Jaiprakash Associates Ltd Management Discussions

Forming part of the Directors Report for the year ended March 31,2025

ECONOMIC OVERVIEW GLOBAL ECONOMY

As per the GLOBAL ECONOMIC PROSPECTS, a flagship report of THE WORLD BANK GROUP, published in January 2025, Global growth is expected to hold steady at 2.7 percent in 2025-26.

However, the global economy appears to be settling at a low growth rate that will be insufficient to foster sustained economic development— with the possibility of further headwinds from heightened policy uncertainty and adverse trade policy shifts, geopolitical tensions, persistent inflation, and climate-related natural disasters. Against this backdrop, emerging market and developing economies (EMDEs) - which fuel 60 percent of global growth - are set to enter the second quarter of the twenty-first century with per capita incomes on a trajectory that implies substantially slower catch-up toward advanced- economy living standards than they previously experienced.

Without course corrections, most low-income countries are unlikely to graduate to middle-income status by the middle of the century. Policy action at both global and national levels is needed to foster a more favourable external environment, enhance macroeconomic stability, reduce structural constraints, address the effects of climate change, and thus accelerate long-term growth and development.

Global Outlook: Global growth is stabilizing as inflation returns closer to targets and monetary easing supports activity in both advanced economies and emerging market and developing economies (EMDEs). This should give rise to a broad-based, moderate global expansion over 2025-26, at 2.7 percent per year, as trade and investment firm.

However, growth prospects appear insufficient to offset the damage done to the global economy by several years of successive negative shocks, with particularly detrimental outcomes in the most vulnerable countries. From a longer- term perspective, catch-up toward advanced economy income levels has steadily weakened across EMDEs over the first quarter of the twenty-first century.

Heightened policy uncertainty and adverse trade policy shifts represent key downside risks to the outlook. Other risks include escalating conflicts and geopolitical tensions, higher inflation, more extreme weather events related to climate change, and weaker growth in major economies. On the upside, faster progress on disinflation and stronger demand in key economies could result in greater-than-expected global activity.

The subdued growth outlook and multiple headwinds underscore the need for decisive policy action. Global policy efforts are required to safeguard trade, address debt vulnerabilities, and combat climate change. National policy makers need to resolutely pursue price stability, as well as boost tax revenues and rationalize expenditures in order to achieve fiscal sustainability and finance needed investments.

Moreover, to raise longer term growth and put development goals on track, interventions that mitigate the impact of conflicts, lift human capital, bolster labour force inclusion, and confront food insecurity will be critical.

Regional Prospects: Against a backdrop of heightened trade restrictive measures and subdued global growth, EMDE regions face varying growth prospects this year. Growth is projected to moderate in East Asia and Pacific, amid weak domestic demand in China, as well as in Europe and Central Asia due to decelerations in some large economies following strong growth last year. In contrast, a pickup is anticipated in Latin America and the Caribbean, the Middle East and North Africa, South Asia, and Sub- Saharan Africa, partly underpinned by robust domestic demand. In 2026, growth is expected to strengthen in most regions.

From Tailwinds to Headwinds, Emerging and Developing Economies in the Twenty-First Century: The first quarter of the twenty-first century has been transformative for EMDEs. These economies now account for about 45 percent of global GDP up from 25 percent in 2000, a trend driven by robust collective growth in the three largest EMDEs—China, India, and Brazil (EM3). Collectively, EMDEs have contributed about 60 percent of annual global growth since 2000, on average, double the share during the 1990s.

Their ascendance was powered by swift global trade and financial integration, especially during the first decade of the century. Interdependence among these economies has also increased markedly. Today, nearly half of goods exports from EMDEs go to other EMDEs, compared to one-quarter in 2000. As cross border linkages have strengthened, business cycles among EMDEs and between EMDEs and advanced economies have become more synchronized, and a distinct EMDE business cycle has emerged. Cross-border business cycle spillovers from the EM3 to other EMDEs are sizable, at about half of the magnitude of spillovers from the largest advanced economies (the United States, the euro area, and Japan). Yet EMDEs confront a host of headwinds at the turn of the second quarter of the century. Progress implementing structural reforms in many of these economies have stalled.

Globally, protectionist measures and geopolitical fragmentation have risen sharply. High debt burdens, demographic shifts, and the rising costs of climate change weigh on economic prospects. A successful policy approach to accelerate growth and development should focus on boosting investment and productivity, navigating a difficult external environment, and enhancing macroeconomic stability.

Falling Graduation Prospects, Low-Income Countries in the Twenty-First Century: Rapid growth underpinned by domestic reforms and a benign global environment allowed many low-income countries (LICs) to attain middle income status in the first decade of the twenty first century. Since then, the rate at which LICs are graduating to middle-income status has slowed markedly. The prospects for todays LICs appear much more challenging.

To kick-start stronger growth, todays LICs can harness large resource endowments to, among other things, supply the green transition, and find advantage in youthful and growing populations, untapped tourism potential, and regional trade integration. However, harnessing these factors and improving productivity hinges on engineering increased investment in human and physical capital, closing gender gaps, addressing fiscal risks, and improving governance.

For LICs in fragile and conflict-affected situations, attaining greater peace and stability is paramount. LICs will also need international support to mobilize additional resources and foster institutions that can drive durable reforms. Throughout, policy makers should be guided by deep knowledge of country circumstances—there is no one-size-fits-all recipe for growth and graduation to middle-income status in LICs. INDIAN ECONOMY

The Indian economy in the financial year 2024-25 continued to be one of the fastest growing major economies and is expected to record a strong growth of 6.5% in the financial year 2024-25 against a 9.2% growth in the previous year. Though an acceleration in private consumption expenditure was witnessed during the year, there has been deceleration in the gross fixed capital formation. During the first half of the year, the growth has been slower due to the election-related code of conduct slowing down public capex and heatwave incidences impacting consumption, coupled with the elevated food inflation. However, there has been remarkable growth recovery in the second half of the year.

