Adani Estates 2020 Annual Report.pdf

ADANI ESTATES PRIVATE LIMITED
Standalone Financial Statements for period 01/04/2019 to 31/03/2020
[700300] Disclosure of general information about company
Unless otherwise specified, all monetary values are in INR
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Name of company
ADANI ESTATES PRIVATE
LIMITED
Corporate identity number U45300GJ2005PTC046949
Permanent account number of entity AAFCA6390M
Address of registered office of company
ADANI HOUSE NR MITHAKHALI
CIRCLE , NAVRANGPURA ,
Ahmedabad , Ahmedabad ,
GUJARAT , INDIA - 380009
Type of industry
C o m m e r c i a l a n d
Industrial
Date of board meeting when final accounts were approved 23/07/2020
Date of start of reporting period 01/04/2019 01/04/2018
Date of end of reporting period 31/03/2020 31/03/2019
Nature of report standalone consolidated Standalone
Content of report Financial Statements
Description of presentation currency INR
Level of rounding used in financial statements Actual
Type of cash flow statement Indirect Method
Whether company is maintaining books of account and other relevant
books and papers in electronic form
Yes
Complete postal address of place of maintenance of computer
servers (storing accounting data)
Plot No B-7, Sec – 132,
N o i d a , U P
201301
Name of city of place of maintenance of computer servers (storing
accounting data)
Noida
Name of state/ union territory of place of maintenance of
computer servers (storing accounting data)
Noida (UP)
Pin code of place of maintenance of computer servers (storing
accounting data)
201301
Name of district of place of maintenance of computer servers
(storing accounting data)
Noida
ISO country code of place of maintenance of computer servers
91 (IN)
Name of country of place of maintenance of computer servers
INDIA
Phone (with STD/ ISD code) of place of maintenance of computer
servers (storing accounting data) 079-25555650
Disclosure of principal product or services [Table] ..(1)
Types of principal product or services [Axis] 1
01/04/2019
to
31/03/2020
Disclosure of general information about company [Abstract]
Disclosure of principal product or services [Abstract]
Disclosure of principal product or services [LineItems]
Product or service category (ITC 4 digit) code 9953
Description of product or service category CONSTRUCTION
Turnover of product or service category 177,24,46,174
Highest turnover contributing product or service (ITC 8 digit) code 99531110
Description of product or service
O n e a n d
two-dwelling
residential buildings
Turnover of highest contributing product or service 177,24,46,174

2
ADANI ESTATES PRIVATE LIMITED Standalone Financial Statements for period 01/04/2019 to 31/03/2020
[700600] Disclosures - Directors report
Details of principal business activities contributing 10% or more of total turnover of company [Table] ..(1)
Principal business activities of company [Axis]
Product/service 1
[Member]
01/04/2019
to
31/03/2020
Details of principal business activities contributing 10% or more of total turnover of company [Abstract]
Details of principal business activities contributing 10% or more of total turnover of company
[LineItems]
Name of main product/service CONSTRUCTION
Description of main product/service CONSTRUCTION
NIC code of product/service 0041
Percentage to total turnover of company 100.00%
Particulars of holding, subsidiary and associate companies [Table] ..(1)
Particulars of companies [Axis] 1 2
01/04/2019
to
31/03/2020
01/04/2019
to
31/03/2020
Particulars of holding, subsidiary and associate companies [Abstract]
Particulars of holding, subsidiary and associate companies [LineItems]
Name of company
Adani Properties Private
Limited
Adani Infrastructure and
Developers private Limited
Address of company
SHIKHAR NR ADANI
HOUSEMITHAKHALI
S I X R O A D
NAVRANGPURA
AHMEDABAD
10th Floor, Shikhar
Building, Near Adani
house, Mithakhali Six
Roads, Navrangpura,
Ahmedabad, Gujarat - 380
009
Country of incorporation of company INDIA INDIA
CIN of company U45201GJ1995PTC026067 U45201GJ2006PTC066449
Type of company Private Company Private Company
Percentage of shares held 100.00% 75.00%
Applicable section 2(46) 2(46)
Details of directors signing board report [Table] ..(1)
Directors signing board report [Axis] 1
01/04/2019
to
31/03/2020
Details of signatories of board report [Abstract]
Details of directors signing board report [LineItems]
Name of director signing board report [Abstract]
First name of director KALAGARLA
Middle name of director MADHUSUDANA
Last name of director RAO
Designation of director Director
Director identification number of director 08499420
Date of signing board report 23/07/2020

3
01/04/2019
to
31/03/2020
Disclosure in board of directors report explanatory [TextBlock]
Textual information (1)
[See below]
Description of state of companies affair
[See below]
Disclosure relating to amounts if any which is proposed to carry to any
reserves
As Below
Disclosures relating to amount recommended to be paid as dividend
Dividend: Directors
do not recommend any
dividend on equity shares
for the year under
review.
Details regarding energy conservation
[See below]
Details regarding technology absorption
[See below]
Details regarding foreign exchange earnings and outgo
[See below]
Disclosures in director’s responsibility statement
[See below]
Details of material changes and commitment occurred during period
affecting financial position of company
[See below]
Particulars of loans guarantee investment under section 186 [TextBlock]
Particulars of Loans,
G u a r a n t e e o r
Investment:
T h e
particulars of loans,
guarantees and
investments have been
disclosed in the
f i n a n c i a l
statements.
Particulars of contracts/arrangements with related parties under section
188(1) [TextBlock]
[See below]
Details of contracts/arrangements/transactions not at arm's length
basis [Abstract]
Whether there are contracts/arrangements/transactions not at arm's
length basis
No
Details of material contracts/arrangements/transactions at arm's
length basis [Abstract]
Whether there are material contracts/arrangements/transactions at
arm's length basis
No
Details of statement indicating manner in which formal
annual evaluation made by board of its performance and of its
committees and individual directors [TextBlock]
[See below]
Disclosure of extract of annual return as provided under section 92(3)
[TextBlock]
[See below]
Details of principal business activities contributing 10% or more
of total turnover of company [Abstract]
Particulars of holding, subsidiary and associate companies [Abstract]
Details of shareholding pattern of top 10 shareholders [Abstract]
Disclosure of statement on declaration given by independent directors
under section 149(6) [TextBlock]
As Below
Disclosure for companies covered under section 178(1) on
directors appointment and remuneration including other matters
provided under section 178(3) [TextBlock]
[See below]
Disclosure of statement on development and implementation of risk
management policy [TextBlock]
As Below
Details on policy development and implementation by company on
corporate social responsibility initiatives taken during year
[TextBlock]
As Below
Disclosure as per rule 8(5) of companies accounts rules 2014 [TextBlock]
Disclosure of financial summary or highlights [TextBlock]
[See below]
Disclosure of change in nature of business [TextBlock] As Below
Details of directors or key managerial personnels who were
appointed or have resigned during year [TextBlock]
As Below

4
Disclosure of companies which have become or ceased to be its
subsidiaries, joint ventures or associate companies during
year [TextBlock]
As Below
Details relating to deposits covered under chapter v of companies act
[TextBlock]
As Below
Details of deposits which are not in compliance with requirements
of chapter v of act [TextBlock]
As Below
Details of significant and material orders passed by
regulators or courts or tribunals impacting going concern
status and company’s operations in future [TextBlock]
[See below]
Details regarding adequacy of internal financial controls with
reference to financial statements [TextBlock]
[See below]
Disclosure of appointment and remuneration of director or
managerial personnel if any, in the financial year [TextBlock]
As Below
Details of remuneration of director or managerial personnel [Abstract]
Statement showing details of employees of company under
rule 5(2) and (3) of companies appointment and
remuneration of managerial personnels rules 2014
[TextBlock]
[See below]
Number of meetings of board [pure] 9
Details of signatories of board report [Abstract]
Name of director signing board report [Abstract]

5
Disclosure in board of directors report explanatory [Text Block]
Dear Shareholders,
Your Directors are pleased to present the 15th Annual Report alongwith the audited accounts of your Company for the financial year ended
on March 31, 2020.
Deposits:
During the year under review, your Company has not accepted any deposits within the meaning of Section 73 of Companies Act, 2013 and
the rules made thereunder.
Transfer to Reserves
The Company have not transferred any amount to the Reserve for the financial year ended March 31, 2020.
Meetings of the Board and Shareholders:
During the year under review, 9 Board Meetings were held viz. on 06thMay, 2019, 10thJune, 2019, 25th June, 2019, 05th July, 2019,25th
July, 2019, 15thOctober, 2019, 18th November, 2019, 28thJanuary, 2020 and 04th February, 2020. The intervening gap between the
Meetings was within the period prescribed under the Companies Act, 2013.
Name of Directors
Meetings
Held Attended
Mr. Laxmiprasad Choudhary 9 9
Mr. Madhusudana Rao Kalagarla 5 5
Mr. Ranjan Wazir 4 4
Business Risk Management:

6
Your Company has a formal risk assessment and management system which periodically identifies risk areas, evaluates their consequences,
initiates risk mitigation strategies and implements corrective actions where required.
Subsidiaries, Joint Ventures and Associate Companies:
During the year under review, your Company continues to be wholly owned subsidiary of Adani Infrastructure and Developers Private
Limited. The Company does not have any Subsidiaries or Joint venture or Associate Companies.
Auditors & Auditors Report:
M/s. MBD & Co., Chartered Accountants, (Firm registration no.135129W), were appointed as Statutory Auditors of the Company at the 13th
Annual General Meeting of the Company held on 25th September, 2018 for the period of 5 years (Five Years i.e. up to the AGM to be held
in the year 2023).
The Notes to the financial statements referred in the Auditors Report are self-explanatory and therefore do not call for any comments under
Section 134 of the Companies Act, 2013
Secretarial Audit Report:
Since the Company does not fall within the class of Companies as mentioned in section 204(1) of the Companies Act, 2013 read with the
applicable rules made thereunder relating to Secretarial Audit Report, the Company has not appointed any Company Secretary in Practice as
Secretarial Auditor and therefore the said Secretarial Audit Report is not annexed to this report. Accordingly, the commentsof theDirectors
on qualifications, reservations or adverse remarks in the Secretarial Audit Report is not applicable.
Prevention of Sexual Harassment at Workplace:
During the year under review, there was no complaintfiled with the Company pertaining to sexual harassment.
Vigil Mechanism/Whistle Blower Policy:
The Company has formulated a Whistle Blower Policy to establish a vigil mechanism for Directors and Employees of the Company to report
to the management concerns about unethical behaviour, actual or suspected fraud or violation of the policy.
Acknowledgement:

7
Your Directors have pleasure in taking this opportunity to thank the Government Agencies, bankers and all other personnel for their
continued support and confidence reposed in the Company.
Description of state of companies affair
The State of Company’s affairs: In the year 2019-20, the Company’s sales income was Rs.17,724.46 lakhs compared to Rs.29,850.32 lakhs
for the year 2018-19. During the year, the company incurredlossbefore tax of Rs.653.10 lakhs
Details regarding energy conservation
Ø Conservation of energy, technology absorption etc. Since your Company is not a manufacturing Company, the information pertaining to
Conservation of Energy and Technology Absorption as stipulated under Section 134(3) (m) of the Companies Act, 2013 read with applicable
rules made thereunder is not applicable to the Company.
Details regarding technology absorption
Ø Conservation of energy, technology absorption etc. Since your Company is not a manufacturing Company, the information pertaining to
Conservation of Energy and Technology Absorption as stipulated under Section 134(3) (m) of the Companies Act, 2013 read with applicable
rules made thereunder is not applicable to the Company.
Details regarding foreign exchange earnings and outgo
Ø Foreign Exchange Earnings And Outgo The information on conservation of energy, technology absorption and foreign exchange
earnings and outgo stipulated under Section 134 (3) (m) of the Companies Act, 2013 read with rules made thereunder is annexed herewith as
“Annexure-C”. ANNEXURE ‘C’ TO BOARD’S REPORT CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO Information as required under Section 134(3) (m) of the Companies Act, 2013 read
with Rule 8(3) of the Companies (Accounts) Rules, 2014 are set out as under: A. Conservation of Energy: - not applicable a) the
steps taken or impact on conservation of energy: b) the steps taken by the company for utilizing alternate sources of energy: c) the
capital investment on energy conservation equipment: B. Technology Absorption: - not applicable (i) the efforts made towards
technology absorption: (ii) the benefits derived like product improvement, cost reduction, product development or import substitution:
(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year) a) the
details of technology imported; b) the year of import; c) whether the technology been fully absorbed; d) if not fully absorbed, areas
where absorption has not taken place, and the reasons thereof; and (iv) the expenditure incurred on Research and Development: C.
Details of Foreign Exchange Earning & Outgo during the year: (Amount in Rs.) Foreign Exchange earnings Nil
Foreign Exchange outgo Nil

8
Disclosures in director’s responsibility statement
Directors’ Responsibility Statement: Pursuant to the requirements under Section 134(5) of the Companies Act, 2013, with respect to
Directors’ Responsibility Statement, your Directors hereby confirm the following: a. that in the preparation of the annual financial
statements, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;
b. that such accounting policies have been selected and applied consistently and judgement and estimates have been made that are
reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2020 and of the profit and
loss of the Company for the year ended on that date; c. that proper and sufficient care has been taken for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities; d. that the annual financial statements have been prepared on a going concern
basis; e. that proper internal financial controls were in place and that the financial control were adequate and were operating effectively;
f. that proper systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating
effectively.
Details of material changes and commitment occurred during period affecting financial position of company
Material changes and commitments, if any, affecting the financial position of the Company which have occurred between the end of the
financial year of the Company to which the financial statements relate and the date of the report: There are no material changes and
commitments affecting the financial position of the Company which have occurred between the end of the financial year 2019-20 of the
company to which the financial statements relate and the date of this report.
Particulars of contracts/arrangements with related parties under section 188(1) [Text Block]
Related Party Transactions:
All transactions entered into with Related Parties as defined under the Companies Act, 2013 during the financial year were in the ordinary
course of business and on an arm’s length pricing basis and do not attract the provisions of Section 188(1) of the Companies Act, 2013.
Suitable disclosure as required by the Indian Accounting Standards (Ind AS-24) has been made in the notes to the Financial Statements.
Details of statement indicating manner in which formal annual evaluation made by board of its performance and
of its committees and individual directors [Text Block]
Formal Annual Evaluation:
As your Company is neither a Listed Company nor a public company having a paid up capital of Rs. 25 Crores or more, the statement
indicating the manner in which formal annual evaluation has been made by the Board of its own performance and that of its committees and
individual directors is not applicable

9
Disclosure of extract of annual return as provided under section 92(3) [Text Block]
Extract of Annual Return:
The details forming part of the extract of the Annual Return in Form MGT-9 is annexed as Annexure B, which forms part of this Report.
ANNEXURE B TO BOARDS REPORT
FORM NO. MGT-9
EXTRACT OF ANNUAL RETURN
As on the financial year ended March 31, 2020
[Pursuant to Section 92(3) of the Companies Act, 2013, and Rule 12(1) of the
Companies (Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS:
CIN : U45300GJ2005PTC046949
Registration Date : 20th October, 2005
Name of the Company : Adani Estates Private Limited
Category / Sub-Category of the Company : Company limited by Shares / Indian Non Government Company
Address of the Registered office and contact details :
Adani House, Nr.Mithakhali Circle, Navrangpura, Ahmedabad -
380 009
Whether listed company : No, Unlisted Company
Name, Address and Contact details of Registrar and Transfer Agent,
if any
: N.A.

10
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY:
All the business activities contributing 10% or more of the total turnover of the company shall be stated:
Name and description of main Products/Services NIC Code of the Product/ service % to total turnover of the company
Construction 0041 100%
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES:
Name and address of the Company CIN
Holding/ Subsidiary/
Associate
% of shares
held
Applicable
Section
Adani Properties Private Limited
(APPL)
U45201GJ1995PTC026067 Ultimate Holding Co. 100 2(46)
Adani Infrastructure And Developers Private
Limited
(AIDPL)
U45201GJ2006PTC066449 Holding Co. 75 2(46)
IV. SHARE HOLDING PATTERN (EQUITY SHARE CAPITAL BREAKUP AS PERCENTAGE OF TOTAL EQUITY
i) Category-wise Share Holding
Category of Shareholders
No of Shares
held at the
beginning of
the year
No. of
Shares
held at
the end
of the
year
%
Change
during
the
year

11
Demat Physical
Total
% of total
Shares
Demat Physical
Total
% of total
Shares
A. Promoter
1 Indian
a)
Individuals/
HUF
-- -- -- -- -- -- -- -- --
b) Central Government -- -- -- -- -- -- -- -- --
c) State Government(s) -- -- -- -- -- -- -- -- --
d) Bodies Corporate* -- 75,00,000 75,00,000 75% -- 75,00,000 75,00,000 75% Nil
e) Banks/FI -- -- -- -- -- -- -- -- --
f) Any Others -- -- -- -- -- -- -- -- --
Sub
Total(A)(1)
2 Foreign
a) NRIs-Individuals -- -- -- -- -- -- -- -- --
b) Other-Individuals -- -- -- -- -- -- -- -- --
c) Bodies Corporate -- -- -- -- -- -- -- -- --
d) Banks/FI -- -- -- -- -- -- -- -- --
e) Any Other -- -- -- -- -- -- -- -- --
Sub
Total(A)(2)
-- -- -- -- -- -- -- -- --
Total
Shareholding
of Promoter
and Promoter
Group
(A)=
(A)(1)+(A)(2)
-- 75,00,000 75,00,000 75% -- 75,00,000 75,00,000 75% Nil

12
B. Public shareholding
1 Institutions
a) Mutual Funds/ UTI -- -- -- -- -- -- -- -- --
b) Banks/FI -- -- -- -- -- -- -- -- --
c) Central Govt. -- -- -- -- -- -- -- -- --
d) State Govt. -- -- -- -- -- -- -- -- --
e) Venture Capital Funds -- -- -- -- -- -- -- -- --
f) Insurance Companies -- -- -- -- -- -- -- -- --
g) FII -- -- -- -- -- -- -- -- --
h)
Foreign Venture Capital
Funds
-- -- -- -- -- -- -- -- --
i) Any Other -- -- -- -- -- -- -- -- --
Sub-Total
(B)(1)
2 Non-institutions
a) Bodies Corporate -- -- -- -- -- -- -- -- --
I Indian -- 25,00,000 25,00,000 25% -- 25,00,000 25,00,000 25% Nil
Ii Overseas -- -- -- -- -- -- -- -- --
b) Individuals -- -- -- -- -- -- -- -- --
I
Individuals shareholders
holding nominal share
capital up to Rs 1 lakh
-- -- -- -- -- -- -- -- --
ii
Individual shareholders
holding nominal share
capital in excess of Rs. 1
lakh.
-- -- -- -- -- -- -- -- --
c) Other -- -- -- -- -- -- -- -- --
Sub-Total
(B)(2)
--- -- -- -- -- -- -- -- --

13
Total
Public
Shareholding
(B)=
(B)(1)+(B)(2)
-- -- -- -- -- -- -- -- --
C.
Shares held by
Custodians for GDRs &
ADRs
-- -- -- -- -- -- -- -- --
GRAND
TOTAL
(A)+(B)+(C)
-- 100,00,000 100,00,000 100% -- 100,00,000 100,00,000 100% Nil
* Shares held by AIDPL including one nominee of AIDPL.
Note 1: 25% shares are held by non-promoter, Indian body corporate named Real deal Developers Private Limited
ii) Shareholding of Promoter
Shareholders Name
No of Shares held at
the beginning of the
year
No. of Shares
held at the
end of the
year
%
Change
during
the
year
Demat Physical
Total
% of total
Shares
Demat Physical
Total
% of total
Shares
1
Developers Private Limited
(AIDPL)*
-- 75,00,000 75,00,000 75.00 -- 75,00,000 75,00,000 75.00 0.00
Total
75,00,000 75,00,000 100% 75,00,000 75,00,000 100%
0.00
* Shares held by AIDPL including one nominee of AIDPL.
iii) Change in Promoters Shareholding

14
Shareholding at the
beginning of the
year
Cumulative
Shareholding during
the year
No. of Shares
% of total shares of
the Company
No. of
Shares
the Company
At the beginning of the year
No change during
the year
Date wise Increase / Decrease in Promoters Shareholding during the year specifying
the reasons for increase / decrease (e.g. allotment / transfer / bonus/ sweat equity etc.):
No change during
the year
At the end of the year
No change during
the year
iv) Shareholding Pattern of top ten Shareholders(other than Directors, Promoters and Holders of GDR and ADRs):
For each of the Top 10 Shareholder Shareholding at the beginning of the year Shareholding at the end of the year
No. of Shares % of total shares of the Company No. of Shares % of total shares of the Company
1) Real deal Developers Private Limited 25,00,000 25 25,00,000 25
Total 25,00,000 25 25,00,000 25
v) Shareholding of Directors and Key Managerial Personnel:
For each of the Directors and KMP
Shareholding at the
beginning of the year
Shareholding at
the end of the
year
No. of Shares
the Company
No. of
Shares
% of total shares
of the Company

15
At the beginning of the year
None.
Date wise Increase / Decrease in Promoters Shareholding during the year specifying the
reasons for increase / decrease (e.g. allotment / transfer / bonus/ sweat equity etc.):
At the end of the year
INDEBTEDNESS:
Indebtedness of the Company including interest outstanding/accrued but not due for payment
(Amount in Rs.)
Particulars Secured Loans excluding deposits Unsecured Loans (*) Deposits Total Indebtedness
Indebtedness at the beginning of the financial year
i) Principal Amount 4,190,850,661 6,610,323,252* - 10,801,173,913
ii) Interest due but not paid - - - -
iii) Interest accrued but not due - - - -
Total (i+ii+iii) 4,190,850,661 6,610,323,252* - 10,801,173,913
Change in Indebtedness during the financial year
Addition 1,423,162,260 2,061,098,295 - 3,484,260,555
Reduction (3,922,982,357) (2,038,849,082) - (5,961,831,439)
Net Change (2,499,820,097) 22,249,213 - (2,477,570,884)
Indebtedness at the end of the financial year -
i) Principal Amount 1,676,421,655 6,632,572,465* - 8,308,994,120

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ii) Interest due but not paid - - - -
iii) Interest accrued but not due 14,608,909 - - 14,608,909
Total (i+ii+iii) 1,691,030,564 6,632,572,465* - 8,323,603,029
* It includes Compulsorily Convertible Debentures (CCDs) amounted of Rs. 609,45,69,800/-
V. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A. Remuneration to Managing Director, Whole-time Directors and/or Manager:
Sr No
Particulars of
Remuneration
Managing
Director/
Manager
Director
Total
Amount
1 Gross salary
a) Salary as per provisions contained in section 17(1) of the
Income-tax Act, 1961
-- -- --
b) Value of perquisites u/s 17(2) Income-tax Act, 1961 -- -- --
c) Profits in lieu of salary under section 17(3) Income-tax Act, 1961 -- -- --
2 Stock Option - -- -- --
3 Sweat Equity -- -- --
4 Commission -- -- --
- as % of profit -- -- --
- others, specify -- -- --
5 Others, please specify -- -- --
Total (A) -- -- --

17
Ceiling as per the Act* -- -- --
* Not applicable to private companies
B. Remuneration to other Directors:
(Amount in Rs.)
Sr No Particulars of Remuneration
Other Directors
Total Amount
1 Independent Directors
a) Fee for attending board, committee meetings
b) Commission -- --
c) Others, please specify -- --
Total (1)
2 Other Non-Executive Directors -- --
a) Fee for attending board, committee meetings --
b) Commission -- --
c) Others, please specify -- --
Total (2) --
Total (B) = (1+2)
Total Managerial Remuneration
C. Remuneration to key managerial personnel other than MD/manager/WTD*
Sr No
Particulars of
Remuneration
Key managerial
personnel
(In Rs.)
Total
Amount
(In Rs.)

