EIH Associated Hotels Ltd Auditor Reports

To The Members of EIH ASSOCIATED HOTELS LIMITED

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

OPINION

We have audited the accompanying financial statements of EIH ASSOCIATED HOTELS LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2025, and the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows and the Statement of Changes in Equity for the year ended on that date and notes to the financial statements, including, a summary of material accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Indian

Accounting Standards prescribed under Section 133 of the Act ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, and its profit, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.

BASIS FOR OPINION

We conducted our audit of the financial statements in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors

Responsibility for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matter described below to be the key audit matter to be communicated in our report.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITORS REPORT THEREON

• The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Companys Annual Report such as Management Discussion and Analysis, Directors Report including annexures to the Directors Report, Business Responsibility and Sustainability Report, Report on Corporate Governance, but does not include the financial statements and our auditors report thereon.

• Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

• In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

• If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

RESPONSIBILITIES OF MANAGEMENT AND BOARD OF DIRECTORS FOR THE FINANCIAL STATEMENTS

The Companys Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including Ind AS specified under Section 133 of the Act This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management and Board of Directors is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

EIH Associated Hotels Limited

The Companys Board of Directors is also responsible for overseeing the Companys financial reporting process.

AUDITORS RESPONSIBILITY FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion.

. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing . our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.

• Conclude on the appropriateness of managements use of of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue

. as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal financial controls that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by Section 143(3) of the Act, based on our audit we report that: a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books except for not complying with the requirement of audit trail as stated in (i)(vi) below.

c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Statement of Cash Flows and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account. d) In our opinion, the aforesaid financial statements comply with the Ind AS specified under Section 133 of the Act. e) On the basis of the written representations received from the directors as on March 31, 2025 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2025 from being appointed as a director in terms of Section 164(2) of the Act. f) The modification relating to the maintenance of accounts and other matters connected therewith, is as stated in paragraph (b) above. g) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "ANNEXURE A". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companys internal financial controls with reference to financial statements. h) With respect to the other matters to be included in the Auditors Report in accordance with the requirements of Section 197(16) of the Act, as amended.

In our opinion and to the best of our information and according to the explanations given to us, no remuneration has been paid by the Company to any of its directors during the year. Accordingly, the provisions of Section 197 of the Act related to the managerial remuneration to directors are not applicable. i) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the explanations given to us: i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer note 45 to the financial statements; ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses Refer note 41(B) to the financial statements; iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company Refer note 52 to the financial statements. iv. (a) The Management has represented that, to the best of its knowledge and belief, as disclosed in note 56(8) to the financial statements, no funds have been advanced or loaned or invested

(either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other persons or entities, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the

Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(b) The Management has represented, that, to the best of its knowledge and belief, as disclosed in note 56(9) to the financial statements, no funds have been received by the Company from any persons or entities, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures performed that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement. v. The final dividend proposed in the previous year, declared and paid by the Company during the year is in accordance with Section

123 of the Act, as applicable.

As stated in note 20(v) to the financial statements, the Board of Directors of the

Company has proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend proposed is in accordance with Section 123 of the Act, as applicable. vi. Based on our examination, which included test checks, the Company has used accounting softwares for maintaining its books of account for the year ended

March 31, 2025, which have a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the softwares except that:

(a) in respect of one software, the audit trail feature was not enabled at the database level to log any direct data changes during the period from April 1, 2024 to April 30, 2024.

(b) certain other softwares did not have a feature of recording audit trail (edit log) facility at the database level to log any direct data changes.

Further, during the course of our audit, we did not come across any instance of the audit trail feature being tampered with, in respect of the said accounting softwares for the period for which the audit trail feature was enabled and operating.

Additionally, the audit trail that was enabled and operated for the year ended March 31, 2024, has been preserved by the Company as per the statutory requirements for record retention.

