes LLP Co-venturer in Joint venture
Arvind Limited Enterprise having significant influence by Key Management
Personnel
Arvind Bsafal Homes LLP Joint Venture
Arvind Integrated Projects LLP Joint Venture(Upto February 29,.2024)
Subsidiary Entity (Partner in LLP) (w.e.f March 01,2024)

Corporate Overview
Statutory Reports

Remuneration
Mr. Ankit Jain 178.84 135.99
Mr. Dinesh Jasraj Jain 743.68 106.18
Mr. Sharad Govindbhai Patel 743.68 106.18
Director's Sitting Fees & Commission
Revenue from operations / Revenue True-ups
Sharad. G. Patel (121.30) -
Roshan Jashraj Jain 179.54 -
Project Management Consultancy Income
Reimbursement of Expenses
Arvind Lifestyle Brands Ltd - 8.40
Partner's contribution received
Mr. Dinesh Jasraj Jain 743.68 106.18
Mr. Sharad Govindbhai Patel 743.68 106.18
Partner's contribution paid
Mr. Dinesh Jasraj Jain 1,033.00 1,272.00
Mr. Sharad Govindbhai Patel 610.00 1,170.00
Mr. Kamal Singal - 575.00
Share of profit/(Loss)
Mr. Dinesh Jasraj Jain (9.33) (22.33)
Mr. Sharad Govindbhai Patel (9.33) (22.33)
Share of Profit/(Loss) from investments in Joint Venture
Arvind Integrated Projects LLP(Upto February 29,.2024) - (0.07)
Rent and Professional charges paid
Land purchased
Mr. Jignesh Govindbhai Patel - -
Purchase of Assets
Reimbursement of expenses received (net)
Receipts from customers
Mr. Kamal Singal (16.50) 20.86


Mr. Garima Jain 155.03 46.53
Mr. Mahaveer Jain 35.80 3.00
Mr. Usha Jain 44.73 5.96
Arvind Bsafal Homes LLP - 4.02
Kausalya Realserve LLP 106.54 -
Loan Repaid
Mr. Dinesh Jasraj Jain 100.00 -
Money received against share warrants
Kausalya Realserve LLP - 2,180.25
Exercise of share options
Mr. Ankit Jain 23.29 -
C. Disclosure in respect of outstanding balance:

Advance for Land
Others - Relatives of Land Managing Partners 45.71 45.71
Advance from Customer
Mr. Garima Jain 200.92 46.53
Mr. Mahaveer Jain 41.76 3.00
Mr. Usha Jain 44.73 5.96
Kausalya Realserve LLP 106.54 -
Sharad. G. Patel 470.21 591.51
Dinesh Jashraj Jain 294.47 294.47
Roshan Jashraj Jain 199.50 159.91
Loans Given
Mr. Dinesh Jasraj Jain 1,216.98 1,316.98
Mr. Sharad Govindbhai Patel 2,052.49 2,052.49
Trade Receivable
Trade payables
Employee Benefits Expense Payable

Corporate Overview
Statutory Reports
C. Disclosure in respect of outstanding balance:

Advance to suppliers
Capital Contributions (Initial and Additional)
D. Terms and conditions of transactions with related parties :

1) Transaction entered into with related party 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 except as
specified and expected based on terms of agreement and settlement occurs in cash. There have been no
guarantees provided or received for any related party receivables or payables. The Group has not recorded
any provision/ write-off of receivables relating to amounts owed by related parties.
2) In respect of the transactions with the related parties, the Group has complied with the provisions of
Section 177 and 188 of the Companies Act, 2013 where applicable, and the details have been disclosed
above, as required by the applicable accounting standards.
3) Refer note 31 for ESOPs granted as per ESOP schemes
E. Commitments with related parties :

The Group has not provided any commitment to the related party as at March 31, 2024 (March 31, 2023: Rs.Nil)
F. Transactions with key management personnel :

Compensation of key management personnel of the Group:

Short-term employee benefits 657.27 595.08
Total compensation paid to key management personnel 657.27 595.08
The Group creates provision for post-employment gratuity benefits based on actuarial valuation of such
liability. Such an actuarial valuation is carried out on a group -level and not an individual level. Hence, expenses
incurred on key management personnel during the year to this extent is not identifiable and has thus not been
disclosed.

40 Disclosures for Ind AS 115

Revenue from contracts with customers:
1 Disaggregation of revenue
Set out below is the disaggregation of the group’s revenue from contracts with customers, which is in
agreement with the contracted price and is recognised in accordance with revenue recognition policy. ( Refer
Note -2.3 (k))

2023-24 2022-23
Revenue from contracts with customers
Commercial and residential units 19 33,023.56 24,576.14
33,023.56 24,576.14
Timing of revenue recognition
Revenue transferred at a point in time 33,023.56 24,576.14
2 Contract balances
Particulars Note As on As on
March 31, 2024 March 31, 2023
Trade and other receivables 6 261.84 271.29
Contract liabilities 18 1,20,151.22 77,789.16
Contract liabilities include advances received from customers as well as deferred revenue representing
transaction price allocated to unsatisfied performance obligations. The increase in contract liabilities majorly
pertains to revenue to be recognised pertaining to Uplands, Highgrove and Oasis projects.

Revenue recognised during the year that was included in the contract 18947.61 20,461.09
liability balance at the beginning of the year.
3 Performance obligations

Aggregate amount of the transaction price allocated to the
performance obligations that are unsatisfied as of the end of the
current year **
Revenue to be recognised at a point in time 52,666.81 71,442.68
** The group expects to satisfy the performance obligations when (or as) the underlying real estate projects
to which such performance obligations relate are completed.
For information on major customers refer note no.29.

Corporate Overview
Statutory Reports
41 Leases
The group has operating lease for labour sheds for 11 months which is renewable on periodic basis as per mutually
agreed terms and is cancellable by giving one month notice by either parties. The group has availed the exemption
of short term lease for the same. Amount charged to profit and loss account in this regards amounts to Rs 15.32
Lac (March 31, 2023: Rs. 16.22 Lac)
Group as a lessee
The lease liability is initially measured at amortized cost at the present value of the future lease payments on
the date of initial application. Right to use assets are initially recognized that is equal to lease liabilities on the
initial application date. The group has lease contract for office building at head office-Ahmedabad used for its
operations with lease term of 3 years and option of further extension for additional 7 years at the option of lessee.
Accordingly, a right-of-use asset of Rs. 82.14 Lac and a corresponding lease liability of Rs. 82.14 Lac has been
recognized. The principal portion of the lease payments have been disclosed under cash flow from financing
activities. The group’s obligations under its leases are secured by the lessor’s title to the leased assets. The lease
contract includes extension and termination options and variable lease payments, which are further discussed
below. The group has lease contract for office building at Bangalore used for its operations with lease term of 7
years . Accordingly, a right-of-use asset of Rs. 318.81 Lac and a corresponding lease liability of Rs. 318.81 Lac has
been recognized. The principal portion of the lease payments have been disclosed under cash flow from financing
activities. The group’s obligations under its leases are secured by the lessor’s title to the leased assets. The lease
contract includes extension and termination options and variable lease payments, which are further discussed
below.
Set out below are the carrying amounts of right-of-use assets recognised and the movements during the year:

Additions ( Refer Note 3.2) 318.81 82.14
Depreciation Expense ( Refer Note 3.2) 53.75 8.21
As at March 31 338.98 73.92
Set out below are the carrying amounts of lease liabilities and the movements during the year:

Additions 318.81 82.14
Accretion of interest 39.82 8.21
Payments (67.53) (11.04)
As at March 31 370.41 79.31
Current 30.49 3.66
Non-current 339.93 75.65
The maturity analysis of lease liabilities disclosed as below:

Maturity analysis of contractual undiscounted cashflows
Less than one Year 30.49 3.66
One to Five Years 251.34 25.41
More than 5 Years 88.59 50.24
Total 370.41 79.31
The weighted average incremental borrowing rate of 10% has been applied to lease liabilities recognised in the
balance sheet at the date of initial application.

