NBCC (India) Ltd Auditor Reports

To the members of NBCC (India) Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying Standalone Financial Statements of NBCC (India) Limited (herein referred to as the Company), which comprise the standalone balance sheet as at March 31,2025, the standalone statement of profit and loss (including other comprehensive income), the standalone statement of changes in equity, the standalone statement of cash flows for the year then ended and notes to the standalone financial statements including a summary of the material accounting policies information and other explanatory information, in which is included the unaudited financial statements of 4 foreign branches of the Company located at Mauritius, Maldives, Seychelles and Jeddah for the year ended on that date (as certified by the Management) (hereinafter referred to as the Standalone Financial Statements).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements give the information required by the Companies Act, 2013, as amended (the Act) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standard prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) rules, 2015, as amended (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 and other comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone 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 Responsibilities for the Audit of the Standalone 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 (the ICAI) together with the ethical requirements that are relevant to our audit of the Standalone 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 Standalone Financial Statements.

Emphasis of Matters

We invite attention to the following matters in the notes to the Standalone Financial Statement:

(i) Note No. 58 (i) regarding the purchase of a Group Housing plot in Naya Raipur from Naya Raipur Development Authority (NRDA) on lease in the year 2014. The Company has incurred a total cost of Rs 2,552.39 Lakh. The lease deed/conveyance deed shall be executed between the owners association/housing society and NRDA as per the terms of the development agreement. The construction on the said land is yet to start.

(ii) Note No. 58 (ii) regarding the non-execution of the conveyance deed in favour of the Company and other matters incidental thereto, in respect of the land at Faridabad (Haryana), forming part of the land bank (inventory) involving, in aggregate, a sum of Rs 13,178.41 Lakh.

(iii) Note No. 58 (v) regarding payment by the Company to Land & Development Office, Ministry of Housing and Urban Affairs as additional premium for availing additional ground coverage at Companys built up and sold project NBCC Plaza and incurring of other construction cost and consequential expenses thereon for project which is stuck up on account of similar demand of Rs 3,224.45 Lakh, raised by Municipal Corporation of Delhi (Erstwhile South Delhi Municipal Corporation) in respect of additional ground coverage, in the year 2015.

(iv) Note No. 58 (vi) & 42 regarding the construction of a Group Housing Real Estate project at Kochi, Kerala, by the Company. The total cost incurred on the project amounts to Rs 8,732.68 lakh as of March 31,2025. The sale of units in the project was put on hold due to the non-availability of Environmental Clearance (EC) and other requisite statutory approvals. Post Honble Supreme Court order dated May 16, 2025, the Company has written down the inventory by Rs 8,015.53 lakh and restated the value of land at its original cost of Rs 281.77 lakh. The Company valued the project at its estimated net realisable scrap value of Rs 435.38 lakh.

(v) Note No. 58 (viii) regarding developed real estate projects in Alwar costing Rs 5,806.44 Lakh up to March 31, 2025. The Company initiated the sale of the project in year 2014-15, however no sale could be effected. The net realisable value of the project has deteriorated, and the Company has made a provision of Rs 1,256.44 lakh towards impairment till March 31,2025.

(vi) Notes No. 58 (x) & 42 which describe developments concerning the Companys residential real estate project at NBCC Green View, Sector- 37 D, Gurugram, which had exhibited structural cracks and related to the reconstruction of the flats/ units to the homebuyers/allottees and refund the amount with interest. The Company has made an additional provision of Rs 1,580.38 Lakh for the year ended March 31,2025. The Company recognize the total provision and write off till the March 31,2025 amounting to Rs 46,882.51 Lakh (March 31,2024: Rs 45,302.13 Lakh)

A recovery suit of Rs 75,000 Lakh and 25 other litigations are ongoing.

(vii) Note No. 46 (A) (b) (i) in respect of the demand of Value Added tax including interest and penalty (DVAT Demand) for Rs 40,480.01 Lakh has been set aside by Honble Appellate Tribunal and remanded back for recalculation of the said tax liability vide its order dated November 10, 2022.

(viii) Note No. 46 (A) (b) (iii)(b) pertains to a GST demand of Rs 9,072 Lakh (including a penalty of Rs 4,536 Lakh) for the financial year 2017-18. The Company has contested the demand by filing an appeal, and the Honble High Court, vide its order dated May 19, 2025, has granted a stay on the matter. The case is currently under adjudication, with the next hearing scheduled for August 18, 2025. The amount has been disclosed as a contingent liability as at March 31,2025.

Our opinion is not modified in respect of the above matters.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Financial Statements of the current year. These matters were addressed in the context of our audit of the Standalone 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 matters described below as Key Audit Matters to be communicated in our report.

