Oberoi Realty Ltd Management Discussions

ECONOMIC REVIEW Global economy

World economic outlook is uncertain as growth slows, inflationary pressures persist and trade policies cloud outlook. Global growth slowing to 3.1% in 2025 and 3.0% in 2026, with important differences across countries and regions.

The global economy has shown some real resilience, with growth remaining steady and inflation moving downwards. However, some signs of weakness have emerged, driven by heightened policy uncertainty, increasing trade restrictions will contribute to higher costs both for production and consumption. This highlights a range of risks, starting with the concern that further trade fragmentation could harm global growth prospects.

It remains essential to ensure a well-functioning, rules-based international trading system and to keep markets open.

An unexpected downturn, policy change or deviation from the projected disinflation path could trigger market corrections, significant particularly in emerging markets. High public debt levels and elevated asset valuations further heighten these risks.

Indian economy

In an era marked by escalating global trade tensions and persistent geopolitical uncertainties, the Indian economy has demonstrated remarkable resilience and robust growth. Despite global economic headwinds, India?s growth remains stable at 6.5%, supported by strong domestic demand. Inflation is under control, though core inflation remains sticky, necessitating careful monetary management. Trade challenges persist due to weak global demand, but a narrowing trade deficit offers some relief. While foreign investor outflows pose risks, robust domestic investment provides resilience. The RBI?s proactive policies have played a crucial role in stabilizing liquidity and inflation expectations. Overall, India?s economy is well-positioned for growth, but uncertainties in global markets, financial volatility and trade disruptions remain key risks. Sustained policy support and domestic resilience will be essential in maintaining economic momentum.

The RBI and the IMF have projected that Indias consumer price inflation will progressively align towards the inflation target in FY 2025-26. In December 2024, RBI?s Monetary Policy Committee report revised its inflation projection from 4.5% to 4.8% in FY 2024-25. Assuming a normal monsoon and no further external or policy shocks, the RBI expects headline inflation to be 4.2% in FY 2025-26. IMF has projected an inflation rate of 4.4% in FY 2024-25 and 4.1% in FY 2025- 26 for India.

In brief, there are many upsides to domestic investment, output growth and disinflation in FY 2025-26. There are equally strong, prominently extraneous, downsides too.

INDUSTRY REVIEW

In India, the real estate sector is the second-highest employment generator, after the agriculture sector. The real estate sector in India is expected to reach US$ 1 trillion in market size by 2030, up from US$ 200 billion in 2021. The emergence of nuclear families, rapid urbanisation and rising household income are likely to remain the key drivers for growth in all spheres of real estate, including residential, commercial and retail. Rapid urbanisation in the country is pushing the growth of real estate.

MUMBAI REAL ESTATE

Mumbai?s real estate market has once again demonstrated its resilience, closing the financial year FY 2024-25 with substantial stamp duty collections and consistent growth in high-value transactions. As the financial year concludes, property registrations have recorded a 9.0% year-on-year increase, while stamp duty collections have surged by 22.0% year-on-year in FY 2024-25.

The robust demand for premium homes reflects sustained buyer confidence and economic stability, while the preference for larger apartments signals evolving homebuyer aspirations. The anticipated easing of interest rates in the coming months is likely to further bolster market sentiment.

OPPORTUNITIES AND CHALLENGES Opportunities

As India awaits policy reforms to pick up speed, your Company firmly believes that the demand for Real Estate in a country like India will remain strong in the medium to long term. Your Company?s well accepted brand, contemporary architecture, well designed projects in strategic locations, strong balance sheet and stable financial performance even in testing times make it a preferred choice for customers and shareholders. Your Company is ideally placed to further strengthen its development potential by acquiring new land parcels.

Challenges

While the management of your Company is confident of creating and exploiting the opportunities, it also finds the following challenges:

Unanticipated delays in project approvals;

• Availability of accomplished and trained labour force;

• Increased cost of manpower;

• Rising cost of construction lead by increase in commodity prices;

• Growth in auxiliary infrastructure facilities; and

• Over regulated environment.

COMPANY STRENGTHS

Your Company continues to capitalize on the market opportunities by leveraging its key strengths.

These include:

1. Brand Reputation: Enjoys higher recall and influences the buying decision of the customer. Strong customer connects further results in higher premium realizations.

2. Execution: Possesses a successful track record of quality execution of projects with contemporary architecture.

3. Strong cash flows: Has built a business model that ensures continuous cash flows from their investment and development properties ensuring a steady cash flow even during the adverse business cycles. debt

4. Significant practice coupled with enough cash balance which provides a significant leveraging opportunity for further expansions.