18
1 Gross salary -- --
a) Salary as per provisions contained in section 17(1) of the Income-tax
Act, 1961
-- --
b) Value of perquisites u/s 17(2) Income-tax Act, 1961 -- --
c) Profits in lieu of salary under section 17(3) Income-tax Act, 1961 -- --
2 Stock Option -- --
3 Sweat Equity -- --
4 Commission
- as % of profit -- --
- others, specify -- --
5 Others, please specify -- --
Total (A)
Ceiling as per the Act -- --
* The Company secretary does not draw salary from the company.
VI. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:
Type
Section of the
Companies Act
Brief
Description
Details of penalty/ punishment/
compounding fees imposed
Authority
[RD / NCLT/
COURT]
Appeal made, if any
(give details)
A. Company
Penalty
None

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Punishment
Compounding
B. Directors
Penalty
None
Punishment
Compounding
C. Other Officers
in default
Penalty
None
Punishment
Compounding
For and on behalf of the Board of Directors
Place: Ahmedabad Madhusudana Rao Kalagarla
Date: 23.07.2020 Chairman
(DIN:
08499420)
Registered Office:
Adani House,

20
Nr Mithakhali Circle,Navrangpura,
Ahmedabad 380 009,
Gujarat
CIN:U45300GJ2005PTC046949
Disclosure for companies covered under section 178(1) on directors appointment and remuneration including
other matters provided under section 178(3) [Text Block]
Policy on directors’ appointment and remuneration:
The Company does not have any policy on directors’ appointment and remuneration and other matters since the provisions of Section 178 of
the Companies Act, 2013 is not applicable to the Company.

21
Disclosure of financial summary or highlights [Text Block]
Financial Results/Highlights:
(Rs. in lakhs)
Particulars
For the year ended 31st
March, 2020
March, 2019
Revenue from operations 17,724.46 29,850.32
Other Income
2,428.67
2,835.55
Total Revenue 20,153.13 32,685.86
Less:
Expenditure for the year excluding Depreciation and
Amortization Exp.
20,798.30 32,390.82
Profit or (Loss) before Depreciation and Amortization Exp. (645.17) 295.04
Less: Depreciation and Amortization Exp. 7.94 7.07
Profit or (Loss) after Depreciation and Amortization Exp.
But before Tax
(653.10) 287.97
Tax Expense (Including Deferred Tax)
44.29 113.87
Profit or (Loss) After tax (697.39) 174.10

22
Details of significant and material orders passed by regulators or courts or tribunals impacting going concern
status and company’s operations in future [Text Block]
Significant and material orders passed by the regulators or courts or tribunals impacting the going concern status of the Company:
There are no significant and material orders passed by the Regulators or Courts or Tribunals which would impact the going concern status
and the Company’s future operations
Details regarding adequacy of internal financial controls with reference to financial statements [Text Block]
Internal financial control system and their adequacy:
The Company has an adequate internal financial control system, commensurate with the size, scale and complexity of its operations. The
Internal Audit Department monitors and evaluates the efficacy and adequacy of internal control system in the Company, its compliance with
operating systems, accounting procedures and policies of the Company.

23
Statement showing details of employees of company under rule 5(2) and (3) of companies appointment and
remuneration of managerial personnels rules 2014 [Text Block]
Particulars of Employees:
The information required under section 197 of the Companies Act, 2013 read with rule 5(2) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 are provided in separate “Annexure-C” forming part of this report.
ANNEXURE ‘C’ TO THE DIRECTORS’ REPORT
Information as per Section 197 of the Companies Act, 2013 read with Rule 5(2) of The Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 of Adani Infrastructure and Developers Private Limited for Financial Year 2019-20
A. Personnel who are in receipt of remuneration aggregating not less than Rs. 1.02 Crores per annum and employed throughout the year.
Name
Age
(Years)
Designation
Gross
remunerations
(Rs.)
Qualification
Experience
(Years)
Date of
Joining
Previous employment
Mr.
Sunil
Bhat 50
Head -
Projects
1,14,66,835/-
Bachelor of Engineering / Bachelor
of Technology - B.E./B.Tech.-1990
More than
25 Years
07-01-2019
Kayjay & Associates,Oberoi
Builders,Sheth Builders,Wimsor
Realty Pvt Ltd
B. Employed for a part of the financial year and were in receipt of remuneration for any part of the financial year at a rate which in
aggregate was not less than Rs. 8.5 lacs per month.
Name Age (Years) Designation Gross remunerations (Rs. In lacs) Qualification
Experience
(Years)
Date of Joining Previous employment
Not applicable

24
Notes: (1) Remuneration mentioned above includes Salary, Contribution to Provident and other funds and other perquisites.
(2) The nature of employment is contractual in all the above cases.
(3) None of the employees is related to any Director of the company.
(4) No individual employee is holding equivalent to or more than 2% of the outstanding shares of the Company as on 31st March,
2020.
[700500] Disclosures - Signatories of financial statements
Details of directors signing financial statements [Table] ..(1)
Directors signing financial statements [Axis] 1 2
01/04/2019
to
31/03/2020
01/04/2019
to
31/03/2020
Details of signatories of financial statements [Abstract]
Details of directors signing financial statements [Abstract]
Details of directors signing financial statements [LineItems]
Name of director signing financial statements [Abstract]
First name of director LAXMIPRASAD KALAGARLA
Middle name of director RAMESHWARLAL MADHUSUDANA
Last name of director CHAUDHARY RAO
Designation of director Director Director
Director identification number of director 00006278 08499420
Date of signing of financial statements by director 23/07/2020 23/07/2020

25
[700400] Disclosures - Auditors report
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [Table] ..(1)
Auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [Axis]
Auditor's
favourable remark
[Member]
Clause not
applicable
[Member]
01/04/2019
to
31/03/2020
01/04/2019
to
31/03/2020
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in
auditors' report [Abstract]
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in
auditors' report [LineItems]
Disclosure in auditors report relating to fixed assets As Below
Disclosure relating to quantitative details of fixed assets
The Company has
maintained proper
records showing full
particulars,
including
quantitative details
and situation of
fixed assets
Disclosure relating to physical verification and material discrepancies of fixed
assets
Textual information
(16) [See below]
Disclosure relating to title deeds of immovable properties
Company does not
own any immovable
properties and thus
the provision of
clause3(i)(c) of the
said order are not
applicable.
Disclosure in auditors report relating to inventories
Textual information
(17) [See below]
Disclosure in auditors report relating to loans
Textual information
(18) [See below]
Disclosure in auditors report relating to compliance with Section 185 and 186 of
Companies Act, 2013
The company has
complied with
provisions of
section 185 and 186
of the companies
Act, 2013 in respect
of loans,
investments,
guarantees and
security.
Disclosure in auditors report relating to deposits accepted
The Company has
not accepted any
deposits and thus
reporting under
clause 3(v) of the
Order is not
applicable to the
Company.
Disclosure in auditors report relating to maintenance of cost records
Textual information
(19) [See below]
Disclosure in auditors report relating to statutory dues [TextBlock] As Below
Disclosure relating to regularity in payment of undisputed statutory dues
[TextBlock]
Textual information
(20) [See below]
Disclosure relating to disputed statutory dues [TextBlock]
Textual information
(21) [See below]
Disclosure in auditors report relating to default in repayment of financial dues
Textual information
(22) [See below]
Disclosure in auditors report relating to public offer and term loans used for
purpose for which those were raised
Textual information
(23) [See below]
Disclosure in auditors report relating to fraud by the company or on the
company by its officers or its employees reported during period
Textual information
(24) [See below]
Disclosure in auditors report relating to managerial remuneration
Textual information
(25) [See below]
Disclosure in auditors report relating to Nidhi Company
The company is not
a Nidhi Company.
Accordingly, the
provisions of Clause
3(xii) of the Order
are not applicable to
the Company.
Disclosure in auditors report relating to transactions with related parties
Textual information
(26) [See below]

26
Disclosure in auditors report relating to preferential allotment or private
placement of shares or convertible debentures
The company has
not made any
preferential
allotment or private
placement of shares
or fully or partly
convertible
debentures during
the year under
review.
Disclosure in auditors report relating to non-cash transactions with directors
or persons connected with him
Textual information
(27) [See below]
Disclosure in auditors report relating to registration under section 45-IA of
Reserve Bank of India Act, 1934
Textual information
(28) [See below]
Details regarding auditors [Table] ..(1)
Auditors [Axis] 1
01/04/2019
to
31/03/2020
Details regarding auditors [Abstract]
Details regarding auditors [LineItems]
Category of auditor Auditors firm
Name of audit firm M B D & CO LLP
Name of auditor signing report
Deval Rajnikant
Desai
Firms registration number of audit firm 135129W
Membership number of auditor 132426
Address of auditors
3rd Floor, Shree
Krishna Center,
Near Mithakhali
C i r c l e ,
Navrangpura,
Ahmedabad – 380
009.
Permanent account number of auditor or auditor's firm AAWFM0149A
SRN of form ADT-1 H20375267
Date of signing audit report by auditors 23/07/2020
Date of signing of balance sheet by auditors 23/07/2020
01/04/2019
to
31/03/2020
Disclosure in auditor’s report explanatory [TextBlock]
[See below]
Whether companies auditors report order is applicable on company Yes
Whether auditors' report has been qualified or has any reservations or
contains adverse remarks
No
Disclosure relating to physical verification and material discrepancies of fixed assets
The fixed assets of the company have been physically verified by the management of the Company during the year and no material
discrepancies between the book records and the physical assetshave been noticed.Inour opinion, the frequency of verification is reasonable.
Disclosure in auditors report relating to inventories
Physical verification of inventory has been conducted by Management at reasonable intervals. In our opinion, the frequency of verification is
reasonable. On the basis of our examination of the inventory records, in our opinion, the Company is maintaining proper records of
inventory. The discrepancies noticed on physical verification of inventory as compared to book records were not material.

27
Disclosure in auditors report relating to loans
The Company has granted unsecured loans to two companies (out of which one is interest free) coveredin the register maintained under
Section 189 of the Companies Act, 2013 (‘the Act’).(a) In our opinion and according to the information and explanations given to us, the
terms and conditions of the grant of such loans are not prejudicial to the interest of the Company. The interest free loan granted by the
company has been received back in full during the year.According to the information and explanations given to us and based on the audit
procedures conducted by us, we are of the opinion that the rate of interest and other terms and conditions of unsecured loans granted by the
Company to companies and limited liability partnerships covered in the register required to be maintained under Section 189 of the Act are
not, prima facie, prejudicial to the interest of the Company.(b) The loans granted are repayable on demand and accordingly, there is no
specific stipulation of the schedule of repayment of principal and interest. We are informed that no demands for repayment are pending as at
the balance sheet date and there has been no default on the part of the parties to whom the money has been lent.(c) There are no overdue
amounts of more than 90 days in respect of the unsecured loans granted to companies by the Company.
Disclosure in auditors report relating to maintenance of cost records
We have broadly reviewed the books of account maintained by the Company in respect of products where, pursuant to the rules made by the
Central Government of India, the maintenance of cost records has been prescribed under sub-section (1) of Section 148 of the Act, and are of
the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed
examination of the records with a view to determine whether they are accurate or complete.
Disclosure relating to regularity in payment of undisputed statutory dues [Text Block]
According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is
regular in depositing undisputed statutory dues including income tax, Goods and Service Tax, duty of custom, cess and other statutory dues,
as applicable, with the appropriate authorities.
Disclosure relating to disputed statutory dues [Text Block]
According to the information and explanations given to us, no undisputed amounts payable in respect of goods and services tax, cess and
other material statutory dues were outstanding, at the period end, for a period of more than six months from the date they became payable.
Disclosure in auditors report relating to default in repayment of financial dues
According to the records of the Company examined by us and the information and explanations given to us, the Company has neither
defaulted in repayment of dues to financial institution or banks nor has it issued any debentures during the year.

28
Disclosure in auditors report relating to public offer and term loans used for purpose for which those were raised
In our opinion and according to the information and explanations provided to us, money raised by way of term loans has been applied by the
Company during the year for the purposes for which they were raised, other than temporary deployment, if any, pending application of
proceeds. The Company has not raised money by way of initial public offer or further public offer (including debt instruments).
Disclosure in auditors report relating to fraud by the company or on the company by its officers or its employees
reported during period
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, we have neither come across any fraud by the
company or any fraud on the company by its officers or employees has been noticed or reported during the year nor have we been informed
of any such case by the Management
Disclosure in auditors report relating to managerial remuneration
The Company has not paid or provided any managerial remuneration. Moreover, the company is not a public company hence provision of
section 197 of the Act is not applicable to the company. Accordingly the provision of Clause 3(xii) of Order are not applicable to company.
Disclosure in auditors report relating to transactions with related parties
All the transaction with related parties are in compliance with section 177 and 188 of Companies Act, 2013 and the details have been
disclosed in the Financial Statements as required by the applicable accounting standards;
Disclosure in auditors report relating to non-cash transactions with directors or persons connected with him
According to the information and explanations given to us and the records of the Company examined by us, the company has not entered into
any non-cash transactions with directors or any person connected to him.
Disclosure in auditors report relating to registration under section 45-IA of Reserve Bank of India Act, 1934
The company is not required to be registered under sections 45-IA of the Reserve Bank of India Act, 1934. Accordingly, the provisions of
Clause 3(xvi) of the Order are not applicable to the Company.

29
Disclosure in auditor’s report explanatory [Text Block]
INDEPENDENT AUDITORS REPORT
To the Members of Adani Estates Private Limited
Report on the Indian Accounting Standards (Ind AS) Financial Statements
Opinion
We have audited the accompanying financial statements of Adani Estates Private Limited (the Company); having CIN
U45300GJ2005PTC046949, which comprise the Balance Sheet as at March 31, 2020, the Statement of Profit and Loss (including Other
Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year ended, and a summary of significant
accounting policies and other explanatory information, which we have signed under reference to this report.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS financial statements give
the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31, 2020, and its loss (including other comprehensive income),
its cash flows and the changes in equity for the year ended on that date.
Basis of Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013.
Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Financial Statements
section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of
the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Emphasis of Matter
We draw your attention to Note 40 to the Standalone Financial Statements which explains the managements assessment of the financial
impact due to the lock-down and other restrictions and conditions related to COVID-19 pandemic situation, for which a definitive assessment
of the impact in the subsequent period is highly dependent upon circumstances as they evolve. Our opinion is not modified in respect of this
matter.
Managements Responsibility for the Ind AS Financial Statements

30
The Companys Board of Directors is responsible for matters stated in Section 134(5) of the companies Act, 2013 (the Act) with respect to the
preparation of these Ind AS financial statements that give a true and fair view of the financial position, financial performance (including other
comprehensive income), cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted
in India, including the Indian Accounting Standards specified in the Companies (Indian Accounting Standards) Rules, 2015 (as amended)
under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions
of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making 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 financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditors Responsibility
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but
is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit.
We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances.
Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has
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
management.
Conclude on the appropriateness of management's 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 auditor's report to the related
disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as
a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial
statements represent the underlying transactions and events in a manner that achieves fair presentation.
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.

31
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2016 (the order) issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Companies Act 2013, 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 the Annexure A a statement on the matters
specified in paragraphs 3 and 4 of the Order.
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 purpose 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;
(c) The Balance Sheet, Statement of Profit and Loss (including other comprehensive income), and Cash Flow Statement dealt with by this
Report are in agreement with the books of account;
(d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Accounting Standards specified under Section 133
of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of written representations received from the directors as on March 31, 2020, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2020, from being appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness
of such controls, refer to our separate Report in Annexure B.
(g) The company is not a public company hence provision of section 197 of the Act is not applicable to the company.
(h) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and
Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company does not have any pending litigation which would impact its financial position.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

32
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company during the
year ended March 31, 2020.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 ofSection 143 of the Companies Act, 2013
We have audited the internal financial controls over financial reporting of Adani Estate Private Limited (“the Company”) as of March 31,
2020 in conjunction with our audit of thestandalone financial statements of the Company for the year ended on that date.
Management’s Responsibility for Internal Financial Controls
The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over
financial reporting criteriaestablished by the Company considering the essential components of internal control stated inthe Guidance Note
on Audit of Internal Financial Controls over Financial Reporting issued bythe Institute of Chartered Accountants of India (ICAI). These
responsibilities include the design,implementation and maintenance of adequate internal financial controls that were operatingeffectively for
ensuring the orderly and efficient conduct of its business, including adherence tocompany’s policies, the safeguarding of its assets, the
prevention and detection of frauds anderrors, the accuracy and completeness of the accounting records, and the timely preparation ofreliable
financial information, as required under the Act.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Company's internal financial controls overfinancial reporting based on our audit. We
conducted our audit in accordance withthe Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the“Guidance
Note”) and the Standards on Auditing deemed to be prescribedunder section 143(10) of the Act to the extent applicable to an audit ofinternal
financial controls, bothapplicable to an audit of internal financial controls and both issued by the ICAI. Those Standards and the
GuidanceNote require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether
adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in all
materialrespects.
Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial
reporting and their operating effectiveness.Our audit of internal financial controls over financial reporting included obtaining
anunderstanding of internal financial controls over financial reporting, assessing the risk that amaterial weakness exists, and testing and
evaluating the design and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend on the
auditor’sjudgement, including the assessment of the risks of material misstatement of the financialstatements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the Company’s

33
internal financial controls system overfinancial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation offinancial statements for external purposes in accordance with generally accepted
accountingprinciples. Acompany's internal financial control over financial reporting includes those policiesand 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 preparationof financial statements in
accordance with generally accepted accounting principles, and thatreceipts and expenditures of the company are being made only in
accordance withauthorizations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or
timely detection of unauthorised acquisition, use, ordisposition of the company's assets that could have a material effect on the financial
statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, includingthe possibility of collusion or improper
management override of controls, material misstatementsdue to error or fraud may occur and not be detected. Also, projections of any
evaluation of theinternal financial controls over financial reporting to future periods are subject to the risk that theinternal financial control
over financial reporting may become inadequate because of changes inconditions, or that the degree of compliance with the policies or
procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financialcontrols system over financial reporting and such
internal financial controls over financialreporting were operating effectively as at March 31, 2020 based on theinternal control over financial
reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit
of InternalFinancial Controls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

34
[700700] Disclosures - Secretarial audit report
01/04/2019
to
31/03/2020
Disclosure in secretarial audit report explanatory [TextBlock]
Whether secretarial audit report is applicable on company No
Whether secretarial audit report has been qualified or has any
observation or other remarks
No

35
[110000] Balance sheet
31/03/2020 31/03/2019 31/03/2018
Balance sheet [Abstract]
Assets [Abstract]
Non-current assets [Abstract]
Property, plant and equipment 17,09,347 21,06,973
Capital work-in-progress 0 3,06,716
Other intangible assets 0 248
Non-current financial assets [Abstract]
Non-current investments 0 0
Loans, non-current 0 0
Total non-current financial assets 0 0
Other non-current assets (A) 31,48,76,685 (B) 34,28,66,311
Total non-current assets 31,65,86,032 34,52,80,248
Current assets [Abstract]
Inventories 104,10,12,260 235,92,61,336
Current financial assets [Abstract]
Current investments 0 0
Trade receivables, current 7,77,13,513 1,45,87,385
Cash and cash equivalents 71,32,860 3,02,14,525
Bank balance other than cash and cash equivalents 2,98,71,669 3,25,673
Loans, current 673,10,73,290 782,11,47,543
Other current financial assets 1,01,89,999 63,60,456
Total current financial assets 685,59,81,331 787,26,35,582
Other current assets 77,27,06,484 105,98,13,268
Total current assets 866,97,00,075 1,129,17,10,186
Total assets 898,62,86,107 1,163,69,90,434
Equity and liabilities [Abstract]
Equity [Abstract]
Equity attributable to owners of parent [Abstract]
Equity share capital 10,00,00,000 10,00,00,000 10,00,00,000
Other equity (C) 626,90,42,657 (D) 633,88,30,262
Total equity attributable to owners of parent 636,90,42,657 643,88,30,262
Non controlling interest 0 0
Total equity 636,90,42,657 643,88,30,262
Liabilities [Abstract]
Non-current liabilities [Abstract]
Non-current financial liabilities [Abstract]
Borrowings, non-current 51,35,55,911 59,80,25,417
Total non-current financial liabilities 51,35,55,911 59,80,25,417
Provisions, non-current 1,44,52,276 1,04,37,487
Total non-current liabilities 52,80,08,187 60,84,62,904
Current liabilities [Abstract]
Current financial liabilities [Abstract]
Borrowings, current 53,80,02,665 176,57,53,452
Trade payables, current (E) 18,53,20,386 (F) 34,78,64,413
Other current financial liabilities 131,72,14,709 244,41,93,873
Total current financial liabilities 204,05,37,760 455,78,11,738
Other current liabilities 4,70,63,745 3,05,73,715
Provisions, current 16,33,758 13,11,815
Total current liabilities 208,92,35,263 458,96,97,268
Total liabilities 261,72,43,450 519,81,60,172
Total equity and liabilities 898,62,86,107 1,163,69,90,434
Footnotes
(A) Income Tax Assets (Net) : 94632686 Deferred Tax Assets (Net) : 0 Other Non-current Assets : 220243999
(B) Income Tax Assets (Net) : 64290549 Deferred Tax Assets (Net) : 2621863 Other Non-current Assets : 275953899
(C) Instrument Entirely Equity in Nature : 6094569800 Other Equity : 174472857
(D) Instrument Entirely Equity in Nature : 6094569800 Other Equity : 244260462
(E) - micro enterprise & small enterprise : 1535398 - other than micro enterprises & small enterprises : 183784988
(F) - micro enterprise & small enterprise : 20606492 - other than micro enterprises & small enterprises : 327257921

36
[210000] Statement of profit and loss
Earnings per share [Table] ..(1)
Classes of equity share capital [Axis] Equity shares 1 [Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Statement of profit and loss [Abstract]
Earnings per share [Abstract]
Earnings per share [Line items]
Basic earnings per share [Abstract]
Basic earnings (loss) per share from continuing operations [INR/shares] -6.97 [INR/shares] 1.74
Basic earnings (loss) per share from discontinued operations [INR/shares] 0
Total basic earnings (loss) per share [INR/shares] -6.97 [INR/shares] 1.74
Diluted earnings per share [Abstract]
Diluted earnings (loss) per share from continuing operations [INR/shares] -0.69 [INR/shares] 0.17
Diluted earnings (loss) per share from discontinued operations [INR/shares] 0
Total diluted earnings (loss) per share [INR/shares] -0.69 [INR/shares] 0.17