Description of Key Audit Matter

Accuracy of recognition, measurement, presentation and disclosures of revenues and other related balances in respect of Revenue from Contracts with Customers under Ind AS 115 (Revenue Accounting Standard)

Description of Key Audit Matter
Accuracy of recognition, measurement, presentation and disclosures of revenues and other related balances in respect of \u201cRevenue from Contracts with Customers\u201d under Ind AS 115 (Revenue Accounting Standard)
The key audit matter	How the matter was addressed in our audit
The application of this accounting standard involves certain key judgments relating to identification of distinct performance obligations, determination of transaction price of identified performance obligations, the appropriateness of the basis used to measure revenue recognized over a period, and disclosures including presentations of balances in the financial statements.	Principal Audit Procedures
An estimated effort is a critical estimate to determine revenue, as it requires consideration of the progress of the contract. Efforts incurred till date; efforts required to complete the remaining performance obligation.	Our audit approach consisted among other procedures, testing the design and operating effectiveness of internal controls and procedures as follows: Evaluated the effectiveness of control over the preparation of information that are designed to ensure the completeness and accuracy.
Refer Note No. 32 to the Standalone Financial Statements	\u2022 Selected a sample of existing continuing contracts and new contracts, and tested the operating effectiveness of the internal control, relating to identification of the distinct performance obligations and determination of transaction price.
	\u2022 Tested the relevant information, accounting systems and changes relating to contracts and related information used in recording and disclosing revenue in accordance with the Ind AS 115.
	\u2022 Reviewed some sample contracts to identify possible delays in achieving milestones which require change in estimated efforts to complete the remaining performance obligation.
	\u2022 Performed analytical procedures and test of details for reasonableness and other related material items.
Assessment and recoverability of trade receivables
The Company has net trade receivables outstanding of Rs 2,22,444.99 Lakh at the end of March 31, 2025. These balances are related to revenue recognized in line with Ind AS for ongoing contracts and completed contracts. The assessment of its recoverability is a key audit matter in the audit due to its size and high level of Management judgment.	Principal Audit Procedure
Refer Note No. 13 to the Standalone Financial Statements.	We assessed the Company\u2019s internal process to recognize the revenue and review mechanism of trade receivables. Our audit approach consisted testing of the design and operating effectiveness of internal controls and procedures as follows:
	\u2022 Evaluated the process of invoicing, verification, and reconciliation with customer.
	\u2022 Obtained the list of project wise outstanding details and its review mechanism by the Management.
	\u2022 Reviewed the guidelines and policies of the Company for impairment of trade receivables.
	\u2022 Tested the accuracy of ageing of trade receivables at the year-end on sampling basis.
	\u2022 Performed analytical procedures and test of data, their reasonableness and recoverability and other material items.
Provisions and Contingent Liabilities
Assessing the carrying value of Inventory and advances paid for land procurements
The key audit matter	How the matter was addressed in our audit
The Company\u2019s inventory comprises of Land bank, Real Estate completed projects and Real Estate Construction Work in progress. As at March 31, 2025, the carrying values of inventories amounts to Rs 97,397.67 Lakh.	Principal Audit Procedures
The inventories are carried at the lower of the cost and net realizable value (\u2018NRV\u2019). The determination of the NRV involves estimates based on prevailing market conditions, current prices, and expected date of commencement and completion of the project, the estimated future selling price, cost to complete projects and selling costs.	Our audit procedures/testing included, among others:
Considering significance of the amount of carrying value of inventories in the Standalone Financial Statements and the involvement of significant estimation and judgement in such assessment of NRV, the same has been considered as key audit matter.	\u2022 Read and evaluated the accounting policies and disclosures made in the Standalone Financial Statements with respect to inventories.
Further, the Company has made various advances and deposits to the seller/ intermediaries towards purchase of land during the course of obtaining clear and marketable title, free from all encumbrances and transfer of legal title to the Company, where upon it is transferred to land stock under inventories.	\u2022 Understood and reviewed the Management\u2019s process and methodology of using key assumptions for determination of NRV of the inventories.
With respect to land advance given, the net recoverable value is based on the Management\u2019s estimates and internal documentation, which include, among other things, the likelihood when the land acquisition would be completed, the expected date of plan approvals for commencement of project, estimation of sale prices and construction costs and Company\u2019s business plans in respect of such planned developments.	\u2022 Tested the NRV of the inventories to its carrying value in the books on sample basis.
The Company has reassessed its future business plans and key assumptions as at March 31, 2025, while assessing the adequacy of carrying value of inventories and land advances. Refer Note No. 11 to the Standalone Financial Statements.	Where the Company involved specialists to perform valuations, we also performed the following procedures:
	\u2022 Obtained and read the valuation report used by the Management for determining the NRV.
	\u2022 Considered the independence, competence and objectivity of the specialist involved in determination of valuation.
	In respect of land advances, our audit procedures included the following:
	\u2022 Obtained status update from the Management and verified the underlying documents for related developments.
	\u2022 Compared the acquisition cost of the underlying land with current market price in similar locations.
	\u2022 Evaluated the Management assessment with respect to recoverability of those advances and changes if any, in the business plans relating to such advances.
Provisions and Contingent Liabilities
The key audit matter	How the matter was addressed in our audit
The Company is involved in various taxes and other disputes for which final outcomes cannot be easily predicted and which could potentially result in significant liabilities. The assessment of the risks associated with the litigations is based on complex assumptions, which require the use of judgment and such judgment relates, primarily, to the assessment of the uncertainties connected to the prediction of the outcome of the proceedings and to the adequacy of the disclosures in the financial statements. Because of the judgment required, the materiality of such litigations and the complexity of the assessment process, the area is a key matter for our audit.	Principal Audit Procedures
Refer Note No. 46 to the Standalone Financial Statements.	Our audit procedure in response to this key Audit Matter included, among others:
	\u2022 Assessment of the process and relevant controls implemented to identify legal and tax litigations and pending administrative proceedings.
	\u2022 Assessment of assumptions used in the evaluation of potential legal and tax risks performed by the legal and tax department of the Company considering the legal precedence and other rulings in similar cases.
	\u2022 Inquiry with legal and tax departments of the Company regarding the status of the most significant disputes and inspection of the key relevant documentation.
	\u2022 Review of the adequacy of the disclosures in the notes to the financial statements.