5. Outsourcing: Operates an outsourcing model of appointing globally renowned architects/contractors that allows scalability and emphasizes contemporary design and quality construction – a key factor of success.

6. Transparency: Follows a strong culture of corporate governance and ensures transparency and high levels of business ethics.

7. Highly qualified execution team: Employs experienced, capable and highly qualified design and project management teams who oversee and execute all aspects of project development.

KEY DEVELOPMENTS IN FY 2024-25

During the year FY 2024-25, your Company launched Tower

B-C in Jardin project at Oberoi Garden City, Thane, Pokhran.

BUSINESS OVERVIEW

In FY 2024-25, your Company was able to sell nearly 12.84 lakhs sq.ft. RERA carpet area as compared to approximately 10.76 lakhs sq.ft. of RERA carpet area in FY 2023-24.

FINANCIAL PERFORMANCE OVERVIEW

Analysis of consolidated financial statements for FY 2024-25 is provided below:

1. Key financial ratio analysis

A comparative table showing synopsis of FY 2024-25 versus FY 2023-24 of Key Financial Ratio is provided below:

Ratio	Calculation	2025	2024	Remarks
Debtors Turnover	Net Sales Average Debtors	33.37	6.90	Better control on Debtors
Inventory Turnover	Sales* Inventory/Avg. Inventory	0.46	0.43	Better due to increase in sales
Interest Coverage Ratio	EBIT Interest Expense	11.97	8.73	Due to decrease in Interest expenses and increase in profit.
Current Ratio	Current Assets Current Liabilities	4.34	3.89	Due to increase in inventories
Debt Equity Ratio	Total Debt Total Shareholders Equity	0.21	0.18	Due to increase in debt
Operating Profit Margin (%)	EBITDA Total Revenue	58.70%	53.60%	Increase in EBITDA is due to higher sales price
PBT Margin (%)	Profit Before Tax Total Revenue	53.80%	51.38%	In line with increase in EBITDA
Net Profit Margin (%)	Profit After Tax Total Revenue	40.65%	39.98%	In line with increase in PBT margin
Return on Net Worth	Net Income (PAT) Average Shareholders Equity	15.06%	14.79%	In line with increase in PAT margin
Cash and Bank Balances / Net Worth	Cash and Bank Balance including Mutual Funds and Fixed Deposits Total Shareholders Equity	19.72%	9.16%	Due to increase in operating cash flow

*Includes Revenue from Projects and Hospitality

2. Balance sheet analysis

A comparative table showing synopsis of FY 2024-25 versus FY 2023-24 of Balance Sheet is provided below:

( Rs. in Lakh)

Consolidated Balance Sheet	As at March 31, 2025	As at March 31, 2024	INCREASE / (DECREASE)	% INCREASE / (DECREASE)
ASSETS
Non-current assets	7,52,515.69	6,88,748.81	63,766.88	9.26%
Current assets	15,21,690.61	12,74,592.32	2,47,098.29	19.39%
Total	22,74,206.30	19,63,341.13	3,10,865.17	15.83%
EQUITY AND LIABILITIES
Equity	15,70,486.62	13,84,441.20	1,86,045.42	13.44%
Non-current liabilities	3,52,985.59	2,51,569.15	1,01,416.44	40.31%
Current liabilities	3,50,734.09	3,27,330.78	23,403.31	7.15%
Total	22,74,206.30	19,63,341.13	3,10,865.17	15.83%

2.1 Non-current assets

( Rs. in Lakh)

Particulars	As at March 31, 2025	As at March 31, 2024	INCREASE / (DECREASE)	% INCREASE / (DECREASE)
Property, plant and equipment	24,359.84	21,760.21	2,599.63	11.95%
Capital work in progress	1,60,438.13	2,70,475.03	(1,10,036.90)	(40.68%)
Investment properties	4,44,014.34	2,83,410.40	1,60,603.94	56.67%
Intangible assets	106.89	159.10	(52.21)	(32.82%)
Investments accounted for using the equity method	37,392.09	32,284.99	5,107.10	15.82%
Financial assets	10,130.96	3,151.60	6,979.36	221.45%
Deferred tax assets (net)	13,588.20	17,280.50	(3,692.30)	(21.37%)
Other non-current assets	62,485.24	60,226.98	2,258.26	3.75%
Total	7,52,515.69	6,88,748.81	63,766.88	9.26%

2.2 Current assets

( Rs. in Lakh)