37
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Statement of profit and loss [Abstract]
Income [Abstract]
Revenue from operations 177,24,46,174 298,50,31,782
Other income 24,28,67,149 28,35,54,510
Total income 201,53,13,323 326,85,86,292
Expenses [Abstract]
Cost of materials consumed 130,99,39,824 288,74,65,811
Changes in inventories of finished goods, work-in-progress and
stock-in-trade
0 0
Employee benefit expense 16,35,58,993 7,33,86,446
Finance costs 37,30,62,824 18,41,25,515
Depreciation, depletion and amortisation expense 7,94,089 7,07,359
Other expenses 23,32,67,922 9,41,04,250
Total expenses 208,06,23,652 323,97,89,381
Profit before exceptional items and tax -6,53,10,329 2,87,96,911
Total profit before tax -6,53,10,329 2,87,96,911
Tax expense [Abstract]
Current tax (A) 44,29,003 (B) 1,13,87,057
Total tax expense 44,29,003 1,13,87,057
Total profit (loss) for period from continuing operations -6,97,39,332 1,74,09,854
Total profit (loss) for period -6,97,39,332 1,74,09,854
Comprehensive income OCI components presented net of tax [Abstract]
Whether company has other comprehensive income OCI components
presented net of tax
No No
Other comprehensive income net of tax [Abstract]
Components of other comprehensive income that will not be
reclassified to profit or loss, net of tax [Abstract]
Other comprehensive income, net of tax, gains (losses) on
remeasurements of defined benefit plans
-48,273 1,11,835
Total other comprehensive income that will not be reclassified
to profit or loss, net of tax
-48,273 1,11,835
Total other comprehensive income -48,273 1,11,835
Total comprehensive income -6,97,87,605 1,75,21,689
Comprehensive income OCI components presented before tax [Abstract]
Whether company has comprehensive income OCI components presented
before tax
No No
Other comprehensive income before tax [Abstract]
Total other comprehensive income -48,273 1,11,835
Earnings per share explanatory [TextBlock]
Earnings per share [Abstract]
Footnotes
(A) Current Tax : 842688 Adjustment of earlier years : 3586315
(B) Current Tax : 10336493 Adjustment of earlier years : 1050564

38
[400200] Statement of changes in equity
Statement of changes in equity [Table] ..(1)
Components of equity [Axis] Equity [Member]
Equity attributable
to the equity
holders of the
parent [Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
01/04/2019
to
31/03/2020
Other equity [Abstract]
Statement of changes in equity [Line items]
Equity [Abstract]
Changes in equity [Abstract]
Comprehensive income [Abstract]
Profit (loss) for period -6,97,39,332 1,74,09,854 -6,97,39,332
Changes in comprehensive income components -48,273 1,11,835 -48,273
Total comprehensive income -6,97,87,605 1,75,21,689 -6,97,87,605
Total increase (decrease) in equity -6,97,87,605 1,75,21,689 -6,97,87,605
Other equity at end of period 626,90,42,657 633,88,30,262 632,13,08,573 626,90,42,657
Components of equity [Axis]
Equity attributable to the equity
holders of the parent [Member]
Equity component of financial
instrument [Member]
01/04/2018
to
31/03/2019
31/03/2018
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Equity [Abstract]
Profit (loss) for period 1,74,09,854 0 0
Changes in comprehensive income components 1,11,835
Total comprehensive income 1,75,21,689 0 0
Total increase (decrease) in equity 1,75,21,689 0 0
Components of equity [Axis]
Equity component
of financial
instrument
[Member]
Reserves [Member]
31/03/2018
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
Equity [Abstract]
Profit (loss) for period -6,97,39,332 1,74,09,854
Changes in comprehensive income components -48,273 1,11,835
Total increase (decrease) in equity -6,97,87,605 1,75,21,689
Other equity at end of period (A) 609,45,69,800 17,44,72,857 24,42,60,462 22,67,38,773

39
Footnotes
(A) 0 % Compulsorily Convertible Debentures classified as Equity (Refer Note Below) Note: 6,09,45,698 Compulsorily Convertible
Debentures (CCD) each of face value of Rs. 100/- each. The original Debenture Subscription Agreement dated June 06, 2012
provided that 'simple interest rate per annum payable on half yearly basis' to be mutually agreed at the time of allotment, supplement
agreement dated August 6,2012 provided 9% rate of interest for the same. However, supplementary agreement dated September 10,
2012 for the same provided that the discretion to pay interest by the Investee Company shall depend on the viability and visibility of
the project, to the satisfaction of the Investee Company. Accordingly company has decided not to provide/pay interest in the current
financial year. The Conversion period shall be on expiry of 3 years from the date of issuance of the Investor's CCDs, extendable for
further 3 additional one years with the mutual consent of the parties. vide Agreement dated June 06, 2012, supplementary agreement
dated September 10, 2012 for the same provided that the Investor is entitled to 10,15,35,533 no of Equity Shares after conversion.
The company vide agreement date 5th June,2015 agreed to amend and extend the conversion period of three additional one year
period of conversion as mentioned under clause (i) of the Annexure 1 of the original agreement and the period of converting the
CCD's into Equity shares of the company under the original agreement is now agreed and extended until 5th June ,2018 and that the
CCDs have been converted into the Equity Shares of the company at anytime within said extended period of 3 years.
Components of equity [Axis] Retained earnings [Member]
Other retained
earning [Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
01/04/2019
to
31/03/2020
Equity [Abstract]
Profit (loss) for period -6,97,39,332 1,74,09,854 -6,97,39,332
Changes in comprehensive income components -48,273 1,11,835 -48,273
Total comprehensive income -6,97,87,605 1,75,21,689 -6,97,87,605
Total increase (decrease) in equity -6,97,87,605 1,75,21,689 -6,97,87,605
Components of equity [Axis] Other retained earning [Member]
01/04/2018
to
31/03/2019
31/03/2018
Equity [Abstract]
Profit (loss) for period 1,74,09,854
Changes in comprehensive income components 1,11,835
Total comprehensive income 1,75,21,689
Total increase (decrease) in equity 1,75,21,689
Other equity at end of period 24,42,60,462 22,67,38,773

40
[320000] Cash flow statement, indirect
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
Statement of cash flows [Abstract]
Whether cash flow statement is applicable on company Yes Yes
Cash flows from used in operating activities [Abstract]
Profit before tax -6,53,10,329 2,87,96,911
Adjustments for reconcile profit (loss) [Abstract]
Adjustments for finance costs 37,30,62,824 18,41,25,515
Adjustments for decrease (increase) in inventories 131,82,49,076 296,68,12,145
Adjustments for decrease (increase) in trade receivables, current -6,31,26,129 58,67,82,006
Adjustments for decrease (increase) in other current assets 28,71,06,784 -84,58,74,495
Adjustments for other financial assets, current -22,81,080 -6,00,760
Adjustments for increase (decrease) in trade payables, current -16,25,44,027 4,35,65,159
Adjustments for increase (decrease) in other current liabilities 1,64,90,030 -57,44,70,034
Adjustments for depreciation and amortisation expense 7,94,088 7,07,359
Adjustments for other financial liabilities, current -1,35,65,633 -2,87,13,814
Other adjustments to reconcile profit (loss) (A) -23,83,46,196 (B) -26,92,62,106
Other adjustments for non-cash items (C) 42,88,459 (D) -9,96,131
Total adjustments for reconcile profit (loss) 152,01,28,196 206,20,74,844
Net cash flows from (used in) operations 145,48,17,867 209,08,71,755
Income taxes paid (refund) 3,21,49,276 1,74,94,367
Net cash flows from (used in) operating activities 142,26,68,591 207,33,77,388
Cash flows from used in investing activities [Abstract]
Purchase of property, plant and equipment 89,499 7,42,307
Proceeds from sales of investment property 0 37,66,432
Interest received 23,67,97,733 26,90,69,981
Other inflows (outflows) of cash (E) 111,62,38,158 (F) -334,91,48,504
Net cash flows from (used in) investing activities 135,29,46,392 -307,70,54,398
Cash flows from used in financing activities [Abstract]
Proceeds from borrowings (G) 23,27,39,624 (H) 185,54,75,848
Repayments of borrowings (I) 267,29,82,357 (J) 30,86,24,605
Interest paid 35,84,53,915 52,36,43,746
Net cash flows from (used in) financing activities -279,86,96,648 102,32,07,497
Net increase (decrease) in cash and cash equivalents before effect of
exchange rate changes
-2,30,81,665 1,95,30,487
Net increase (decrease) in cash and cash equivalents -2,30,81,665 1,95,30,487
Cash and cash equivalents cash flow statement at end of period 71,32,860 3,02,14,525 1,06,84,038
Footnotes
(A) Profit on Sale of Fixed Assets : 0 Interest income : -238346196
(B) Profit on Sale of Fixed Assets : -191924 Interest income : -269070182
(C) Provisions : 4288459
(D) Provisions : -996131
(E) Loans (Given to) / Received Back (Net) : 1145784154 Change in Bank Deposit (Other than Cash equivalent) : -29545996
(F) Loans (Given to) / Received Back (Net) : -3349131032 Change in Bank Deposit (Other than Cash equivalent) : -17472
(G) Proceeds/(Repayment) from short-term borrowings (Net) : -1175813727 Proceeds from Long Term Borrowings : 1408553351
(H) Proceeds/(Repayment) from short-term borrowings (Net) : 1240475848 Proceeds from Long Term Borrowings : 615000000
(I) Repayment of Long Term Borrowing : 2672982357
(J) Repayment of Long Term Borrowing : 308624605

41
[610100] Notes - List of accounting policies
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of significant accounting policies [TextBlock]
[See below]
As Below

42
Disclosure of significant accounting policies [Text Block]
Corporate information
The company having CIN U45300GJ2005PTC046949, has been incorporated on 20.10.2005 with the object to developing,
appraising, maintaining, operating, and marketing of real estate property. The company had developed Project named "Western
Heights" & "Inspire Hub" comprising of residential and Commercial Units. The Company had also received Occupancy
Certificate for both the projects.
Significant accounting policies
Statement of compliance
The Financial Statements have been prepared in accordance with Indian Accounting Standards (Ind AS) as per The Companies
(Indian Accounting Standards), Rules, 2015 notified under section 133 of The Companies Act, 2013 (the Act) an other relevant
provisions of the Act.
Current versus non-current classification
The Company presents assets and liabilities in the balance sheet based on current/ non-current classification. An asset is treated
as current when it is:
i) Expected to be realized or intended to be sold or consumed in normal operating cycle
ii) Held primarily for the purpose of trading
iii) Expected to be realized within thirty six months after the reporting period, or
iv) Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least thirty six months
after the reporting period
All other assets are classified as non-current.
A liability is current when:
i) It is expected to be settled in normal operating cycle
ii) It is held primarily for the purpose of trading
iii) It is due to be settled within thirty six months after the reporting period, or
iv) There is no unconditional right to defer the settlement of the liability for at least thirty six months after the reporting period

43
The Company classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities respectively.
The operating cycle is the time between the acquisition of assets for processing and their realization in cash and cash
equivalents. The Company has identified thirty six months as its operating cycle.
Inventories
Costs of construction / development expenditure incurred on the Projects are accumulated under Construction
Work-in-progress and the same is valued at cost or net realizable value, whichever is lower.
Construction / development expenditure includes all direct and indirect expenditure incurred on development of land /
construction at site, overheads relating to site management and administration, allocated interest and expenses incidental to the
projects undertaken by the Company.
Net realisable value has been determined based on prevailing average sale price of the property sold during the year as reduced
by future estimated cost of completion to be incurred as determined by the management with the help of technical experts
based on percentage of completion. Such expenses are accumulated under head "Construction Work-In-Progress" till Building
Use permission is received. After Building Use (BU) permission subsequent expenses are being charged off to Profit & Loss
Account.
After receiving BU permission unsold inventories are being treated as Finished Goods and is valued at cost or net realisable
value whichever is lower.
Stores and Construction Materials are valued at lower of cost or net realisable value. cost includes cost of purchase and other
expenses incurred in bringing them to their respective present location and condition. Cost is determined using Weighted
Average Method of Inventory Valuation.
Estimates, Judgments and assumptions
The preparation of the Company’s Ind AS Financial Statements requires management to make judgments, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures,
and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that
require a material adjustment to the carrying amount of assets or liabilities affected in future periods.
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year,
are described below. The Company based its assumptions and estimates on parameters available when the financial statements
were prepared. Existing circumstances and assumptions about future developments, however, may change due to market
changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions
when they occur.

44
i) Impairment of non-financial assets
Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the
higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on
available data for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use
calculation is based on a DCF model. The cash flows are derived from the budget for the next five years and do not include
restructuring activities that The Company is not yet committed to or significant future investments that will enhance the asset’s
performance being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the
expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to
goodwill and other intangibles with indefinite useful lives recognised by the Company.
ii) Taxes
Deferred tax assets are recognised for unused tax credits to the extent that there is virtual certainty that probable that taxable
profit will be available against which the credits can be utilised. Significant management judgment is required to determine the
amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits
together with future tax planning strategies.
iii) Defined benefit plans (gratuity benefits)
The cost of defined benefit gratuity plan and the present value of the gratuity obligation are determined using actuarial
valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future.
These includes the determination of discount rate, future salary increases and mortality rates. Due to complexities involved in
the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All
assumptions are reviewed at each reporting date.
iv) Fair value measurement of financial instruments
When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on
quoted prices in active markets, their fair value is measured using valuation techniques including the DCF model. The inputs to
these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required
in establishing fair values. Judgments include considerations of inputs such as liquidity risk, credit risk and volatility. Changes
in assumptions about these factors could affect the reported fair value of financial instruments.
iv) Contract Price
Contract price is determined after taking into consideration, including but not limited to, about direct / indirect cost to be
incurred till completion of project, time value of money, estimate in increase in price. The company is required to made
judgments, estimates and assumptions that affect that may effect determination of contract price. Uncertainty about these
assumptions and estimates could result in outcomes that may require a material adjustment to the contract price in future
periods.
Though other Indian Accounting Standards also apply to the company by virtue of The Companies (Indian Accounting
Standards), Rules, 2015 notified under section 133 of The Companies Act, 2013 (the Act) an other relevant provisions of the
Act, no disclosure for the same is being made as the company has not done any transaction to which the said Accounting
Standards apply.

45
[610200] Notes - Corporate information and statement of IndAs compliance
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of corporate information notes and other explanatory information
[TextBlock]
Statement of Ind AS compliance [TextBlock] As Below As Below
Whether there is any departure from Ind AS No No
Whether there are reclassifications to comparative amounts No No
Description of reason why reclassification of comparative amounts is
impracticable
NA NA
Description of nature of necessary adjustments to provide comparative
information
NA NA
Disclosure of significant accounting policies [TextBlock]
[See below]
As Below

46
Disclosure of significant accounting policies [Text Block]
Corporate information
The company having CIN U45300GJ2005PTC046949, has been incorporated on 20.10.2005 with the object to developing,
appraising, maintaining, operating, and marketing of real estate property. The company had developed Project named "Western
Heights" & "Inspire Hub" comprising of residential and Commercial Units. The Company had also received Occupancy
Certificate for both the projects.
Significant accounting policies
Statement of compliance
The Financial Statements have been prepared in accordance with Indian Accounting Standards (Ind AS) as per The Companies
(Indian Accounting Standards), Rules, 2015 notified under section 133 of The Companies Act, 2013 (the Act) an other relevant
provisions of the Act.
Current versus non-current classification
The Company presents assets and liabilities in the balance sheet based on current/ non-current classification. An asset is treated
as current when it is:
i) Expected to be realized or intended to be sold or consumed in normal operating cycle
ii) Held primarily for the purpose of trading
iii) Expected to be realized within thirty six months after the reporting period, or
iv) Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least thirty six months
after the reporting period
All other assets are classified as non-current.
A liability is current when:
i) It is expected to be settled in normal operating cycle
ii) It is held primarily for the purpose of trading
iii) It is due to be settled within thirty six months after the reporting period, or
iv) There is no unconditional right to defer the settlement of the liability for at least thirty six months after the reporting period

47
The Company classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities respectively.
The operating cycle is the time between the acquisition of assets for processing and their realization in cash and cash
equivalents. The Company has identified thirty six months as its operating cycle.
Inventories
Costs of construction / development expenditure incurred on the Projects are accumulated under Construction
Work-in-progress and the same is valued at cost or net realizable value, whichever is lower.
Construction / development expenditure includes all direct and indirect expenditure incurred on development of land /
construction at site, overheads relating to site management and administration, allocated interest and expenses incidental to the
projects undertaken by the Company.
Net realisable value has been determined based on prevailing average sale price of the property sold during the year as reduced
by future estimated cost of completion to be incurred as determined by the management with the help of technical experts
based on percentage of completion. Such expenses are accumulated under head "Construction Work-In-Progress" till Building
Use permission is received. After Building Use (BU) permission subsequent expenses are being charged off to Profit & Loss
Account.
After receiving BU permission unsold inventories are being treated as Finished Goods and is valued at cost or net realisable
value whichever is lower.
Stores and Construction Materials are valued at lower of cost or net realisable value. cost includes cost of purchase and other
expenses incurred in bringing them to their respective present location and condition. Cost is determined using Weighted
Average Method of Inventory Valuation.
Estimates, Judgments and assumptions
The preparation of the Company’s Ind AS Financial Statements requires management to make judgments, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures,
and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that
require a material adjustment to the carrying amount of assets or liabilities affected in future periods.
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year,
are described below. The Company based its assumptions and estimates on parameters available when the financial statements
were prepared. Existing circumstances and assumptions about future developments, however, may change due to market
changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions
when they occur.

48
i) Impairment of non-financial assets
Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the
higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on
available data for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use
calculation is based on a DCF model. The cash flows are derived from the budget for the next five years and do not include
restructuring activities that The Company is not yet committed to or significant future investments that will enhance the asset’s
performance being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the
expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to
goodwill and other intangibles with indefinite useful lives recognised by the Company.
ii) Taxes
Deferred tax assets are recognised for unused tax credits to the extent that there is virtual certainty that probable that taxable
profit will be available against which the credits can be utilised. Significant management judgment is required to determine the
amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits
together with future tax planning strategies.
iii) Defined benefit plans (gratuity benefits)
The cost of defined benefit gratuity plan and the present value of the gratuity obligation are determined using actuarial
valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future.
These includes the determination of discount rate, future salary increases and mortality rates. Due to complexities involved in
the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All
assumptions are reviewed at each reporting date.
iv) Fair value measurement of financial instruments
When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on
quoted prices in active markets, their fair value is measured using valuation techniques including the DCF model. The inputs to
these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required
in establishing fair values. Judgments include considerations of inputs such as liquidity risk, credit risk and volatility. Changes
in assumptions about these factors could affect the reported fair value of financial instruments.
iv) Contract Price
Contract price is determined after taking into consideration, including but not limited to, about direct / indirect cost to be
incurred till completion of project, time value of money, estimate in increase in price. The company is required to made
judgments, estimates and assumptions that affect that may effect determination of contract price. Uncertainty about these
assumptions and estimates could result in outcomes that may require a material adjustment to the contract price in future
periods.
Though other Indian Accounting Standards also apply to the company by virtue of The Companies (Indian Accounting
Standards), Rules, 2015 notified under section 133 of The Companies Act, 2013 (the Act) an other relevant provisions of the
Act, no disclosure for the same is being made as the company has not done any transaction to which the said Accounting
Standards apply.

49
[610300] Notes - Accounting policies, changes in accounting estimates and errors
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of changes in accounting policies, accounting estimates and errors
[TextBlock]
Disclosure of initial application of standards or interpretations
[TextBlock]
Whether initial application of an Ind AS has an effect on the
current period or any prior period
No No
Disclosure of voluntary change in accounting policy [TextBlock]
Whether there is any voluntary change in accounting policy No No
Disclosure of changes in accounting estimates [TextBlock]
Whether there are changes in acounting estimates during the year No No
[400600] Notes - Property, plant and equipment
Disclosure of additional information about property plant and equipment [Table] ..(1)
Classes of property, plant and equipment [Axis] Plant and equipment [Member] Other plant and equipment [Member]
Sub classes of property, plant and equipment [Axis] Owned and leased assets [Member] Owned and leased assets [Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of additional information about
property plant and equipment [Abstract]
property plant and equipment [Line items]
Depreciation method, property, plant and
equipment
Refer to child
member
Refer to child
member
Refer to child
member
Refer to child
member
Useful lives or depreciation rates, property,
plant and equipment
Refer to child
member
Refer to child
member
Refer to child
member
Refer to child
member
Whether property, plant and equipment are
stated at revalued amount
No No No No
Classes of property, plant and equipment [Axis] Other plant and equipment [Member] Furniture and fixtures [Member]
Sub classes of property, plant and equipment [Axis] Owned assets [Member] Owned and leased assets [Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
equipment
SLM SLM
Refer to child
member
Refer to child
member
plant and equipment
A S P E R
SCHEDULE-II
A S P E R
SCHEDULE-II
A S P E R
SCHEDULE-II
A S P E R
SCHEDULE-II
No No No No

50
Classes of property, plant and equipment [Axis] Furniture and fixtures [Member] Vehicles [Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
equipment
SLM SLM
Refer to child
member
Refer to child
member
plant and equipment
A S P E R
SCHEDULE-II
A S P E R
SCHEDULE-II
A S P E R
SCHEDULE-II
A S P E R
SCHEDULE-II
No No No No
Classes of property, plant and equipment [Axis] Motor vehicles [Member]
Sub classes of property, plant and equipment [Axis] Owned and leased assets [Member] Owned assets [Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
equipment
Refer to child
member
Refer to child
member
SLM SLM
plant and equipment
A S P E R
SCHEDULE-II
A S P E R
SCHEDULE-II
A S P E R
SCHEDULE-II
A S P E R
SCHEDULE-II
No No No No
Classes of property, plant and equipment [Axis] Office equipment [Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
equipment
Refer to child
member
Refer to child
member
SLM SLM
plant and equipment
A S P E R
SCHEDULE-II
A S P E R
SCHEDULE-II
A S P E R
SCHEDULE-II
A S P E R
SCHEDULE-II
No No No No
Classes of property, plant and equipment [Axis] Computer equipments [Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
equipment
Refer to child
member
Refer to child
member
SLM SLM
plant and equipment
Refer to child
member
Refer to child
member
A S P E R
SCHEDULE-II
A S P E R
SCHEDULE-II
No No No No

51
Disclosure of detailed information about property, plant and equipment [Table] ..(1)
Classes of property, plant and equipment [Axis] Property, plant and equipment [Member]
Sub classes of property, plant and equipment [Axis] Owned and leased assets [Member]
Carrying amount accumulated depreciation and gross carrying
amount [Axis]
Carrying amount [Member] Gross carrying amount [Member]
31/03/2020 31/03/2019
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of detailed information about property,
plant and equipment [Abstract]
Disclosure of detailed information about
property, plant and equipment [Line items]
Reconciliation of changes in property, plant
and equipment [Abstract]
Changes in property, plant and equipment
[Abstract]
Additions other than through business
combinations, property, plant and
equipment
3,96,215 4,35,591
Disposals and retirements, property,
Disposals, property, plant and
equipment
44,24,077
Total disposals and retirements,
property, plant and equipment
44,24,077
Total increase (decrease) in property,
plant and equipment
3,96,215 -39,88,486
Property, plant and equipment at end of
period
17,09,347 21,06,973 56,79,471 52,83,256
Classes of property, plant and equipment [Axis] Property, plant and equipment [Member]
amount [Axis]
Gross carrying
amount [Member]
Accumulated depreciation and impairment [Member]
31/03/2018
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
[Abstract]
Depreciation, property, plant and
equipment [Abstract]
Depreciation recognised in profit or
loss
7,93,841 8,70,836
Total Depreciation property plant and
equipment
7,93,841 8,70,836
equipment
8,49,569
8,49,569
plant and equipment
7,93,841 21,267
period
92,71,742 39,70,124 31,76,283 31,55,016