The following are the amounts recognised in profit or loss:

Depreciation expense of right-of-use assets (Refer Note 3.2) 53.75 8.21
Interest expense on lease liabilities (Refer Note 24) 39.82 8.21
Expense relating to short-term leases (included in other expenses) 15.32 16.22
Total amount recognised in profit or loss 108.89 32.65
The Group had total cash outflows for leases of Rs. 67.53 in March 31, 2024 (Rs. 11.04 in March 31, 2023). The
Group also had non-cash additions to right-of-use assets and lease liabilities of Rs.318.81 Lac in March 31, 2024
(Rs.82.14 in March 31, 2023).
The Group has incurred leasehold improvement cost of Rs. 66.83 Lac which will be amortised over the tenure of
lease. ( Refer Note 3.1).
42 The group has migrated to SAP Application software from legacy Farvision software for maintaining its books
of account during the year. In respect of SAP Application software, which has a feature of recording audit
trail (edit log) facility, the same has operated for all the transactions recorded in the Application except that
audit trail feature is not enabled for direct changes to data when using certain access rights to the HANA
application. Further there is no instance of audit trail feature being tampered with in respect of the SAP
Application accounting software.
In respect of legacy software, Farvision which was operated by a third-party software service provider,
Management is not in possession of Service Organization Controls report to determine whether audit trail
feature of the said software was enabled and operated throughout the year for all relevant transactions
recorded in the software or whether there were any instances of the audit trail feature being tampered with.
43 Events after the reporting period:

The board of directors have proposed dividend after the balance sheet date which are subject to approval by
the shareholders at the annual general meeting. Refer Note 13 for details.
44 Other statutory Information:

a The group has availed loans from banks on the basis of security of current assets. The group files statement
of current assets with the bank on periodical basis. There are no material discrepancies between the
statements filed by the group and the books of accounts of the group.
b The group has not been declared a wilful Defaulters by any bank or financial institution or consortium
thereof in accordance with the guidelines on wilful defaulters issued by the RBI.
c There are no proceedings initiated or pending against the group for holding any benami property under
the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
d The group has not traded or invested in Crypto currency or Virtual Currency during the reporting periods.
e The group has neither advanced, loaned or invested funds nor received any fund to/from any person or
entity for lending or investing or providing guarantee to/on behalf of the ultimate beneficiary during the
reporting periods.
f There is no immovable property whose title deed is not held in the name of the group.
g There is no charge or satisfaction of charge which is yet to be registered with ROC beyond the statutory
period.

Corporate Overview
Statutory Reports
h The group has complied with the number of layers prescribed under clause (87) of section 2 of the Act
read with the Companies (Restriction on number of Layers) Rules, 2017.
i The group has not entered into any scheme of arrangement in terms of sections 230 to 237 of the
Companies Act, 2013.
j The group does not have any transaction not recorded in the books of accounts that has been surrendered
or not disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.
k The group has complied with the relevant provisions of the Foreign Exchange Management Act, 1999 (42
of 1999)and the Prevention of Money-Laundering Act, 2002 wherever applicable.
45 These financial statements is not signed by CFO since existing CFO has resigned with effect from April 22,
2024.
46. The figures for the previous year have been regrouped wherever necessary to confirm with the current year’s
classification.

Chairman MD & CEO
DIN : 00008329 DIN : 02524196


FORM AOC-1
[Pursuant to first proviso to Sub - Section (3) of Section 129 read with Rule 5 of Companies (Accounts) Rules, 2014]
Statement Containing Salient Features of the Financial Statement of Subsidiaries or Associate Companies or Joint Ventures
Part “A”: Subsidiaries
(Rs. in Lac)
Sr. Name of Subsidiary Reporting Exchange Share Reserves Total Total Details of Turnover Profit/ Provision Profit/ Proposed % of
No Period Rate Capita/ and Assets Liabilities Investment (Loss) for (Loss) Dividend shareholding
Capital Surplus (Excluding before Taxation after /capital
investment in Taxation /(Credit) Taxation contribution
subsidiaries)

1 Arvind Hebbal Homes 31-03-2024 Rs. 1.00 (1,724.09) 20,486.90 22,210.00 - 262.30 (690.17) (172.71) (517.46) Nil 100.00
Private Limited
2 Arvind Homes Private 31-03-2024 Rs. 1,251.00 (2,057.18) 22,118.02 22,924.20 - - (1,301.32) (327.51) (973.81) Nil 100.00
Limited
3 Arvind SmartHomes 31-03-2024 Rs. 2,101.00 (2,097.35) 37,478.80 37,475.15 - - (2,149.71) (541.08) (1,608.63) Nil 100.00
Private Limited
4 Arvind Infracon LLP 31-03-2024 Rs. 1.00 - 4,272.82 4,271.82 - 8,132.15 2,183.93 672.81 1,511.12 Nil 100.00
5 Arvind Five Homes LLP 31-03-2024 Rs. 1.00 346.95 11,811.63 11,463.68 - 1,817.93 1,206.87 278.08 928.79 Nil 52.00
6 Changodar Industrial 31-03-2024 Rs. 1.00 (35.03) 34.98 69.01 - - (7.04) - (7.04) Nil 100.00
Infrastructure (One) LLP
7 Arvind Beyond Five Club 31-03-2024 Rs. 1.00 (11.72) 1,976.81 1,987.54 - - (3.97) - (3.97) Nil 100.00
LLP
8 Uplands Facilities 31-03-2024 Rs. 1.00 120.98 132.39 252.38 - 63.02 (134.71 ) - (134.71) Nil 100.00
Management LLP
9 ASL Facilities Management 31-03-2024 Rs. 1.00 (25.61) 10.40 35.01 - 4.66 (0.29) -- (0.29) Nil 100.00
LLP
10 Ahmedabad Industrial 31-03-2024 Rs. 1.00 149.49 1,418.25 1,267.76 - - 15.80 - 15.80 Nil 100.00
Infrastructure (One) LLP
11 Ahmedabad East 31-03-2024 Rs. 1.05 3,375 .00 11,557.10 8181.10 6,576.70 1,899.50 6.63 1,235.80 Nil 55.24
Infrastructure LLP
12 Yogita Shelters LLP 31-03-2024 Rs. 1,404.10 (378.00) 3,011 .00 1,985.00 - 915.00 (647.00) (261.00) (386.00) Nil 100.00
13 Chirping Woods Homes 31-03-2024 Rs. 1.00 (116.00) 3,865 .00 3979.54 - -- (92.00) (32.24) (60.01) Nil 100.00
LLP
14 Arvind Smart City LLP 31-03-2024 Rs. 1.03 (9.06) 1,510.99 1519.03 - - (0.47) -- (0.47) Nil 100.00
15 Arvind Infrabuild LLP 31-03-2024 Rs. 1.00 (72.93) 661.39 733.32 -- -- (0.36) -- (0.36) Nil 100.00
16 Arvind Integrated Projects 31-03-2024 Rs. 1.00 (1.11) 1.01 1.13 -- -- (0.39) - (0.39) Nil 100.00
LLP
17 Thol Highlands LLP 31-03-2024 Rs. 1.00 (0.82) 1,802.91 1802.73 -- -- (0.91) (0.31) (0.59) Nil 100.00
18 Adroda Homes LLP 31-03-2024 Rs. 1.00 (251.96) 10,502.11 10753.07 -- --- (387.29) (135.44) (251.96) Nil 100.00
19 Bavla Homes LLP 31-03-2024 Rs. 1.00 (0.22) 1,218 1217.53 -- -- (0.22) -- (0.22) Nil 100.00
(Rs. in Lac)
Sr. Name of Subsidiary Reporting Exchange Share Reserves Total Total Details of Turnover Profit/ Provision Profit/ Proposed % of
No Period Rate Capita/ and Assets Liabilities Investment (Loss) for (Loss) Dividend shareholding
Capital Surplus (Excluding before Taxation after /capital
investment in Taxation /(Credit) Taxation contribution
subsidiaries)
20 Arvind Surat Homes 31-03-2024 Rs. 1.00 (0.22) 12.18 11.40 -- -- (0.22) -- (0.22) Nil 100.00
LLP (formerly known as
Kesardi Homes LLP)
21 Ahmedabad Chhabasar 31-03-2024 Rs. 1.00 (34.38) 4,036.00 4,070.00 -- -- (52.85) (18.47) (34.38) Nil 100.00
LLP
22 Arvind Green Homes 31-03-2024 Rs. 1.00 (0.09) 0.96 0.05 -- -- (0.07) -- (0.07) Nil 100.00
LLP (formerly known
as Amplus Ahmedabad
Projects LLP)
23 Kalyangadh Homes LLP 31-03-2024 Rs. 1.00 (96.47) 11,990.98 12,086.46 -- -- (148.29) (51.82) (96.47) Nil 100.00
24 Lagdana Homes LLP 31-03-2024 Rs. 1.00 (0.22) 1.00 0.22 -- -- (0.22) -- (0.22) Nil 100.00
Notes: The following information shall be furnished at the end of the statement:
1. Name of subsidiaries which are yet to commence the operations -NIL
2. Names of subsidiaries which have been liquidated or sold during the year: NIL
Statutory Reports
Corporate Overview