During the year under report the retail inflation eased to 4.6% from 5.4% in the financial year 2023-24. Infact, it fell below the 4% during the last quarter of the financial year mainly due to substantial decline in the food inflation. This opened the space for policy rate cuts by the apex bank which announced a combined rate cut of 50 basis points in its meetings held in February and April 2025. The measures taken by the Reserve Bank of India eased the liquidity conditions that had tightened in early 2025.

Indias macroeconomic situation continues to be resilient with fiscal consolidation on track, a healthy level of foreign exchange reserves and current account deficit well within prudent levels. Merchandise exports stagnated in the financial year 2024-25 while services exports remained buoyant. Accordingly, despite a widening of merchandise trade deficit, the overall current account deficit is estimated to be contained. The central governments fiscal deficit reduced by nearly

0.8 percentage points to 4.8% of GDP in FY 2024-25 due to improved tax collections and increased transfers from the Reserve Bank of India.

RECENT DEVELOPMENTS & PERCEPTION ABOUT FUTURE:

Pursuant to the Order dated 03 June 2024 passed by the Honble National Company Law Tribunal, Allahabad Bench (NCLT) in a Company Petition bearing number C.P 330/ ALD/2018, filed by ICICI Bank Limited under Section 7 of the Insolvency & Bankruptcy Code, 2016 (Code), the Company has been admitted into the Corporate Insolvency Resolution Process (CIRP) and Mr. Bhuvan Madan (having registration no. IBBI/IPA-001/IP-P01004/2017-2018/11655) was appointed as the Interim Resolution Professional (IRP) of the Company to carry out the functions as mentioned under the Code.

Subsequently, the members of the committee of creditors of the Company (CoC), in their 2nd meeting held on 30 July 2024, confirmed the IRP as the resolution professional (RP) of the Company under Section 22 of the Code. The powers of the Board of Directors were suspended and vested in the IRP/ RP with effect from 03 June 2024.

The Resolution Professional issued the Request for Resolution Plans in the corporate insolvency resolution process of the Company (RFRP). In response to the said RFRP the resolution professional received five (5) resolution plans along with earnest money. The resolution plans received are currently being evaluated.

Considering the recent proceedings under IBC, the management of operations of the Company remains with the Resolution Professional under supervision of the Committee of Creditors and the CIRP of the Company is being conducted in accordance with the Provisions of the IBC.

India being fairly poised towards growth in future, the Company stands in a strong position to grow rapidly due to its presence basically in the infra-structure sector, which is the backbone of countrys overall growth & development.

COMPANYS BUSINESS

The Companys business (directly or through subsidiary/ associate companies) can broadly be classified in the following sectors:

1. Engineering & Construction

2. Manufacture & Marketing of Cement (including through subsidiaries)

3. Energy (Power & Transmission) (through Associate

Companies)

4. Expressways (through subsidiaries)

5. Real Estate

6. Hospitality, and

7. Sports.

INDUSTRY STRUCTURE AND DEVELOPMENTS RELATING TO COMPANYS LINES OF BUSINESS

1. ENGINEERING & CONSTRUCTION

As per India Brand Equity Foundation (a Trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India), the engineering sector is the largest of the industrial sectors in India. It accounts for 27% of the total factories in the industrial sector and represents 63% of the overall foreign collaborations.

Demand for engineering sector services is being driven by capacity expansion in industries like infrastructure, electricity, mining, oil and gas, refinery, steel, automobiles, and consumer durables. India has a competitive advantage in terms of manufacturing costs, market knowledge, technology, and innovation in various engineering sub-sectors. Indias engineering sector has witnessed remarkable growth over the last few years, driven by increased investment in infrastructure and industrial production. The engineering sector, being closely associated with the manufacturing and infrastructure sectors, is of huge strategic importance to Indias economy. The development of the engineering sector of the economy is also significantly aided by the policies and initiatives of the Indian government.

The engineering industry has been de-licensed and allows 100% Foreign Direct Investment (FDI). Additionally, it has grown to be the biggest contributor to the nations overall merchandise exports.

Engineering accounts for about 25% of Indias total global exports in the goods sector and is one of the largest foreign exchange earners. In FY24, exports of engineering goods stood at US$ 109.32 billion, reflecting a marginal growth of 2.1% of YoY growth. In June 2024, exports of engineering goods reached at US$ 27.78 billion. In FY25 (until December), exports of engineering goods reached at Rs. 7,61,343 crore (US$ 87.22 billion). Indias engineering goods are exported to key markets such as the US, Europe, and UAE. Export of engineering goods is expected to reach US$ 200 billion by 2030.

Infrastructure is a key enabler in helping India become a US$ 26 trillion economy. Investments in building and upgrading physical infrastructure, especially in synergy with the ease of doing business initiatives, remain pivotal to increase efficiency and costs. The Prime Minister also recently reiterated that infrastructure is a crucial pillar to ensure good governance across sectors.

The governments focus on building infrastructure of the future has been evident given the slew of initiatives launched recently. The US$ 1.3 trillion national master plan for infrastructure, Gati Shakti, has been a forerunner to bring about systemic and effective reforms in the sector, and has already shown a significant headway.

Infrastructure support to the nations manufacturers also remains one of the top agendas as it will significantly transform goods and exports movement making freight delivery effective and economical.

The Smart Cities Mission and Housing for All programmes have benefited from these initiatives. Saudi Arabia seeks to spend up to US$ 100 billion in India in energy, petrochemicals, refinery, infrastructure, agriculture, minerals, and mining.

The infrastructure sector is a key driver of the Indian economy. The sector is highly responsible for propelling Indias overall development and enjoys intense focus from the Government for initiating policies that would ensure the time-bound creation of world-class infrastructure in the country. The infrastructure sector includes power, bridges, dams, roads, and urban infrastructure development. In other words, the infrastructure sector acts as a catalyst for Indias economic growth as it drives the growth of the allied sectors like townships, housing, built-up infrastructure, and construction development projects. To meet Indias aim of reaching a US$ 5 trillion economy, infrastructure development is the need of the hour. The government has launched the National Infrastructure Pipeline (NIP) combined with other initiatives such as Make in India and the Production-Linked Incentives (PLI) scheme to augment the growth of the infrastructure sector. Historically, more than 80% of the countrys infrastructure spending has gone toward funding for transportation, electricity, water and irrigation. While these sectors still remain the key focus, the government has also started to focus on other sectors as Indias environment and demographics are evolving. There is a compelling need for enhanced and improved delivery across the whole infrastructure spectrum, from housing provision to water and sanitation services to digital and transportation demands, which will assure economic growth, increase quality of life, and boost sectoral competitiveness.