52
Classes of property, plant and equipment [Axis] Plant and equipment [Member]
amount [Axis]
Carrying amount [Member]
Gross carrying
amount [Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
01/04/2019
to
31/03/2020
[Abstract]
loss
-41,791 -2,33,716
equipment
-41,791 -2,33,716
equipment
35,74,508
35,74,508
plant and equipment
-41,791 -38,08,224 0
period
4,04,567 4,46,358 42,54,582 5,78,939
amount [Axis]
Gross carrying amount [Member]
Accumulated depreciation and
impairment [Member]
01/04/2018
to
31/03/2019
31/03/2018
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
[Abstract]
loss
41,791 2,33,716
equipment
41,791 2,33,716
equipment
44,24,077 8,49,569
44,24,077 8,49,569
plant and equipment
-44,24,077 41,791 -6,15,853
period
5,78,939 50,03,016 1,74,372 1,32,581

53
Sub classes of property, plant and equipment [Axis]
Owned and leased
assets [Member]
Owned assets [Member]
amount [Axis]
Accumulated
depreciation and
impairment
[Member]
31/03/2018
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
[Abstract]
equipment
44,24,077
44,24,077
plant and equipment
0 -44,24,077
period
7,48,434 5,78,939 5,78,939 50,03,016
Other plant and
equipment
[Member]
Sub classes of property, plant and equipment [Axis] Owned assets [Member]
Owned and leased
assets [Member]
amount [Axis]
Carrying amount
[Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
01/04/2019
to
31/03/2020
[Abstract]
loss
41,791 2,33,716 -41,791
equipment
41,791 2,33,716 -41,791
equipment
8,49,569
8,49,569
plant and equipment
41,791 -6,15,853 -41,791
period
1,74,372 1,32,581 7,48,434 4,04,567

54
Classes of property, plant and equipment [Axis] Other plant and equipment [Member]
amount [Axis]
01/04/2018
to
31/03/2019
31/03/2018
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
[Abstract]
loss
-2,33,716
equipment
-2,33,716
equipment
35,74,508 44,24,077
35,74,508 44,24,077
plant and equipment
-38,08,224 0 -44,24,077
period
4,46,358 42,54,582 5,78,939 5,78,939
amount [Axis]
Gross carrying
amount [Member]
31/03/2018
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
[Abstract]
loss
41,791 2,33,716
equipment
41,791 2,33,716
equipment
8,49,569
8,49,569
plant and equipment
41,791 -6,15,853
period
50,03,016 1,74,372 1,32,581 7,48,434

55
amount [Axis]
Gross carrying
amount [Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
01/04/2019
to
31/03/2020
[Abstract]
loss
-41,791 -2,33,716
equipment
-41,791 -2,33,716
equipment
35,74,508
35,74,508
plant and equipment
-41,791 -38,08,224 0
period
4,04,567 4,46,358 42,54,582 5,78,939
amount [Axis]
impairment [Member]
01/04/2018
to
31/03/2019
31/03/2018
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
[Abstract]
loss
41,791 2,33,716
equipment
41,791 2,33,716
equipment
44,24,077 8,49,569
44,24,077 8,49,569
plant and equipment
-44,24,077 41,791 -6,15,853
period
5,78,939 50,03,016 1,74,372 1,32,581

56
Classes of property, plant and equipment [Axis]
Other plant and
equipment
[Member]
Furniture and fixtures [Member]
Owned assets
[Member]
Owned and leased assets [Member]
amount [Axis]
Accumulated
depreciation and
impairment
[Member]
31/03/2018
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
[Abstract]
loss
-1,06,511 -1,06,510
equipment
-1,06,511 -1,06,510
plant and equipment
-1,06,511 -1,06,510
period
7,48,434 5,70,258 6,76,769 7,83,279
Classes of property, plant and equipment [Axis] Furniture and fixtures [Member]
amount [Axis]
Accumulated
depreciation and
impairment
[Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
01/04/2019
to
31/03/2020
[Abstract]
loss
1,06,511
equipment
1,06,511
plant and equipment
0 0 1,06,511
period
9,82,876 9,82,876 9,82,876 4,12,618

57
amount [Axis]
impairment [Member]
01/04/2018
to
31/03/2019
31/03/2018
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
[Abstract]
loss
1,06,510 -1,06,511 -1,06,510
equipment
1,06,510 -1,06,511 -1,06,510
plant and equipment
1,06,510 -1,06,511 -1,06,510
period
3,06,107 1,99,597 5,70,258 6,76,769
amount [Axis]
Carrying amount
[Member]
31/03/2018
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
[Abstract]
plant and equipment
0 0
period
7,83,279 9,82,876 9,82,876 9,82,876

58
Classes of property, plant and equipment [Axis] Furniture and fixtures [Member] Vehicles [Member]
Owned and leased
assets [Member]
amount [Axis]
Carrying amount
[Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
01/04/2019
to
31/03/2020
[Abstract]
loss
1,06,511 1,06,510 -1,22,168
equipment
1,06,511 1,06,510 -1,22,168
plant and equipment
1,06,511 1,06,510 -1,22,168
period
4,12,618 3,06,107 1,99,597 86,984
Classes of property, plant and equipment [Axis] Vehicles [Member]
amount [Axis]
01/04/2018
to
31/03/2019
31/03/2018
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
[Abstract]
loss
-1,22,168
equipment
-1,22,168
plant and equipment
-1,22,168 0 0
period
2,09,152 3,31,320 6,97,824 6,97,824

59
amount [Axis]
Gross carrying
amount [Member]
31/03/2018
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
[Abstract]
loss
1,22,168 1,22,168
equipment
1,22,168 1,22,168
plant and equipment
1,22,168 1,22,168
period
6,97,824 6,10,840 4,88,672 3,66,504
amount [Axis]
Accumulated
depreciation and
impairment
[Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
01/04/2019
to
31/03/2020
[Abstract]
loss
1,22,168
equipment
1,22,168
plant and equipment
0 0 1,22,168
period
6,97,824 6,97,824 6,97,824 6,10,840

60
Classes of property, plant and equipment [Axis] Vehicles [Member] Motor vehicles [Member]
amount [Axis]
impairment [Member]
01/04/2018
to
31/03/2019
31/03/2018
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
[Abstract]
loss
1,22,168 -1,22,168 -1,22,168
equipment
1,22,168 -1,22,168 -1,22,168
plant and equipment
1,22,168 -1,22,168 -1,22,168
period
4,88,672 3,66,504 86,984 2,09,152
amount [Axis]
Carrying amount
[Member]
31/03/2018
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
[Abstract]
plant and equipment
0 0
period
3,31,320 6,97,824 6,97,824 6,97,824

61
Owned assets
[Member]
amount [Axis]
Carrying amount
[Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
01/04/2019
to
31/03/2020
[Abstract]
loss
1,22,168 1,22,168 -1,22,168
equipment
1,22,168 1,22,168 -1,22,168
plant and equipment
1,22,168 1,22,168 -1,22,168
period
6,10,840 4,88,672 3,66,504 86,984
amount [Axis]
01/04/2018
to
31/03/2019
31/03/2018
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
[Abstract]
loss
-1,22,168
equipment
-1,22,168
plant and equipment
-1,22,168 0 0
period
2,09,152 3,31,320 6,97,824 6,97,824

62
amount [Axis]
Gross carrying
amount [Member]
31/03/2018
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
[Abstract]
loss
1,22,168 1,22,168
equipment
1,22,168 1,22,168
plant and equipment
1,22,168 1,22,168
period
6,97,824 6,10,840 4,88,672 3,66,504
amount [Axis]
Gross carrying
amount [Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
01/04/2019
to
31/03/2020
[Abstract]
loss
-43,499 -75,098
equipment
-43,499 -75,098
plant and equipment
-43,499 -75,098 0
period
36,152 79,651 1,54,749 9,91,205

63
amount [Axis]
impairment [Member]
01/04/2018
to
31/03/2019
31/03/2018
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
[Abstract]
loss
43,499 75,098
equipment
43,499 75,098
plant and equipment
0 43,499 75,098
period
9,91,205 9,91,205 9,55,053 9,11,554
Owned and leased
assets [Member]
Owned assets [Member]
amount [Axis]
Accumulated
depreciation and
impairment
[Member]
31/03/2018
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
[Abstract]
loss
-43,499 -75,098
equipment
-43,499 -75,098
plant and equipment
-43,499 -75,098
period
8,36,456 36,152 79,651 1,54,749

64
amount [Axis]
Accumulated
depreciation and
impairment
[Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
01/04/2019
to
31/03/2020
[Abstract]
loss
43,499
equipment
43,499
plant and equipment
0 0 43,499
period
9,91,205 9,91,205 9,91,205 9,55,053
Classes of property, plant and equipment [Axis] Office equipment [Member] Computer equipments [Member]
amount [Axis]
impairment [Member]
01/04/2018
to
31/03/2019
31/03/2018
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
[Abstract]
equipment
3,96,215 4,35,591
loss
75,098 -4,79,872 -3,33,344
equipment
75,098 -4,79,872 -3,33,344
plant and equipment
75,098 -83,657 1,02,247
period
9,11,554 8,36,456 6,11,386 6,95,043

65
amount [Axis]
Carrying amount
[Member]
31/03/2018
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
[Abstract]
equipment
3,96,215 4,35,591
plant and equipment
3,96,215 4,35,591
period
5,92,796 24,28,627 20,32,412 15,96,821
Owned assets
[Member]
amount [Axis]
Carrying amount
[Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
01/04/2019
to
31/03/2020
[Abstract]
equipment
3,96,215
loss
4,79,872 3,33,344 -4,79,872
equipment
4,79,872 3,33,344 -4,79,872
plant and equipment
4,79,872 3,33,344 -83,657
period
18,17,241 13,37,369 10,04,025 6,11,386

66
amount [Axis]
01/04/2018
to
31/03/2019
31/03/2018
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
[Abstract]
equipment
4,35,591 3,96,215 4,35,591
loss
-3,33,344
equipment
-3,33,344
plant and equipment
1,02,247 3,96,215 4,35,591
period
6,95,043 5,92,796 24,28,627 20,32,412
amount [Axis]
Gross carrying
amount [Member]
31/03/2018
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
[Abstract]
loss
4,79,872 3,33,344
equipment
4,79,872 3,33,344
plant and equipment
4,79,872 3,33,344
period
15,96,821 18,17,241 13,37,369 10,04,025
01/04/2019
to
31/03/2020
Disclosure of property, plant and equipment [TextBlock]
[See below]
Disclosure of detailed information about property, plant and equipment
[TextBlock]

67
Disclosure of property, plant and equipment [Text Block]
Property, plant and equipment (PPE)
Tangible fixed assets
Fixed assets are stated at cost, less accumulated depreciation and impairment losses, if any. The cost of fixed assets comprises
its purchase price net of any trade discounts and rebates, any import duties and other taxes (other than those subsequently
recoverable from the tax authorities), any directly attributable expenditure on making the asset ready for its intended use and
other incidental expenses. Subsequent expenditure on fixed assets after its purchase is capitalised only if such expenditure
results in an increase in the future benefits from such asset beyond its previously assessed standard of performance.
Depreciation and amortisation methods and periods
i) Depreciable amount for assets is the cost of an asset less its estimated residual value. Depreciation on tangible fixed assets
has been provided on the straight-line method as per the useful life prescribed in Schedule II to the Companies Act, 2013. In
respect of fixed assets purchased or put to use during the period, depreciation is provided on a pro-rata basis from the date on
which such asset is purchased or put to use.
Intangible Assets i.e. Software are stated at cost and are amortised equally over a period of three years from the year of
purchase.
ii) Depreciation on Leasehold improvements is provided per estimated useful life amortised over the balance of the lease
period.
iii) Depreciation on asset acquired / disposed off during the period is provided on pro-rata basis with reference to the date of
addition/disposal.
[612100] Notes - Impairment of assets
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of impairment of assets [TextBlock]
Disclosure of impairment loss and reversal of impairment loss [TextBlock]
Whether there is any impairment loss or reversal of impairment loss
during the year
No No
Disclosure of information for impairment loss recognised or reversed
for individual Assets or cash-generating unit [TextBlock]
Whether impairment loss recognised or reversed for individual Assets
or cash-generating unit
No No

68
[400700] Notes - Investment property
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of investment property [TextBlock]
Depreciation method, investment property, cost model As Below As Below
Useful lives or depreciation rates, investment property, cost model NA NA
[400900] Notes - Other intangible assets
Disclosure of detailed information about other intangible assets [Table] ..(1)
Classes of other intangible assets [Axis] Company other intangible assets [Member]
Sub classes of other intangible assets [Axis]
Internally generated and other than internally generated intangible assets
[Member]
Carrying amount accumulated amortization and impairment and
gross carrying amount [Axis]
31/03/2020 31/03/2019
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of detailed information about other
intangible assets [Abstract]
intangible assets [Line items]
Reconciliation of changes in other intangible
assets [Abstract]
Changes in Other intangible assets [Abstract]
Total increase (decrease) in Other
intangible assets
0 0
Other intangible assets at end of period 0 248 5,06,804 5,06,804
Classes of other intangible assets [Axis] Company other intangible assets [Member]
[Member]
Gross carrying
amount [Member]
Accumulated amortization and impairment [Member]
31/03/2018
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
assets [Abstract]
Amortisation other intangible assets 248 2,072
intangible assets
248 2,072
Other intangible assets at end of period 5,06,804 5,06,804 5,06,556 5,04,484

69
Classes of other intangible assets [Axis] Computer software [Member]
[Member]
Gross carrying
amount [Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
01/04/2019
to
31/03/2020
assets [Abstract]
Amortisation other intangible assets -248 -2,072
intangible assets
-248 -2,072 0
Other intangible assets at end of period 0 248 2,320 5,06,804
[Member]
Accumulated amortization and
impairment [Member]
01/04/2018
to
31/03/2019
31/03/2018
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
assets [Abstract]
Amortisation other intangible assets 248 2,072
intangible assets
0 248 2,072
Internally
generated and
other than
internally
generated
intangible assets
[Member]
Intangible assets other than internally generated [Member]
Accumulated
amortization and
impairment
[Member]
31/03/2018
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
assets [Abstract]
Amortisation other intangible assets -248 -2,072
intangible assets
-248 -2,072
Other intangible assets at end of period 5,04,484 0 248 2,320

70
Sub classes of other intangible assets [Axis] Intangible assets other than internally generated [Member]
Accumulated
amortization and
impairment
[Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
01/04/2019
to
31/03/2020
assets [Abstract]
Amortisation other intangible assets 248
intangible assets
0 0 248
Intangible assets other than internally
generated [Member]
Carrying amount accumulated amortization and impairment and gross carrying amount [Axis]
Accumulated amortization and
impairment [Member]
01/04/2018
to
31/03/2019
31/03/2018
Disclosure of detailed information about other intangible assets [Abstract]
Disclosure of detailed information about other intangible assets [Line items]
Reconciliation of changes in other intangible assets [Abstract]
Amortisation other intangible assets 2,072
Total increase (decrease) in Other intangible assets 2,072
Other intangible assets at end of period 5,06,556 5,04,484
Disclosure of additional information about other intangible assets [Table] ..(1)
Internally generated and other than
internally generated intangible assets
[Member]
Intangible assets other than internally
generated [Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of additional information about other
other intangible assets [Line items]
Amortisation method, other intangible assets
Refer to child
member
Refer to child
member
SLM SLM
Useful lives or amortisation rates, other
intangible assets
Refer to child
member
Refer to child
member
A S P E R
SCHEDULE II
A S P E R
SCHEDULE II
Whether other intangible assets are stated at
revalued amount
No No No No
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of other intangible assets [TextBlock]
Disclosure of detailed information about other intangible assets
[TextBlock]
Disclosure of intangible assets with indefinite useful life [TextBlock]
Whether there are intangible assets with indefinite useful life No No

71
[401000] Notes - Biological assets other than bearer plants
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of biological assets, agriculture produce at point of
harvest and government grants related to biological assets
[TextBlock]
Depreciation method, biological assets other than bearer plants, at cost NA NA
Useful lives or depreciation rates, biological assets other than bearer
plants, at cost
NA NA
[611100] Notes - Financial instruments
Disclosure of financial liabilities [Table] ..(1)
Classes of financial liabilities [Axis] Financial liabilities at amortised cost, class [Member]
Categories of financial liabilities [Axis] Financial liabilities, category [Member]
Financial liabilities at amortised cost,
category [Member]
31/03/2020 31/03/2019 31/03/2020 31/03/2019
Disclosure of financial liabilities [Abstract]
Disclosure of financial liabilities [Line items]
Financial liabilities 255,40,93,671 515,58,37,155 255,40,93,671 515,58,37,155
Financial liabilities, at fair value 255,40,93,671 515,58,37,155 255,40,93,671 515,58,37,155
Disclosure of financial assets [Table] ..(1)
Classes of financial assets [Axis]
Financial assets at amortised cost, class
[Member]
Other financial assets at amortised cost
class [Member]
Categories of financial assets [Axis] Financial assets, category [Member] Financial assets, category [Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of financial assets [Abstract]
Disclosure of financial assets [Line items]
Financial assets 685,59,81,330 787,26,35,582 685,59,81,330 787,26,35,582
Financial assets, at fair value 685,59,81,330 787,26,35,582 685,59,81,330 787,26,35,582
Description of other financial assets at
amortised cost class
Refer to child
member
Refer to child
member
Refer to child
member
Refer to child
member
Description of other financial assets at fair
value class
Refer to child
member
Refer to child
member
Refer to child
member
Refer to child
member
Disclosure of financial assets [Table] ..(2)
Classes of financial assets [Axis] Other financial assets at amortised cost class 1 [Member]
Categories of financial assets [Axis] Financial assets, category [Member]
Financial assets at amortised cost,
category [Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of financial assets [Line items]
Financial assets 685,59,81,330 787,26,35,582 685,59,81,330 787,26,35,582
Financial assets, at fair value 685,59,81,330 787,26,35,582 685,59,81,330 787,26,35,582
Description of other financial assets at
amortised cost class
Refer to child
member
Refer to child
member
financial assets Financial Assets
Description of other financial assets at fair
value class
Refer to child
member
Refer to child
member
financial assets Financial Assets

72
01/04/2019
to
31/03/2020
Disclosure of financial instruments [TextBlock]
[See below]
Disclosure of financial assets [TextBlock]
Disclosure of financial liabilities [TextBlock]
Disclosure of financial liabilities [Abstract]
Disclosure of credit risk [TextBlock]
Disclosure of reconciliation of changes in loss allowance and
explanation of changes in gross carrying amount for financial
instruments [TextBlock]
Disclosure of reconciliation of changes in loss allowance
and explanation of changes in gross carrying amount for
financial instruments [Abstract]
Disclosure of credit risk exposure [TextBlock]
Disclosure of credit risk exposure [Abstract]
Disclosure of provision matrix [TextBlock]
Disclosure of provision matrix [Abstract]
Disclosure of financial instruments by type of interest rate [TextBlock]
Disclosure of financial instruments by type of interest rate [Abstract]

73
Disclosure of financial instruments [Text Block]
Foreign Currency Transactions
The Companys financial statements are presented in INR, which is also the parent companys functional currency.
Transactions and balances
(i) Initial Recognition
Transactions denominated in foreign currencies are recorded at the exchange rates prevailing on the date of the transaction.
(ii) Conversion
At the year end, monitory items denominated in foreign currencies, if any, are converted into Indian Rupee equivalents at
exchange rate prevailing on the balance sheet date.
Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date, regardless of whether that price is directly observable or estimated using another
valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of
the asset or liability at the measurement date. The fair value measurement is based on the presumption that the transaction to
sell the financial asset or settle the financial liability takes place either:
> In the principal market for the asset or liability, or
> In the absence of a principal market, in the most advantageous market for the asset or liability
The principal or the most advantageous market must be accessible by the Company.
A fair value measurement of a non-financial asset takes into account a market participants ability to generate economic
benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its
highest and best use.
The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to
measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair
value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a
whole:
> Level 1 Quoted (unadjusted) market prices in active markets for identical assets or liabilities
> Level 2 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or
indirectly observable
> Level 3 Valuation techniques for which the lowest level input that is significant to the fair value measurement is

74
unobservable
For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether
transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is
significant to the fair value measurement as a whole) at the end of each reporting period.
The Company's management determines the policies and procedures for both recurring fair value measurement, such as
derivative instruments and unquoted financial assets measured at fair value.
At each reporting date, the Company analyses the movements in the values of assets and liabilities which are required to be
remeasured or re-assessed as per The Companys accounting policies. For this analysis, the Management verifies the major
inputs applied in the latest valuation by agreeing the information in the valuation computation to contracts and other relevant
documents.
For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the
nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.
Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity
instrument of another entity.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value
through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate,
on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair
value through profit or loss are recognised immediately in profit or loss.
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its
liabilities. Equity instruments issued by a Company entity are recognised at the proceeds received, net of direct issue costs.
(A) Financial assets
All financial assets, except investment in subsidiaries are recognised initially at fair value.
The measurement of financial assets depends on their classification, as described below:
1) At amortised cost
A financial asset is measured at the amortised cost if both the following conditions are met :
(a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and
(b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest
(SPPI) on the principal amount outstanding.
This category is the most relevant to the Company. After initial measurement, such financial assets are subsequently measured

75
at amortised cost using the effective interest rate (EIR) method. Amortised cost is calculated by taking into account any
discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in
finance income in the profit or loss. The losses arising from impairment are recognised in the profit or loss. This category
generally applies to trade and other receivables.
2) At Fair Value through Other Comprehensive Income (FVTOCI)
A financial asset is classified as at the FVTOCI if both of the following criteria are met:
(a) The objective of the business model is achieved both by collecting contractual cash flows and selling the financial assets,
and
(b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest
(SPPI) on the principal amount outstanding.
Debt instruments included within the FVTOCI category are measured initially as well as at each reporting date at fair value.
Fair value movements are recognised in the other comprehensive income (OCI) and on derecognition , cumulative gain or loss
previously recognised in OCI is reclassified to statement of profit and loss. For equity instruments, the Company may make an
irrevocable election to present subsequent changes in the fair value in OCI. If the Company decides to classify an equity
instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividends, are recognised in the OCI. There
is no recycling of the amounts from OCI to statement of profit and loss, even on sale of investment.
3) At Fair Value through Profit & Loss (FVTPL)
FVTPL is a residual category for debt instruments and default category for equity instruments. Financial assets included within
the FVTPL category are measured at fair value with all changes recognised in the statement of profit and loss.
In addition, the Company may elect to designate a debt instrument, which otherwise meets amortised cost or FVTOCI criteria,
as at FVTPL. However, such election is allowed only if doing so reduces or eliminates a measurement or recognition
inconsistency (referred to as accounting mismatch). The Company has not designated any debt instrument as at FVTPL.
Derecognition
On derecognition of a financial asset, the difference between the assets carrying amount and the sum of the consideration
received and receivable and the cumulative gain or loss that had been recognised in other comprehensive income and
accumulated in equity is recognised in profit or loss if such gain or loss would have otherwise been recognised in profit or loss
on disposal of that financial asset.
Impairment of financial assets
The Company applies expected credit loss (ECL) model for measurement and recognition of impairment loss on the financial
assets and credit risk exposure. The Company follows 'Simplified Approach for recognition of impairment loss allowance on
all trade receivables or contractual receivables.
Under the simplified approach the Company does not track changes in credit risk, but it recognises impairment loss allowance
based on lifetime ECLs at each reporting date, right from its initial recognition. If credit risk has not increased significantly, 12
month ECL is used to provide for impairment loss. However, if credit risk has increased significantly, lifetime ECL is used.
ECL is the difference between all contracted cash flows that are due to the Company in accordance with the contract and all
the cash flows that the Company expects to receive, discounted at the original EIR. ECL impairment loss allowance (or
reversal) recognised during the period is recognised as income / (expense) in the statement of profit and loss.
(B) Financial liabilities