FORM AOC-1
[Pursuant to first proviso to Sub - Section (3) of Section 129 read with Rule 5 of Companies (Accounts)
Rules, 2014]
Statement Containing Salient Features of the Financial Statement of Subsidiaries or
Associate Companies or Joint Ventures
Part “B”: Joint Venture
(Rs. in Lac)
Sr. Particulars Arvind Bsafal Homes LLP

No
1. Latest Audited Balance Sheet Date 31.03.2024
2. Shares of Joint Ventures Held by the Company on the year
end
i) Number Not Applicable
ii) Amount of Investment in joint Ventures 0.50
iii) Extend of Holding % Capital Contribution Ratio : 50%
Profit Sharing Ratio : 41%
3. Description of how there is significant influence LLP Agreement allows the Company
to exercise significant influence in the
operating and financial decision making
4. Reason why the joint venture is not consolidated Not Applicable as accounts are consolidated
5. Net worth attributable to shareholding as per latest Audited 37.25
Balance sheet
6. Profit/(Loss) for the year
i) Considered in Consolidation 1.40
ii) Not Considered in Consolidation 2.02
For and on Behalf of Board of Directors of


Chairman MD & CEO
DIN : 00008329 DIN : 02524196
Prakash Makwana
Company Secretary
Place : Ahmedabad
Date : May 6,2024

Notice
Notice
NOTICE is hereby given that the 16th (Sixteenth) Annual framed thereunder and Regulation 16(1)(b) of
General Meeting of the members of the Company will Listing Regulations and who has submitted a
be held on Thursday, July 25, 2024 at 11:00 am through declaration to that effect and in respect of whom
Video Conference (“VC”) / Other Audio-Visual Means the Company has received a notice in writing from
(“OAVM”) (“hereinafter referred to as “electronic a member proposing her candidature for the office
mode”) to transact the following Business: of Director, be and is hereby re-appointed as an
Independent Director of the Company, not liable
Ordinary business: to retire by rotation and to hold office for second
1. To receive, consider and adopt the audited financial term of 5 (five) consecutive years upto August 4,
statements (including consolidated financial 2029 on the Board of the Company.
statements) of the Company for the financial year RESOLVED FURTHER THAT the Board of Directors
ended on March 31, 2024 and the Reports of the of the Company be and is hereby authorised to
Directors and Auditors thereon. do all such acts and take all such steps as may be
2. To declare dividend on Equity Shares for the necessary, proper or expedient to give effect to
financial year ended on March 31, 2024. this resolution.
3. To appoint a Director in place of Mr. Sanjay S. 5. To consider and if thought fit, to pass with
Lalbhai (DIN: 00008329), who retires by rotation or without modification(s), the following
in terms of Article 187 of the Articles of Association resolution as an Ordinary Resolution:
of the Company and being eligible, offers himself RESOLVED THAT pursuant to the provisions
for reappointment. of Section 148 and other applicable provisions,
if any, of the Companies Act, 2013 read with the
Special business: Companies (Audit and Auditors) Rules, 2014
4. To consider and, if thought fit, to pass the (including any statutory modification(s) or
following resolution as a Special Resolution: re-enactment(s) thereof, for the time being in
force), the remuneration of Rs. Rs. 1,00,000/-
RESOLVED THAT pursuant to the provisions of
(Rupees One Lac Only) plus applicable taxes and
Sections 149, 150 and 152 read with Schedule
re-imbursement of out-of-pocket expenses
IV and other applicable provisions, if any, of the
incurred in connection with the audit, payable to
Companies Act, 2013 (“the Act”) and the Companies
M/s Kiran J. Mehta & Co., Cost Accountants,
(Appointment and Qualification of Directors) Rules,
Ahmedabad having Firm Registration No. 000025
2014 and the applicable provisions of the Securities
appointed by the Board of Directors of the
and Exchange Board of India (Listing Obligations
Company as Cost Auditors to conduct the audit of
and Disclosure Requirements) Regulations, 2015
the cost records maintained by the Company for
(“Listing Regulations’’) (including any statutory
the financial year ending on March 31, 2025 be and
modification(s) or re-enactment(s) thereof,
is hereby ratified and confirmed.
for the time being in force), Ms. Pallavi Vyas
(DIN: 08521883), who was appointed as an RESOLVED FURTHER THAT the Board of Directors
Independent Director up to August 4, 2024 of the Company be and is hereby authorised to
and who is eligible for re-appointment and who do all such acts and take all such steps as may be
meets the criteria for independence as provided necessary, proper or expedient to give effect to
in Section 149(6) of the Act along with the rules this resolution.”
Registered Office: By Order of the Board

24, Government Servant Society,
Nr. Municipal Market, Off C G Road,
Navrangpura, Ahmedabad-380009 Prakash Makwana
Company Secretary
Date: May 6, 2024
Place: Ahmedabad