Government Initiatives

The Government of India is expected to invest highly in the infrastructure sector, mainly highways, renewable energy and urban transport as is visible from the announcements made in Union Budget 2025-26 in respect of capital investment outlay for the infrastructure sector. The Government of India is taking every possible initiative to boost the infrastructure sector.

CHALLENGES AND OUTLOOK

Your Company would continue to look forward for participation in the tenders for a number of large hydro-electric projects. The Company also expects a good orders for construction contracts and road projects. In the current macro-economic environment, to achieve this objective, there is need to address sector-specific issues over the medium to long-term horizon in India.

While your Company is an acknowledged leader in the field of multipurpose river valley and hydro-power projects and has in-house capability for undertaking challenging assignments anywhere in the world on EPC (Engineering, Procurement and Construction) contract basis, it is facing increasing competition from new entrants in the packaged contract sector for the past few years, which is expected to increase.

2. CEMENT

As per India Brand Equity Foundation, India is the second- largest producer of cement in the world. It accounts for more than 8% of the global installed capacity. India has a lot of potential for development in the infrastructure and construction sector and the cement sector is expected to largely benefit from it.

Furthermore, on the back of rising rural housing demand, the consumption of cement in India has been growing consistently as it is one of the cheapest products to buy in terms of Rs./ kg. Strong expansion of the industrial sector, which has fully recovered from the COVID-19 pandemic shock, is one of the main demand drivers for the cement industry.

Aided by suitable Government foreign policies, several foreign players such as Lafarge-Holcim, Heidelberg Cement, and Vicat have invested in the country in the recent past. A significant factor which aids the growth of this sector is the ready availability of raw materials for making cement, such as limestone and coal.

The India cement market size was valued at USD 19.6 Billion in 2024. Looking forward, it is expected to reach USD 39.7 Billion by 2033, exhibiting a CAGR of 7.60% during 2025-2033.

As India has a high quantity and quality of limestone deposits throughout the country, the cement industry promises huge potential for growth. India has a total of 210 large cement plants, of which 77 are in Andhra Pradesh, Rajasthan, and Tamil Nadu. Nearly 32% of Indias cement production capacity is based in South India, 20% in North India, 13% in Central, 15% in West India, and the remaining 20% is based in East India. Indias cement production reached approx. 450 million tonnes in CY24, with a growth rate of around 7% YoY

The Indian cement industry is projected to achieve an 8% growth in sales by CY25, primarily fuelled by government infrastructure investments. However, the sector is also contending with challenges, such as reduced sales realization in CY24. Key players are strengthening their market positions through substantial acquisitions and expansions, with the goal of enhancing capacity and fostering growth. The Indian cement industry is proceeding with expansion plans and capacity additions, despite dampened demand persistence through the first half of FY25. Cement giants foresee a modest 6-7% volume growth this fiscal year, even though the period has begun with a pricing downturn.

Indias cement industry, as per CRISIL Ratings, plans to increase its capacity by 150-160 MT between FY25 and FY28, building upon the 119 MT annual capacity addition over the last five years, to cater to growing infrastructure and housing demands.

Cement consumption is expected to reach 450.78 million tonnes by the end of FY27.

Your company shall endeavour to appropriately explore the opportunities which come across to it in this sector.

3. POWER

Power is among the most critical components of infrastructure, crucial for the economic growth and welfare of nations. The existence and development of adequate power infrastructure is essential for sustained growth of the Indian economy. The fundamental principle of Indias power industry has been to provide universal access to affordable power in a sustainable way.

The Ministry of Power has made significant efforts over the past few years to turn the country from one with a power shortage to one with a surplus by establishing a single national grid, fortifying the distribution network, and achieving universal household electrification.

Indias power sector is one of the most diversified in the world. Sources of power generation range from conventional sources such as coal, lignite, natural gas, oil, hydro and nuclear power, to viable non-conventional sources such as wind, solar, agricultural, and domestic waste. Electricity demand in the country has increased rapidly and is expected to rise further in the years to come. In order to meet the increasing demand for electricity in the country, massive addition to the installed generating capacity is required.

India is the third-largest producer and consumer of electricity worldwide, with an installed power capacity of 466.24 GW as of January 31,2025.

According to a report by Motilal Oswal, the Indian power sector presents an investment opportunity worth Rs. 40,00,000 crore (US$ 461.95 billion) over the next decade, driven by rising demand, infrastructure upgrades, and the transition to clean energy.

The Government of India has identified the power sector as a key sector of focus to promote sustained industrial growth. India has unveiled a comprehensive plan worth Rs. 9.15 lakh crore (US$ 109.50 billion) to enhance its power infrastructure and meet a projected demand of 458 GW by 2032.

The Union Cabinet has sanctioned the PM-Surya Ghar: Muft Bijli Yojana. This initiative, with a total budget of Rs. 75,021 crore (US$ 9 billion) aims to install rooftop solar systems and offer complimentary electricity of up to 300 units per month to one crore households.

The Union Budget 2025-26 marks the launch of a Nuclear Energy Mission, which focuses on the research and development (R&D) of Small Modular Reactors (SMRs). The government has allocated Rs. 20,000 crore (US$ 2.33 billion) for this initiative, with the aim of developing at least five indigenously designed and operational SMRs by 2033.

In order to meet Indias 500 GW renewable energy target and tackle the annual issue of coal demand supply mismatch, the Ministry of Power has identified 81 thermal units which will replace coal with renewable energy generation by 2026.

In the current decade (2020-29), the Indian electricity sector is likely to witness a major transformation with respect to demand growth, energy mix and market operations. India wants to ensure that everyone has reliable access to sufficient electricity at all times, while also accelerating the clean energy transition by lowering its reliance on dirty fossil fuels and moving toward more environmentally friendly, renewable sources of energy. Future investments will benefit from strong demand fundamentals, policy support and increasing government focus on infrastructure.