[Refer note 58 to the standalone financial statements]

2. As required by the Companies (Auditors Report) Order, 2020 ("the Order") issued by the Central Government in terms of Section 143(11) of the Act, we give in "ANNEXURE B" a statement on the matters specified in paragraphs 3 and 4 of the Order.

	For Deloitte Haskins & Sells LLP
	Chartered Accountants
	(Firms Registration No. 117366W/W-100018)
	Jitendra Agarwal
	Partner
Place: New Delhi	(Membership No. 87104)
Date: May 16, 2025	(UDIN:25087104BMJGVK1786)

"Annexure A" to the Independent Auditors Report

(Referred to in paragraph 1(g) under ‘Report on Other Legal and Regulatory Requirements section of our report of even date)

REPORT ON THE INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS UNDER CLAUSE (I) OF SUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT, 2013 ("THE ACT")

We have audited the internal financial controls with reference to financial statements ofEIH ASSOCIATED HOTELS LIMITED (the "Company") as at March 31, 2025 in conjunction with our audit of the Ind AS financial statements of the Company for the year ended on that date.

MANAGEMENTS AND BOARD OF DIRECTORS RESPONSIBILITIES FOR INTERNAL FINANCIAL CONTROLS

The Companys management and Board of Directors are responsible for establishing and maintaining internal financial controls with reference to financial statements based on the internal control with reference to financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

AUDITORS RESPONSIBILITY

Our responsibility is to express an opinion on the Companys internal financial controls with reference financial statements of the Company based on our audit.

We conducted our audit in accordance with the Guidance

Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") issued by the Institute of Chartered Accountants of India and the Standards on

Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls with reference to financial statements Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to financial statements was established and maintained and if such controls operated effectively in all material respects

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of internal financial controls with reference to financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls with reference to financial statements.

MEANING OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS

A companys internal financial control with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control with reference to financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts to and expenditures of the Company are being made only in accordance with authorisations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the

Companys assets that could have a material financial statements.

. INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS

Because of the inherent limitations of internal financial controls with reference to financial 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 financial statements to future periods are subject to the risk that the internal financial control with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

OPINION

In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls with reference to financial statements and such internal financial controls with reference to financial statements were operating effectively as at March 31, 2025, based the criteria for internal financial to financial statements established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

.

	For Deloitte Haskins & Sells LLP
	Chartered Accountants
	(Firms Registration No. 117366W/W-100018)
	Jitendra Agarwal
	Partner
Place: New Delhi	(Membership No. 87104)
Date: May 16, 2025	(UDIN:25087104BMJGVK1786)

"Annexure B" to the Independent Auditors Report

(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements section of our report of even date)

In terms of the information and explanations sought by us and given by the Company and the books of account and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state that (i) (a) A. The Company has maintained proper records showing full particulars, including quantitative details and situation of property, plant and equipment, capital work-in-progress and relevant details of right-of-use assets.

B. The Company has maintained proper records showing full particulars of intangible assets. (i) (b) The Company has a program of verification of property, plant and equipment, capital work- in-progress and right-of-use assets so to cover all the items in a phased manner over a period of three years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the programme, certain property, plant and equipment, capital work- in-progress, and right-of-use assets were due for verification during the year and were physically verified by the Management during the year. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(i) (c) With respect to immovable properties (other than immovable properties under dispute and where the Company is the lessee) disclosed in the financial statements included in property, plant and equipment, according to the information and explanations given to us and based on the examination of the sale deed/ indenture/ conveyance deed and property tax receipts provided to us, we report that, the title deeds of such immovable properties are held in the name of the Company as at the balance sheet date, except as mentioned below:

Description of property	As at the Balance Sheet date (Rupees Million) Gross carrying value	Carrying value in the financial statements	Whether promoter, Held in the name of	director or their relative or employee	Period held since	Reason for not being held in name of Company
Freehold land of	1.17	1.17	The	Yes	April 1,	The indenture is executed in favour of
The Oberoi Cecil			Associated		2006	The Associated Hotels of India Limited.
located at Chaura			Hotels			The Associated Hotels of India Limited
Maidan, Shimla			of India			was subsequently amalgamated with
			Limited			The East India Hotels Limited under
						the Companies Act, 1956 in terms of
						the approval of the Honourable High
						Court of Judicature dated September
Building on	400.54	340.72	The	Yes	April 1,	19, 1968. Subsequently, the name
freehold land of	(Refer	(Refer note)	Associated		2006	of The East India Hotels Limited was
The Oberoi Cecil	note)		Hotels			changed to EIH Limited (promoter).
at Chaura Maidan,			of India			Fresh certificate of incorporation
Shimla			Limited			consequent to change of name dated
						October 30, 1996 was issued by the
						Assistant Registrar of Companies, West
						Bengal. The ownership of the property
						was subsequently transferred to the
						Company through the scheme of
						arrangement under the Companies Act,
						1956 in terms of the approval of the
						Honourable High Court of Judicature
						dated December 20, 2006.
Freehold land	8.35	8.35	Indus Hotels	No	April 1,	The sale deed is in the name of Indus
of Trident Jaipur			Corporation		2005	Hotel Corporation Limited, erstwhile
located opposite			Limited			company that was amalgamated with
Jal Mahal, Amer						the Company under the Companies Act,
Road, Nahargarh,						1956 in terms of the approval of the
Jaipur						Honourable High Court of Judicature
Flat No. 5, 6, 101,	14.69	11.55	Indus Hotels	No	April 1,	dated November 10, 2006.
102, 103, 104,			Corporation		2005
105, 106, 203,			Limited
204, 205 and 206
of Sagar Darshan
Apartment located
at Bedla Road,
Udaipur
Flat No. 106 and	2.74	2.17	Indus Hotels	No	April 1,
204 of Akshat			Corporation		2005
Apartment located			Limited
at Behari Marg,
near Collectorate,
Bani Park, Jaipur
Building on	253.11	213.74	Indus Hotels	No	November	The title documents are in the
leasehold land	(Refer	(Refer note)	Corporation		10, 2006	name of Indus Hotel Corporation
of Trident Agra	note)		Limited			Limited, erstwhile company that was
located at 25/384,						amalgamated with the Company under
Fatehabad Road,						the Companies Act, 1956 in terms of the
Tajganj, Agra						approval of the Honourable High Court
						of Judicature dated November 10, 2006.
Building on	148.09	127.44	The East	Yes	April 1,	The title documents are in the
leasehold land	(Refer	(Refer note)	India Hotels		2006	name of East India Hotels Limited.
of Trident	note)		Limited			Subsequently, the name of The East
Bhubaneswar						India Hotels Limited was changed
located at Plot no.						to EIH Limited (promoter). Fresh
CB-1, Nayapalli,						certificate of incorporation consequent
Bhubaneswar						to change of name dated October
						30, 1996 was issued by the Assistant
						Registrar of Companies, West Bengal.
						The ownership of the property was
						subsequently transferred to the
						Company through the scheme of
						arrangement under the Companies Act,
						1956 in terms of the approval of the
						Honourable High Court of Judicature
						dated December 20, 2006.
Building on	509.77	379.73	Oberoi	No	March 3,	The title documents are in the name
leasehold land of	(Refer	(Refer note)	Associated		1993	of Oberoi Associated Hotels Limited,
The Oberoi Rajvilas	note)		Hotels			erstwhile name of the Company
located at village			Limited			which was changed to EIH Associated
Khonagorain,						Hotels Limited. Fresh certificate of
Sanganer, Jaipur						incorporation consequent to change of
						name dated October 5, 2015 was issued
						by the Registrar of Companies, Tamil
						Nadu.