Particulars	As at March 31, 2025	As at March 31, 2024	INCREASE / (DECREASE)	% INCREASE / (DECREASE)
Inventories	9,44,649.77	9,26,124.43	18,525.34	2.00%
Financial assets
(i) Investments
Investments in mutual fund	2,07,683.81	48,259.81	1,59,424.00	330.35%
(ii) Trade receivables	11,266.10	20,420.10	(9,154.00)	(44.83%)
(iii) Cash and bank balances	1,00,296.98	76,717.37	23,579.61	30.74%
(iv) Loans	50,515.58	54,035.65	(3,520.07)	(6.51%)
(v) Other financial assets	5,302.80	5,758.93	(456.13)	(7.92%)
Current tax assets (net)	1,921.98	2,202.29	(280.31)	(12.73%)
Other current assets	2,00,053.59	1,41,073.74	58,979.85	41.81%
Total	15,21,690.61	12,74,592.32	2,47,098.29	19.39%

2.3 Non-current liabilities

( Rs. in Lakh)

Particulars	As at March 31, 2025	As at March 31, 2024	INCREASE / (DECREASE)	% INCREASE / (DECREASE)
Financial liabilities
(i) Borrowings	2,89,485.28	2,19,203.80	70,281.48	32.06%
(ii) Trade payables	6,755.22	6,085.51	669.71	11.00%
(iii) Others	38,788.77	20,698.62	18,090.15	87.40%
Provisions	249.54	205.10	44.44	21.67%
Deferred tax liabilities (net)	2,677.15	43.74	2,633.41	6020.60%
Other non-current liabilities	15,029.63	5,332.38	9,697.25	181.86%
Total	3,52,985.59	2,51,569.15	1,01,416.44	40.31%

2.4 Current liabilities

( Rs. in Lakh)

Particulars	As at March 31, 2025	As at March 31, 2024	INCREASE / (DECREASE)	% INCREASE / (DECREASE)
Financial liabilities
(i) Borrowings	40,554.51	30,318.13	10,236.38	33.76%
(ii) Trade payables	65,589.22	50,871.57	14,717.65	28.93%
(iii) Others	50,213.63	60,056.73	(9,843.10)	(16.39%)
Other current liabilities
(i) Advance from customers	8,251.83	5,705.09	2,546.74	44.64%
(ii) Others	1,82,074.01	1,72,344.37	9,729.64	5.65%
Provisions	527.38	4,765.32	(4,237.94)	(88.93%)
Current tax liabilities (net)	3,523.51	3,269.57	253.94	7.77%
Total	3,50,734.09	3,27,330.78	23,403.31	7.15%

3. Profit and loss analysis

A comparative table showing synopsis of FY 2024-25 versus FY 2023-24 of statement of Profit and Loss is provided below:

( Rs. in Lakh)

Consolidated Profit and Loss	FOR THE YEAR ENDED MARCH 31,	INCREASE /	% INCREASE /
	2025	2024	(DECREASE)	(DECREASE)
Revenue from operations	5,28,627.45	4,49,578.53	79,048.92	17.58%
Other income	18,790.24	32,298.42	(13,508.18)	(41.82%)
Total Revenue	5,47,417.69	4,81,876.95	65,540.74	13.60%
Expenses	2,18,322.22	2,08,592.20	9,730.02	4.66%
Depreciation and amortisation expense	8,845.68	4,751.87	4,093.81	86.15%
Interest and finance charges	26,523.45	21,844.41	4,679.04	21.42%
Profit before share of profit / (loss) of joint ventures (net) and exceptional items	2,93,726.34	2,46,688.47	47,037.87	19.07%
Share of Profit/(Loss) of joint venture (net)	763.34	885.06	(121.72)	(13.75%)
Profit before tax	2,94,489.68	2,47,573.53	46,916.15	18.95%
Profit after tax	2,22,551.37	1,92,660.37	29,891.00	15.51%
Basic and diluted EPS ()	61.21	52.99	8.22	15.51%

3.1. Revenue from operations

( Rs. in Lakh)

Particulars	FOR THE YEAR ENDED MARCH 31,	INCREASE /	% INCREASE /
	2025	2024	(DECREASE)	(DECREASE)
Revenue from projects	4,10,624.52	3,66,627.16	43,997.36	12.00%
Revenue from hospitality	19,189.36	17,633.68	1,555.68	8.82%
Other operating revenue	4,571.13	1,630.16	2,940.97	180.41%
Rental and other related revenues	86,939.21	58,740.76	28,198.45	48.00%
Property and management revenues	7,303.23	4,946.77	2,356.46	47.64%
Total	5,28,627.45	4,49,578.53	79,048.92	17.58%