The Central Electricity Authority (CEA) estimates Indias power requirement to grow to reach 817 GW by 2030. Also, by 2029-30, CEA estimates that the share of renewable energy generation would increase from 18% to 44%, while that of thermal energy is expected to reduce from 78% to 52%. Considering the huge potential in the Energy sector, your Company through its associate companies would make efforts to make the breakthrough.

4. ROADS/ EXPRESSWAYS

As per India Brand Equity Foundation, India has the second-largest road network in the world, spanning a total of approximately 6.7 million kilometres (kms). This road network transports 64.5% of all goods in the country and 90% of Indias total passenger traffic uses road network to commute. Road transportation has gradually increased over the years with improvement in connectivity between cities, towns and villages in the country.

The government has established a provisional target of constructing 10,421 km of national highways in FY25, reflecting a 15% decrease from last years achievement due to delays in state clearances caused by the extended election process.

Indias road network has grown 59% to become the second largest in the world in the last ten years. As of December 2024, India has a total of 146,195 kilometres of National Highway and 2,474 National high-speed corridors. In FY24, approximately 12,300 kilometres of National Highways were constructed. A total of 202 national highway projects worth Rs. 79,789 crore (US$ 9.59 billion) are at the implementation stage in the country and are 6,270 km in length. In FY25 (up to December), the Ministry of Road Transport and National Highways awarded a total length of 3,100 kms.

FDI inflows in construction development stood at Rs. 2,50,628 crore (US$ 35.24 billion) between April 2000-September 2024.

The Union Minister of State for Road, Transport and Highways has stated that the Government aims to boost corporate investment in roads and shipping sector, along with introducing business-friendly strategies, which will balance profitability with effective project execution. According to the data released by Department for Promotion of Industry and Internal Trade Policy (DPIIT), the Union government approved eight national high-speed corridor projects, involving the construction of 936 kilometers of highways at a total cost of Rs. 50,655 crore (US$ 6.09 billion). Private investments in the highway sector would likely rise from around Rs. 20,000 crore (US$ 2.40 billion) a year now to nearly Rs. 1 trillion (US$ 12 billion) in the next 6-7 years.

The Government, through a series of initiatives, is working on policies to attract significant investor interest. A total of 600 + sites were planned to be awarded by 2024-25 of which 144 Wayside Amenities (WSAs) have already been awarded. In the next five years, National Highway Authority of India (NHAI) will be able to generate Rs. 1 lakh crore (US$ 14.30 billion) annually from toll and other sources.

Your Company having a vast experience & resources and depending upon the opportunities that may arise due to proactive actions of the Government, would expand its business further in Roads & Expressways appropriately, directly in the Company or through its subsidiaries.

5. REAL ESTATE

As per India Brand Equity Foundation, the real estate sector is one of the most globally recognized sectors. It comprises of four sub-sectors - housing, retail, hospitality, and commercial. The growth of this sector is well complemented by the growth in the corporate environment and the demand for office space as well as urban and semi-urban accommodation. The construction industry ranks third among the 14 major sectors in terms of direct, indirect and induced effects in all sectors of the economy.

In India, the real estate sector is the second-highest employment generator, after the agriculture sector. It was also expected that this sector will incur more non-resident Indian (NRI) investment, both in the short term and the long term. Bengaluru was expected to be the most favoured property investment destination for NRIs, followed by Ahmedabad, Pune, Chennai, Goa, Delhi and Dehradun.

Real estate sector in India is expected to reach US$ 1 trillion in market size by 2030, up from US$ 200 billion in 2021 and contribute 13% to the countrys GDP by 2025. Retail, hospitality, and commercial real estate are also growing significantly, providing the much-needed infrastructure for Indias growing needs.

The Indian real estate market is projected to experience a substantial increase, potentially reaching a value of US$ 5-7 trillion by the year 2047, with the possibility of surpassing US$ 10 trillion.

Indias physical retail landscape is poised for a substantial boost, with nearly 41 million sq. ft of retail developments set to be operational between 2024 and 2028 across the top 7 cities, encompassing projects in various stages from construction to planning.

For the first time, gross leasing in Indias top 7 markets surpassed the 60 million sq ft mark, reaching an impressive total of 62.98 million sq ft, marking a substantial 26.4% increase compared to the previous year. Notably, the December quarter emerged as the busiest quarter on record, with gross leasing hitting 20.94 million sq ft.

According to Savills India, real estate demand for data centers is expected to increase by 15-18 million sq. ft. by 2025. According to the Economic Times Housing Finance Summit, about three houses are built per 1,000 people per year compared with the required construction rate of five houses per 1,000 population. The current shortage of housing in urban areas is estimated to be around 10 million units. An additional 25 million units of affordable housing are required by 2030 to meet the growth in the countrys urban population.

Indian real estate sector has witnessed high growth in the recent times with rise in demand for office as well as residential spaces.

In Indias top eight cities, housing prices rose 7% year-over- year due to strong housing demand supported by persistent purchaser demand and steady borrowing rates.

Responding to an increasingly well-informed consumer base and bearing in mind the aspect of globalization, Indian real estate developers have shifted gears and accepted fresh challenges. The most marked change has been the shift from family-owned businesses to that of professionally managed ones. Real estate developers, in meeting the growing need for managing multiple projects across cities, are also investing in centralized processes to source material and organize manpower and hiring qualified professionals in areas like project management, architecture and engineering.

Expected growth in the number of housing units in urban areas will increase the demand for commercial and retail office space.

The current shortage of housing in urban areas was estimated to be around 10 million units. An additional 25 million units of affordable housing are required by 2030 to meet the growth in the countrys urban population.

The growing flow of FDI in Indian real estate is encouraging increased transparency. Developers, in order to attract funding, have revamped their accounting and management systems to meet due diligence standards.

FUTURE OUTLOOK IN REAL ESTATE Your Company having a vast experience & resources would plan to expand its business further, depending upon the opportunities that may arise from time to time. Your Company is a prominent real estate developer in the NCR region with offering in various segments from Luxury to mid income, developing integrated cities, Golf centric homes etc. and is all set to gain from the rapidly growing real estate market. With rapid urbanization and improving connectivity in the region, your Company is making all efforts for improvement & growth in this business stream.