With respect to immovable properties disclosed in the financial statements included in property, plant and equipment where title is under dispute is as given below:

Description of	As at the Balance Sheet date (Rupees Million)		Held in the	Whether promoter, director	Period
property	Gross carrying value	Carrying value in the financial statements	name of	or their relative or employee	held since	Reason for not being held in name of Company
Building on	152.74	118.89	EIH	No	April 1,	As indicated in note 45(b) to the
leasehold land	(Refer	(Refer note)	Associated		1993	statements, the matter related to withdrawal of the
of Trident	note)		Hotels			lease deed of Trident Jaipur based on order passed
Jaipur located			Limited			by the Revenue Minister of the State of Rajasthan is
opposite			(Refer to			currently under adjudication before the Rajasthan
Jal Mahal,			remarks)			High Court. Based on the legal opinion obtained
Amer Road,						by the Company, and in view of the present status
Nahargarh,						of the case, the management believes that the
Jaipur						Company has strong chances of success.

Note: Includes additions (net of deletions) from the date of execution of the conveyance deed/indenture/sale deed/ lease agreement, up to the year ended March 31, 2025.

Details of immovable properties whose title deeds have been pledged as security for cash credit facility and which are not held in the name of the Company based on the confirmation directly received by us from a lender is as given below:

Description of	As at the Balance Sheet date (Rupees Million)		Held in	Whether promoter, director	Period
property	Gross carrying value	Carrying value in the financial statements	the name of	or their relative or employee	held since	Reason for not being held in name of Company
Freehold land of	2.42	2.42	Pleasant	No	October	The sale deed was in the name of Pleasant
Trident Chennai			Hotels		29, 1984	Hotels Limited, erstwhile name of the
located at 1/24,			Limited			Company which was changed to Oberoi
GST Road,						Associated Hotels Limited. Fresh certificate
Nanganallur,						of incorporation consequent to change
Thillaiganga						of name dated November 10, 1996 was
Nagar, Chennai						issued by the Registrar of Companies, Tamil
						Nadu. Subsequently, the name of Oberoi
						Associated Hotels Limited was changed to EIH
						Associated Hotels Limited. Fresh certificate
						of incorporation consequent to change of
						name dated October 5, 2015 was issued by the
						Registrar of Companies, Tamil Nadu.

In respect of immovable properties that have been taken on lease (where the Company is the lessee) (other than immovable properties that have been taken on lease and are under dispute) and disclosed in the financial statements as right-of-use assets as at the balance sheet date; the lease agreements are duly executed in favour of the Company, except as mentioned below:

Description of	As at the Balance Sheet date (Rupees Million)		Held in the	Whether promoter, director	Period
property	Gross carrying value	Carrying value in the financial statements	name of	or their relative or employee	held since	Reason for not being held in name of Company
Leasehold land	15.92	13.77	Indus Hotels	No	April 1,	The lease agreements are executed in
of Trident Agra			Corporation		2005	favour of Indus Hotel Corporation Limited,
located at 25/384,			Limited			erstwhile company that was amalgamated
Fatehabad Road,						with the Company under the Companies
Tajganj, Agra						Act, 1956 in terms of the approval of the
Leasehold land of	30.14	26.21	Indus Hotels	No	April 1,	Honourable High Court of Judicature dated
Trident Udaipur			Corporation		2005	November 10, 2006.
located at Mullatalai,			Limited
Haridasji Ki Magri,
Udaipur
Leasehold	5.87	5.19	The East	Yes	April 1,	The lease agreements are executed
land of Trident			India Hotels		2006	in favour of East India Hotels Limited.
Bhubaneswar			Limited			Subsequently, the name of The East
located at Plot no.						India Hotels Limited was changed to EIH
CB-1, Nayapalli,						Limited (promoter). Fresh certificate of
Bhubaneswar						incorporation consequent to change of
						name dated October 30, 1996 was issued by
						the Assistant Registrar of Companies, West
						Bengal. The right-of-use of the property was
						subsequently transferred to the Company
						through the scheme of arrangement under
						the Companies Act, 1956 in terms of the
						approval of the Honourable High Court of
						Judicature dated December 20, 2006.
Leased building of	-*	-*	EIH Limited	Yes	April 1,	The lease agreements are executed in
The Oberoi Cecil					2006	favour of EIH Limited (promoter) and the
located at Chaura						property was subsequently transferred
Maidan, Shimla						to the Company through the scheme
						of arrangement under the Companies
						Act, 1956 in terms of the approval of the
						Honourable High Court of Judicature dated
						December 20, 2006. The right-of-use of
						the property was subsequently transferred
						to the Company through the scheme
						of arrangement under the Companies
						Act, 1956 in terms of the approval of the
						Honourable High Court of Judicature dated
						December 20, 2006.
Leasehold land of	5.75	4.74	Oberoi	No	March	The lease agreement is executed in favour of
The Oberoi Rajvilas			Associated		3, 1993	Oberoi Associated Hotels Limited, erstwhile
located at village			Hotels			name of the Company which was changed
Khonagorain,			Limited			to EIH Associated Hotels Limited. Fresh
Sanganer, Jaipur						certificate of incorporation consequent to
						change of name dated October 5, 2015 was
						issued by the Registrar of Companies, Tamil
						Nadu.