Notes:
1. Pursuant to the Circular No. 14/2020 dated April the order of names as per the Register of Members
08, 2020, Circular No. 17/2020 dated April 13, 2020, of the Company will be entitled to vote.
Circular No. 20/2020 dated May 05, 2020, Circular
6. The Members can join the AGM through VC/OAVM
No. 02/2021 dated January 13, 2021, Circular
mode 15 minutes before and after the scheduled
No. 02/2022 dated May 05, 2022, Circular No.
time of the commencement of the Meeting by
10/2022 dated December 28, 2022 and Circular
following the procedure mentioned in the Notice.
No. 09/2023 dated September 25, 2023, issued
Members may note that the facility of participation
by the Ministry of Corporate Affairs and all other
at AGM through VC/OAVM will be made available
relevant circulars issued from time to time, General
for 1,000 Members on a first come first serve
Meeting can be held through video conferencing
basis. This will not include large Shareholders
(VC) or other audio visual means (OAVM) without
(Shareholders holding 2% or more shareholding),
physical attendance of the Members at the venue
Promoters, Institutional Investors, Directors, Key
of General Meeting. Hence, Members can attend
Managerial Personnel, the Chairpersons of the
and participate in the ensuing Annual General
Audit Committee, Nomination and Remuneration
Meeting (AGM) through VC/OAVM. The deemed
Committee and Stakeholders Relationship
venue for AGM shall be the Registered Office of the
Committee, Auditors etc. who are allowed to attend
Company. The detailed procedure for participating
the EGM/AGM without restriction on account of
in the meeting through VC/OAVM is explained at
first come first serve basis.
Note No. 20 below.
7. The relative Explanatory Statement pursuant to
2. The Notice of the AGM along with the Annual
Section 102 of the Companies Act, 2013 setting
Report for the financial year 2023-24 is being sent
out material facts concerning the businesses under
only by electronic mode to those Members whose
Item No. 4 and 5 of the Notice, is annexed hereto.
email addresses are registered with the Company/
The relevant details as required under Regulation
Depositories, in accordance with the aforesaid
36(3) of the SEBI (Listing Obligations and
MCA Circulars & SEB Circular. Members may note
Disclosure Requirements) Regulations, 2015 and
that the Notice of AGM and Annual Report for the
Secretarial Standard on General Meetings issued
FY23-24 will also be available on the Company’s
by the Institute of Company Secretaries of India, of
website www.arvindsmartspaces.com; websites of
the person seeking appointment/ re-appointment
the Stock Exchanges i.e. National Stock Exchange
as Director under Item No. 3 and 4 of the Notice is
of India Limited and BSE Limited at www.nseindia.
also annexed to the notice.
com and www.bseindia.com respectively.
8. The Register of Members and Share Transfer Books
3. Pursuant to the provisions of the Companies Act,
of the Company will remain closed from Friday,
2013, a member entitled to attend and vote at the
July 19, 2024 till Thursday, July 25, 2024 (both days
AGM is entitled to appoint a proxy to attend and
inclusive).
vote on his/ her behalf and the proxy need not
be a Member of the Company. Since this AGM is 9. The dividend on equity shares for the year ended
being held pursuant to the MCA Circulars through on March 31, 2024, if declared at the meeting, will
VC/OAVM, physical attendance of Members has be paid / dispatched subject to deduction of tax
been dispensed with. Accordingly, the facility for at source on due date (i) to all Beneficial Owners
appointment of proxies by the Members will not be in respect of shares held in dematerialized form
available for the AGM and hence the Proxy Form, as per the data as may be made available by the
Attendance Slip and route map are not annexed to National Securities Depository Limited (“NSDL”)
the Notice. and the Central Depository Services (India) Limited
(“CDSL”), as of the close of business hours on
4. Members attending the meeting through VC/ OAVM
Wednesday, July 24, 2024 and (ii) To all Members
shall be counted for the purposes of reckoning the
in respect of shares held in physical form after
quorum under Section 103 of the Companies Act,
giving effect to valid transfer, transmission or
2013.
transposition requests lodged with the Company
5. In case of joint holders attending the AGM, the as of the close of business hours on Wednesday,
Member whose name appears as the first holder in July 24. 2024.

Notice
10. SEBI vide its Circular No. SEBI/HO/MIRSD/MIRSD_ Link Intime India Private Limited, for assistance in
RTAMB/P/ CIR/2021/655 dated November 3, 2021 this regard.
(subsequently amended by Circular Nos. SEBI/HO/
14. Members holding shares in physical form, in identical
MIRSD/MIRSD_ RTAMB/P/CIR/2021/687 dated
order of names, in more than one folio are requested
December 14, 2021, SEBI/HO/MIRSD/MIRSD-PoD-
to send to the Company or Link Intime India Pvt.
1/P/CIR/2023/37 March 16, 2023 and SEBI/HO/
Ltd., the details of such folios together with the
MIRSD/POD-1/P/CIR/2023/181 November 17, 2023)
share certificates along with the requisite KYC
has mandated that with effect from April 1, 2024,
Documents for consolidating their holdings in one
dividend to security holders (holding securities
folio. Requests for consolidation of share certificates
in physical form), shall be paid only through
shall be processed in dematerialized form.
electronic mode. Such payment shall be made only
after furnishing the PAN, choice of nomination, 15. Nomination facility: As per the provisions of
contact details including mobile number, bank Section 72 of the Companies Act, 2013, the facility
account details and specimen signature. Further, for making nomination is available to the members
relevant FAQs published by SEBI on its website can in respect of the shares held by them. members
be viewed at the following link: who have not yet registered their nomination are
https://www.sebi.gov.in/sebi_data/faqfiles/jan- requested to register the same by submitting
2024/1704433843359.pdf (FAQ No 38 & 39). Form No. SH-13. If a member desires to opt-out or
cancel the earlier nomination and record a fresh
11. Pursuant to the changes introduced by the Finance nomination, the member may submit the same in
Act 2020, w.e.f. April 01, 2020, the Company Form ISR-3 or Form SH-14, as the case may be.
would be required to deduct tax at source (TDS)
at the prescribed rates on the dividend paid to its The said forms can be downloaded from
shareholders. The TDS rate would vary depending the Company’s website at https://www.
on the residential status of the shareholder and the arvindsmartspaces.com/investors/downloads/.
documents submitted by them and accepted by the members are requested to submit the said form to
Company. Accordingly, the above referred Dividend their DPs in case the shares are held in electronic
(Final and Special) will be paid after deducting the form and to the RTA at ahmedabad@linkintime.
TDS. The Company will be sending out individual co.in in case the shares are held in physical form,
communication to the shareholders who have quoting their folio no(s).
registered their email IDs with us. For the detailed 16. Members intending to require information about
process, the information is available at Company’s Accounts in the Meeting are requested to inform
website at https://www.arvindsmartspaces.com/ the Company at least 7 days in advance of the date
investors/updates/. of the AGM.
12. Members are requested to intimate changes, if 17. Members are requested to note that, dividends if not
any, pertaining to their name, postal address, encashed for a consecutive period of 7 years from
email address, telephone/ mobile numbers, PAN, the date of transfer to Unpaid Dividend Account
mandates, nominations, power of attorney, bank of the Company, are liable to be transferred to the
details such as, name of the bank and branch Investor Education and Protection Fund (“IEPF”).
details, bank account number, MICR code, IFSC The shares in respect of such unclaimed dividends
code, etc., to their DPs in case the shares are held are also liable to be transferred to the demat account
by them in electronic form and to the Company’s of the IEPF Authority. In view of this, Members are
Registrars and Transfer Agents, Link Intime India requested to approach the Company or its RTA to
Pvt. Ltd. in case the shares are held by them in claim their dividends, within the stipulated timeline.
physical form. Unclaimed and unpaid dividends for the FY18-19
13. SEBI vide its notification dated January 24, 2022 and FY 22-23 will be transferred to this fund on
has mandated that all requests for transfer of respective due dates i.e. October 09, 2026 and
securities including transmission and transposition October 06, 2030. Kindly note that once unclaimed
requests shall be processed only in dematerialized and unpaid dividends and shares are transferred to
form. In view of the same and to eliminate all risks the IEPF, members will have to approach to IEPF
associated with physical shares and avail various Authority for such dividends and shares.
benefits of dematerialisation, Members are advised 18. All documents referred to in the accompanying
to dematerialise the shares held by them in physical Notice of the AGM and explanatory statement
form. Members can contact the Company or RTA -