3.2. Expenses

( Rs. in Lakh)

Particulars	FOR THE YEAR ENDED MARCH 31,	INCREASE /	% INCREASE /
	2025	2024	(DECREASE)	(DECREASE)
Operating costs	1,84,497.98	1,79,363.52	5,134.46	2.86%
Employee benefits expense	11,428.17	10,239.80	1,188.37	11.61%
Other expenses	22,396.07	18,988.88	3,407.19	17.94%
Total	2,18,322.22	2,08,592.20	9,730.02	4.66%

4. Cash flow analysis

A comparative table of FY 2024-25 versus FY 2023-24 of Cash Flow is provided below:

( Rs. in Lakh)

Consolidated Cash Flow	FOR THE YEAR ENDED ON MARCH 31,
	2025	2024
Opening cash and cash equivalents	29,695.80	15,931.65
Net cash inflow/(outflow) from operating activities	2,16,257.56	2,81,640.81
Net cash inflow/(outflow) from investing activities	(2,39,226.76)	(64,429.89)
Net cash inflow from financing activities 20,040.42	(2,03,446.77)
Closing cash and cash equivalents	26,767.02	29,695.80
Closing cash and cash equivalents including fixed deposits with banks, having remaining maturity of less than 12 months	1,00,296.98	76,717.37
Closing cash and cash equivalents including fixed deposits with banks, having remaining maturity of more than 12 months classifiedunder non-current financial assets	1,678.57	1,896.93

HUMAN RESOURCES

GREAT PLACE TO WORK CERTIFIED DECEMBER 2024 – DECEMBER 2025

In FY 2024-25, your Company participated in the ‘Great Place to Work? employee engagement survey, achieving an impressive 95% response rate with over 900 employees participating. Based on their feedback, your Company earned the ‘Great Place to Work? certification with a remarkable score of 92, surpassing the India Top 100 benchmark of 88. highlighting your This certification is a significant Company?s dedication to fostering an exceptional workplace culture. It reflects a high level of trust, respect and camaraderie within the organization.

INDIA?S TOP 25 SAFEST WORKPLACES AWARD

Your Company upholds a zero-tolerance policy against harassment and discrimination, ensuring a safe environment and strict compliance with internal policies, standards and relevant local laws and regulations. Demonstrating our dedication to fostering a safe and inclusive workplace for all employees, our Company was honored as one of India?s Top 25 Safest Workplaces at the Kelp PoSH Awards? 2024.

TOP 50 FUTURE READY EMPLOYERS OF INDIA 2025

Your Company has been honored as one of the Top 50 Future Ready Employers of India 2025 by Fortune India, based on a study conducted by CIEL HR. This recognition is particularly meaningful as it reflects the voices of past and present employees who have directly experienced and shaped the culture of future-ready organizations like Oberoi Realty. Your Company?s leadership in fostering adaptable, resilient and progressive workplaces has set it apart, leading to this prestigious achievement.

THE GREAT PEOPLE MANAGER STUDY 2025

In our ongoing commitment to fostering a human-centric organization, your Company recognizes the crucial role that People Managers play in shaping the organizational culture. To support this objective, your Company participated again this year in The Great

People Manager Study 2025, conducted by the Great Manager Institute?. This study, one of the largest of its kind, aims to identify and celebrate outstanding People Managers within participating organizations. A total of 35 People Managers participated from Oberoi Realty out of which the number of qualifications for Round 2 (winning the ‘Great Manager to Work With? Certificate) doubled as compared to last year, rising from 7 to 14. Out of these 14, 3 are shortlisted and recognized to be amongst the Top 100 Great People

Managers in India. Also, overall, we have achieved a People Manager Effectiveness Index of 84 as compared to 80 last year.

CULTURE TRANSFORMATION

Your Company embarked upon an organization wide initiative around the theme of ‘People-First?. With this initiative, the organization aims to reinforce its commitment to placing its people at the forefront of everything it does. Starting with the Leadership team, your Company focused on the People Managers across the organisation to inculcate a People Centric culture. With focus on empathy and active listening, the Leadership team was engaged through 36 hours of executive coaching. Your Company ensured alignment across the organization through a structured cascading approach and have covered 98% of our total workforce with 16 sessions over a period of 9 months.