Information other than the Standalone Financial Statements and Auditors Report thereon

The Companys Management and Board of Directors are responsible for the preparation of other information. The other information comprises the information included in Management Discussion and Analysis Report, Boards Report including Annexures to Board Report, Business Responsibility and Sustainability Report, Corporate Governance and Shareholders information but does not include the Standalone Financial Statements and our audit report thereon. The other information is expected to be made available to us after the date of this auditors report.

Our opinion on the Standalone 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 Standalone Financial Statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the Standalone Financial Statements or our knowledge obtained in the 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 Those Charged with Governance for the Standalone Financial Statements

The Companys Management and Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the financial position, financial performance, including other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments 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 of the accounting records, relevant to the preparation and presentation of the Standalone Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Statements, Management and Board of Directors are 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 Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

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

Auditors Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone 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 Standalone Financial Statements.

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

• Identify and assess the risks of material misstatement of the Standalone 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 control 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 an adequate internal financial controls system 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 and Board of Directors.

• Conclude on the appropriateness of Managements and Board of Directors use 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 Standalone 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 Standalone Financial Statements, including the disclosures, and whether the Standalone Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.

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 control 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 Standalone Financial Statements of the current year 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.

Other Matter

a. We did not audit the financial statement/information of 4 foreign branches namely Mauritius, Maldives, Seychelles and Jeddah included in the Standalone Financial Statements of the Company whose financial statements/financial information reflect total assets of Rs 27,039.20 Lakh (Previous Year Rs 29,688.34 Lakh) as on March 31, 2025, and total income of Rs 41,000.73 Lakh (Previous Year Rs 35,621.16 Lakh) for the year ended on that date, as considered in the Standalone Financial Statements. The financial statements/information of said branches have not been audited either by us or by other auditors and our opinion, so far as it relates to the amounts and disclosures included in respect of said branches duly certified by the Management have been furnished to us, are solely based on the Management certified financial statements/information.

b. The Board of Directors does not comprise of the requisite number of Independent Directors including Independent Woman Director as required under Regulation 17 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Regulation). Further, due to completion of tenure of the Independent Directors on November 21,2024, the composition of Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee, Risk

Management Committee and Corporate Social Responsibility Committee were not in compliant as per the provisions of section 177, 178 and 135 of the Companies Act 2013 (the Act) and Regulation 18, 19, 20 and 21 of SEBI Regulation during the year ended March 31,2025.

Subsequent to the year ended March 31, 2025, four Independent Directors on the Board of the Company have been appointed and except composition of the Board of Directors and Woman Independent Director, the Board level committees are reconstituted with the requisite number of independent directors w.e.f. May 16, 2025 accordingly.

Our opinion is not modified in respect of above said matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 (the Order), issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Section 143(3) of the Act, 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 and proper returns adequate for the purpose of our audit have been received from the branches not visited by us.