6. HOTELS/HOSPITALITY

The Indian hotel industry is on the verge of exponential growth, with projections indicating a 7-9% revenue increase in FY2025. This surge is driven by the surging demand for domestic leisure travel, along with a rise in events like weddings and business travel. ICRA anticipates occupancy rates will reach their highest in a decade, fuelled by growing interest in tier- II cities and spiritual tourism destinations. Premium hotel occupancy rates are predicted to hover at 70-72% in FY24 and FY25, with average room rates expected to reach between US$ 94.06 and US$ 96.47 (Rs. 7,800-8,000) in FY25. While certain segments may surpass pre-COVID achievements, the industry is on track to match its 2008 peak by FY25, underpinned by developments in infrastructure, improved air connectivity and the proliferation of large-scale MICE events, complemented by the opening of new convention centres.

The industry is likely to experience a significant increase in domestic tourism due to the large population. Moreover, increasing global interest for leisure and business trips to India promises to further catalyse industry growth over the long term. The expansion of the Indian hospitality industry is supported by escalating travel and tourism activities, marked by a noticeable increase in both domestic and international tourists visiting for business and leisure, thus creating new opportunities in tourism and hospitality.

Amid these developments, the Indian hotel market is identifying substantial growth prospects, aiming to broaden its footprint in key urban areas and offer quality services across renowned brands. This expansion is driven by robust corporate performance, enhanced air travel connectivity across the country and a growing preference for domestic leisure travel. Indian hotel chains are increasingly investing in digital technology and platforms to improve the customer journey from pre-booking to post-booking experiences.

India is a large market for Travel & Tourism. Tourism in India has significant potential considering the rich cultural and historical heritage, variety in ecology, terrains and places of natural beauty spread across the country. Tourism is also a potentially large employment generator besides being a significant source of foreign exchange for the country. India is also gradually becoming a destination of choice for medical tourism, with the availability of high-quality healthcare. FUTURE OUTLOOK IN HOSPITALITY

Your Company has a huge brand name in hospitality sector by the name of JAYPEE HOTELS which has been built up by committed efforts over decades. It owns five prestigious luxury hotels in the five star category, finest Championship Golf Course, Integrated Sports Complex which are strategically located to service the needs of discerning business and leisure travellers.

Ultimately, with growth in national and international tourism and business & personal needs of customers, especially in rich and middle class segments, your Company is poised for rapid growth in this sector.

7. SPORTS

According to IEBF, in recent years, due to the support by the government and personal choices, the younger generations perception is shifting towards choosing a career in sports. There has been significant growth in the Indian sports industry in the past decade. Heightened fan engagement, corporate investments, government support, and the arrival of professional leagues are some of the reasons for the growth.

The Indian sports management sector is growing at a rate of 15% annually, far better than the average global rate of 5%. However, it falls short to deliver with regards to the national GDP and employment generation, as compared to the global average. Around the globe, the average contribution of sports sector to GDP is around 0.5%. However, in India it is merely

0.1% to the GDP

In terms of employment opportunities, the global average of contribution to total employment is around 2-4%. While in India it is 0.5%, significantly lower than global average. These shortfalls however indicate a massive upside potential for sports industry in India.

India can seize great economic opportunities by addressing the social perceptions of sports careers and encouraging an athletic culture. The sports industry has potential to grow rapidly and make a large contribution to GDP, employment, and general development of the country if India continues to invest in infrastructure, talent development and sponsorship. Pursuing sports as a career not only improves peoples lives but also boosts the economy and establishes India as a major player in international sports. The Indian sports industry has an optimistic future with sizable potential for athletes and can boost the economy with careful planning and strategic measures.

Over the last few decades, there has been a sudden drift in sports, and Indian sports has found its path beyond cricket. The sports economy has accelerated and seen an upsurge over the years. Industrialization has highly benefited the Indian sports industry as well. In developing countries like India, the government has shifted its focus towards the growth of industries and one amongst them is sports industry and it has massive growth potential in the country. The sports sector is one of the most prominent industries worldwide in terms of creating job opportunities and generates huge revenue. It is propelled by enormous consumer demand and is a million dollar industry. The sports industry has evolved overtime and contributes to the development of the nation.

Since a long time now, there have been drastic changes in the Indian sports culture. Whereas earlier, India had a non- sporting culture but cricket was an exception and the only major sport that thwarted the growth of the sports industry. The Indian sports culture has moved beyond the game of cricket within these past few years which resulted in the growth of viewers, participation, changed the outlook towards fitness, and ameliorated the economic condition of the country. The rising disposable incomes has also fueled the surge in demand for sports goods and services.

The Indian sports industry has the potential to reach the $10 billion mark in the next few years. Besides cricket, there are other games that are also played exclusively in India and now over 15 domestic leagues are held in the country that include wrestling, football, kabaddi, boxing, badminton etc. The sports industry has also seen a tremendous hike in business.

The inception of leagues in India has transformed and revolutionised the Indian sports industry. Leagues have empowered the sports industry and provided major support for its upliftment. The onset of leagues turned fruitful for the country and has equally benefited the sportsmen and their game. Apart from this, it also turned miraculous for the rise in economic gains and revenue. The most prominent and renowned Indian Premier League (IPL) and other leagues besides IPL have also enhanced the Indian sports Industry and contributed their shares. All these small yet effective initiatives at different levels have accelerated the sports economy in the past few decades.

In the past years, India has hosted many international sports events. Since the time, Delhi hosted the Commonwealth Games in October 2010, there is more awareness in Indian public about sports. The sports market is one of the most complex and diverse markets in which the government, federations and private sector are inter-twined and all of them play an important role.

OUTLOOK IN SPORTS

Considering the interest of Government as well as Indian public in sports and most of the population of India being in lower brackets of age groups, the future of sports will always be lucrative and bright in India. Your Company would make best efforts to materialize the opportunities as and when available.