shall be open for inspection without any fee at the hours) maintained by the depositories as on the
registered office of the Company during normal cut-off date shall only be entitled to avail the
business hours on any working day upto and facility of remote e-Voting and voting during
including the date of the AGM of the Company. the AGM.
19. A person who is not a member as on the cut- V. The remote e-Voting facility will be available
off date should treat this Notice for information during the following period:
purposes only.
a. Commencement of remote e-Voting: 09:00
20. Instructions for voting through electronic means A.M. (IST) on Monday, July 22, 2024.
(e-Voting): b. End of remote e-Voting: 05:00 P.M. (IST)
I. Pursuant to the provisions of Section 108 of the on Wednesday, July 24, 2024.
Companies Act, 2013 read with Rule 20 of the c. The remote e-Voting will not be allowed
Companies (Management and Administration) beyond the aforesaid date and time and the
Rules, 2014, Regulation 44 of SEBI (Listing remote e-Voting module shall be disabled
Obligations & Disclosure Requirements) by NSDL upon expiry of aforesaid period.
Regulations 2015 and MCA Circulars, the
Company is providing facility of remote VI. Those Members, who will be present in the
e-Voting to its Members in respect of the AGM through VC/OAVM facility and have not
business to be transacted at the AGM. For this cast their vote on the Resolutions through
purpose, the Company has appointed National remote e-Voting and are otherwise not barred
Securities Depository Limited (“NSDL”) as from doing so, shall be eligible to vote through
the authorized agency, for facilitating voting e-Voting system during the AGM.
through electronic means i.e. remote e-Voting VII. The Members who have cast their vote by
and e-Voting during the AGM. remote e-Voting prior to the AGM may also
II. Mr. Hitesh Buch, Practicing Company Secretary attend/ participate in the AGM through VC/
(Membership No. FCS 3145, COP 8195) has been OAVM but shall not be entitled to cast their
appointed as the Scrutinizer to scrutinize the vote again.
e-Voting during the AGM and remote e-Voting VIII. Any person, who acquires shares of the
in a fair and transparent manner. Company and becomes a Member of the
III. The Results of voting will be declared within Company after sending of the Notice and holds
two working days from the conclusion of the shares as of the cut-off date, may obtain the
AGM. The declared Results, along with the login ID and password by sending a request
Scrutinizer’s Report will be submitted to the at [email protected] mentioning their demat
Stock Exchanges where the Company’s equity account number/ folio number, PAN, name
shares are listed (BSE Limited & National Stock and registered address. However, if he/ she
Exchange of India Limited) and shall also be is already registered with NSDL for remote
displayed on the Company’s website www. e-Voting then he/ she can use his/ her existing
arvindsmartspaces.com and NSDL’s website User ID and password for casting the vote.
www.evoting.nsdl.com.
IX. Process and manner for Remote e-Voting:
IV. Voting rights of the members for voting Members are requested to follow the below
through remote e-Voting and voting during instructions to cast their vote through e-Voting:
the AGM shall be in proportion to shares of the
paid-up equity share capital of the Company How do I vote electronically using NSDL
as on the cut-off date i.e. Thursday, July 18, e-Voting system?
2024. A person, whose name is recorded in The way to vote electronically on NSDL
the Register of Members or in the Register of e-Voting system consists of “Two Steps” which
Beneficial owners (as at the end of the business are mentioned below:
Step 1: Access to NSDL e-Voting system

(A) Login method for e-Voting and joining virtual meeting for Individual shareholders holding
securities in demat mode
In terms of SEBI circular dated December 9, 2020 on e-Voting facility provided by Listed Companies, Individual
shareholders holding securities in demat mode are allowed to vote through their demat account maintained
with Depositories and Depository Participants. Shareholders are advised to update their mobile number and
email Id in their demat accounts in order to access e-Voting facility.

Notice
Login method for Individual shareholders holding securities in demat mode is given below:
Type of shareholders Login Method
Individual Shareholders 1. Existing IDeAS user can visit the e-Services website of NSDL Viz. https://
holding securities in demat eservices.nsdl.com either on a Personal Computer or on a mobile. On the
mode with NSDL. e-Services home page click on the “Beneficial Owner” icon under “Login”
which is available under ‘IDeAS’ section, this will prompt you to enter your
existing User ID and Password. After successful authentication, you will be
able to see e-Voting services under Value added services. Click on “Access
to e-Voting” under e-Voting services and you will be able to see e-Voting
page. Click on company name or e-Voting service provider i.e. NSDL and
you will be re-directed to e-Voting website of NSDL for casting your vote
during the remote e-Voting period or joining virtual meeting & voting during
the meeting.
2. If you are not registered for IDeAS e-Services, option to register is available
at https://eservices.nsdl.com. Select “Register Online for IDeAS Portal” or
click at https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp
3. Visit the e-Voting website of NSDL. Open web browser by typing the following
URL: https://www.evoting.nsdl.com/ either on a Personal Computer or on a
mobile. Once the home page of e-Voting system is launched, click on the icon
“Login” which is available under ‘Shareholder/Member’ section. A new screen
will open. You will have to enter your User ID (i.e. your sixteen digit demat
account number hold with NSDL), Password/OTP and a Verification Code as
shown on the screen. After successful authentication, you will be redirected to
NSDL Depository site wherein you can see e-Voting page. Click on company
name or e-Voting service provider i.e. NSDL and you will be redirected to
e-Voting website of NSDL for casting your vote during the remote e-Voting
period or joining virtual meeting & voting during the meeting.
4. Shareholders/Members can also download NSDL Mobile App “NSDL
Speede” facility by scanning the QR code mentioned below for seamless
voting experience.
Individual Shareholders 1. Users who have opted for CDSL Easi / Easiest facility, can login through
holding securities in demat their existing user id and password. Option will be made available to reach
mode with CDSL e-Voting page without any further authentication. The users to login Easi /
Easiest are requested to visit CDSL website www.cdslindia.com and click
on login icon & New System Myeasi Tab and then use your existing my easi
username & password.
2. After successful login the Easi / Easiest user will be able to see the e-Voting
option for eligible companies where the e-voting is in progress as per the
information provided by company. On clicking the e-voting option, the user
will be able to see e-Voting page of the e-Voting service provider for casting
your vote during the remote e-Voting period or joining virtual meeting &
voting during the meeting. Additionally, there is also links provided to access
the system of all e-Voting Service Providers, so that the user can visit the
e-Voting service providers’ website directly.
3. If the user is not registered for Easi/Easiest, option to register is available at
CDSL website www.cdslindia.com and click on login & New System Myeasi
Tab and then click on registration option.