(c) The unaudited financial statements/financial information on the accounts of four branches of the Company has been provided to us duly certified by the Management of the Company and has been received, properly dealt with by us in preparing this report.

(d) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss including Standalone Other Comprehensive Income, the Standalone Statement of Changes in Equity and the Standalone Statement of Cash Flows dealt with by this report are in agreement with the books of account.

(e) In our opinion, the aforesaid Standalone Financial Statements comply with the Indian Accounting Standards specified under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 as amended time to time.

(f) The Company being a Government Company, the provisions of Section 164(2) of the Act in respect of disqualification of directors are not applicable to the Company in terms of notification no. G.S.R.463(E) dated 5th June 2015 issued by the Ministry of Corporate Affairs, Government of India.

(g) With respect to the adequacy of the internal financial controls with reference to Standalone Financial Statements of the Company and the operating effectiveness of such controls, refer to our separate report in Annexure B. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companys internal financial controls with reference to Standalone 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, we are informed that the Company being a Government Company, the provisions of section 197 read with schedule V of the Act, relating to managerial remuneration are not applicable to the Company in terms of Notification No. G.S.R. 463(E) dated 5th June 2015.

(i) With respect to the other matters to be included in the Auditors Report in accordance with the requirements of 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 Standalone Financial Statements - Refer Note 46 to the Standalone Financial Statements.

(ii) The Company has made provisions, as required under the applicable laws or Indian Accounting Standards for material foreseeable losses, if any, on long-term contracts.

(iii) There has been no delay in transferring the amounts required to be transferred to the Investor Education and Protection Fund were by the Company in accordance with the relevant provisions of the Act and Rules made thereunder.

(iv) (a) The Management has represented that, to the best of its knowledge and belief, as stated in note 59 (a)

(iv) to Standalone 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 person(s) or entity(ies), including foreign entities (Intermediaries), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, 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 stated in note 59 (a) (iv) to the Standalone Financial Statements, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities (Funding Parties), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, 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 such audit procedures that we 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

(a) and (b) above contain any material misstatement.

(v) As stated in Note 47 to the Standalone Financial Statements.

a) 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.

b) The interim dividend declared and paid by the Company during the year and until the date of this report is in compliance with Section 123 of the Act.

c) The board of directors of the Company has proposed a final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The amount of 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 an accounting software for maintaining its books of account for the financial year ended March 31,2025, which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the company as per the statutory requirements for record retention.

3. We are enclosing our report in terms of Section 143(5) of the Act, on the basis of such verification of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, in Annexure C on the directions issued by the Comptroller and Auditor General of India.

Annexure A to the Independent Auditors Report

[Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements section of our report of even date]

(i) (a) (A) According to the information and explanations given to us and audit procedures performed by us, the Company has maintained proper records showing full particulars, including quantitative details and situation of property, plant and equipment and relevant details of right-to-use assets.

(B) According to the information and explanations given to us and audit procedures performed by us, the Company has maintained proper records showing full particulars of intangible assets.

(b) The property, plant and equipment and right-to-use assets were physically verified during the year by the management in accordance with a regular programme of verification which, in our opinion, provides for physical verification of all the property, plant and equipment and Right -to-use assets at reasonable intervals. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) According to information and explanations given to us and audit procedures performed by us, the title deeds of all of the immovable properties (other than properties where the company is the lessee and the lease agreements are duly executed in favour of the lessee) disclosed in the financial statements are held in the name of the Company, except for the following which are not held in the name of the Company:

(i) Property, plant, and equipment including Right-of-use Assets:

(Rs in Lakh)