76
Financial liabilities are classified, at initial recognition as at amortised cost or fair value through profit or loss. The
measurement of financial liabilities depends on their classification, as described below:
At amortised cost
This is the category most relevant to the Company. After initial recognition, financial liabilities are subsequently measured at
amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as
well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on
acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit and loss.
At fair value through profit or loss (FVTPL)
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities
designated upon initial recognition as such. Subsequently, any changes in fair value are recognised in the statement of profit or
loss.
Derecognition of Financial Liability
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. The difference
in the respective carrying amounts is recognised in the statement of profit or loss.
The carrying value of financial instruments by
categories as on 31st March, 2020:
Particulars
Fair Value through Other
Comprehensive Income
Fair Value through
Profit or Loss
Amortised
Cost
Total
Financial Assets
Trade Receivables 0 0 77713513.36 77713513.36
Cash and Cash Equivalents 0 0 7132859.92 7132859.92
Bank balances other than above 0 0 29871668.5 29871668.5
Loans 0 0 6731073290 6731073290
Other Financial Assets 0 0 10189999 10189999
Total 0 0 6778267817 6778267817

77
Financial Liabilities
Borrowings (Including current maturities) 0 0 2214424320 2214424320
Trade Payables 0 0 185320386 185320386
Other Financial Liabilities 0 0 154348964.7 154348964.7
Total 0 0 2554093671 2554093671
The carrying value of financial instruments by
categories as on 31st March, 2019:
Particulars
Fair Value through Other
Comprehensive Income
Fair Value through
Profit or Loss
Amortised
Cost
Total
Financial Assets
Trade Receivables 0 0 14587384.74 14587384.74
Cash and Cash Equivalents 0 0 30214524.66 30214524.66
Bank balances other than above 0 0 325673 325673
Loans 0 0 7821147543 7821147543
Other Financial Assets 0 0 6360456 6360456
Total 0 0 7851687741 7851687741
Financial Liabilities
Borrowings (Including current maturities) 0 0 4706604113 4706604113
Trade Payables 0 0 347864413.5 347864413.5
Other Financial Liabilities 0 0 101368628.7 101368628.7
Total 0 0 5155837155 5155837155

78
[611600] Notes - Non-current asset held for sale and discontinued operations
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of non-current assets held for sale and discontinued operations
[TextBlock]
Net cash flows from (used in) operating activities, continuing
operations
142,26,68,591 207,33,77,388
Net cash flows from (used in) operating activities 142,26,68,591 207,33,77,388
Net cash flows from (used in) investing activities, continuing
operations
135,29,46,392 -307,70,54,398
Net cash flows from (used in) investing activities 135,29,46,392 -307,70,54,398
Net cash flows from (used in) financing activities, continuing
operations
-279,86,96,648 102,32,07,497
Net cash flows from (used in) financing activities -279,86,96,648 102,32,07,497

79
[400100] Notes - Equity share capital
Disclosure of classes of equity share capital [Table] ..(1)
Classes of equity share capital [Axis] Equity shares [Member]
Equity shares 1
[Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
01/04/2019
to
31/03/2020
Disclosure of classes of equity share capital [Abstract]
Disclosure of classes of equity share capital [Line
items]
Type of share EQUITY SHARE
Number of shares authorised [shares] 1,00,00,000 [shares] 1,00,00,000 [shares] 1,00,00,000
Value of shares authorised 10,00,00,000 10,00,00,000 10,00,00,000
Number of shares issued [shares] 1,00,00,000 [shares] 1,00,00,000 [shares] 1,00,00,000
Value of shares issued 10,00,00,000 10,00,00,000 10,00,00,000
Number of shares subscribed and fully paid [shares] 1,00,00,000 [shares] 1,00,00,000 [shares] 1,00,00,000
Value of shares subscribed and fully paid 10,00,00,000 10,00,00,000 10,00,00,000
Number of shares subscribed but not fully paid [shares] 0 [shares] 0 [shares] 0
Value of shares subscribed but not fully paid 0 0 0
Total number of shares subscribed [shares] 1,00,00,000 [shares] 1,00,00,000 [shares] 1,00,00,000
Total value of shares subscribed 10,00,00,000 10,00,00,000 10,00,00,000
Value of shares paid-up [Abstract]
Number of shares paid-up [shares] 1,00,00,000 [shares] 1,00,00,000 [shares] 1,00,00,000
Value of shares called 10,00,00,000 10,00,00,000 10,00,00,000
Value of shares paid-up 10,00,00,000 10,00,00,000 10,00,00,000
Par value per share [INR/shares] 10
Amount per share called in case shares not fully
called
[INR/shares] 0
Reconciliation of number of shares outstanding
[Abstract]
Changes in number of shares outstanding
[Abstract]
Total increase (decrease) in number of
shares outstanding
[shares] 0 [shares] 0 [shares] 0
Number of shares outstanding at end of period [shares] 1,00,00,000 [shares] 1,00,00,000 [shares] 1,00,00,000 [shares] 1,00,00,000
Reconciliation of value of shares outstanding
[Abstract]
Changes in equity share capital [Abstract]
Total increase (decrease) in share capital 0 0 0
Equity share capital at end of period 10,00,00,000 10,00,00,000 10,00,00,000 10,00,00,000
Rights preferences and restrictions attaching
to class of share capital
Textual information
(34) [See below]
Shares in company held by holding company or
ultimate holding company or by its subsidiaries
or associates [Abstract]
Shares in company held by holding company [shares] 75,00,000 [shares] 75,00,000
(A) [shares]
75,00,000
Total shares in company held by holding company
or ultimate holding company or by its
subsidiaries or associates
[shares] 75,00,000 [shares] 75,00,000 [shares] 75,00,000
Details of application money received for
allotment of securities and due for refund and
interest accrued thereon [Abstract]
Application money received for allotment of
securities and due for refund and interest
accrued thereon [Abstract]
Total application money received for
allotment of securities and due for refund
and interest accrued thereon
0 0 0
(A) Adani Infrastructure and Developers Private Limited (holding company) and its nominees

80
Disclosure of classes of equity share capital [Table] ..(2)
01/04/2018
to
31/03/2019
31/03/2018
Disclosure of classes of equity share capital [Abstract]
Disclosure of classes of equity share capital [Line items]
Number of shares authorised [shares] 1,00,00,000
Value of shares authorised 10,00,00,000
Number of shares issued [shares] 1,00,00,000
Value of shares issued 10,00,00,000
Number of shares subscribed and fully paid [shares] 1,00,00,000
Value of shares subscribed and fully paid 10,00,00,000
Number of shares subscribed but not fully paid [shares] 0
Value of shares subscribed but not fully paid 0
Total number of shares subscribed [shares] 1,00,00,000
Total value of shares subscribed 10,00,00,000
Value of shares paid-up [Abstract]
Number of shares paid-up [shares] 1,00,00,000
Value of shares called 10,00,00,000
Value of shares paid-up 10,00,00,000
Par value per share [INR/shares] 10
Amount per share called in case shares not fully called [INR/shares] 0
Reconciliation of number of shares outstanding [Abstract]
Changes in number of shares outstanding [Abstract]
Total increase (decrease) in number of shares outstanding [shares] 0
Number of shares outstanding at end of period [shares] 1,00,00,000
[shares]
1,00,00,000
Reconciliation of value of shares outstanding [Abstract]
Changes in equity share capital [Abstract]
Total increase (decrease) in share capital 0
Equity share capital at end of period 10,00,00,000 10,00,00,000
Rights preferences and restrictions attaching to class of share capital
[See below]
Shares in company held by holding company or ultimate holding company or by its
subsidiaries or associates [Abstract]
Shares in company held by holding company (A) [shares] 75,00,000
Total shares in company held by holding company or ultimate holding company
or by its subsidiaries or associates
[shares] 75,00,000
Details of application money received for allotment of securities and due for
refund and interest accrued thereon [Abstract]
Application money received for allotment of securities and due for refund and
interest accrued thereon [Abstract]
Total application money received for allotment of securities and due for
refund and interest accrued thereon
0
(A) Adani Infrastructure and Developers Private Limited (holding company) and its nominees

81
Disclosure of shareholding more than five per cent in company [Table] ..(1)
Name of shareholder [Axis] Name of shareholder [Member] Shareholder 1 [Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Type of share EQUITY SHARE EQUITY SHARE equity shares equity shares
Disclosure of shareholding more than five per cent in
company [Abstract]
Disclosure of shareholding more than five per cent
in company [LineItems]
Type of share EQUITY SHARE EQUITY SHARE equity shares equity shares
Name of shareholder
Refer to child
member
Refer to child
member
A D A N I
INFRASTRUCTURE
AND DEVELOPERS
PRIVATE LIMITED
A D A N I
INFRASTRUCTURE
AND DEVELOPERS
PRIVATE LIMITED
CIN of shareholder U45201GJ2006PTC066449 U45201GJ2006PTC066449
Country of incorporation or residence of
shareholder
INDIA INDIA
Number of shares held in company
[shares]
1,00,00,000
[shares]
1,00,00,000
[shares] 75,00,000 [shares] 75,00,000
Percentage of shareholding in company 75.00% 75.00% 75.00% 75.00%
Disclosure of shareholding more than five per cent in company [Table] ..(2)
Name of shareholder [Axis] Shareholder 2 [Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Type of share equity shares equity shares
Disclosure of shareholding more than five per cent in company [Abstract]
Disclosure of shareholding more than five per cent in company [LineItems]
Type of share equity shares equity shares
Name of shareholder
R E A L D E A L
DEVELOPERS PRIVATE
LIMITED
R E A L D E A L
DEVELOPERS PRIVATE
LIMITED
CIN of shareholder U45400MH2007PTC171102 U45400MH2007PTC171102
Country of incorporation or residence of shareholder INDIA INDIA
Number of shares held in company [shares] 25,00,000 [shares] 25,00,000
Percentage of shareholding in company 25.00% 25.00%
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of notes on equity share capital explanatory [TextBlock]
Whether there are any shareholders holding more than five per cent
shares in company
Yes Yes
Whether money raised from public offering during year No No
The Company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity share is eligible for one vote
per share. The dividend, if any proposed by the Board of Directors is subject to the approval of the shareholders in the ensuring Annual
General Meeting. In the event of liquidation of the Company, the equity shareholders will be entitled to receive the remaining assets of the
Company after distribution of all preferential amounts, in proportion to their shareholding.
The Company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity share is eligible for one vote
per share. The dividend, if any proposed by the Board of Directors is subject to the approval of the shareholders in the ensuring Annual
General Meeting. In the event of liquidation of the Company, the equity shareholders will be entitled to receive the remaining assets of the
Company after distribution of all preferential amounts, in proportion to their shareholding.

82
[400300] Notes - Borrowings
Classification of borrowings [Table] ..(1)
Classification based on current non-current [Axis] Non-current [Member]
Classification of borrowings [Axis] Borrowings [Member]
Subclassification of borrowings [Axis]
Secured/Unsecured borrowings
[Member]
Secured borrowings [Member]
31/03/2020 31/03/2019 31/03/2020 31/03/2019
Borrowings notes [Abstract]
Details of borrowings [Abstract]
Details of borrowings [Line items]
Borrowings 51,35,55,911 59,80,25,417 51,35,55,911 59,80,25,417
Classification based on current non-current [Axis] Non-current [Member]
Classification of borrowings [Axis] Term loans [Member] Term loans from banks [Member]
Subclassification of borrowings [Axis] Secured borrowings [Member] Secured borrowings [Member]
31/03/2020 31/03/2019 31/03/2020 31/03/2019
Borrowings 51,35,55,911 59,80,25,417 51,35,55,911 59,80,25,417
Classification based on current non-current [Axis] Non-current [Member] Current [Member]
Classification of borrowings [Axis]
Rupee term loans from banks
[Member]
Borrowings [Member]
Subclassification of borrowings [Axis] Secured borrowings [Member]
Secured/Unsecured borrowings
[Member]
31/03/2020 31/03/2019 31/03/2020 31/03/2019
Borrowings (A) 51,35,55,911 (B) 59,80,25,417 53,80,02,665 176,57,53,452
Footnotes
(A) 1) HDFC Discounting of Lease Rental Leasing- The Company has obtained the facility of discounting of Lease Rentals from
Housing Development Corporation Limited. The above facility are secured by- 1) Extension of project land and construction, present
and future, at village Ambivali, Versova, Andheri bearing CTS NO. 866/B/1 admeasuring 7,547.51 Sq. Mtrs together with
development potential which shall be comprising of 30,551.38 Sq. Mtrs. of HDIL FSI and 34,290 Sq. Mtrs HDIL additional
FSI.(Total 64,841.38 Sq. Mtrs). 2) Extension of charge on scheduled receivables and insurance proceeds, both present and future. 3)
Hypothecation of all rentals arising out of commercial area admeasuring 53,138 Sq. Ft. leasable area located at unit no. 1 to 4 on 1st
floor, unit no. 8 to 21 and conference room no. 1 & 2 on 2nd Floor in the building Inspire Hub of project Western Heights. The rate
of interest will be linked to HDFC Corporate Prime Lending Rate (HDFC CPLR). The loan will be repayable in 48 Structured
Quarterly Instalment at end of month from when rentals begins i.e., April 2019. 2) Standard Chartered Bank- The Company has
obtained the Term Loan facility from Standard Chartered Bank. The above facility is secured by- 1) First Charge over Land and
Building of the Project with a minimum security cover of 1.50x. 2) DSRA equivalent to 2 months interest based on outstanding term
loan. 3) First Charge over the receivables of the Project being deposited in designated Standard Chartered Bank's account, which will
be utilized only towards debt payment. The rate of interest will be MCLR plus margin (as agreed with Bank from time to time). The
tenor of Loan is maximum upto 30 months.
(B) 1) HDFC Discounting of Lease Rental Leasing- The Company has obtained the facility of discounting of Lease Rentals from
Housing Development Corporation Limited. The above facility are secured by- 1) Extension of project land and construction, present
and future, at village Ambivali, Versova, Andheri bearing CTS NO. 866/B/1 admeasuring 7,547.51 Sq. Mtrs together with
development potential which shall be comprising of 30,551.38 Sq. Mtrs. of HDIL FSI and 34,290 Sq. Mtrs HDIL additional
FSI.(Total 64,841.38 Sq. Mtrs). 2) Extension of charge on scheduled receivables and insurance proceeds, both present and future. 3)
Hypothecation of all rentals arising out of commercial area admeasuring 53,138 Sq. Ft. leasable area located at unit no. 1 to 4 on 1st
floor, unit no. 8 to 21 and conference room no. 1 & 2 on 2nd Floor in the building Inspire Hub of project Western Heights. The rate
of interest will be linked to HDFC Corporate Prime Lending Rate (HDFC CPLR). The loan will be repayable in 48 Structured
Quarterly Instalment at end of month from when rentals begins i.e., April 2019. 2) Standard Chartered Bank- The Company has
obtained the Term Loan facility from Standard Chartered Bank. The above facility is secured by- 1) First Charge over Land and
Building of the Project with a minimum security cover of 1.50x. 2) DSRA equivalent to 2 months interest based on outstanding term
loan. 3) First Charge over the receivables of the Project being deposited in designated Standard Chartered Bank's account, which will
be utilized only towards debt payment. The rate of interest will be MCLR plus margin (as agreed with Bank from time to time). The
tenor of Loan is maximum upto 30 months.

83
Classification based on current non-current [Axis] Current [Member]
Classification of borrowings [Axis] Borrowings [Member]
Subclassification of borrowings [Axis] Secured borrowings [Member] Unsecured borrowings [Member]
31/03/2020 31/03/2019 31/03/2020 31/03/2019
Borrowings 0 125,00,00,000 53,80,02,665 51,57,53,452
Classification of borrowings [Axis] Term loans [Member] Term loans from banks [Member]
Subclassification of borrowings [Axis] Secured borrowings [Member] Secured borrowings [Member]
31/03/2020 31/03/2019 31/03/2020 31/03/2019
Borrowings 0 125,00,00,000 0 125,00,00,000
Rupee term loans from banks
[Member]
Loans and advances from related
parties [Member]
Subclassification of borrowings [Axis] Secured borrowings [Member] Unsecured borrowings [Member]
31/03/2020 31/03/2019 31/03/2020 31/03/2019
Borrowings 0 (A) 125,00,00,000 53,80,02,665 35,32,54,370
Footnotes
(A) The above facility was secured by corporate guarantee of Adani Infrastructure and Developers Private Limited. The loan carried
13.25% rate of interest. The loan has been paid up on 15/04/2019.
Loans and advances from others
[Member]
Other loans and advances [Member]
Subclassification of borrowings [Axis] Unsecured borrowings [Member] Unsecured borrowings [Member]
31/03/2020 31/03/2019 31/03/2020 31/03/2019
Borrowings (A) 53,80,02,665 (B) 35,32,54,370 0 16,24,99,082
Footnotes
(A) From Related Parties (Refer Note - 35)
(B) From Related Parties (Refer Note - 35)
Other loans and advances, others
[Member]
Subclassification of borrowings [Axis] Unsecured borrowings [Member]
31/03/2020 31/03/2019
Borrowings 0 16,24,99,082

84
[612700] Notes - Income taxes
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of income tax [TextBlock]
[See below]
Major components of tax expense (income) [Abstract]
Current tax expense (income) and adjustments for current tax of prior
periods [Abstract]
Current tax expense (income) 44,29,003 1,13,87,057
Total current tax expense (income) and adjustments for current tax
of prior periods
44,29,003 1,13,87,057
Total tax expense (income) 44,29,003 1,13,87,057
Reconciliation of accounting profit multiplied by applicable tax rates
[Abstract]
Tax expense (income) at applicable tax rate 44,29,003 1,13,87,057
Total tax expense (income) 44,29,003 1,13,87,057

85
Disclosure of income tax [Text Block]
DEFERRED TAX ASSETS (NET)
As at 31st March,
2020
As at 31st March,
2019
( Amount in Rs. ) ( Amount in Rs. )
Deferred Tax Assets
Disallowances under section 43B of the Income Tax Act, 1961
52,65,179 40,63,927
52,65,179 40,63,927
On difference between book balance and tax balance of fixed assets
(2,549) 52,051
52,67,728 40,11,876
Deferred Tax Assets not recognised in absence of virtual certainty
52,67,728 40,11,876
- -
MAT Credit Entitlement
- 26,21,863
Net Deferred Tax Assets
- 26,21,863
*The Company has recognized deferred tax assets restricted to the extent of deferred tax
liability on account of depreciation, as it is certain that the reversal of timing differences on
account of depreciation would result in sufficient taxable income against which the deferred
tax assets can be realised.
Income Tax Expense
March, 2020
March, 2019

86
Current Tax:
Current Income Tax charge 8,42,688 103,36,493
8,42,688 103,36,493
The Income Tax Expense for the year can be reconciled to the accounting
profit as follows
March, 2020
March, 2019
Accounting Profit / (Loss) before tax (653,10,329) 287,96,911
Income Tax using Company's Domestic Tax Rate @ 25.168% (FY
2018-19 : 33.384%)
(164,37,304) 96,13,561
Tax Effect of:
- Income / Expenses not allowable under Income Tax 172,79,991 7,22,932
Total Tax Expense for the year 8,42,688 103,36,493
Taxes on Income
i) Current Tax
Provision for taxation has been made in accordance with the provisions of Income Tax Act, 1961 prevailing for the relevant
assessment year.
ii) Deferred Tax
Deferred tax is provided using the balance sheet approach on temporary differences between the tax bases of assets and
liabilities and their carrying amounts in the financial statements at the reporting date.