Type of shareholders Login Method
4. Alternatively, the user can directly access e-Voting page by providing
demat Account Number and PAN No. from e-Voting link available on www.
cdslindia.com home page. The system will authenticate the user by sending
OTP on registered Mobile & Email as recorded in the demat Account. After
successful authentication, user will be able to see the e-Voting option where
the e-voting is in progress and also able to directly access the system of all
e-Voting Service Providers.
Individual Shareholders You can also login using the login credentials of your demat account through
(holding securities in demat your Depository Participant registered with NSDL/CDSL for e-Voting facility.
mode) login through their Upon logging in, you will be able to see e-Voting option. Click on e-Voting
depository participants option, you will be redirected to NSDL/CDSL Depository site after successful
authentication, wherein you can see e-Voting feature. Click on company name
or e-Voting service provider i.e. NSDL and you will be redirected to e-Voting
website of NSDL for casting your vote during the remote e-Voting period or
joining virtual meeting & voting during the meeting.
Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and
Forget Password option available at abovementioned website.
Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to
login through Depository i.e. NSDL and CDSL.
Login type Helpdesk details
Individual Shareholders holding securities in Members facing any technical issue in login can contact
demat mode with NSDL NSDL helpdesk by sending a request at [email protected]
or call at 022-4886 7000.
Individual Shareholders holding securities in Members facing any technical issue in login can contact
demat mode with CDSL CDSL helpdesk by sending a request at helpdesk.evoting@
cdslindia.com or contact at toll free no. 1800 22 55 33
(B) Login Method for e-Voting and joining virtual meeting for shareholders other than Individual
shareholders holding securities in demat mode and shareholders holding securities in
physical mode
How to Log-into NSDL e-Voting website?
1. Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.evoting.
nsdl.com/ either on a Personal Computer or on a mobile.
2. Once the home page of e-Voting system is launched, click on the icon “Login” which is available under
‘Shareholders’ section.
3. A new screen will open. You will have to enter your User ID, your Password/OTP and a Verification Code as
shown on the screen.
Alternatively, if you are registered for NSDL e-services i.e. IDEAS, you can log-in at https://eservices.nsdl.
com/ with your existing IDEAS login. Once you log-in to NSDL e-services after using your log-in credentials,
click on e-Voting and you can proceed to Step 2 i.e. Cast your vote electronically.
4. Your User ID details are given below:

Manner of holding shares i.e. Demat Your User ID is:
(NSDL or CDSL) or Physical
a) For Members who hold shares in 8 Character DP ID followed by 8 Digit Client ID
demat account with NSDL For example if your DP ID is IN300*** and Client ID is 12******
then your user ID is IN300***12******.
b) For Members who hold shares in 16 Digit Beneficiary ID
demat account with CDSL For example if your Beneficiary ID is 12************** then your
user ID is 12**************.
c) For Members holding shares in EVEN Number followed by Folio Number registered with
Physical Form the company
For example if folio number is 001*** and EVEN is 101456 then
user ID is 101456001***.

Notice
5. Password details for shareholders other than Individual shareholders are given below:
a) If you are already registered for e-Voting, then you can use your existing password to login and cast
your vote.
b) If you are using NSDL e-Voting system for the first time, you will need to retrieve the ‘initial password’
which was communicated to you. Once you retrieve your ‘initial password’, you need to enter the ‘initial
password’ and the system will force you to change your password.
c) How to retrieve your ‘initial password’?
(i) If your email ID is registered in your demat account or with the company, your ‘initial password’ is
communicated to you on your email ID. Trace the email sent to you from NSDL from your mailbox.
Open the email and open the attachment i.e. a .pdf file. Open the .pdf file. The password to open
the .pdf file is your 8 digit client ID for NSDL account, last 8 digits of client ID for CDSL account or
folio number for shares held in physical form. The .pdf file contains your ‘User ID’ and your ‘initial
password’.
(ii) If your email ID is not registered, please follow steps mentioned below in process for those
shareholders whose email ids are not registered
6. If you are unable to retrieve or have not received the “Initial password” or have forgotten your password:
a) Click on “Forgot User Details/Password?” (If you are holding shares in your demat account with NSDL
or CDSL) option available on www.evoting.nsdl.com.
b) “Physical User Reset Password?” (If you are holding shares in physical mode) option available on
www.evoting.nsdl.com.
c) If you are still unable to get the password by aforesaid two options, you can send a request at evoting@
nsdl.co.in mentioning your demat account number/folio number, your PAN, your name and your
registered address.
d) Members can also use the OTP (One Time Password) based login for casting the votes on the e-Voting
system of NSDL.
7. After entering your password, tick on Agree to “Terms and Conditions” by selecting on the check box.
8. Now, you will have to click on “Login” button.
9. After you click on the “Login” button, Home page of e-Voting will open.
Step 2: Cast your vote electronically and join General Meeting

on NSDL e-Voting system.
How to cast your vote electronically and join General Meeting on NSDL e-Voting system?
1. After successful login at Step 1, you will be able to see all the companies “EVEN” in which you are holding
shares and whose voting cycle and General Meeting is in active status.
2. Select “EVEN” of company which is “Arvind SmartSpaces Limited” for which you wish to cast your vote during
the remote e-Voting period and casting your vote during the General Meeting. For joining virtual meeting, you
need to click on “VC/OAVM” link placed under “Join Meeting”.
3. Now you are ready for e-Voting as the Voting page opens.
4. Cast your vote by selecting appropriate options i.e. assent or dissent, verify/modify the number of shares for
which you wish to cast your vote and click on “Submit” and also “Confirm” when prompted.
5. Upon confirmation, the message “Vote cast successfully” will be displayed.
6. You can also take the printout of the votes cast by you by clicking on the print option on the confirmation
page.
7. Once you confirm your vote on the resolution, you will not be allowed to modify your vote.
General Guidelines for shareholders

1. Institutional shareholders (i.e. other than individuals, HUF, NRI etc.) are required to send scanned copy
(PDF/ JPG Format) of the relevant Board Resolution/ Authority letter etc. with attested specimen
signature of the duly authorized signatory(ies) who are authorized to vote, to the Scrutinizer by e-mail to
[email protected] with a copy marked to [email protected].