As an extension of this initiative, your Company initiated refresh of the Company values ensuring they resonate in today?s evolving landscape. This journey was marked by introspection, heartfelt dialogue and co-creation involving over 70 cross functional team members. The new Values—People First, Quality, Innovation, Integrity and Teamwork—were crafted through collaborative efforts, reflecting a commitment to excellence and inclusivity.

To embed its values, your Company launched ‘Booster? months led by cross-functional teams and leadership. Each month featured unique events dedicated to specific values, including expert sessions, panel discussions, street plays and theme-based competitions like quizzes and Innovathon.

Team-building activities which encouraged teamwork such as value mural creation by all teams and other team activities highlighting the behaviors and language associated with each value were initiated.

Your Company has implemented ongoing activities like value workshops, branding initiatives and a recognition program to encourage embodying our value integrating our philosophy into daily behaviours, by fostering a connected, motivated workforce committed to excellence.

WOMEN LEADERSHIP DEVELOPMENT PROGRAM 3.0

Your Company is committed to fostering diversity, equity and inclusivity, as part of this commitment, your Company has proudly launched Batch III of flagship Women Leadership Development

Program, "Flying Lessons." This program is designed to strengthen the women leadership pipeline by empowering women employees to plan their personal growth and professional success and navigate their leadership journey effectively.

This year, the program was open to all female employees across diverse teams, levels and locations. Aspirants were assessed through AON Assessment Solutions, and those with the highest scores were shortlisted to form the final batch. The program kicked off with an adventurous outbound experience, followed by classroom workshops filled with experiential learning moments.

These activities aimed to empower the participants and provide a variety of interactive and immersive learning opportunities to enhance their leadership acumen.

DIVERSITY, EQUITY & INCLUSION (DEI)

As part of the DEI roadmap, your Company formed Diversity,

Equity and Inclusion (DEI) Council, a significant fostering a more inclusive and equitable workplace. This council leads your Company?s efforts towards ensuring that our commitment to diversity and inclusion is reflected in all aspects of our organization. It is composed of a diverse group of individuals from various backgrounds, departments, levels within the organization. This includes representation from leadership, middle management, location and members who bring unique perspectives and experiences. The DEI Council will enhance communication channels by implementing regular internal updates, establishing feedback mechanisms and launching various initiatives to promote effective DEI practices.

WORK-LIFE INTEGRATION

Your Company believes that work-life integration is a core aspect of creating a people-centric organization. Your Company is dedicated to fostering an environment that promotes balanced work-life, encompassing physical, mental, emotional, relational and spiritual well-being for all stakeholders and the community at large. Every process, policy and initiative is focused on the well-being and development of the workforce.

Your Company embodies a balanced approach to integrating work-life philosophy across several key areas, including creating a comprehensive health program, wellness awareness sessions, financial wellbeing session, providing nutritious meals and fun at work.

This year, your Company has enhanced the insurance coverage for all employees providing greater security and peace of mind. Additionally, a substantial Corporate Buffer is available for exceptional cases, ensuring comprehensive support when it?s needed most.

Your Company prioritizes mental and emotional wellbeing through 24/7/365, Employee Assistance Program, providing employees and their families with round-the-clock access to professional tele-counseling, face-to-face sessions and online support. The Company also offers complimentary annual health check-ups for all employees and special discounts for their family members. To support stress relief and mental peace, regular meditation sessions and sports events such as cricket, table tennis and carrom tournaments are conducted, ensuring the overall wellbeing of the workforce.

HUMAN RIGHTS

As your Company aims to integrate human rights into the business at every level, it strives to engage all employees to enhance their awareness and encourages them to adopt practices that respect and promote human rights. This year, your Company introduced a ‘Human Rights? course to the E-Learning library, which garnered an exceptional response and saw a swift rate of completion. This course is aligned to your Company Human Rights policy and has helped employees to learn how to promote diversity and inclusion, ensure fair remuneration, support freedom of association and maintain health and safety standards, while avoiding malpractices such as forced labour, child labour and workplace discrimination and harassment. This positively contributes to your Companies operational excellence, driving and delivering long-term shared value creation.

LEARNING & DEVELOPMENT step towards

Your Company continues to prioritize capability building and empowering employees, ensuring alignment with the organization?s vision. Through a blended learning approach, encompassing both E-Learning and in-person training (classroom and virtual), your Company fosters the development of technical, behavioural and leadership skills.

This year, your Company has achieved a remarkable milestone by clocking over 19,000 hours of learning, reflectinga significant increase of 40%. This accomplishment was driven by focused interventions for various groups, including the leadership team, high-potential employees, women employees, people managers and the rest of the organization.