87
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any
unused tax losses. Deferred tax assets are recognised to the extent that there is virtual certainty that taxable profit will be
available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses
can be utilized.
Net outstanding balance in Deferred Tax account is recognized as deferred tax liability/asset. The deferred tax account is used
solely for reversing timing difference as and when crystallized.
[611000] Notes - Exploration for and evaluation of mineral resources
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of exploration and evaluation assets [TextBlock]
Whether there are any exploration and evaluation activities No No
[611900] Notes - Accounting for government grants and disclosure of government assistance
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of accounting for government grants and disclosure of government
assistance [TextBlock]
Whether company has received any government grant or government assistance No No
[401100] Notes - Subclassification and notes on liabilities and assets
Other current assets others [Table] ..(1)
Other current assets others [Axis] 1 2
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Subclassification and notes on liabilities and assets
[Abstract]
Other current assets notes [Abstract]
Other current assets [Abstract]
Other current assets, others 14,02,133 23,51,375 1,05,000 2,00,000
Other current assets others [Abstract]
Other current assets others [Line items]
Description of other current assets others
Advance for
expenses
Advance for
expenses
Advances to
Employees
Advances to
Employees
Other current assets, others 14,02,133 23,51,375 1,05,000 2,00,000

88
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
[Abstract]
Other current assets, others 5,31,44,307 6,78,99,007 71,15,60,332 98,93,62,886
Description of other current assets others
Balances with
Government
authorities
Balances with
Government
authorities
Unbilled Revenue Unbilled Revenue
Other current assets, others 5,31,44,307 6,78,99,007 71,15,60,332 98,93,62,886
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
[Abstract]
Other current assets, others 58,53,690 0 6,41,022 0
Description of other current assets others Lease Equalisation Lease Equalisation Prepaid Expense Prepaid Expense
Other current assets, others 58,53,690 0 6,41,022 0
Classification of inventories [Table] ..(1)
Classification of inventories [Axis] Company inventories [Member] Other inventories [Member]
31/03/2020 31/03/2019
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
[Abstract]
Inventories notes [Abstract]
Classification of inventories [Abstract]
Classification of inventories [Line items]
Inventories 104,10,12,260 235,92,61,336 104,10,12,260 235,92,61,336
Mode of valuation
Refer to child
member
Refer to child
member
Nature of other inventories
Refer to child
member
Refer to child
member
Classification of inventories [Table] ..(2)
Classification of inventories [Axis] Other inventories, others [Member]
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Subclassification and notes on liabilities and assets [Abstract]
Inventories notes [Abstract]
Classification of inventories [Abstract]
Classification of inventories [Line items]
Inventories (A) 104,10,12,260 (B) 235,92,61,336
Mode of valuation
(At lower of Cost
and Net Realisable
Value)
(At lower of Cost and
Net Realisable
Value)
Textual information
(37) [See below]
Textual information
(38) [See below]

89
Footnotes
(A) Inventories - Construction-materials10,153,961 Inventories - Finished Goods - Properties904,096,594 Inventory held for Sale -
Properties126,761,705 Total1,041,012,260
(B) Inventories - Construction-materials 1,84,63,213 Inventories - Construction Work in progress 0 Inventories - Finished Goods -
Properties 2,01,78,37,123 Inventory held for Sale - Properties 32,29,61,000
Other non-current assets, others [Table] ..(1)
Other non-current assets, others [Axis] 1 2
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
[Abstract]
Other non-current assets notes [Abstract]
Other non-current assets [Abstract]
Other non-current assets, others 9,46,32,686 6,42,90,549 0 26,21,863
Other non-current assets, others [Abstract]
Other non-current assets, others [Line items]
Description of other non-current assets,
others
Income Tax Assets
(Net)
Income Tax Assets
(Net)
Deferred Tax
Assets (Net)
Deferred Tax Assets
(Net)
Other non-current assets, others 9,46,32,686 6,42,90,549 0 26,21,863
Other non-current assets, others [Table] ..(2)
Other non-current assets, others [Axis] 3
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Other non-current assets notes [Abstract]
Other non-current assets [Abstract]
Other non-current assets, others 22,02,43,999 27,59,53,899
Other non-current assets, others [Abstract]
Other non-current assets, others [Line items]
Description of other non-current assets, others
Advance for Land /
Property
Advance for Land /
Property
Other non-current assets, others 22,02,43,999 27,59,53,899

90
Details of loans [Table] ..(1)
Classification of loans [Axis] Loans [Member]
Classification of assets based on security [Axis]
Classification of assets based on security
[Member]
Unsecured considered good [Member]
31/03/2020 31/03/2019 31/03/2020 31/03/2019
[Abstract]
Loans notes [Abstract]
Disclosure of loans [Abstract]
Details of loans [Line items]
Loans , gross 673,10,73,290 782,11,47,543 673,10,73,290 782,11,47,543
Allowance for bad and doubtful loans 0 0 0 0
Total loans 673,10,73,290 782,11,47,543 673,10,73,290 782,11,47,543
Details of loans due by directors, other
officers or others [Abstract]
Loans due by directors 0 0 0 0
Loans due by other officers 0 0 0 0
Loans due by others 673,10,73,290 782,11,47,543 673,10,73,290 782,11,47,543
Total loans due by directors, other
officers or others
673,10,73,290 782,11,47,543 673,10,73,290 782,11,47,543
Details of loans due by firms or
companies in which any director
is partner or director [Abstract]
Loans due by firms in which any director
is partner
0 0 0 0
Loans due by private companies in
which any director is director
0 0 0 0
which any director is member
0 0 0 0
Total loans due by firms or
is partner or director
0 0 0 0
Classification of loans [Axis] Loans to related parties [Member]
Loans given other related parties
[Member]
Classification of assets based on security [Axis] Unsecured considered good [Member] Unsecured considered good [Member]
31/03/2020 31/03/2019 31/03/2020 31/03/2019
[Abstract]
Loans , gross 494,16,66,676 548,77,59,024 (A) 494,16,66,676 (B) 548,77,59,024
Total loans 494,16,66,676 548,77,59,024 494,16,66,676 548,77,59,024
officers or others
494,16,66,676 548,77,59,024 494,16,66,676 548,77,59,024
is partner
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0

91
Footnotes
(A) Loans and advances to related parties
(B) Loans and advances to related parties
Classification of loans [Axis] Other loans [Member] Other loans, others [Member]
Classification of assets based on security [Axis] Unsecured considered good [Member] Unsecured considered good [Member]
31/03/2020 31/03/2019 31/03/2020 31/03/2019
[Abstract]
Loans , gross 178,94,06,614 233,33,88,519 (A) 178,94,06,614 (B) 233,33,88,519
Total loans 178,94,06,614 233,33,88,519 178,94,06,614 233,33,88,519
officers or others
178,94,06,614 233,33,88,519 178,94,06,614 233,33,88,519
is partner
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
Footnotes
(A) Loans & advances to others
(B) Loans & advances to others
Disclosure of breakup of provisions [Table] ..(1)
Classification based on current non-current [Axis] Non-current [Member] Current [Member]
31/03/2020 31/03/2019 31/03/2020 31/03/2019
[Abstract]
Provisions notes [Abstract]
Disclosure of breakup of provisions [Abstract]
Disclosure of breakup of provisions [Line items]
Provisions [Abstract]
Provisions for employee benefits
[Abstract]
Provision gratuity 82,38,603 59,49,498 4,73,439 3,36,434
Provision leave encashment 62,13,673 44,87,989 11,60,319 9,75,381
Total provisions for employee benefits 1,44,52,276 1,04,37,487 16,33,758 13,11,815
CSR expenditure provision 0 0 0 0
Total provisions 1,44,52,276 1,04,37,487 16,33,758 13,11,815

92
Other current financial liabilities, others [Table] ..(1)
Other current financial liabilities, others [Axis] 1 2
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
[Abstract]
Disclosure of other current financial liabilities
notes [Abstract]
Other current financial liabilities [Abstract]
Other current financial liabilities, others 116,28,65,744 234,28,25,244 49,27,797 2,17,01,905
Other current financial liabilities, others
[Abstract]
[Line items]
Description of other current financial
liabilities, others
Current Maturities
of Long Term Debt
Current Maturities of
Long Term Debt
Other Payables Other Payables
Other current financial liabilities,
others
116,28,65,744 234,28,25,244 49,27,797 2,17,01,905
Other current financial liabilities, others [Axis] 3 4
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
[Abstract]
Disclosure of other current financial liabilities
notes [Abstract]
Other current financial liabilities, others 8,28,75,199 7,96,66,724 5,19,37,060 0
[Abstract]
[Line items]
Description of other current financial
liabilities, others
Security Deposit
from Customers
Security Deposit
from Customers
Bank Overdraft Bank Overdraft
Other current financial liabilities,
others
8,28,75,199 7,96,66,724 5,19,37,060 0
Other current financial liabilities, others [Axis] 5
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of other current financial liabilities notes [Abstract]
Other current financial liabilities, others 1,46,08,909 0
Other current financial liabilities, others [Abstract]
Other current financial liabilities, others [Line items]
Description of other current financial liabilities, others
Interest accrued but
not due
Interest accrued but
not due
Other current financial liabilities, others 1,46,08,909 0

93
Other current financial assets others [Table] ..(1)
Other current financial assets others [Axis] 1 2
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
[Abstract]
Other current financial assets [Abstract]
Other current financial assets others 1,72,636 1,204 13,77,031 0
Other current financial assets others [Abstract]
Other current financial assets others [Line
items]
Description other current financial assets
others
Interest Receivable
- - From Bank
Interest Receivable -
- From Bank
Interest Receivable
- - From Others
Interest Receivable -
- From Others
Other current financial assets others 1,72,636 1,204 13,77,031 0
Other current financial assets others [Table] ..(2)
Other current financial assets others [Axis] 3 4
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
[Abstract]
Other current financial assets [Abstract]
Other current financial assets others 39,40,332 16,59,252 47,00,000 47,00,000
Other current financial assets others [Abstract]
Other current financial assets others [Line
items]
Description other current financial assets
others
Deposit to Vendor,
Customer & Others
Deposit to Vendor,
Customer & Others
Other Receivables -
Non Trade
Other Receivables -
Non Trade
Other current financial assets others 39,40,332 16,59,252 47,00,000 47,00,000
Subclassification of trade receivables [Table] ..(1)
Classification of assets based on security [Axis]
Classification of assets based on security
[Member]
Unsecured considered good [Member]
31/03/2020 31/03/2019 31/03/2020 31/03/2019
[Abstract]
Disclosure of notes on trade receivables [Abstract]
Subclassification of trade receivables [Abstract]
Subclassification of trade receivables [Line
items]
Breakup of trade receivables [Abstract]
Trade receivables, gross 7,77,13,513 1,45,87,385 7,77,13,513 1,45,87,385
Allowance for bad and doubtful debts 0 0 0 0
Total trade receivables 7,77,13,513 1,45,87,385 7,77,13,513 1,45,87,385
Details of trade receivables due by
directors, other officers or others
[Abstract]
Trade receivables due by directors 0 0
Trade receivables due by other officers 0 0
Total trade receivables due by
directors, other officers or others
0 0
Details of trade receivables due by firms
or companies in which any director is
partner or director [Abstract]
Trade receivables due by firms in
which any director is partner
0 0
Trade receivables due by private
companies in which any director is
director
0 0
Trade receivables due by private
companies in which any director is
member
0 0
Total trade receivables due by
firms or companies in which any
director is partner or director
0 0

94
31/03/2020 31/03/2019
Disclosure of subclassification and notes on liabilities and assets
explanatory [TextBlock]
Advances, non-current 0 0
Total other non-current assets (A) 31,48,76,685 (B) 34,28,66,311
Disclosure of notes on cash and bank balances explanatory [TextBlock]
Fixed deposits with banks 0 0
Other balances with banks (C) 71,32,860 (D) 2,99,14,525
Total balance with banks 71,32,860 2,99,14,525
Cash on hand 0 3,00,000
Total cash and cash equivalents 71,32,860 3,02,14,525
Bank balance other than cash and cash equivalents 2,98,71,669 3,25,673
Total cash and bank balances 3,70,04,529 3,05,40,198
Total balances held with banks to extent held as
margin money or security against borrowings,
guarantees or other commitments
0 0
Bank deposits with more than 12 months maturity 0 0
Total other current financial assets 1,01,89,999 63,60,456
Total other current assets 77,27,06,484 105,98,13,268
Interest accrued on borrowings 0 0
Interest accrued on public deposits 0 0
Interest accrued others 0 0
Unpaid dividends 0 0
Unpaid matured deposits and interest accrued thereon 0 0
Unpaid matured debentures and interest accrued thereon 0 0
Debentures claimed but not paid 0 0
Public deposit payable, current 0 0
Total other current financial liabilities 131,72,14,709 244,41,93,873
Advance received from customers (E) 4,41,20,080 (F) 2,05,90,608
Total other advance 4,41,20,080 2,05,90,608
Taxes payable other tax (G) 29,43,665 (H) 99,83,107
Current liabilities portion of share application money pending
allotment
0 0
Total other payables, current 29,43,665 99,83,107
Total other current liabilities 4,70,63,745 3,05,73,715
Footnotes
(A) Income Tax Assets (Net) : 94632686 Deferred Tax Assets (Net) : 0 Other Non-current Assets : 220243999
(B) Income Tax Assets (Net) : 64290549 Deferred Tax Assets (Net) : 2621863 Other Non-current Assets : 275953899
(C) In current accounts : 7132860
(D) In current accounts : 29914525
(E) Advance from Customers : 44120080
(F) Advance from Customers : 20590608
(G) Statutory liabilities (Includes PF, WCT, TDS, GST, Property Tax) : 2943665
(H) Statutory liabilities (Includes PF, WCT, TDS, GST, Property Tax) : 9983107
Inventories (At lower of Cost and Net Realisable Value) As at 31st March, 2020 ( Amount in Rs. ) Inventories -
Construction-materials 10,153,961 Inventories - Finished Goods - Properties 904,096,594 Inventory held
for Sale - Properties 126,761,705 Total 1,041,012,260
Inventories (At lower of Cost and Net Realisable Value) As at 31st March, 2019 ( Amount in Rs. ) Inventories - Construction-materials
1,84,63,213 Inventories - Construction Work in progress - Inventories - Finished Goods -
Properties 2,01,78,37,123 Inventory held for Sale - Properties 32,29,61,000 Total 2,35,92,61,336

95
[401200] Notes - Additional disclosures on balance sheet
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of additional balance sheet notes explanatory [TextBlock]
[See below]
Additional balance sheet notes [Abstract]
Contingent liabilities and commitments [Abstract]
Classification of contingent liabilities [Abstract]
Total contingent liabilities 0 0
Total contingent liabilities and commitments 0 0
Details regarding dividends [Abstract]
Amount of dividends proposed to be distributed to equity shareholders 0 0
Amount of per share dividend proposed to be distributed to equity
shareholders
[INR/shares] 0 [INR/shares] 0
Details of deposits [Abstract]
Deposits accepted or renewed during period 0 0
Deposits matured and claimed but not paid during period 0 0
Deposits matured and claimed but not paid 0 0
Deposits matured but not claimed 0 0
Interest on deposits accrued and due but not paid 0 0
Details of share application money received and paid [Abstract]
Share application money received during year 0 0
Share application money paid during year 0 0
Amount of share application money received back during year 0 0
Amount of share application money repaid returned back during year 0 0
Number of person share application money paid during year [pure] 0 [pure] 0
Number of person share application money received during year [pure] 0 [pure] 0
Number of person share application money paid as at end of year [pure] 0 [pure] 0
Number of person share application money received as at end of year [pure] 0 [pure] 0
Share application money received and due for refund 0 0
Details regarding cost records and cost audit[Abstract]
Details regarding cost records [Abstract]
Whether maintenance of cost records by company has been
mandated under Companies (Cost Records and Audit) Rules,
2014
No No
Net worth of company 0 0
Details of unclaimed liabilities [Abstract]
Unclaimed share application refund money 0 0
Unclaimed matured debentures 0 0
Unclaimed matured deposits 0 0
Interest unclaimed amount 0 0
Financial parameters balance sheet items [Abstract]
Investment in subsidiary companies 0 0
Investment in government companies 0 0
Amount due for transfer to investor education and protection fund
(IEPF)
0 0
Gross value of transactions with related parties 0 0
Number of warrants converted into equity shares during period [pure] 0 [pure] 0
Number of warrants converted into preference shares during period [pure] 0 [pure] 0
Number of warrants converted into debentures during period [pure] 0 [pure] 0
Number of warrants issued during period (in foreign currency) [pure] 0 [pure] 0
Number of warrants issued during period (INR) [pure] 0 [pure] 0

96
Disclosure of additional balance sheet notes explanatory [Text Block]
Trade Payables
As at 31st March,
2020
As at 31st March,
2019
Trade Payables
- Micro &
Small
Enterprises
15,35,398 206,06,492
-Others
1837,84,988 3272,57,921
Total
1853,20,386 3478,64,413
Disclosure
requirements
under section
22 of the
Micro, Small
and Medium
Enterprises
Development
Act, 2006.
Sr. No. Particulars
As at 31st March,
2020
As at 31st March,
2019
1
Principal
amount due
to suppliers
registered
under the
MSMED
Act and
remaining
unpaid as at
year end
15,35,398 202,51,231
Interest
due to

97
2
suppliers
registered
under the
MSMED
Act and
- 3,55,261

98
remaining
unpaid as at
year end
3
Principal
amounts
paid to
suppliers
registered
under the
MSMED
Act,
beyond the
appointed
day during
the year
- -
4
Interest
paid, other
than under
Section 16
of MSMED
Act, to
suppliers
registered
under the
MSMED
Act,
beyond the
appointed
day during
the year
- -
5
Interest
paid, under
Section 16
of MSMED
Act, to
suppliers
registered
under the
MSMED
Act,
beyond the
appointed
day during
the year
- -
6
Interest
due and
payable
towards
suppliers
registered
under
MSMED
Act, for
payments
already
made
- -
7
Further
interest
remaining
due and
payable for
earlier
years
- -

99
The above
information
has been
determined to
the extent such
parties have
been identified
on the basis of
information
available with
the Company.
This has been
relied upon by
the auditors.
Cost of
construction
For the year ended
31st March, 2020
For the year
ended 31st
March, 2019
( Amount in Rs. )
( Amount in
Rs. )
Opening Stock
- Construction
Work-in-progress 23407,98,122 48555,65,931
(representing cost
of development
rights,
construction cost
and related
expenses)
23407,98,122 48555,65,931
Add : Cost
Incurred
during the year
- Construction
Expenses - 3097,72,320
- Depreciation
- 1,65,549
- Personnel
Expenses - 528,63,676
- Finance Costs
- 3395,18,231
- Other expenses
- 1512,58,826
Refund received
from HDIL - (4808,80,600)
- 3726,98,002

100
Less: Closing
Stock
- Closing Stock -
Finished Goods 10308,58,298 23407,98,122
(representing cost
of development
rights,
construction cost
and related
expenditure)
10308,58,298 23407,98,122
Construction
Cost 13099,39,824 28874,65,811
The amendment requires entities to provide disclosure of changes in their
liabilities arising from financing activities, including both changes arising from
cash flows and non-cash changes (such as foreign exchange gains or losses).
The company has provided information for current period.
Changes in liabilities arising from financing activities
Particulars
As at 31st
March, 2020
Cash and Cash Equivalents 7132859.92
Borrowings -1103495636
Other Financial Liabilities -1177474653
-2273837429
Cash and
Cash
Equivalents
Borrowings
Other
Financial
Liabilities
Total
Net Debt as at 31-3-2019 30214524.66 -2363778868 -2342825244 -4676389588

101
Cash Flows -23081664.79 1274892141 1165350591 2417161068
Interest Expenses 0 -373062824 0 -373062824
Interest Paid 0 358453915 0 358453915
Net Debt as at 31-3-2020 7132859.87 -1103495636 -1177474653 -2273837429
Capital Management
The Companys objectives when managing capital is to safeguard continuity and
healthy capital ratios in order to support its business and provide adequate
return to shareholders through continuing growth. The Companys overall
strategy remains unchanged from previous year.
The Company sets the amount of capital required on the basis of annual
business and long-term operating plans which include capital and other strategic
investments.
The funding requirements are met through a mixture of equity, internal fund
generation, borrowings. The Companys policy is to use borrowings to meet
anticipated funding requirements. The Company monitors capital on the basis of
the net debt to equity ratio.
No changes were made in the objectives, policies or processes for managing
capital during the years ended as at 31st March, 2020 and as at 31st March,
2019.
Financial Risk objective and policies
The Company's principal financial liabilities comprise borrowings, trade and
other payables, The main purpose of these financial liabilities is to finance the
Company's operations/projects .The Company's principal financial assets
include loans, trade and other receivables, and cash and cash equivalents that
derive directly from its operations.
In the ordinary course of business, the Company is mainly exposed to risks
resulting from exchange rate fluctuation (currency risk), interest rate
movements (interest rate risk) collectively referred as Market Risk, Credit Risk,
Liquidity Risk and other price risks such as equity price risk. The Company's
senior management oversees the management of these risks. It manages its

102
exposure to these risks through derivative financial instruments by hedging
transactions. It uses derivative instruments such as Principal only Swaps,

103
Interest rate swaps, foreign currency future options and foreign currency
forward contract to manage these risks. These derivative instruments reduce the
impact of both favourable and unfavourable fluctuations.
The Companys risk management activities are subject to the management,
direction and control of Central Treasury Team of the Group under the
framework of Risk Management Policy for Currency and Interest rate risk as
approved by the Board of Directors of the Company. The Groups central
treasury team ensures appropriate financial risk governance framework for the
Company through appropriate policies and procedures and that financial risks
are identified, measured and managed in accordance with the Groups policies
and risk objectives. It is the Group's policy that no trading in derivatives for
speculative purposes may be undertaken.
The decision of whether and when to execute derivative financial instruments
along with its tenure can vary from period to period depending on market
conditions and the relative costs of the instruments. The tenure is linked to the
timing of the underlying exposure, with the connection between the two being
regularly monitored. The Company is exposed to losses in the event of
non-performance by the counterparties to the derivative contracts. All derivative
contracts are executed with counterparties that, in our judgment, are
creditworthy. The outstanding derivatives are reviewed periodically to ensure
that there is no inappropriate concentration of outstanding to any particular
counterparty.
Interest rate risk
The Company is exposed to changes in interest rates due to its financing,
investing and cash management activities. The risks arising from interest rate
movements arise from borrowings with variable interest rates. The Company
manages its interest rate risk by having a balanced portfolio of fixed and
variable rate loans and borrowings.
The Company's risk management activities are subject to the management,
direction and control of Central Treasury Team of the Adani Group under the
framework of Risk Management Policy for interest rate risk. The Groups central
treasury team ensures appropriate financial risk governance framework for the
Company through appropriate policies and procedures and that financial risks
are identified, measured and managed in accordance with the Groups policies
and risk objectives.
For Company's total borrowings, the analysis is prepared assuming the amount
of the liability outstanding at the end of the reporting period was outstanding for
the whole year. A 50 basis point increase or decrease is used, which represents
management's assessment of the reasonably possible change in interest rate.
Particulars
As at 31st
March, 2020
As at 31st
March, 2019
Total Borrowings 2214424320 3456604113
In case of fluctuation in interest rates by 50 basis points and all other variables
were held constant, the Company's profit for the year would increase or
decrease as follows:

104
Particulars
For the year
ended 31st
March, 2020
For the year
ended 31st
March, 2019
Impact on profit for the year 11072121.6 17283020.56
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual
obligations resulting in a loss to the company. The Company has adopted the
policy of only dealing with creditworthy counterparties as a means of mitigating
the risk of financial losses from default, and generally does not obtain any
collateral or other security on trade receivables.
The carrying amount of financial assets recorded in the financial statements
represents the Companys maximum exposure to credit risk. Cash are held with
creditworthy financial institutions.
Liquidity risk
The Company monitors its risk of shortage of funds using cash flow forecasting
models. These models consider the maturity of its financial investments,
committed funding and projected cash flows from operations. The Companys
objective is to provide financial resources to meet its business objectives in a
timely, cost effective and reliable manner and to manage its capital structure. A
balance between continuity of funding and flexibility is maintained through the
use of various types of borrowings.
Due to outbreak of COVID-19 globally and in India, the Company's
management has made initial assessment of impact on business and financial
risks on account of COVID-19. The management believes that the impact of
this outbreak on the business and financial position of the Company will not be
significant. The management does not see any risks in the Company's ability to
continue as a going concern and meeting its liabilities as and when they fall due.
However, the impact assessment of COVID-19 is a continuing process given
the uncertainty associated with its nature and duration. The company will
continue to monitor any material changes as the situation evolves.
Approval of Financial Statements

105
The financial statements were approved by the board of directors on July 23,
2020.
Previous year figures have been regrouped and rearranged wherever necessary
to conform to this year's classification.
The Company is primarily engaged in the Real Estate business and all its
operations are in India. Accordingly there are no separate reportable segments
as per Indian Accounting Standard 108 Operating Segment.
37 Disclosures as required as per Indian Accounting Standard 115:
(i) Contract with customer
The company enters in to contract with customers for sale of real estate unit. The company’s
obligation under the contract is to construct and deliver the real estate unit as specified in the
contract. The entity retains the legal title to the unit until the customer has paid full sale
consideration after construction is complete and the occupation certificate (OC) is received. The
contract gives the customer the right to an undivided interest in the land and the real estate unit
under construction. The customer cannot change the structural design of the complex or the
individual unit. During the construction phase, the customer abide to pays the agreed
consideration as per the method as mentioned in the ATS. The customer does not have a right to
terminate the contract (ATS) on his own except in case of default by the entity in limited
circumstances as mentioned in the ATS. Similarly, the entity has a right to terminate in case
there is default from customer’s end in making payments of promised amount as and when it is
due after providing notices. In case of cancellation, the entity is obliged to refund the
consideration already received after deducting any penalty/liquidated damages/interest as per the
agreed terms of ATS. Further the right to sell the said unit to any other customer is reinstated in
the hand of the entity.
Contract Balances
(1) Contract Assets
A contract asset is the right to consideration in exchange for goods or services transferred to the
customer e.g. unbilled revenue. If the Company performs by transferring goods or services to a
customer before the customer pays consideration or before payment is due, a contract asset i.e.
unbilled revenue is recognised for the earned consideration that is conditional.
(2) Trade Receivables