Property, Plant and Equipment: - Description of Item of Property	Gross Carrying Amount (As at March 31, 2025)	Title deeds held in the name of	Whether title deed holder is a promoter, director or relative of promoter/ director or employee of promoter/ director	Period Held- since date	Reason for not being held in the name of the Company along with dispute, if any
(i) Land at MBP, Mehrauli Road, Ghitorni, New Delhi.	195.77	Govt. of NCT Delhi.	No	March 01, 1982	Actual allotment for 275 bigas, 11 biswas made on January1966 and Revised allotment of 29.82 acre made by L&B Department letter dated March 03, 2009. The terms of allotment were not accepted by NBCC as the same were in contravention to the settlement arrived at by Sr. Officers and later endorsed by Hon\u2019ble High Court vide its order dated March 07, 2008. NBCC filed a petition against Govt. of NCT of Delhi in the Year 2014 by seeking direction from Hon\u2019ble High Court of Delhi to execute the perpetual lease deed in favour of NBCC for 32.46 acre land at Ghitorni. The case is pending in Hon\u2019ble High Court of Delhi.
(ii) Land at Raipur (including the provision for stamp duty payable on execution of lease/ title deed)	348.76	Naya Raipur Development Authority (NRDA)	No	December 31,2014	As per Clause no 5.1(1) of the development agreement, lease deed will be executed after construction of 50% of the permissible built-up area. The Company has not yet started the construction. Hence deed could not be executed.
(iii) Office Building at Pragati Vihar, New Delhi	109.04	Ministry of housing and Urban Affairs -MoHUA	The title deed holder is administrative Ministry i.e., MoHUA	November 10, 2004	The Company was allotted a piece of land at Pragati Vihar for construction of an office complex in the year of 1997. Company constructed the premises and sold the property to various Government as well as private organizations long back. Execution of lease deed of land by Ministry of Housing & Urban Affairs (MoHUA) is pending since inception.
(iv) Shop at NBCC Place, Pragati Vihar, New Delhi	170.70	Ministry of Housing & Urban Affairs (MoHUA)	The title deed holder is administrative Ministry i.e., Ministry of Housing & Urban Affairs (MoHUA)	October 31,2016	The Company was allotted a piece of land at Pragati Vihar for construction of office complex in the year 1997. The Company constructed the premises and sold the property to various government as well as private organization long back. Execution of lease deed of land by Ministry of Housing & Urban Affairs (MoHUA) is pending since inception.
(v) Land at Golf Link, New Delhi	157.97	Ministry of Housing & Urban Affairs	The title deed holder is administrative Ministry i.e., Ministry of Housing & Urban Affairs (MoHUA)	April 01, 2009	The execution of lease deed is pending with Ministry of Housing & Urban Affairs (MoHUA)
Total	982.24

(ii) Investment property:

(Rs in Lakh)

Investment property- Description of Item of Property	Gross Carrying Amount (As at March 31, 2025)	Title deeds held in the name of	Whether title deed holder is a promoter, director or relative of promoter/ director or employee of promoter/ director	Period Held- since date	Reason for not being held in the name of the Company along with dispute, if any
Office space at world trade centre, Delhi (Unit No. K-700, K-800 and K-900)	34,772.00	Ministry of Housing & Urban Affairs (MoHUA)	The title deeds holder is administrative Ministry i.e., Ministry of Housing & Urban Affairs (MoHUA)	March 21,2025	The company has taken possession of the property in March 2025. Accordingly, the execution of the title deed in the name of company is under process.

(d) According to the information and explanations given to us and audit procedures performed by us, the Company has not revalued its Property, Plant and Equipment (including Right-to- Use Assets) or intangible assets or both during the year.

(e) According to the information and explanations given to us and audit procedures performed by us, there are no proceedings initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

(ii) (a) The Inventory has been physically verified by the management during the year. In our opinion, the frequency of such verification is reasonable and procedures and coverage as followed by management were appropriate. According to information and explanations given to us and audit procedures performed by us, no discrepancies were noticed on verification between the physical inventories and book records that were more than 10% in the aggregate of each class of inventory.

(b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not been sanctioned any working capital limits in excess of five crore rupees in aggregate from banks and financial institutions on the basis of security of current assets at any point of time of the year. Accordingly, Clause 3(ii)(b) of the Order is not applicable.

(iii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the

Company, the Company has provided loans or provided advances in the nature of loans, or stood guarantee, or provided security to any parties as under:

	Guarantees	Securities	Loans	Advances in the nature of loans (Rs In Lakh)
Aggregate amounts granted / provided during the year to:
- To Subsidiaries	-	-	-	-
- To Joint Ventures	-	-	-	-
- To Associates	-	-	-	-
- To Others	-	-	-	33,914.64
Balance outstanding as at the balance sheet date in respect of above cases: -
- To Subsidiaries	-	-	-	-
- To Joint Ventures	-	-	-	-
- To Associates	-	-	-	-
- To Others	-	-	-	66,173.60

(b) According to the information and explanations given to us and audit procedures performed by us, we are of the opinion that the terms and conditions of all advances in the nature of loans provided are prima facie, not prejudicial to the interest of the Company. However the repayment of interest on advance in the nature of loan given to Rail Land Development Authority (RLDA) will be released in due course of time after final reconciliation with the Company.

(c) In respect of advances in the nature of loans granted by the Company, the repayment of the advances in the nature of loan and interest thereon are linked to the sales realization and the repayments are as per terms and conditions of the Memorandum of Understanding [MOU] with the clients. Further, as per the information and explanation provided to us, the advances in the nature of loan given for the Amrapali Projects during the year, represented by Learned Supreme Court Receiver, the repayment of principal and interest on the same has been stipulated and is repayable by March 31,2026, as per the terms and conditions. Further, the repayment of interest of Rs 614.56 lakh on advance in the nature of loan given to Rail Land Development Authority (RLDA) will be released in due course of time after final reconciliation with the Company.