Institutional shareholders (i.e. other than individuals, HUF, NRI etc.) can also upload their Board Resolution
/ Power of Attorney / Authority Letter etc. by clicking on “Upload Board Resolution / Authority Letter”
displayed under “e-Voting” tab in their login.
2. It is strongly recommended not to share your password with any other person and take utmost care to
keep your password confidential. Login to the e-Voting website will be disabled upon five unsuccessful
attempts to key in the correct password. In such an event, you will need to go through the “Forgot User
Details/ Password?” or “Physical User Reset Password?” option available on www.evoting.nsdl.com to
reset the password.
3. In case of any queries, you may refer the Frequently Asked Questions (FAQs) for Shareholders and e-Voting
user manual for Shareholders available at the download section of www.evoting.nsdl.com or call on
022 - 4886 7000 or send a request at [email protected].
Process for those shareholders whose email ids are not registered with the depositories for procuring user
id and password and registration of e mail ids for e-voting for the resolutions set out in this notice:
1. In case shares are held in physical mode please provide Folio No., Name of shareholder, scanned copy
of the share certificate (front and back), PAN (self-attested scanned copy of PAN card), AADHAR (self-
attested scanned copy of Aadhar Card) by email to [email protected].
2. In case shares are held in demat mode, please provide DPID-CLID (16 digit DPID + CLID or 16 digit beneficiary
ID), Name, client master or copy of Consolidated Account statement, PAN (self-attested scanned copy of
PAN card), AADHAR (self-attested scanned copy of Aadhar Card) to [email protected]. If you
are an Individual shareholder holding securities in demat mode, you are requested to refer to the login
method explained at step 1 (A) i.e. Login method for e-Voting and joining virtual meeting for Individual
shareholders holding securities in demat mode.
3. Alternatively, shareholder/members may send a request to [email protected] for procuring user id and
password for e-voting by providing above mentioned documents.
4. In terms of SEBI circular dated December 9, 2020 on e-Voting facility provided by Listed Companies,
Individual shareholders holding securities in demat mode are allowed to vote through their demat account
maintained with Depositories and Depository Participants. Shareholders are required to update their
mobile number and email ID correctly in their demat account in order to access e-Voting facility.
Instructions for members for e-Voting on the day of the AGM are as under:
1. The procedure for e-Voting on the day of the AGM is same as the instructions mentioned above for remote
e-Voting.
2. Only those Members/ shareholders, who will be present in the AGM through VC/OAVM facility and have
not casted their vote on the Resolutions through remote e-Voting and are otherwise not barred from doing
so, shall be eligible to vote through e-Voting system in the AGM.
3. Members who have voted through Remote e-Voting will be eligible to attend the AGM. However, they will
not be eligible to vote at the AGM.
4. The details of the person who may be contacted for any grievances connected with the facility for e-Voting
on the day of the AGM shall be the same person mentioned for Remote e-Voting.
In case you have not registered your e-mail address with the Company/ Depository, please follow below
instructions for registration of e-mail address for obtaining Annual Report and / or login details for e-voting:
Physical Holding Visit the link:

https://linkintime.co.in/EmailReg/email_register.html and follow the registration
process as guided therein. The members are requested to provide details such as
Name, Folio Number, Certificate number, PAN, mobile number and e-mail address.
Demat Holding Please contact your Depository Participant (DP) and register your e-mail address in
your demat account as per the process advised by your DP.

Notice
21. Instructions for Members for attending the AGM through VC/OAVM:
1. Member will be provided with a facility to attend the AGM through VC/OAVM through the NSDL e-Voting
system. Members may access by following the steps mentioned above for Access to NSDL e-Voting
system. After successful login, you can see link of “VC/OAVM link” placed under “Join meeting” menu
against company name. You are requested to click on VC/OAVM link placed under Join General Meeting
menu. The link for VC/OAVM will be available in Shareholder/Member login where the EVEN of Company
will be displayed. Please note that the members who do not have the User ID and Password for e-Voting
or have forgotten the User ID and Password may retrieve the same by following the remote e-Voting
instructions mentioned in the notice to avoid last minute rush.
2. Members are encouraged to join the Meeting through Laptops for better experience.
3. Further Members will be required to allow Camera and use Internet with a good speed to avoid any
disturbance during the meeting.
4. Please note that Participants Connecting from Mobile Devices or Tablets or through Laptop connecting
via Mobile Hotspot may experience Audio/Video loss due to fluctuation in their respective network. It is
therefore recommended to use Stable Wi-Fi or LAN Connection to mitigate any kind of aforesaid glitches.
5. Members who would like to express their views or ask questions during the AGM may register themselves
as a speaker by sending their request from their registered e-mail address mentioning their name, DP ID
and Client ID/Folio Number, PAN and mobile number at [email protected] on or before Thursday,
July 18,2024.
6. Those Members who have registered themselves as a speaker will only be allowed to express their views/ask
questions during the AGM. The Company reserves the right to restrict the number of speakers depending
on the availability of time for the AGM.

Company Secretary
Date: May 6, 2024
Place: Ahmedabad

Explanatory statement under section 102(1) of the
Companies Act, 2013:
Item No. 4 an Independent Director and that she is independent

In accordance with provisions of Section 149(10) of of the management of the Company. She is not
the Companies Act, 2013 ('the Act'), an Independent disqualified from being appointed as a Director in terms
Director holds office for a term of five consecutive years of Section 164 of the Act and has given her consent to
on the Board of the Company and she is eligible for act as a Director.
re-appointment subject to the approval by members of Consent of the members by way of Special Resolution
the Company by way of a special resolution. is required for re-appointment of Ms. Pallavi Vyas, in
Ms. Pallavi Vyas was appointed as an Independent terms of Section 149 of the Act.
Director by a resolution passed at the Annual General The details as required under Regulation 36(3)
Meeting held on September 29, 2020 for a period of of Listing Regulations and Secretarial Standard
5 (five) years upto August 4, 2024. The Members are on General Meetings issued by the Institute of
informed that the Board of Directors of the Company Company Secretaries of India, of the person seeking
(‘the Board’) at its meeting held on May 6, 2024, on the appointment/ re-appointment as Director under Item
recommendation of the Nomination and Remuneration No. 4 are attached as separate annexure to this Notice.
Committee, has re-appointed Ms. Pallavi Vyas as an
Ms. Pallavi Vyas and her relatives are interested in this
Independent Director of the Company, with effect from
Special Resolution to the extent of their shareholding,
August 5, 2029 subject to the approval of the Members
if any, in the Company. None of the other Directors and
of the Company in accordance with the provisions of
Key Managerial Personnel of the Company, or their
Sections 149, 150, 152 and other applicable provisions,
relatives, is interested in this Special Resolution.
if any, of the Act and rules made thereunder (including
any statutory modification(s) or re-enactment(s)
thereof, for the time being in force) read with Schedule
Item No. 5
IV of the Act, the applicable provisions of the Securities The Board of Directors, on the recommendation of
and Exchange Board of India (Listing Obligations and the Audit Committee, has approved the appointment
Disclosure Requirements) Regulations, 2015 (“Listing and remuneration of M/s. Kiran J. Mehta & Co., Cost
Regulations’’) and her appointment shall not be subject Accountants, Ahmedabad as the Cost Auditors to
to retire by rotation. A notice has been received from a conduct the audit of the cost records of the Company
member proposing Ms. Pallavi Vyas as a candidate for for the financial year ending on March 31, 2025 on a
the office of the Director of the Company. remuneration of Rs. 1,00,000/- (Rupees One Lac only)
plus applicable taxes and re-imbursement of out-of-
The Board is of the view that her active participation
pocket expenses to be incurred in connection with the
in various Committee and Board meetings, her positive
audit for the financial year ending March 31, 2025.
attributes, valuable guidance and suggestions even
in the field of Corporate Social Responsibility would In accordance with the provisions of Section 148(3)
benefit the Company. The Board is also satisfied of the Act read with The Companies (Audit and
with her report of overall performance evaluation. Auditors) Rules, 2014, the remuneration payable to
Declaration has been received from her that she the Cost Auditors has to be ratified by the members
meets the criteria of Independence prescribed under of the Company. Accordingly, consent of the members
Section 149 of the Act read with the Companies is sought for passing an Ordinary Resolution as set
(Appointment and Qualification of Directors) Rules, out at Item No. 5 of the Notice for ratification of the
2014 and Regulation 16 of the Listing Regulations 2015. remuneration payable to the Cost Auditors for the
In the opinion of the Board, Ms. Pallavi Vyas fulfils the financial year ending on March 31, 2025.
conditions specified in the Act, the Rules thereunder The Board of Directors recommends the above
and the Listing Regulations 2015 for re-appointment as resolution for your approval.