(vii) (b) Details of statutory dues referred to in sub-clause (a) above which have not been deposited as on March 31, 2025 on account of disputes are given below:

Name of the Statute	Nature of the Dues	Forum where dispute is pending	Period to which the amount relates	Amount unpaid (Net of amount paid under protest) ( Million)	Amount paid under protest ( Million)
The Income Tax Act, 1961	Income Tax	Commissioner of Income	2004-05	Nil	3.83
		Tax (Appeals)
The Income Tax Act, 1961	Income Tax	Joint Commissioner	2017-18 &	3.98	-
		(Appeals)	2018-19
Sub-total				3.98	3.83
Finance Act, 1994	Service Tax	Commissioner (Appeals)	2004-07	1.23	-
Finance Act, 1994	Service Tax	CESTAT	2012-18	18.02	0.81
Sub-total				19.25	0.81
The Rajasthan Value	Value Added	Rajasthan High Court	2011-12 to	Nil	11.14
Added Tax Act, 2003	Tax		2016-17
The Uttar Pradesh Value	Value Added	Allahabad High Court	2007-08	0.12	-
Added Tax Act, 2008	Tax
Sub-total				0.12	11.14
The Rajasthan Tax on	Luxury Tax	Rajasthan High Court	2010-11 to	1.77	12.70
Luxuries (in Hotels and			2017-18
Lodging Houses) Act,
1990
Tamil Nadu Tax on	Luxury Tax	Joint Commissioner	2007-08 to	14.56	-
Luxuries Act, 1981			2011-12
The Himachal Pradesh	Luxury Tax	Himachal Pradesh High	2008-09 to	4.72	1.00
Tax on Luxuries (In Hotels		Court	2015-16
and Lodging House) Act,
1979
Sub-total				21.05	13.70
CGST & SGST Act, 2017	Goods and	Appellate Authority	2017-2018	22.47	2.43
	Services Tax		and 2018-
			2019
CGST & SGST Act, 2017	Goods and	Appellate Deputy	2018-2019	0.55	0.06
	Services Tax	Commissioner (ST)
Sub-total				23.02	2.49
Rajasthan Land and	Land and	High Court of Rajasthan	1998-99 to	0.33	-
Building Tax Act, 1964	Building Tax		2001-02

In respect of immovable properties that have been taken on lease (where the Company is the lessee) and disclosed in the financial statements as right-of-use assets as at the balance sheet date, where lease agreements are under dispute is as given below:

Description of	As at the Balance Sheet date (Rupees Million)			Whether promoter, director	Period
property	Gross carrying value	Carrying value in the financial statements	name of	or their relative or employee	held since	Reason for not being held in name of Company
Leasehold	75.78	66.23	EIH	No	April 1,	As indicated in note 45(b) to the
land of Trident			Associated		1993	statements, the matter related to withdrawal of the
Jaipur located			Hotels			lease deed of Trident Jaipur based on order passed
opposite			Limited			by the Revenue Minister of the State of Rajasthan is
Jal Mahal,			(Refer			currently under adjudication before the Rajasthan
Amer Road,			remarks)			High Court. Based on the legal opinion obtained
Nahargarh,						by the Company, and in view of the present status
Jaipur						of the case, the management believes that the
						Company has strong chances of success.

(i) (d) The Company has not revalued any of its property, plant, and equipment (including right-of-use assets) and intangible assets during the year. (i) (e) No proceedings have been initiated during the year or are pending against the Company as at

March 31, 2025 for holding any benami property under the Benami Transactions (Prohibition)

Act, 1988 (as amended in 2016) and rules made thereunder.

(ii) (a) The inventories were physically verified during year by the Management at reasonable intervals.

In our opinion and according to the information and explanations given to us, the coverage and procedure of such verification by the Management is appropriate having regard to the size of the

Company and the nature of its operations. No discrepancies of 10% or more in the aggregate for each class of inventories were noticed on such physical verification of inventories when compared with the books of account.

(ii) (b) According to the information and explanations given to us, the Company has been sanctioned working capital limits in excess of 5 crores, in aggregate, at points of time during the year, from a bank on the basis of security of current assets.

In our opinion and according to the information and explanations given to us and based on the sanction letter and acknowledgement of correspondence with bank, the quarterly returns or statements comprising stock statements and book debt statements filed by the Company with one such bank are in agreement with the unaudited books of account of the Company for the quarter ended June 30, 2024, September 30, 2024 and December 31, 2024. The Company is yet to submit the return/ statement for the quarter ended March 31, 2025 with the bank.

(iii) The Company has made investments in, and has not provided guarantee or security and granted loans or advances in the nature of loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or the any other parties during the year, in respect of which: . (a) The Company has not provided any loans or advances in the nature of loans or stood guarantee, or provided security to any other entity during the year, and hence reporting under clause (iii)(a) of the Order is not applicable.

(b) The investments made during the year are, in our opinion, not prejudicial to the Companys interest. The Company has not provided any loans or advances in the nature of loans or stood guarantee, or provided security to any other entity during the year and nothing was outstanding during the year, and hence reporting under clause (iii)(c),(d),(e) & (f) of the Order is not applicable.

.

(iv) The Company has complied with the provisions of Sections 185 and 186 of the Companies Act, 2013, to the extent applicable, in respect of loans granted, investments made and guarantees and securities provided, as applicable.

(v) The Company has not accepted any deposit or amounts which are deemed to be deposits. Hence, reporting under clause (v) of the Order is not applicable. (vi) The maintenance of cost records has not been specified for the activities of the Company by the Central Government under Section 148(1) of the Companies Act, 2013.

(vii) (a) In respect of statutory dues: Undisputed statutory dues, including Goods and Service tax, Provident Fund, Employees State Insurance, Income-tax, duty of Custom, Value Added Tax, cess, and other material statutory dues applicable to the Company have generally been regularly deposited by it with the appropriate authorities though there has been some delays in certain cases in respect of remittance of Provident Fund, Employees State Insurance, and Value Added Tax.

We have been informed that the operations of the Company did not give rise to any liability of Sales Tax, Service Tax and duty of Excise during the year.

There were no undisputed amounts payable in respect of Goods and Service tax, Provident

Fund, Employees State Insurance, Income-tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, cess, and other material statutory dues in arrears as at March 31, 2025 for a period of more than six months from the date they became payable.