(d) According to the information and explanations given to us and audit procedures performed by us, there is no overdue amounts for more than ninety days in respect of the advance in the nature of the loan given by the Company. However, an amount of Rs 614.56 Lakh (interest) from Rail Land Development Authority (RLDA) will be released in due course of time after final reconciliation with the Company.

(e) According to the information and explanations given to us and on the basis of our examination of the records of the Company, there is no loans or advances in the nature of loans granted falling due during the year, which has been renewed or extended or fresh loans granted to settle the overdue of existing loans given to the same parties.

(f) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment.

(iv) According to information and explanations given to us and audit procedures performed by us, the Company has neither made any investments nor has given loans or provided guarantee or security and therefore the relevant provisions of Section 185 and 186 of the Companies Act, 2013 are not applicable to the Company. Accordingly, reporting under clause 3(iv) of the Order is not applicable.

(v) The Company has not accepted any deposits or amounts which are deemed to be deposits from the public. Accordingly, reporting under clause 3(v) of the Order is not applicable.

(vi) We have broadly reviewed the books of accounts maintained by the Company in respect of Engineering, Procurement and Construction (EPC) Division and Real Estate Division where, pursuant to the rules made by the Central Government, the maintenance of cost records has been specified under sub-section (1) of section 148 of the Companies Act, 2013 and are of the opinion that, prima facie, the prescribed accounts and records have been so made and maintained. We have, however, not made a detailed examination of the records with a view to determining whether they are accurate or complete. For Project Management and Consultancy (PMC) division, we have been informed that these activities are carried out on a back-to-back basis by sub- contractors appointed by the Company. Hence, the Company is not required to maintain cost records for the said division.

(vii) (a) According to the information provided and explanations given to us and based on our examination of the records of

the Company, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Goods and Services Tax, provident fund, employees state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues, as applicable to it and there are no undisputed statutory dues outstanding as on March 31,2025 for a period of more than six months from the day these becomes payable.

(b) According to the information provided and explanations given to us, statutory dues relating to Goods and Services Tax, provident fund, employees state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess or other statutory dues as applicable, which have not been deposited with the appropriate authorities on account of any dispute are as follows:

Name of the Statute	Nature of Dues	Amount (Rs in Lakh)	Amount paid under protest (Rs in Lakh)	Period to which the amount relates	Forum where the dispute is pending
Finance Act, 1994	Service Tax	480.08	65.54	2007-08 to 2013-14	Hon\u2019ble Supreme Court
		153.74	5.76	2007-08 to 2011-12	Commissioner (Appeals), Ranchi
		86.17	4.36	2009-10 to 2010-11	CESTAT, Kolkata
		871.00	65.33	2010-11 to 2014-15	CESTAT, Kolkata
		850.32	31.88	April13 to June17	CESTAT, Chandigarh
		1,364.62	-	Oct13 to June17	CESTAT Kolkata
		100.48	10.05	2015-16 to 2016-17	CESTAT, Hyderabad
		338.00	-	2002 - 2005	High Court, Meghalaya
Jharkhand VAT Act, 2005	Value Added Tax (VAT)	111.69	-	2008-09 to 2014-15	JCCT Jharkhand
		663.12		2016-17	Deputy Commissioner Commercial Tax, Jharkhand
		839.15	-	2009-10 & 2010-11	JCCT Revision Board
		44.59	-	2017-18	DCCT, Jharkhand
Maharashtra VAT Act, 2002	Value Added Tax (VAT)	130.68	5.91	April 01,2017 to June 30, 2017	Commissioner of Sales Tax Department, Mumbai
		396.38	18.11	2015-16	Commissioner of Sales Tax Department, Mumbai
		324.01	15.20	2016-17	Commissioner of Sales Tax, Mumbai
West Bengal VAT Act	Value Added Tax (VAT)	411.13	75.00	2012-13	West Bengal Tax, Tribunal
		2,587.31	-	2014-15	WB Commercial Tax, Tribunal
		657.48	98.63	2016-17	WB Revisional Board
Goods & Service Tax	Goods & Service Tax	2,205.36	-	2018-19	Delhi Appellate Authority of Advance Ruling
		16.43	1.44	2017-18	CGST & Central Tax (Appeals)
		484.15	23.03	2017-18 & 2018-19	Commissioner (Appeals) GST, Vadodara
		102.29	4.74	2017-18	Commissioner (Appeals) GST, Jammu
		123.39	5.80	2017-18	Commissioner (Appeals) GST, Raigarh
		1,039.64	48.90	2017-18	Commissioner (Appeals) GST, Chennai
		450.48	40.95	2018-19	Commissioner Appeal, CGST, Jharkhand
		164.81	8.40	2018-19 & 2019-20	Appellate Authority
		83.80	3.84	2019-20 & 2020-21	State Tax Office, Jurisdiction Ghatak 41, Vadodara
		2.21		2019-20	Joint commissioner of State Tax, Appeal - VI, Mumbai
		109.38	5.63	2018-19 & 2019-20	DCST, Chhattisgarh
		1.07	-	2017-18	Appellate Authority, JKGST
		5808.91	-	2020-21	Appellate Authority
		128.07	8.15	2017-18	Commissioner Appeal, CGST, Jaipur
		9072.00	-	2017-18	Delhi High Court
Income Tax Act 1961	Income Tax	125.73	-	2012-13	CIT(Appeals)
		110.99	-	2015-16	CIT(Appeals)
		39.90	-	2015-16	CIT(Appeals)
		18.14	-	2017-18	CIT(Appeals)
		78.44	-	2018-19	CIT(Appeals)
		7.00	-	2011-12	CIT(Appeals)
		715.06	-	2010-11	Delhi High Court
		33.76	-	2011-12	CIT(Appeals)
Employee Provident Fund Property Tax	Employee Provident Fund Property Tax	2.25	-	2011	Delhi High Court
		152.49	-	2017	EPFO, Chandigarh
		524.05	524.05	2020	Municipal Tax Tribunal, Tis Hazari