Company Secretary
Date: May 6, 2024
Place: Ahmedabad

Notice
Annexure to Item No. 3 & 4 of the Notice:

Details of Director seeking appointment and re-appointment at the forthcoming Annual General Meeting:
(Pursuant to Regulation 36(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
and Revised Secretarial Standard on General Meeting issued by the Institute of Company Secretaries of India):
Name of the Director Mr. Sanjay S. Lalbhai Ms. Pallavi Vyas

Director Identification No. 00008329 08521883
Date of Birth April 10, 1954 February 12, 1972
Age 70 Years 52 Years
Nationality Indian USA
Date of Appointment or March 28, 2015 August 5, 2019
reappointment on the Board
Qualifications • Bachelor of Science. • PhD in Public Policy
• Masters in Management Studies. • Master of Arts in Economics
• Bachelor of Arts
Brief Resume Sanjay Lalbhai is the Chairman and Non- Ms. Pallavi Vyas holds a PhD in
Executive Director of Arvind SmartSpaces. Public Policy from the Harris
He is also Chairman of Arvind Limited; School of Public Policy, University
Chairman and Non-Executive Director of of Chicago. She also holds an
Arvind Fashions and Anup Engineering. MA in Economics from Bowling
Arvind is a group of businesses that post a Green State University and a BA
turnover 1.7 billion USD and it is under his from Mumbai University. She is
leadership that it has become one of the currently an Associate Professor
largest manufacturers of textiles globally in Economics and Public Policy at
and that the group has established a strong Ahmedabad University. Her fields
presence in spaces such as apparel retailing, of interest are Labor Economics,
real estate and engineering. Human Capital Theory, Public Health
and Development Economics.
Mr. Lalbhai believes that addressing societal
concerns and creating long lasting benefit to She is also a consultant to the
society is integral to the business strategy. World Bank where her projects
He provides strategic leadership to SHARDA involve calculating poverty rates
Trust and Arvind Foundation - the CSR arms for India using Survey to Survey
of the company. Imputation methods, establishing
the relationship between
Mr. Lalbhai has a deep interest in the field of
anthropometric indicators for
higher education and serves on the boards
children and wealth measures and
of several premier educational institutes. He
a labor market analysis for the
is the President of Ahmedabad Education
Maldives. She was also a consultant
Society, President of Ahmedabad University,
to CPWR where she is evaluating
Chairman of CEPT University and was a past
medical costs to workers in the
member of the Governing Board of the lndian
construction industry in the U.S.
Institute of Management, Ahmedabad. He
Between 1999 and 2008, Pallavi
provides leadership in the field of research
worked as an economist in
by serving on the Council of Management
economic litigation consulting at
of the Physical Research Laboratory and
Economic Analysis/LECG, in Los
as Chairman of Councill of Administration
Angeles. Her work included analysis
of Ahmedabad Textile Industry’s Research
in antitrust, securities, brand
Association.
valuation and corporate labor
Mr. Lalbhai is passionate about art. He serves cases. Prior to joining Economic
as a Chairman of ‘Gujarat Museum Society Analysis/LECG, she worked at the
and the Chairman of the Lalbhai Dalpatbhai Milken Institute in Santa Monica as
institute of lndology. He is also founder and a Research Analyst to the President
trustee of the Kasturbhai Lalbhai Museum on global economic issues.
and founder of the Arvind Indigo museum.
Mr. Lalbhai has been a practitioner of
Heartfulness Meditation since 1994 and has
been a trainer in the practice since 2015.

Expertise in specific functional area Refer report on Corporate Governance Refer report on
Corporate Governance
Number of shares held in the 200145 Nil
Company as on 31-03-2024
Number of Board Meetings 4 out of 4 meetings 4 out of 4 meetings
attended during the year.
Last drawn remuneration Rs. 6,80,000/- Rs. 6,60,000/-
List of the directorships held in Arvind Limited Nil
other companies The Anup Engineering Limited
Arvind Fashions Limited
Animesh Holdings Pvt. Ltd.
Arvind Foundation
Arvind Indigo Foundation
Chairman/Member in the Refer report on Corporate Governance Refer report on
Committees of the other companies Corporate Governance
in which he is Director
Listed entities from which has/she Nil Nil
has resigned in the past three years
Relationships between Directors Mr. Sanjay S. Lalbhai is a Father of Mr. Kulin -
inter-se. S. Lalbhai, Vice-chairman and Non-Executive
Director of the Company.

Company Secretary
Date: May 6, 2024
Place: Ahmedabad

AHMEDABAD • BANGALORE • PUNE

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27th June, 2024

BSE Limited National Stock Exchange of India Ltd.

Dear Sir / Madam,

Sub: Submission of Annual Report for the Financial Year 2023-24.

Pursuant to Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements)

The aforesaid Annual Report is also uploaded on website of the Company’s at

PRAKASH BHOGIBHAI Digitally signed by PRAKASH

2 | Arvind SmartSpaces Limited

It represents a new thinking

Annual Report 2023-24 | 3

4 | Arvind SmartSpaces Limited

Background relationships with contractors and

Annual Report 2023-24 | 5

June 30, 2017

March 15, 2022

6 | Arvind SmartSpaces Limited

August 01, 2022

Dec 16, 2022

July 19, 2023 January 24, 2024

Annual Report 2023-24 | 7

April 11, 2016

8 | Arvind SmartSpaces Limited

March 10, 2022 December 16, 2022

March 15, 2022

June 24, 2022

June 24, 2022

November 25, 2022

Annual Report 2023-24 | 9

2018 2019 Executive Officer. A

10 | Arvind SmartSpaces Limited

How Arvind SmartSpaces has

Definition Definition Definition Definition Definition

Annual Report 2023-24 | 11

Uplands 2.0 & 3.0 Clubhouse, Ahmedabad

12 | Arvind SmartSpaces Limited

The Board of Directors

Annual Report 2023-24 | 13

14 | Arvind SmartSpaces Limited

within the context of urban that the Company deepened its

Annual Report 2023-24 | 15

Rhythm Of Life Clubhouse, Ahmedabad

16 | Arvind SmartSpaces Limited

Annual Report 2023-24 | 17

18 | Arvind SmartSpaces Limited

Annual Report 2023-24 | 19

India’s real estate sector, having room waiting to be converted.

20 | Arvind SmartSpaces Limited

Annual Report 2023-24 | 21

pleased to communicate that booking of Rs. 1,107 Cr, a growth

22 | Arvind SmartSpaces Limited

Uplands 2.0 & 3.0, Ahmedabad

Annual Report 2023-24 | 23

Overview smart homes, sustainability, and

24 | Arvind SmartSpaces Limited

impressive FY23-24 performance

Marketing initiatives,  Channel partners contributed Outlook, FY24-25

Annual Report 2023-24 | 25

Asset light approach

Strong oversight and approval Due diligence process: Legal team: An

Experienced team: Detailed viability Terms and safeguards: Solid relationships:

Marketing initiatives, Channel partners contributed Outlook, FY24-25

Use of local tree species Solar lighting in common areas;

Smart water meters to track