Name of the Statute	Nature of the Dues	Forum where dispute is pending	Period to which the amount relates	Amount unpaid (Net of amount paid under protest) ( Million)	Amount paid under protest ( Million)
Rajasthan Land and	Land and	Commissioner	1997-98 to	0.36	3.69
Building Tax Act, 1964	Building Tax		2000-01
Rajasthan Municipalities	Urban	Supreme Court of India	2007-08 to	Nil	31.53
Act, 1959	Development		2021-22
	Tax
Sub-total				0.69	35.22

^Period represents assessment year

There are no statutory dues of Provident Fund, Employees State Insurance, Sales Tax, duty of Customs, duty of Excise, cess and other material statutory dues which have not been deposited on account of disputes as on March 31, 2025.

(viii) There were no transactions relating to previously unrecorded income that were surrendered or disclosed as income in the tax assessments under the Income

Tax Act, 1961 (43 of 1961) during the year. (ix) (a) In our opinion, the Company has not defaulted in the repayment of loans or other borrowings or in the payment of interest thereon to any lender during the year.

(ix) (b) The Company has not been declared wilful defaulter by any bank or financial institution government or any government authority. (ix) (c) The Company has not taken any term loan during the year and there are no unutilised term loans at the beginning of the year and hence, reporting under clause (ix)(c) of the Order is not applicable. (ix) (d) On an overall examination of the financial statements of the Company, funds raised on short-term basis have, not been used during the year for long-term purposes by the Company.

(ix) (e) The Company did not have any subsidiary or associate or joint venture during the year and hence, reporting under clause (ix)(e) of the Order is not applicable.

(ix) (f) The Company has not raised any loans during the year and hence reporting on clause (ix)(f) of the Order is not applicable.

(x) (a) The Company has not issued any of its securities

(including debt instruments) during the year and hence reporting under clause (x)(a) of the Order is not applicable.

(x) (b) During the year the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully or partly or optionally) and hence reporting under clause (x) (b) of the Order is not applicable to the Company. (xi) (a) To the best of our knowledge, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year. (xi) (b) To the best of our knowledge, no report under sub-section (12) of Section 143 of the Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and up to the date of this report.

(xi) (c) As represented to us by the Management, there were no whistle blower complaints received by the Company during the year.

(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of the Order is not applicable.

(xiii) In our opinion, the Company is in compliance with Section 177 and 188 of the Companies Act, where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the financial statements etc. as required by the applicable accounting standards.

(xiv) (a) In our opinion the Company has an adequate internal audit system commensurate with the size and the nature of its business.

(xiv) (b) We have considered the internal audit reports of the Company issued till date, for the period under audit.

(xv) In our opinion during the year the Company has not entered into any non-cash transactions with any of its directors or persons connected with such directors and hence provisions of Section 192 of the Companies Act, 2013 are not applicable to the Company.

(xvi) The Company is not required to be registered under

Section 45-IA of the Reserve Bank of India Act, 1934. Hence, reporting under clause (xvi)(a), (b) and (c) of the Order is not applicable.

The Group has more than one CIC as part of the group. forming part of the group. Thereare (xvii) The Company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors of the Company during the year. (xix) On the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment financial liabilities, other information accompanying the financial statements and our knowledge of the Board of Directors and Management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating 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, state that this is not an assurance as to the future viability of the Company.

We further state that 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 falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

(xx) The Company has fully spent the required amount towards Corporate Social Responsibility (CSR) and there is no unspent CSR amount for the year requiring a transfer to a Fund specified in Schedule VII to the Companies Act or special account in compliance with the provision of sub-Section (6) of Section 135 of the said Act. Accordingly, reporting under clause (xx) of the Order is not applicable for the year.

	For Deloitte Haskins & Sells LLP
	Chartered Accountants
	(Firms Registration No. 117366W/W-100018)
	Jitendra Agarwal
	Partner
Place: New Delhi	(Membership No. 87104)
Date: May 16, 2025	(UDIN:25087104BMJGVK1786)