(viii) According to the information provided and explanations given to us, and on the basis of our examination of the records of the Company, the Company has not surrendered or disclosed any transactions, previously unrecorded as income in the books of account, in the tax assessment under the Income Tax Act, 1961 as income during the year and accordingly reporting under clause 3(viii) of the Order is not applicable.

(ix) (a) The Company has not availed any loans and borrowings during the year. Accordingly, reporting under clause (ix)(a) of the Order is not applicable.

(b) According to the information and explanations given to us, the Company has not been declared a willful defaulter by any bank or financial institution or government or any government authority.

(c) According to the information and explanations given to us, the Company has not obtained any term loans during the year. Accordingly, Clause 3(ix)(c) of the Order is not applicable.

(d) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds raised on a short-term basis have been used for long-term purposes by the Company.

(e) According to the information and explanations given to us and on an overall examination of the Financial Statements of the Company, we report that the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries and joint ventures as defined under Companies Act, 2013.

(f) According to the information and explanations given to us and based on the audit procedures performed by us, we report that the Company has not raised any loans during the year on the pledge of securities held in its subsidiaries or joint ventures as defined under the Companies Act, 2013.

(x) (a) The Company has not raised any money by way of an initial public offer or further public offer (including debt instruments) during the year. Accordingly, reporting under Clause 3(x)(a) of the Order is not applicable.

(b) According to the information provided and explanations given to us and on the basis of our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible) during the year. Accordingly, reporting under clause 3(x)(b) of the Order is not applicable.

(xi) (a) According to the information and explanations given by the management and based upon the audit procedures performed for the purpose of reporting on the true and fair view of the financial statements, we report that no fraud by the Company or any fraud on the Company has been noticed or reported during the year.

(b) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, report under section 143(12) of the Act, in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 was not required to be filed with the Central Government. Accordingly, the reporting under Clause 3(xi) (b) of the Order is not applicable to the Company.

(c) As represented to us by the Management, there are no whistleblower complaints received by the Company during the year and upto the date of this audit report. Accordingly, reporting under clause 3(xi)(c) of the Order is not applicable.

(xii) According to the information and explanation given to us, the Company is not a Nidhi Company. Accordingly, reporting under clause 3(xii) of the Order is not applicable.

(xiii) In our opinion, according to the records of the Company examined by us and the information and explanations given to us, the transactions entered with the related parties by the Company during the year have been entered at arms length basis in ordinary course of business and are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and details have been disclosed in the financial statements as required by the applicable Indian accounting standards .

(xiv) (a) According to the information and explanations given to us and audit procedures performed by us, in our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

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

(xv) In our opinion and according to the information and explanations given to us, the Company has not entered into any non-cash transactions with its directors or persons connected with them during the year and hence, the provisions of Section 192 of the Act are not applicable to the Company. Accordingly, the reporting under clause 3(xv) of the Order is not applicable.

(xvi) (a) According to the information and explanations given to us, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, the reporting under Clause 3(xvi)(a) of the Order is not applicable.