FINANCIAL PERFORMANCE VIS-A-VIS OPERATIONAL PERFORMANCE

The key indicators of the financial performance of the Company for the Financial Year 2024-25 were as under:

S. NO.	ITEM	FY 2024-25 (Rs. Cr.)	FY 2023-24 (Rs. Cr.)
	Total Revenue	3,406.89	4,353.32
2	Total Expenses excluding Finance Cost & Depreciation	3,127.63	4,050.78
3	EBIDTA (Earnings before Interest, Depreciation & Tax)	279.26	302.54
4	Finance Costs	972.73	912.91
5	Depreciation and Amortisation Expense	449.25	236.58
6	Profit/ Loss before Exceptional items (3-4-5)	-1,142.72	-846.95
7	Add Exceptional Items [Gain (+)/ Loss(-) ]	-3,787.01	-668.98
8	Profit/ Loss from Continuing Operations Before Tax (6-7)	-4,929.73	-1,515.93
9	Tax Expense	3.63	20.33
10	Profit/ Loss from Continuing Operations After Tax	-4,933.36	-1,536.26
11	Profit/ Loss from Discontinued Operations After Tax	-	-
12	Profit/ Loss for the year after Tax	-4,933.36	-1,536.26
13	Other Comprehensive Income	15.87	-2.27
14	Total Comprehensive Income (12+13)	-4,917.49	-1,538.53
15	Basic EPS (per share of Rs.2/-) (in Rs.)	-20.10	-6.26
16	Diluted EPS (per share of Rs. 2/-) (in Rs.)	-20.10	-6.26

SEGMENT-WISE PERFORMANCE & REVIEW OF OPERATIONS

The segment-wise performance is as under:

SEGMENT REVENUE	FY 2024-25 (Rs. Cr.)	FY 2023-24 (Rs. Cr.)
a Cement	171.64	633.37
b Construction	1,604.89	2,115.86
c Hotels/ Hospitality	421.14	361.28
d Real Estate	835.35	981.81
e Power	-0.39	0.60
f Others	105.31	87.11
g Unallocated	16.00	9.46
Total	3,153.94	4,189.49
Less: Inter-segment Revenue	-36.65	-5.25
Total Sales/ income from operations	3,117.29	4,184.24
Add:Other Income	289.60	169.08
Total Revenues	3,406.89	4,353.32

SEGMENT RESULTS (PROFIT FROM CONTINUING OPERATIONS BEFORE TAX)	FY 2024-25 (Rs. Cr.)	FY 2023-24 (Rs. Cr.)
a Cement	-326.37	-186.58
b Construction	32.42	195.87
c Hotels/ Hospitality	91.96	73.12
d Real Estate	10.51	-84.31
e Power	-132.61	-38.12
f Investments	95.57	37.16
g Others	9.05	-7.33
h Unallocated	49.48	76.15
Total	-169.99	65.96
Less: Finance Costs	-972.73	-912.91
Add: Exceptional items	-3,787.01	-668.98
Profit from continuing operations before Tax	-4,929.73	-1,515.93

KEY FINANCIAL RATIOS

[As per Regulation 34(3) & Schedule V(B)(1)(i) & (j) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015]:

Details of significant changes (i.e. change of 25% or more as compared to the immediately previous financial year) in key financial ratios along with detailed explanations:

Sl. No.	Particulars	As on 31.03.2024	As on 31.03.2025	Change %	Explanation
(i)	Debtors Turnover (times)	1.08	0.89	(17.59%)	-
(ii)	Inventory Turnover (times)	0.68	0.21	(69.12%)	Decrease in Inventory turnover Ratio due to increase in inventory on account of reclassification of inventory from discontinued operations to continuing operations
(iii)	Interest Coverage Ratio (times)	(0.42)	(3.72)	(785.71%)	Interest Coverage Ratio has decreased due to more loss before interest in FY 2024-25 as compared to FY2023-24.
(iv)	Current Ratio (times)	0.95	1.64	72.63%	Current Ratio has increased due to increase in current assets on account of reclassification of discontinued operations into continuing operations
(v)	Debt Equity Ratio (times)	5.64	(23.64)	(519.15%)	Debt Equity Ratio has increased due to non- repayment of debt due & non service of accrued interest thereon and increase in loss incurred during the year.
(vi)	Operating Profit Margin (%)	(2.46)	(14.74)	(499.19%)	Decrease in Operating Profit Margin is attributable to increase in operating loss from operations during FY2024-25 as compared to FY 2023-24.
(vii)	Net Profit Margin (%)	(35.29)	(144.81)	(310.34%)	Decrease in net profit ratio is attributable to increase in loss from operations and increase in exceptional loss during the year.
(viii)	Return on Investment (%)	(41.61)	(402.57)	(867.48%)	Return on investment decreased on account of increase in loss from operations and increase in exceptional loss during the year.

Notes:

1. Debtors Turnover has been calculated on Average current Trade Receivables.

2. Inventory Turnover has been calculated on Average Inventory excluding Inventory classified as held for sale.

3. Return on Investment is computed on Net Return on Investment divided by Cost of Investment.

4. Comparable equivalent ratios: The Company is into multi segment business and as such no comparable equivalent ratios are available.

JAYPEE IN ENGINEERING & CONSTRUCTION

The Company is now a leader in the field of EPC Contracting. The Company has performed in consortium with large foreign based companies and has ability to get a JV/Consortium partner, wherever necessary. Companies with proven track record and established credentials have an edge over others for securing large contracts on EPC, BOOT and BOO basis and your company enjoys this status.

The Engineering & Construction Division of the Company continued to show strong performance on all the on-going projects during the year.

The company though technically qualified for several new infrastructure projects, could not participate in the invited bids due to initiation of Corporate Insolvency Resolution Process under Insolvency & Bankruptcy Code, 2016 in June, 2024 resulting in reluctance of bankers to take any further financial exposure in the new projects.

Despite the above constraint, JAL could get three new contracts in Bhutan and two small contracts in the State of Sikkim and all pertaining to hydro-sector.