106
A receivable represents the Company’s right to an amount of consideration that is unconditional
i.e. only the passage of time is required before payment of consideration is due.
(3) Contract Liabilities
A contract liability is the obligation to transfer goods or services to a customer for which the
Company has received consideration (or an amount of consideration is due) from the customer.
Contract liabilities are recognised as revenue when the Company performs under the contract.
(ii) Disaggregation of revenue
The management determines that the segment information reported under Note 32 - Segment
reporting is sufficient to meet the disclosure objective with respect to disaggregation of revenue
under Ind AS 115 Revenue from contract with Customers. Hence, no separate disclosures of
disaggregated revenues are reported.
(iii) Contract Balances
The following table provides information about receivables, contract assets and contract
liabilities from the contracts with customers.
Particulars 31-Mar-20 31-Mar-19
Trade receivables*
7,77,13,513 1,45,87,385
Contract assets e.g. Unbilled Revenue
71,15,60,332 98,93,62,885
Contract liabilities e.g. Deferred Revenue
4,41,20,080 2,05,90,608
*Trade receivables incudes balances other than from Contract from Customers
The contract assets primarily relate to the Company's right to consideration for work completed
but not billed at the reporting date. The contract assets are transferred to receivables when the
rights become unconditional. The contract liabilities primarily relate to the advance
consideration received from the customers.
(iv) Significant changes in contract assets and liabilities during the period:

107
Particulars
For the year
ended 31
March, 2020
For the year
ended 31
March, 2019
(a) changes due to business combinations
- -
(b) cumulative catch-up adjustments to revenue that affect the corresponding contract asset or
contract liability, including adjustments arising from a change in the measure of progress, a
change in an estimate of the transaction price (including any changes in the assessment of
whether an estimate of variable consideration is constrained) or a contract modification
- -
(c) impairment of a contract asset
- -
(d) Contract assets reclassified to receivables
- -
(e) Revenue recognised from performance obligations satisfied (or partially satisfied) in previous
periods (for example, changes in transaction price) - -
(f) revenue recognised that was included in the contract liability balance at the beginning of the
period 1,52,95,349 53,67,46,879
(v) Performance Obligation
The company’s obligation under the contract is to construct and deliver the real estate unit as
specified in the contract. The Company retains the legal title to the unit until the customer has
paid full sale consideration after construction is complete and the occupation certificate (OC) is
received.
The customer is abide to pay agreed purchase consideration as per terms of agreement.
Generally, payment is based as agreed under agreement to sale. Payment terms is fixed when
agreement to sale is executed. However, it may differ from contract to contract.
The customer does not have right to terminate the contract except in case of default by the
company in limited circumstances as mentioned in contract. Similarly, the company does not
have right to terminate contract unless there is default from customer's end in making payments
of agreed amount on agreed time after duly providing notices. In case of cancellation, the
company is obliged to refund the consideration already received after deducting any
penalty/liquidated damages/interest as per the agreed terms of contract. Further the right to sell
the said unit to any other customer is reinstated in the hand of the company.
As per contract terms, Common Maintenance Charges is to be paid by customer for 24 months in
advance. The company is liable to bare cost of maintenance of real estate unit for the said period
or formation of society which ever is earlier.
(vi) Remaining Performance Obligation

108
The transaction price allocated to the remaining performance obligations (unsatisfied or partially
unsatisfied) are as follows:
Within 1 Year
- -
More than 1 year
- -
All the other performance obligations are expected to be recognised within one year. The amount
disclosed above does not include variable consideration which is constrained.
(vii)
Reconciliation the amount of revenue recognised in the statement of profit and loss with the
contracted price:
Revenue as per contracted price
1,74,29,09,292 2,90,96,75,531
Adjustments
Sales return
12,74,72,960 -
Discounts
1,59,46,400 -
Rebates/refunds
- -
Significant financing components
- -
Extended warranties
- -

109
Loyalty points - -
Revenue from contract with customers
1,59,94,89,932 2,90,96,75,531
[611800] Notes - Revenue
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of revenue [TextBlock]
[See below]
As Below

110
Disclosure of revenue [Text Block]
Revenue Recognition
Effective from 1st April, 2018, the company has adopted Ind AS 115 - Revenue from Contract with Customer ( hereinafter
referred as " Ind AS 115 ") with Modified retrospective approach of transition. As per Modified retrospective approach Ind AS
115 was made applicable to the contracts that were not completed as on 1st April, 2018.
Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at
an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services.
The company has generally concluded that it is the principal in its revenue arrangements, except for the agency services,
because it typically controls the goods or services before transferring them to the customer.
According to agreement entered into with customer, company recognises Revenue over a period of time as defined in Ind AS
115. For the purpose of recognition of revenue over period of time company continue to apply basis as defined in earlier
Revenue Recognition guidance.
In order to achieve reasonable level of assurance for revenue recognition company continue to apply following conditions:
(a) All critical approvals necessary for commencement of the project have been obtained.
(b) The expenditure incurred on construction and development costs is not less than 25 % of the estimated construction and
development costs excluding land cost.
(c) At least 25% of the saleable project area is secured by contracts or agreements with buyers.
(d) At least 10 % of the total revenue as per the agreements of sale or any other legally enforceable documents are realised at
the reporting date in respect of each of the contracts and it is reasonable to expect that the parties to such contracts will comply
with the payment terms as defined in the contracts.
Contract assets
A contract asset is the right to consideration in exchange for goods or services transferred to the customer e.g. unbilled
revenue. If the Company performs by transferring goods or services to a customer before the customer pays consideration or
before payment is due, a contract asset i.e. unbilled revenue is recognised for the earned consideration that is conditional.
Contract liabilities
A contract liability is the obligation to transfer goods or services to a customer for which the Company has received
consideration (or an amount of consideration is due) from the customer. Contract liabilities are recognised as revenue when the
Company performs under the contract.
Interest income is recognised on time proportion basis taking into account the amount outstanding and the rate applicable.
Rental Income is recognized on time proportionate basis over the period of the rent.

111
[612400] Notes - Service concession arrangements
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of service concession arrangements [TextBlock]
Whether there are any service concession arrangments No No
[612000] Notes - Construction contracts
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of notes on construction contracts [TextBlock]
Whether there are any construction contracts No No
[612600] Notes - Employee benefits
Disclosure of defined benefit plans [Table] ..(1)
Defined benefit plans [Axis]
Domestic defined benefit plans
[Member]
Defined benefit plans categories [Axis] 1
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of defined benefit plans [Abstract]
Disclosure of defined benefit plans [Line items]
Description of type of plan GRATUITY GRATUITY
Surplus (deficit) in plan [Abstract]
Defined benefit obligation, at present value 87,12,042 62,85,932
Net surplus (deficit) in plan -87,12,042 -62,85,932
Actuarial assumption of discount rates 6.70% 7.60%

112
Disclosure of net defined benefit liability (assets) [Table] ..(1)
Defined benefit plans [Axis] Domestic defined benefit plans [Member]
Net defined benefit liability (assets) [Axis] Net defined benefit liability (assets) [Member]
Present value of
defined benefit
obligation
[Member]
Defined benefit plans categories [Axis] 1 1
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
01/04/2019
to
31/03/2020
Disclosure of net defined benefit liability
(assets) [Abstract]
Disclosure of net defined benefit liability
(assets) [Line items]
Description of type of plan Refer to child member Refer to child member
THE GRATUITY
PLAN
Changes in net defined benefit liability
(assets) [Abstract]
Current service cost, net defined
benefit liability (assets)
19,42,586 14,25,252 19,42,586
Interest expense (income), net defined
4,78,748 3,84,728 4,78,748
Gain (loss) on remeasurement, net
defined benefit liability (assets)
[Abstract]
Return on plan assets, net defined
-48,273 1,11,835 -48,273
Total loss (gain) on
remeasurement, net defined
-48,273 1,11,835 -48,273
Payments from plan, net defined benefit
liability (assets)
0 3,48,141 0
Increase (decrease) through other
changes, net defined benefit
liability (assets)
-43,497 -22,40,332 -43,497
Total increase (decrease) in net
defined benefit liability (assets)
24,26,110 -8,90,328 24,26,110
Net defined benefit liability (assets) at
end of period
87,12,042 62,85,932 71,76,260 87,12,042
Disclosure of net defined benefit liability (assets) [Table] ..(2)
Defined benefit plans [Axis]
Domestic defined benefit plans
[Member]
Net defined benefit liability (assets) [Axis]
Present value of defined benefit
obligation [Member]
Defined benefit plans categories [Axis] 1
01/04/2018
to
31/03/2019
31/03/2018
Disclosure of net defined benefit liability (assets) [Abstract]
Disclosure of net defined benefit liability (assets) [Line items]
Description of type of plan THE GRATUITY PLAN
Changes in net defined benefit liability (assets) [Abstract]
Current service cost, net defined benefit liability (assets) 14,25,252
Interest expense (income), net defined benefit liability (assets) 3,84,728
Gain (loss) on remeasurement, net defined benefit liability (assets)
[Abstract]
Return on plan assets, net defined benefit liability (assets) 1,11,835
Total loss (gain) on remeasurement, net defined benefit liability
(assets)
1,11,835
Payments from plan, net defined benefit liability (assets) 3,48,141
Increase (decrease) through other changes, net defined benefit liability
(assets)
-22,40,332
Total increase (decrease) in net defined benefit liability (assets) -8,90,328
Net defined benefit liability (assets) at end of period 62,85,932 71,76,260

113
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of employee benefits [TextBlock]
[See below]
As Below
Disclosure of defined benefit plans [TextBlock]
Whether there are any defined benefit plans Yes Yes
Disclosure of net defined benefit liability (assets) [TextBlock]

114
Disclosure of employee benefits [Text Block]
Retirement and other employee benefits
Employee benefits includes salary, wages, gratuity, compensated absences and contribution to provident fund.
Short Term Employees Benefits
A liability is recognised for benefits accruing to employees in respect of salaries and wages at the undiscounted amount of the
benefits expected to be paid wholly within twelve months of rendering the service.
Defined Contribution Plans
Retirement benefits in the form of provident fund is a defined contribution scheme. The Company has no obligation, other than
the contribution payable to the provident fund. The Company recognises contribution payable to the provident fund scheme as
an expense, when an employee renders the related service.
Re-measurements, comprising of actuarial gains and losses, the effect of the asset ceiling (excluding net interest) and the return
on plan assets (excluding net interest), are recognised immediately in the balance sheet with a corresponding debit or credit to
retained earnings through OCI in the period in which they occur. Re-measurements are not reclassified to profit or loss in
subsequent periods.
The Group recognises the following changes in the net defined benefit obligation as an expense in the statement of profit and
loss in the line item "Employee Benefits Expense":
> Service cost including current service cost, past service cost, gains and losses on curtailments and non-routine settlements;
and
> Net interest expense or income
For the purpose of presentation of defined benefit plans, the allocation between short term and long term provisions has been
made as determined by an actuary.
As per Indian Accounting Standard 19 "Employee Benefits", the disclosure as defined in the
accounting standard are given below.
(a) Defined Benefit Plan

115
The Company operates a defined benefit plan (the Gratuity plan) covering eligible employees,
which provides a lump sum payment to vested employees at retirement, death, incapacitation or
termination of employment, of an amount based on the respective employee’s salary and the
tenure of employment. The status of gratuity plan as required under Ind AS 19:
As at
31st
March,
2020
As at
31st
March,
2019
(
Amount
in Rs. )
(
Amount
in Rs. )
i. Reconciliation of Opening and Closing Balances of defined benefit obligation
Present Value of Defined Benefit Obligations at the beginning of the Year 6285932 7176260
Current Service Cost 1942586 1425252
Acquisition adjustment -43497 -2240332
Interest Cost 478748 384728
Benefits paid 0 -348141
Net Actuarial loss / (gain) Recognised 48273 -111835
Present Value of Defined Benefit Obligations at the end of the Year 8712042 6285932
ii. Reconciliation of Opening and Closing Balances of the Fair value of Plan assets
Fair Value of Plan assets at the beginning of the Year 0 0
Expected return on plan assets 0 0
Contributions 0 0
Benefits paid 0 0
Actuarial gain/(loss) on plan assets 0 0

116
Fair Value of Plan assets at the end of the Year 0 0
iii. Reconciliation of the Present value of defined benefit obligation and Fair value of plan assets
Present Value of Defined Benefit Obligations at the end of the Year 8712042 6285932
Fair Value of Plan assets at the end of the Year 0 0
Net Asset / (Liability) recognized in balance sheet as at the end of the year -8712042 -6285932
v. Gratuity Cost for the Year
Current service cost 1942586 1425252
Interest cost 478748 384728
Expected return on plan assets 0 0
Actuarial Gain / (Loss) 0 0
Net Gratuity cost recognised in the statement of Profit and Loss 2421334 1809980
vi. Actuarial Assumptions
Discount Rate (per annum) 0.067 0.076
Expected rate of return on plan assets - -
Annual Increase in Salary Cost 0.08 0.08
(b) Defined Contribution Plan

117
Contribution to Defined Contribution Plans, recognised in Statement of Profit and Loss, for the
year is as under :
For the
year
ended
31st
March,
2020
For the
year
ended
31st
March,
2019
(
Amount
in Rs. )
(
Amount
in Rs. )
Employer's Contribution to Provident Fund 5644398 3846342
(c) Sensitivity Analysis
For the
year
ended
31st
March,
2020
For the
year
ended
31st
March,
2019
(
Amount
in Rs. )
(
Amount
in Rs. )
Defined Benefit Obligation 8712042 6285932
Particulars
For the
year
ended
31st
March,
2020
For the
year
ended
31st
March,
2019
Decrease Increase Decrease Increase
Discount Rate (- / + 1%) 9599214 7943288 6927208 5730216
(% change compared to base due to sensitivity) 0.102 -0.088 0.102 -0.088

118
Salary Growth Rate (- / + 1%) 7945297 9579118 5727314 6918362
(% change compared to base due to sensitivity) -0.088 0.1 -0.089 0.101
Attrition Rate (- / + 50% of attrition rates) 9192330 8343528 6479853 6120391
(% change compared to base due to sensitivity) 0.055 -0.042 0.031 -0.026
Mortality Rate (- / + 10% of mortality rates) 8713884 8710206 6286317 6285550
(% change compared to base due to sensitivity) 0 0 0 0
[612800] Notes - Borrowing costs
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of borrowing costs [TextBlock]
[See below]
Whether any borrowing costs has been capitalised during the year No No
Disclosure of borrowing costs [Text Block]
Borrowing Cost:
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that
necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until
such time as the assets are substantially ready for their intended use or sale. It includes interest on borrowings, amortisation of
ancillary costs incurred for borrowings and exchange differences arising from foreign currency borrowings to the extent they are
regarded as an adjustment to the interest cost.

119
[700100] Notes - Key managerial personnels and directors remuneration and other information
Disclosure of key managerial personnels and directors and remuneration to key managerial personnels and directors [Table] ..(1)
Key managerial personnels and directors [Axis] 1 2
01/04/2019
to
31/03/2020
01/04/2019
to
31/03/2020
Disclosure of key managerial personnels and directors and remuneration to key
managerial personnels and directors [Abstract]
Disclosure of key managerial personnels and directors and remuneration to key
managerial personnels and directors [LineItems]
Name of key managerial personnel or director
LAXMIPRASAD
RAMESHWARLAL
CHAUDHARY
KALAGARLA
MADHUSUDANA
RAO
Director identification number of key managerial personnel or director 00006278 08499420
Permanent account number of key managerial personnel or director AAFPC7454B ABMPR0998R
Date of birth of key managerial personnel or director 03/02/1950 20/02/1968
Designation of key managerial personnel or director Director Director
Qualification of key managerial personnel or director B.com
Shares held by key managerial personnel or director [shares] 0 [shares] 0
Key managerial personnel or director remuneration [Abstract]
Gross salary to key managerial personnel or director [Abstract]
Salary key managerial personnel or director 0 0
Perquisites key managerial personnel or director 0 0
Profits in lieu of salary key managerial personnel or director 0 0
Gross salary to key managerial personnel or director 0 0
Sitting fees key managerial personnel or director 0 0
Stock option key managerial personnel or director 0 0
Sweat equity key managerial personnel or director 0 0
Commission as percentage of profit key managerial personnel or director 0 0
Other commission key managerial personnel or director 0 0
Other compensation key managerial personnel or director 0 0
Total key managerial personnel or director remuneration 0 0
Ceiling as per act key managerial personnel or director remuneration 0 0
01/04/2019
to
31/03/2020
Disclosure of key managerial personnels and directors and remuneration
to key managerial personnels and directors explanatory [TextBlock]
[See below]

120
Disclosure of key managerial personnels and directors and remuneration to key managerial personnels and
directors explanatory [Text Block]
Directors and Key Managerial Personnel:
During the year, Mr. Ranjan Wazir resigned as Director W.e.f. 5th July, 2019 and Mr. Madhusudana Rao Kalagarla was appointed as an
additional director w.e.f. 5th July, 2019.
As on date, Mr. Laxmiprasad Choudhary and Mr. Madhusudana Rao Kalagarlaare the Directors of your Company.
Mr. Krunal Jain has been appointed as Company Secretary of the Company w.e.f. 28th January 2020.However, he resigned as Company
SecretaryW.e.f. 24th August, 2020.
Since the Company does not fall within the category as mentioned in section 149(4) of the Companies Act, 2013 read with the rules made
thereunder requiring the appointment of Independent Directors, a statement in this Report relating to declaration by Independent Director
under sub-section(6) of section 149 of the Companies Act, 2013 is not applicable to the Company.
Your Company being Private Limited Company, none of the Directors are required to retire by rotation.
[612200] Notes - Leases
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of leases [TextBlock]
Whether company has entered into any lease agreement No No
Whether any operating lease has been converted to financial lease or
vice-versa
No No

121
[612300] Notes - Transactions involving legal form of lease
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of arrangements involving legal form of lease [TextBlock]
Whether there are any arrangements involving legal form of lease No No
[612900] Notes - Insurance contracts
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of insurance contracts [TextBlock]
Whether there are any insurance contracts as per Ind AS 104 No No
[613100] Notes - Effects of changes in foreign exchange rates
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of effect of changes in foreign exchange rates [TextBlock]
Whether there is any change in functional currency during the year No No
Description of presentation currency INR

122
[500100] Notes - Subclassification and notes on income and expenses
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Subclassification and notes on income and expense explanatory [TextBlock]
Disclosure of revenue from operations [Abstract]
Disclosure of revenue from operations for other than finance company
[Abstract]
Revenue from sale of products 0 0
Revenue from sale of services (A) 177,24,46,174 (B) 298,50,31,782
Total revenue from operations other than finance company 177,24,46,174 298,50,31,782
Total revenue from operations 177,24,46,174 298,50,31,782
Disclosure of other income [Abstract]
Interest income [Abstract]
Interest income on current investments [Abstract]
Interest on fixed deposits, current investments (C) 5,50,537 (D) 19,751
Interest on current intercorporate deposits (E) 23,77,95,659 (F) 26,90,50,431
Interest on other current investments (G) 41,65,692 (H) 1,42,92,404
Total interest income on current investments 24,25,11,888 28,33,62,586
Total interest income 24,25,11,888 28,33,62,586
Dividend income [Abstract]
Total dividend income 0 0
Other non-operating income [Abstract]
Miscellaneous other non-operating income (I) 3,55,261 (J) 1,91,924
Total other non-operating income 3,55,261 1,91,924
Total other income 24,28,67,149 28,35,54,510
Disclosure of finance cost [Abstract]
Interest expense [Abstract]
Other interest charges (K) 37,30,62,824 (L) 18,41,25,515
Total interest expense 37,30,62,824 18,41,25,515
Total finance costs 37,30,62,824 18,41,25,515
Employee benefit expense [Abstract]
Salaries and wages 15,32,25,777 12,00,06,866
Managerial remuneration [Abstract]
Remuneration to directors [Abstract]
Total remuneration to directors 0 0
Total managerial remuneration 0 0
Other retirement benefits (M) 59,35,365 (N) 41,69,655
Staff welfare expense (O) 43,97,851 (P) -5,07,90,075
Total employee benefit expense 16,35,58,993 7,33,86,446
Depreciation, depletion and amortisation expense [Abstract]
Depreciation expense (Q) 7,94,089 (R) 7,07,359
Total depreciation, depletion and amortisation expense 7,94,089 7,07,359
Breakup of other expenses [Abstract]
Consumption of stores and spare parts 0 0
Power and fuel 0 0
Rent 37,90,297 32,65,725
Repairs to building 0 0
Repairs to machinery (S) 8,78,552 (T) 57,38,840
Insurance 10,25,472 20,783
Rates and taxes excluding taxes on income [Abstract]
Other cess taxes (U) 2,46,99,129 (V) 6,59,45,940
Total rates and taxes excluding taxes on income 2,46,99,129 6,59,45,940
Electricity expenses 58,12,081 0
Telephone postage (W) 34,67,120 (X) 4,12,400
Travelling conveyance 53,37,397 51,49,107