Key programs contributing to this achievement include the ‘People First? initiative, which covered 90% of the organization, including the leadership team focussing on key concepts like Empathy, leadership skills and listening skills. Specialized role-based training programs such as Primavera P6 for the Planning Team, Enscape and Sketch Up for Architects were conducted.

Refresher trainings on Artificial Intelligence and Microsoft Office were provided to ensure employees stay current with evolving technologies and continuously enhance their skills. These extensive learning and development programs equip all employees with the essential skills needed to remain competitive and make significant contributions to collective success.

Furthermore, your Company introduced a new mandatory learning module on human rights, reinforcing its commitment to ethical practices and employee well-being. The mandatory learning modules, including Code of Conduct, Insider Training, POSH, iSafe and Diversity & Inclusion, continue to be an integral part of the organization?s learning framework.

INTERNAL MOBILITY

Your Company has a well-defined Internal Mobility Policy which enables enrichment of its talent pool and significantly contributes to the company?s overall success by leveraging diverse skills and experiences within the organization. The policy is designed to empower all employees to explore new opportunities, contribute to various aspects of our business and elevate their professional journey within the company. It offers them the freedom to apply for available positions within the organization without the need for prior approval from their supervisors. It thus highlights the company?s commitment to fostering growth, nurturing talent and cultivating a dynamic work environment at Oberoi Realty.

RISKS AND CONCERNS Market price fluctuation

The performance of your Company may be affected by the sales and rental realizations of its projects. These prices are driven by prevailing market conditions, the nature and location of the projects and other factors such as brand and reputation and the design of the projects.

Your Company follows a prudent business model and tries to ensure steady cash flow even during adverse pricing scenario.

Sales volume

The volume of bookings depends on the ability to design projects that will meet customer preferences, getting various approvals in time, general market factors, project launch and customer trust in entering into sale agreements well in advance of receiving possession of the projects. Your Company sells its projects in phases from the time it launches the project, based on the type and scale of the project and depending on market conditions.

Execution

Execution depends on several factors which include labour availability, raw material prices, receipt of approvals and regulatory clearances, access to utilities such as electricity and water, weather conditions and the absence of contingencies such as litigation. Your Company manages the adversities with cautious approach, meticulous planning and by engaging established and reputed contractors. As your Company imports various materials, at times execution is also dependent upon timely shipment and clearance of the material.

Rental realizations

The rental realizations on the space leased depends upon the project location, design, tenant mix (this is relevant in the case of shopping malls), prevailing economic conditions and competition. Your Company has set up its retail property in prime location and maintains a fresh ambience resulting in crowd pull and attracting first time kind of retailers. As far as the office space rentals are concerned, the same depends on demand and supply, general economic conditions, business confidence and competition.

Land / Development rights – costs and availability

The cost of land forms a substantial part of the project cost, particularly in Mumbai. It includes amounts paid for freehold rights, leasehold rights, fungible FSI, construction cost of area given to landlords in consideration for development rights, registration and stamp duty. Your Company acquires land / land development rights from the government and private parties. It ensures that the consideration paid for the land is as per the prevailing market conditions, reasonable and market timed. Your Company also enters into MOUs and makes advances for the land / land development rights prior to entering into definitive agreements.

The ensuing negotiations may result in either a transaction for the acquisition of the land / land development rights or the Company getting a refund of the moneys advanced.

Financing costs

The acquisition of land and development rights needs substantial capital outflow. Inadequate funding resources and high interest costs may impact regular business and operations. Your Company has always tried to build sufficient reserves resulting out of operating cash flows to take advantage of any land acquisition or development opportunity.

OUTLOOK

In 2025, India?s economy is projected to be the fastest-growing major economy despite global headwinds, with a growth rate of 6.5%. This projection is supported by robust public spending and monetary policy stimulus. The real estate sector is likely to continue its journey of long-term growth as we see a continuous rise in GDP per capita, larger disposable incomes, growing urbanization and most of all a larger focus of the world on us as the next big economy.

An increase in earning potential, a need for a better standard of living and the growing base of aspirational consumers and their lifestyle changes have led to substantial growth in the sector. With suited economic growth, the premium housing segment will also witness higher demand in the years to come.

CAUTIONARY STATEMENT

This management discussion and analysis contain forward looking statements that reflects your Company?s current views with respect to future events and financial performance. The actual results may differ materially from those anticipated in the forward-looking statements as a result of many factors.