JAYPEE IN CEMENT

As on 31st March 2017, your Company, along with its subsidiaries/associates, was the third largest cement producer in the country with 32.85 MTPA (Million Tonne Per Annum) operative capacity (including 4.00 MTPA under installation). On 29th June 2017, your Company hived off certain operating cement plants having aggregate capacity of 12.20 MTPA spread over the States of Uttar Pradesh, Himachal Pradesh, Uttrakhand and also of 5 MTPA in Andhra Pradesh owned by JCCL, its wholly-owned subsidiary.

At present, the Group (including Jaiprakash Power Ventures Limited [JPVL], an associate company) has an installed capacity of 10.55 MTPA, the details of which are given in para 6.2.1 of the Directors Report.

JAYPEE IN POWER/ENERGY

Jaiprakash Power Ventures Limited (JPVL) (an Associate Company which was subsidiary till 17th February 2017) is Hydro Power producer having a plant capacity of 400 MW and also a Thermal Power producer having a plant capacity of 1,820 MW.

JPVL currently has one operative hydro power plant and two operative thermal power plants, namely:

(a) 400 MW Jaypee Vishnuprayag hydro power plant in Uttarakhand;

(b) 500 MW Jaypee Bina thermal power plant in Village Sirchopi, Sagar, Madhya Pradesh; and

(c) 1320 MW Jaypee Nigrie super thermal power plant (STPP) in Nigrie, Singrauli, Madhya Pradesh.

JPVL also has various subsidiaries and joint ventures through which it implements various hydro power projects and thermal power projects.

JAYPEE IN ROADS/EXPRESSWAYS

Jaypee Infratech Limited (JIL), an erstwhile subsidiary of JAL had successfully executed the Yamuna Expressway project, in August, 2012, a 165 kilometres access controlled 6 lane super expressway along the Yamuna river connecting Noida and Agra on Build-Own-Transfer basis. The project envisages ribbon development along the expressway at 5 locations aggregating 25 million square meters of land for residential/ industrial/ institutional purposes and has triggered multi- dimensional, socio-economic development in Western U.P besides strengthening the Groups presence in real estate segment in this decade. However, as mentioned in the Directors Report, pursuant to Honble NCLT and Honble NCLAT Orders and implementation of Resolution Plan by Successful Resolution Applicants of JIL, it has ceased to be a subsidiary of the Company during the year under report.

Himalyan Expressway Limited (HEL), a subsidiary of JAL, had successfully implemented Zirakpur-Parwanoo Expressway Project in the States of Punjab, Haryana and Himachal Pradesh in April, 2012. The project consists of 17.39 Km of widening of two-lane carriageway to four-lane and 10.14 Km of new four-lane bypass. However, due to continuous operational losses on account of running and maintaining the project, HEL is in the advance stage of transferring the concession to a new concessionaire pursuant to the approval of NHAI under NHAIs policy of harmonious substitution of the concessionaire.

JAYPEE IN REAL ESTATE

Jaypee Greens, the real estate division of the Jaypee Group has been creating lifestyle experiences from building premium golf-centric residences to large format townships since its inception in the year 2000.

Amidst economic challenges and a dismal real estate environment, the group has followed a well-balanced strategic approach and has completed many units for possession in various projects across its different townships, details of which are given in para no. 6.4 of the Directors Report. Construction work is continuing at progressive pace, and the pace of delivery is expected to increase further.

JAYPEE IN HOSPITALITY

The Companys Hotels Division owns and operates across India, five Hotels in 5 Star Category at Delhi (Jaypee Siddharth & Jaypee Vasant Continental), Greater Noida (Jaypee Greens Golf & Spa Resort), Agra (Jaypee Palace Hotel & Convention Centre) and Mussoorie (Jaypee Residency Manor) as well as 18-Hole Championship Golf Course and Atlantic-The Club at Jaypee Integrated Sports Complex.

Jaypee Greens Golf & Spa Resort, a prestigious presentation by Jaypee Hotels in the luxury segment, offers state of art rooms and world renowned Six Senses Spa overlooking the Championship 18 Hole Greg Norman Golf Course at Jaypee Greens, Greater Noida, U.P It has emerged as a preferred choice of upmarket business travellers. The Company has Indias first Greg Norman Signature Golf Course at Jaypee Greens, Greater Noida. It is the finest 18 Hole Championship Golf Course. In the close proximity to the Golf Course is Atlantic-The Club, an integrated sports complex that offers World Class sporting events & tournament facilities, rooms & conference facilities.

Jaypee Hotels & Resorts is a resilient group with agility to maximize business opportunities through consistent measures.

Jaypee Hotels & Resorts became an environmentally oriented organization by the implementation of various energy saving initiatives. These initiatives succeeded in reducing energy unit consumption year-on-year at every unit.

The Company emphasized on multi-pronged campaign to increase the brands visibility and help it reach out to a wider audience across the world.

The business of the group hotels was promoted by consolidating inventory, targeting the growing wedding market in India and creating milestones with regard to service standards as well as other offerings across the portfolio.

JAYPEE IN SPORTS

The erstwhile Jaypee Sports International Limited (JSIL), a wholly owned subsidiary of the Company, was merged into your Company on 16th October 2015 (w.e.f. the Appointed Date of 1st April 2014) and is now known as Jaypee International Sports, a division of Jaiprakash Associates Limited.

The core activities of this division (earlier JSIL) are sports inter- alia Motor Race Track, suitable for Holding Formula One race and setting up a Cricket stadium of International Standard to accommodate above 1,00,000 spectators and others.

The Motor Race Track known as Buddh International Circuit (BIC) hosted three Indian Grand Prix (called as Formula One race) held in October, 2011, October, 2012 & October, 2013, successfully. The success of the event was acknowledged by winning of many awards and accolades.