(b) According to the information and explanations given to us, the Company has not conducted any Non-Banking Financial or Housing Finance activities. Accordingly, the reporting under Clause 3(xvi)(b) of the Order is not applicable.

(c) The Company is not Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India. Accordingly, reporting under clause 3(xvi)(c) and (d) of the Order are not applicable.

(xvii) According to the information and explanations given to us and on an overall examination of the financial statements of the Company, the Company has not incurred cash losses in the financial year and in the immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors during the year and accordingly reporting under Clause 3(xviii) of the Order is not applicable.

(xix) According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, 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, that the 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 information and explanations as made available to us by the Management of the Company 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) As stated in the note 41(B) of Standalone Financial Statements:

(a) In respect of other than ongoing projects, the Company has transferred unspent amount to a Fund specified in Schedule VII to the Companies Act within a period of six months of the expiry of the financial year in compliance with second proviso to sub-section (5) of section 135 of the Act.

(b) In respect of ongoing projects, the Company has transferred unspent Corporate Social Responsibility (CSR) amount to a special account within a period of 30 days from the end of the said financial year in compliance with the provision of section 135(6) of the Act.

(xxi) The Reporting under clause 3(xxi) of the order is not applicable in respect of the audit of Standalone Financial Statements. Accordingly, no comment in respect of the said clause has been included in the report.

Annexure B to the Independent Auditors Report

[Referred to in paragraph 2(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 of NBCC (India) Limited (the Company) as of March 31, 2025, in conjunction with our audit of Standalone Financial Statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys Management and Board of Directors are responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting 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 (ICAI). 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 Act.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to 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 Act, to the extent applicable to an audit of internal financial controls with reference to the standalone 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 the Standalone 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 system with reference to Standalone Financial Statements and their operating effectiveness. Our audit of internal financial controls with reference to Standalone Financial Statements included obtaining an understanding of internal financial controls with reference to Standalone 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 Standalone 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 system with reference to Standalone Financial Statements.

Meaning of Internal Financial Controls with reference to Standalone Financial Statements

A Companys internal financial control with reference to Standalone Financial Statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Standalone Financial Statements for external purposes in accordance with generally accepted accounting principles. A Companys internal financial control with reference to Standalone 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 Standalone Financial Statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of Management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Companys assets that could have a material effect on the Standalone Financial Statements.

Inherent Limitations of Internal Financial Controls with reference to Standalone Financial Statements

Because of the inherent limitations of internal financial controls with reference to Standalone Financial Statements, including the possibility of collusion or improper Management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to Standalone Financial Statements to future periods are subject to the risk that the internal financial control with reference to the Standalone 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 system with reference to Standalone Financial Statements and such internal financial controls with reference to Standalone Financial Statements were operating effectively as at March 31,2025, based on the internal financial control with reference to Standalone 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.

Annexure C to the Independent Auditors Report

[Referred to in paragraph 3 under Report on Other Legal and Regulatory Requirements section of our report of even date]

S. No.	Directions u/s 143(5) of the Companies Act, 2013	Auditors\u2019 reply on action taken on the directions	Impact on Financial Statements
1	Whether the Company has system in place to process all the accounting transactions through IT systemRs If yes, the implications of processing of accounting transactions outside IT system on the integrity of the accounts along with the financial implications, if any, may be stated.	The Company has an in-house- developed ERP system to process the accounting transactions through an IT system. The Company is using separate software Clear Tax for GST E-invoicing and CRM software for real estate customer data. Some manual intervention is being done for valuation of inventories; however, accounting entries for the same are processed through ERP.	NIL
2	Whether there is any restructuring of an existing loan or cases of waiver / write off of debts / loans / interest etc. made by a lender to the Company due to the Company\u2019s inability to repay the loanRs If yes, the financial impact may be stated. Whether such cases are properly accounted forRs (In case, lender is a Government Company, then this direction is also applicable for Statutory Auditor of lender Company)	As per the information and explanations given to us, the Company has not taken any loan and hence the Clause is not applicable to the Company.	NIL
3	Whether funds (grants/subsidy etc.) received / receivable for specific schemes from Central / State Government or its agencies were properly accounted for / utilized as per its term and conditionsRs List the cases of deviations.	As per the information and explanations given to us, no funds (grants/ subsidy) have been received/ receivable for any specific schemes from Central/ State agencies during the financial year 2024-25.	NIL

For ASA & Associates LLP
Chartered Accountants
Firm Registration No. 009571N/N500006
Sd/-
Parveen Kumar
Partner
Membership No. 088810
UDIN: 25088810BMIFVG7153
Place: New Delhi
Date: May 29, 2025