Yamuna Expressway Industrial Development Authority (YEIDA) vide its communication dated 12.02.2020 had conveyed its action relating to cancellation of the allotment of Land admeasuring 1085 Hectare (Core/Non-core area) located at Special Development Zone (SDZ), Sector-25, Sports City, Greater Noida allotted to the Company inter alia, on account of alleged non-payment of certain dues. The Company challenged the above order before Honble Allahabad High Court. TheHonble High Court of Judicature at Allahabad vide Judgment dated 10.03.2025 in the matter of Jaiprakash Associates Limited v. State of Uttar Pradesh, Writ Petition 6049 of 2020, has inter alia: (a) upheld the cancellation order passed by YEIDA, which cancelled the allotment of YEIDA Sports City to JAL; (b) directed YEIDA as per its commitments to take over the housing projects and ensure completion of the same; (c) directed YEIDA to appoint a Nodal Officer, who should be a gazetted officer (or equivalent) to decide any issue regarding remaining amount payable by homebuyers; (d) directed YEIDA to make available necessary funds irrespective of the sum collected by it from the allottees, for timely execution and completion of the housing projects; and (e) directed that if any allottee chooses 37to withdraw from the project, the corresponding unit shall become available for sale by YEIDA and consequently, all refund claims shall be borne by YEIDA.

The Company through RP has filed a Special Leave Petition bearing number 9497 of 2025 (SLP) before the Honble Supreme Court (SC), challenging the aforesaid judgment and inter alia seeking a stay on the aforesaid judgment as an interim relief. Please refer to the notes to Financial Statements in this regard.

It is also a one stop destination for promotional events by automobile manufacturers, exhibitions, shooting of movies, concerts, product launches and other promotional entertainment activities.

OPPORTUNITIES & THREATS Positioning & Strategy

JAL positions itself as a multi-disciplinary infrastructure leader, with capabilities in:

i. EPC (Engineering, Procurement, and Construction)

ii. Cement manufacturing

iii. Power generation (via associates)

iv. Expressway development (directly or through subsidiaries)

v. Premium township development

vi. Hospitality business Confidence & Strengths

Despite the economic headwinds, the Company remains optimistic.

It has confidence in its capability to perform and deliver in the defined timelines and Indias long-term economic fundamentals.

The company leverages its proven expertise and experience in infrastructure, which is seen as critical to the countrys growth.

Challenges

The Company acknowledges facing significant challenges due to:

i. Ongoing pressure from domestic economic conditions.

ii. Liquidity and credit facility constraints Future Outlook

The company plans to come back with increased strength and intensify focus on its EPC segment. It expects to benefit from the continuing infrastructure boom in India and aims to generate significant value to the stakeholders.

INTERNAL CONTROL SYSTEM AND ITS ADEQUACY

Your Company is an ISO certified company possessing latest ISO certificates for its various units such as Hotels, Cement plants, Engineering & Construction Real Estate Division (related to Environment Management System, Quality Management System, Food Safety Management System, Tenders and Contract Management, etc.) which are duly accredited by international bodies.

Your Company has developed very efficient communication systems between the Projects and the Head Office, which is the key to its high performance levels. This is of utmost assistance in ordering materials, spares and meeting other requirements, pertaining to finalisation of construction drawings, project monitoring and control. These aspects, along with the Management Information Systems, are the areas on which your Company is continuously trying to scale new peaks.

The Company has an internal control system commensurate with its size and nature of business. The system focuses on optimum utilisation of resources and adequate protection of Companys assets. It monitors and ensures efficient communication between the Projects and the Head Office; efficiently manages the information system and reviews the IT systems; ensures accurate & timely recording of transactions; stringently checks the compliance with prevalent statutes, listing agreement provisions, management policies & procedures in addition to securing adherence to applicable accounting standards and policies.

The internal control system provides for adherence to approved procedures, policies, guidelines and authorization. In order to ensure that all checks and balances are in place and all the internal control systems and procedures are in order, regular and exhaustive internal audit is conducted by the qualified Chartered Accountants. Internal audit reports & presentations are reviewed by the Resolution Professional periodically.

MATERIAL DEVELOPMENTS IN HUMAN RESOURCES/ INDUSTRIAL RELATIONS

The core of achieving business excellence lies in a committed, talented and focussed workforce. Under the exemplary leadership of its Founder Chairman, the Company has created a highly motivated pool of professionals and skilled workforce that share a passion and vision of the Company. The resultant power of HR pool gets reflected in the phenomenal growth of the Company in the recent past.

The Company adopts latest techniques in evaluating the potential and training needs of the employees at all levels. Designing of tailor-made training programmes that fill the knowledge/skill gap and imparting in-house training in addition to utilising external programmes are significant functions of HR Department of the Company.

As at 31st March 2025, the Company had a total workforce of 7150 persons, including managers, staff and regular/casual workers.

Industrial relations in the organization continued to be cordial and progressive.

Your Company has been proactive in development of Human Resources and latest techniques are being adopted in evaluating the potential, assessing training and retraining requirements and arranging the same. Leadership by example, consistent policies in Human Resource and their participation in management has ensured unique bonding of entire work force across all facets of company operations and management.

ENVIRONMENTAL MATTERS, HEALTH AND SAFETY AND CORPORATE SOCIAL RESPONSIBILITY

The initiatives taken by the Company from an environmental, social and governance perspective, towards adoption of responsible business practices, in the areas of Environmental Management and Corporate Social Responsibility more specifically in the sphere of Education and Healthcare have been described in detail in the Business Responsibility Report forming part of this Annual Report.

DISCLOSURE OF ACCOUNTING TREATMENT:

The Company has, in the preparation of its financial statements, followed the treatment as prescribed under the applicable Accounting Standards (i.e. IND AS) in line with the provisions of the Companies Act, 2013. If and when a treatment different from that prescribed in an Accounting Standard would be followed, the fact would be disclosed in the financial statements, together with the managements explanation as to why it believes such alternative treatment is more representative of the true and fair view of the underlying business transaction.

FORWARD LOOKING/ CAUTIONARY STATEMENT

Certain statements in the Management Discussion & Analysis Report detailing the Companys objectives, projections, estimates, expectations or predictions may be forward looking statements within the meaning of applicable securities laws and regulations. These statements being based on certain assumptions and expectation of future event, actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Companys operations include economic conditions affecting domestic demand supply conditions, finished goods prices, changes in Government Regulations and Tax regime, etc. The Company assumes no responsibility to publically amend, modify or revise any forward looking statements on the basis of subsequent developments, information or events.

For Jaiprakash Associates Limited
	BHUVAN MADAN
	Resolution Professional
Place: Noida	Regn. No. IBBI/IPA-001/
Date : 30th June, 2025	IP-P01004/2017-2018/11655