123
Legal professional charges 4,55,02,596 7,40,41,476
Directors sitting fees 0 0
Advertising promotional expenses 3,86,95,975 3,15,79,578
Commission paid other selling agents 2,30,80,527 2,19,27,135
Loss on disposal of intangible Assets 0 0
Loss on disposal, discard, demolishment and destruction of
depreciable property plant and equipment
0 0
Payments to auditor [Abstract]
Payment for audit services (Y) 1,15,000 (Z) 1,15,000
Payment for other services 25,000 25,000
Total payments to auditor 1,40,000 1,40,000
CSR expenditure 8,25,000 10,10,000
Miscellaneous expenses (AA) 8,00,13,776 (AB) -11,51,26,734
Total other expenses 23,32,67,922 9,41,04,250
Current tax [Abstract]
Current tax pertaining to previous years 8,42,688 1,03,36,493
Current tax pertaining to current year 35,86,315 10,50,564
Total current tax (AC) 44,29,003 (AD) 1,13,87,057
Footnotes
(A) Income from Ancillary Services - Real Estate : 12424986 Lease Rent Income : 78952015 Sale of Scrap : 324467 Income From
Sale of Properties : 1599489932 Income from PMC and Other Levies : 81254774 Income from Cancellation : 0
(B) Income from Ancillary Services - Real Estate : 15361500 Lease Rent Income : 6137439 Sale of Scrap : 790359 Income From
(C) - Fixed Deposits : 550537
(D) - Fixed Deposits : 19751
(E) - Loans : 237795659
(F) - Loans : 269050431
(G) - Customers : 4056388 - Others : 109304
(H) - Customers : 14292404 - Others : 0
(I) Profit on Sale of Fixed Assets : 0 Liability no longer required : 355261
(J) Profit on Sale of Fixed Assets : 191924 Liability no longer required : 0
(K) -Loans : 373050800 -Others : 0 Bank Charges & Other Borrowing Costs : 12024 Less: Transferred to Cost of Construction : 0
(L) -Loans : 523276281 -Others : 361141 Bank Charges & Other Borrowing Costs : 6324 Less: Transferred to Cost of Construction :
-339518231
(M) Contribution to Provident and Other Funds : 5935365
(N) Contribution to Provident and Other Funds : 4169655
(O) Employee Welfare Expenses : 4397851 Less: Transferred to cost of Construction : 0
(P) Employee Welfare Expenses : 2073601 Less: Transferred to cost of Construction : -52863676
(Q) Depreciation & Amortisation : 794089 Less: Transferred to Cost of Construction : 0
(R) Depreciation & Amortisation : 872908 Less: Transferred to Cost of Construction : -165549
(S) Plant and Equipment : 0 Others : 878552
(T) Plant and Equipment : 34200 Others : 5704640
(U) Rates and Taxes : 24699129
(V) Rates and Taxes : 65945940
(W) Communication Expenses : 3467120
(X) Communication Expenses : 412400
(Y) Statutory Audit Fees : 65000 Tax Audit Fees : 50000
(Z) Statutory Audit Fees : 65000 Tax Audit Fees : 50000
(AA) Operational Expenses : 44521063 Office Expenses : 2565244 Manpower Services : 30467060 Exchange rate Difference : 0
Miscellaneous Expenses : 2163459 Fines and Penalties : 196950 Less: Transferred to cost of Construction : 0 CSR EXPENDITURE
: 100000
(AB) Operational Expenses : 0 Office Expenses : 2386396 Manpower Services : 31659469 Exchange rate Difference : 24279
Miscellaneous Expenses : 2061948 Fines and Penalties : 0 Less: Transferred to cost of Construction : -151258826 CSR
EXPENDITURE : 0
(AC) Current Tax : 842688 Adjustment of earlier years : 3586315
(AD) Current Tax : 10336493 Adjustment of earlier years : 1050564

124
[613200] Notes - Cash flow statement
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
31/03/2018
Disclosure of cash flow statement [TextBlock]
[See below]
Cash and cash equivalents cash flow statement 71,32,860 3,02,14,525 1,06,84,038
Cash and cash equivalents 71,32,860 3,02,14,525
Income taxes paid (refund), classified as operating activities 3,21,49,276 1,74,94,367
Total income taxes paid (refund) 3,21,49,276 1,74,94,367
Disclosure of cash flow statement [Text Block]
Cash Flow Statement
i) Cash & Cash Equivalents (for purpose of cash flow statement)
Cash comprises cash on hand and demand deposit with banks. Cash equivalents are short-term balances (with an maturity of
three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of
cash and which are subject to insignificant risk of changes in value.
ii) Cash Flow Statement
Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the
effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash
flows from regular revenue generating, financing and investing activities of the company are segregated.
[500200] Notes - Additional information statement of profit and loss
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Additional information on profit and loss account explanatory [TextBlock]
Total changes in inventories of finished goods, work-in-progress and
stock-in-trade
0 0
Total revenue from sale of products 0 0
Domestic revenue services 177,24,46,174 298,50,31,782
Total revenue from sale of services (A) 177,24,46,174 (B) 298,50,31,782
Gross value of transaction with related parties 0 0
Bad debts of related parties 0 0

125
Footnotes
(A) Income from Ancillary Services - Real Estate : 12424986 Lease Rent Income : 78952015 Sale of Scrap : 324467 Income From
(B) Income from Ancillary Services - Real Estate : 15361500 Lease Rent Income : 6137439 Sale of Scrap : 790359 Income From
[611200] Notes - Fair value measurement
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of fair value measurement [TextBlock]
Disclosure of fair value measurement of assets [TextBlock]
Whether assets have been measured at fair value No No
Disclosure of fair value measurement of liabilities [TextBlock]
Whether liabilities have been measured at fair value No No
Disclosure of fair value measurement of equity [TextBlock]
Whether equity have been measured at fair value No No
[613300] Notes - Operating segments
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of entity's operating segments [TextBlock]
Disclosure of reportable segments [TextBlock]
Whether there are any reportable segments No No
Disclosure of major customers [TextBlock]
Whether there are any major customers No No
[610700] Notes - Business combinations
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of business combinations [TextBlock]
Whether there is any business combination No No
Disclosure of reconciliation of changes in goodwill [TextBlock]
Whether there is any goodwill arising out of business combination No No
Disclosure of acquired receivables [TextBlock]
Whether there are any acquired receivables from business combination No No
Disclosure of contingent liabilities in business combination [TextBlock]
Whether there are any contingent liabilities in business combination No No

126
[611500] Notes - Interests in other entities
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of interests in other entities [TextBlock]
Disclosure of interests in subsidiaries [TextBlock]
Disclosure of subsidiaries [TextBlock]
Whether company has subsidiary companies No No
Whether company has subsidiary companies which are yet to commence
operations
No No
Whether company has subsidiary companies liquidated or sold during
year
No No
Disclosure of interests in associates [TextBlock]
Disclosure of associates [TextBlock]
Whether company has invested in associates No No
Whether company has associates which are yet to commence operations No No
Whether company has associates liquidated or sold during year No No
Disclosure of interests in joint arrangements [TextBlock]
Disclosure of joint ventures [TextBlock]
Whether company has invested in joint ventures No No
Whether company has joint ventures which are yet to commence
operations
No No
Whether company has joint ventures liquidated or sold during year No No
Disclosure of interests in unconsolidated structured entities [TextBlock]
Disclosure of unconsolidated structured entities [TextBlock]
Whether there are unconsolidated structured entities No No
Disclosure of investment entities [TextBlock]
Disclosure of information about unconsolidated subsidiaries [TextBlock]
Whether there are unconsolidated subsidiaries No No
Disclosure of information about unconsolidated structured entities
controlled by investment entity [TextBlock]
Whether there are unconsolidated structured entities controlled by
investment entity
No No

127
[610800] Notes - Related party
Disclosure of transactions between related parties [Table] ..(1)
Categories of related parties [Axis] Parent [Member]
Related party [Axis] 1
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of transactions between related parties [Abstract]
Disclosure of transactions between related parties [Line items]
Name of related party
Country of incorporation or residence of related party INDIA INDIA
CIN of related party U45201GJ2006PTC066449 U45201GJ2006PTC066449
Description of nature of transactions with related party AS PROVIDED AS PROVIDED
Description of nature of related party relationship Holding company Holding company
Related party transactions [Abstract]
Purchases of goods related party transactions 0 0
Revenue from sale of goods related party transactions 0 0
Purchases of property and other assets, related party transactions 0 0
Sales of property and other assets, related party transactions 0 0
Services received related party transactions 0 0
Revenue from rendering of services related party transactions 0 0
Leases as lessor related party transactions 0 0
Leases as lessee related party transactions 0 0
Transfers of research and development from entity related party transactions 0 0
Transfers of research and development to entity related party transactions 0 0
Transfers under license agreements from entity related party transactions 0 0
Transfers under license agreements to entity related party transactions 0 0
Transfers under finance agreements from entity, related party transactions 0 0
Transfers under finance agreements to entity, related party transactions 0 0
Provision of guarantees or collateral by entity related party transactions 0 0
Provision of guarantees or collateral to entity related party transactions 0 0
Commitments made by entity, related party transactions 0 0
Commitments made on behalf of entity, related party transactions 0 0
Settlement of liabilities by entity on behalf of related party, related party
transactions
0 0
Settlement of liabilities on behalf of entity by related party, related party
transactions
0 0
Participation in defined benefit plan that shares risks between group
entities, related party transactions
0 0
Other related party transactions expense 0 0
Other related party transactions income 0 0
Other related party transactions contribution made 0 0
Other related party transactions contribution received 0 0
Outstanding balances for related party transactions [Abstract]
Amounts payable related party transactions 0 0
Amounts receivable related party transactions 0 0
Outstanding commitments made by entity, related party transactions 0 0
Outstanding commitments made on behalf of entity, related party transactions 0 0
Explanation of details of guarantees given or received of outstanding
balances for related party transaction
0 0
Provisions for doubtful debts related to outstanding balances of related party
transaction
0 0
Expense recognised during period for bad and doubtful debts for related party
transaction
0 0

128
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of related party [TextBlock]
[See below]
Whether there are any related party transactions during year Yes Yes
Disclosure of transactions between related parties [TextBlock]
Whether entity applies exemption in Ind AS 24.25 No No
Whether company is subsidiary company Yes Yes
Section under which company is subsidiary Section 2(87)(ii) Section 2(87)(ii)

129
Disclosure of related party [Text Block]
Related Party Transactions
Disclosure of transactions with related Parties, as required by Ind AS 24 Related Party
Disclosures as specified in the Companies (Accounting standard) Rules (As amended), 2015 has
been set out in separate note. Related parties as defined under clause 9 of the Ind AS 24 have
been identified on the basis of representation made by Key management personnel and
information available with the Company.
1. Related Parties
A.
Enterprises
controlling
the
Company
Adani Infrastructure
and Developers
Private Limited-
Holding Company
Adani Properties
Private Limited -
Ultimate Holding
Company
B.
Enterprises
under
common
control :
Adani Township &
Real Estate Company
Private Limited
Belvedere Golf &
Country Club Private

130
Limited
Adani Estate
Management Private
Limited (Earlier
known as Shantigram
Estate Management
Private Limited)
Alton Buildtech India
Private Limited
Adani Bramha
Synergy Private
Limited
Rajendra Agri-Trade
Private Limited - (till
08/10/2018)
Mistry construction
Company Private
Limited - (till
08/10/2018)
Real Deal Developers
Private Limited
Adani Wilmar Limited
Adani Petronet
(Dahej) Port Private
Limited
Adani Enterprise
Limited
Sunbourne Developers
Private Limited
Adani M2K Projects
LLP
Budhpur Buildcon
Private Limited
Swayam Realtors &
Traders LLP
Jade Agri Land Private
Limited
Columbia Chrome
(India) Private Limited

131
Adani Institute for
Education and
Research
Esteem Construction
Company Private
Limited
C. Key
Management
Personnel
Mr. Laxmiprsad
Choudhary (Director)
Mr. Ranjan Wazir
(Director) (till
05/07/2019)
Mr. Madhusudana Rao
Kalagarla (w.e.f.
05/07/2019)
I Nature and Volume of
Transaction with Related
Parties :
( Amount in Rs. )
Sr. No. Nature of Transaction
Ultimate Holding Company / Holding
Company / /Entities under common control
For the year ended
March 31, 2020
For the year ended
March 31, 2019
1 Interst Income
Swayam Realtors & Traders LLP 8,22,61,272
7,91,89,964
Columbia Chrome (India) Private
Limted
12,66,82,017
8,76,53,425
2 Interest expense: (Gross)
Adani Infrastructure and Developers
Private Limited
8,38,29,323
5,40,58,695

132
3 Reimbursement of Expense:
Private Limited
-
2,00,00,000
Adani Township & Real Estate
Company Private Limited
-
9,35,213
Adani Estate Management Private
Limited
(Earlier known as Shantigram
Estate Management Private
Limited)
-
28,93,548
Adani Wilmar Limited -
35,39,380
Alton Buildtech India Private
Limited
-
10,81,973
Adani Bramha Synergy Private
Limited
-
11,20,360
4 Loans and Advances granted:
2,20,60,60,000
6,89,87,39,852
Rajendra Agri-Trade Private
Limited
-
20,000
Mistry construction Company
Private Limited
64,83,405
15,29,86,440
90,18,00,000
Jade Agri Land Private Limited -
50,37,00,000
Limited
69,00,000
1,00,00,00,000
Limited
-
5,00,00,000
5
Loans and Advances repayment
received:
2,64,65,00,000
4,77,52,39,852

133
Rajendra Agri-Trade Private
Limited
-
57,30,00,000
Limited
-
1,01,814
Swayam Realtors & Traders LLP 1,00,00,00,000
-
Limited
-
5,00,00,000
Jade Agri Land Private Limited 50,37,00,000
-
6 Unsecured Loans received:
Private Limited
1,97,77,25,000
2,60,09,00,000
Company Private Limited 56,75,60,148
7 Unsecured Loans repaid:
Private Limited
1,87,63,50,000
2,64,19,00,000
Company Private Limited 56,75,60,148
8 CSR Expense:
Adani Foundation 8,25,000
-
9 Sale of Fixed Asets
-
37,66,432
10 Reimbursement of Salary Expense:
1,86,18,912
-
11 Staff Welfare Exp
Adani Institute for Education and
Research
6,54,000
-

134
12 Intercompany Employee Transfer
69,880
6,32,775
Budhpur Buildcon Private Limited -
-
Esteem Construction Private
Limited
-
2,78,750
Mistry construction Company
Private Limited
-
4,44,301
Adani Petronet (Dahej) Port Private
Limited
-
5,851
II
Outstanding
Balances
( Amount in Rs. )
Sr. No Nature of Transaction
Ultimate Holding Company / Holding Company / Intermediate
Holding Company /Entities under common control
As at
March 31, 2020
As at
March 31, 2019
1 Payable to:
Private Limited
23,80,02,665
7,32,54,370
Real Deal Developers Private Limited 30,00,00,000
30,00,00,000
Budhpur Buildcon Private Limited 3,02,26,430
2,67,73,180
2 Receivable from:
2,23,79,19,393
2,69,37,69,818

135
Rajendra Agri-Trade Private Limited 68,82,90,000
-
Mistry construction Company Private
Limited
62,51,68,553
-
98,07,89,255
Jade Agri Land Private Limited -
50,37,00,000
Limited
1,22,04,12,565
1,08,74,63,958
Adani Enterprise Limited 17,04,455
17,16,030
Sunbourne Developers Private
Limited
-
26,14,876
Belvedere Golf and Country Club
Private Limited
1,94,700
1,94,700
Adani Estate Management Private
Limited
(Earlier known as Shantigram Estate
Management Private Limited)
3,89,400
34,75,362
Adani Wilmar Limited -
90,079
Adani M2K Projects LLP -
-
Adani Bramha Synergy Private
Limited
35,79,022
35,79,022
Alton Buildtech India Private Limited 11,36,072
11,36,072
Esteem Construction Company
Limited
2,78,750
2,78,750
Adani Petronet (Dahej) Port Private
Limited
25,000
3,49,156

136
[611700] Notes - Other provisions, contingent liabilities and contingent assets
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of other provisions, contingent liabilities and contingent assets
[TextBlock]
[See below]
Disclosure of contingent liabilities [TextBlock]
Whether there are any contingent liabilities No No

137
Disclosure of other provisions, contingent liabilities and contingent assets [Text Block]
Provision, Contingent Liabilities and Contingent Assets
Provision are recognised for when the company has at present, legal or contractual obligation as a result of past events, only if it is
probable that an outflow of resources embodying economic outgo or loss will be required and if the amount involved can be measured
reliably.
Contingent liabilities being a possible obligation as a result of past events, the existence of which will be confirmed only by the
occurrence or non occurrence of one or more future events not wholly in control of the company are not recognised in the accounts. The
nature of such liabilities and an estimate of its financial effect are disclosed in notes to the Financial Statements.
Contingent assets are neither recognised nor disclosed in the financial statements.
Contingent liabilities and Commitments :
As at
31st
March,
2020
As at
31st
March,
2019
(
Amount
in Rs. )
(
Amount
in Rs. )
(i) Contingent liabilities :
The company does not have any contingent liability as on 31st March, 2020 and 31st March, 2019.
(ii) Capital Commitments (Net of Capital Advances) 0 0
(iii) The Honourable Supreme Court of India vide its order dated 28th February, 2019 held that ‘Basic Wages’ for
the contribution towards Provident Fund (PF) should only exclude [in addition to specific exclusions under Section
2(b)(ii) of the Employees Provident Fund Act, 1952]:
a) amounts that are payable to the employee for undertaking work beyond the normal work which he/she is
otherwise required to put in and
b) allowances which are either variable or linked to any incentive for production resulting in greater output by an
employee and that the allowances are not paid across the board to all employees in a particular category or were
being paid especially to those who avail the opportunity.
With reference to the above mentioned judgment, the Company’s Management is of the view that there is
considerable uncertainty around the timing, manner and extent in which the judgment will be interpreted and
applied by the regulatory authorities. Management is of the view that any incremental outflow in this regard can
only be determined once the position being taken by the regulatory authorities in this regard is known and the
Management is able to evaluate all possible courses of action available.

138
Accordingly, no provision has been currently recognized in these Financial Statements in this regard.
[700200] Notes - Corporate social responsibility
Classification of CSR spending [Table] ..(1)
Classification of CSR spending [Axis] 1
01/04/2019
to
31/03/2020
Disclosure of CSR spending [Abstract]
Details of CSR spent during financial year [Abstract]
Manner in which amount CSR spent during financial year [Abstract]
Manner in which amount CSR spent during financial year [Line items]
CSR project or activity identified
Creating Income
generation
opportunity
Sector in which project is covered
(A) Livelihood
enhancement
projects
Name of state or union territory where projects or programs was undertaken Maharashtra
Name of district where projects or programs was undertaken THANE
Budget amount outlay project or program wise 8,25,000
Amount spent on projects or programs [Abstract]
Direct expenditure on projects or programs 8,25,000
Total amount spent on projects or programs 8,25,000
Cumulative expenditure upto reporting period 8,25,000
Mode of amount spent
(B) Other
implementing
agencies
Footnotes
(A) Sustainable Livelihood
(B) Through Adani Foundation
Disclosure of net profits for last three financial years [Table] ..(1)
Net profits for last three financial years [Axis]
Financial year 1
[Member]
Financial year 2
[Member]
Financial year 3
[Member]
01/04/2019
to
31/03/2020
01/04/2019
to
31/03/2020
01/04/2019
to
31/03/2020
Disclosure of net profits for last three financial years [Abstract]
Disclosure of net profits for last three financial years [LineItems]
Description of financial year 2018-2019 2017-2018 2016-2017
Profit before tax of financial year 2,87,96,911 1,80,11,933 7,67,27,245
Net profit computed u/s 198 and adjusted as per rule 2(1)(f)
of Companies (CSR Policy) Rules, 2014
2,87,96,911 1,80,79,770 7,67,27,245

139
01/04/2019
to
31/03/2020
Disclosure of corporate social responsibility explanatory [TextBlock]
Whether provisions of corporate social responsibility are applicable on
company
Yes
Whether company has written CSR policy Yes
Details CSR policy [TextBlock] As Below
Average net profit for last three financial years 4,12,01,308.67
Prescribed CSR expenditure 8,24,026.17
Amount CSR to be spent for financial year 8,23,573.93
Amount CSR spent for financial year 8,25,000
Amount spent in local area 8,25,000
Amount unspent CSR 0
Details of implementing agency As Below
Disclosure responsibility statement of CSR committee that
implementation and monitoring of CSR policy is in compliance
with CSR policy of company
[See below]
Disclosure responsibility statement of CSR committee that implementation and monitoring of CSR policy is in
compliance with CSR policy of company
Corporate Social Responsibility: The Company has constituted Corporate Social Responsibility (CSR) Committee and has framed a CSR
Policy the present members of the Corporate Social Responsibility Committee are Mr. Madhusudana Rao Kalagarla (Chairman)and Mr.
Laxmiprasad Choudhary (Member). The role and functions of the CSR Committee are in conformity with the requirements of Section 135
of the Companies Act, 2013 read with rules made thereunder. The Company considers Education, Community Health, Sustainable
Livelihood Development, Rural Infrastructure Development and such other sectors available for spending under its CSR activities and
through Adani Foundation is identifying an area out of the above for its CSR activities. Annual Report on CSR Expenditure spent during the
financial year is enclosed as Annexure A. During the year under review, Corporate Social Responsibility Committee met once on 15th
October, 2019. ANNEXURE A TO DIRECTORS REPORT ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY
(CSR) ACTIVITIES FOR THE FINANCIAL YEAR 2019-20 AS PER SECTION 135 OF THE COMPANIES ACT, 2013 1. A brief
outline of the Companys CSR policy, including overview of projects or programmes proposed to be undertaken and a reference to the
web-link to the CSR policy and projects or programmes: The Company has framed Corporate Social Responsibility (CSR) Policy which
encompasses its philosophy and guides its sustained efforts for undertaking and supporting socially useful programs for the welfare &
sustainable development of the society. The Company carried out/get implemented its CSR activities/projects through Adani Foundation.
The Company has identified Primary Education, Community Health, Sustainable Livelihood Development and Rural Infrastructure
Development as the core sectors for CSR activities. 2. Composition of the CSR Committee: Mr. Madhusudana Rao Kalagarla,
Chairman Mr. Laxmiprasad Choudhary, Member 3. Average net profit of the Company for last three financial years: Rs. 4,11,37,333/-.
4. Prescribed CSR Expenditure (two percent of the amount as in item 3 above): Rs. 8,22,747/- 5. Details of CSR spend for the
financial year: a) Total amount spent for the financial year 2019-20: Rs. 8,25,000/- b) Amount unspent, if any: N.A. c) Manner
in which the amount spent during the financial year is detailed below: (Amount in lacs) 1 2 3 4 5 6 7 8 S. No. CSR project or activity
identified. Sector in which the Project is covered. Projects or programs Amount outlay (budget) project or programs wise Amount spent on
the projects or programs Cumulative expenditure up to reporting period. Amount spent: (1) Local area or other Direct or through
implementing agency* (2) Specify the State and district where projects or programs was undertaken. Sub-heads: (1) Direct expenditure on
projects or programs. (2) Overheads: 1 Creating Income generation opportunity Sustainable Livlihood Thane, Maharashtra 8.25 8.25 0 8.25
Through Adani Foundation Activity Details: Adani Foundation is the CSR arm of the Adani Group. Since its inception in 1996, the
Foundation has been working in four core areas of Education, Community Health, Sustainable Livelihood Development and Rural
Infrastructure Development to extend its support to communities. Working closely with the communities, we have been able to assume the
role of a facilitator by creating an enabling environment for numerous families. Adani Foundation is currently operational in 12 states
reaching out to 4 lac plus families from 1470 villages and towns of India with a human-centric approach to make the processes sustainable,
transparent and replicable. Adani Estate as a business entity firmly believes in the notion of sustainable community development. Assuming
the role of a responsible corporate, it strives to create an environment of coexistence where there is an equitable sharing of resources
followed by sustained growth and development of the community around. Community Health: Adani Estate firmly believe that
improving the health of its citizens can directly result in economic growth of the nation. Healthy people can utilise growth opportunities
made available to them in a better way. Lack of basic healthcare facilities has a detrimental impact on the health and well-being of the
people. Adani Foundation has committed itself to raising the standards of and strengthening healthcare systems in and around our operational
locations in India to ensure healthy lives and promote well-being at all ages. To spread awareness and provide basic health facilities to the
community, various activities were undertaken in health sector for creating a healthy and happy society. Adani Foundation regularly
conducts various general and specialised medical camps in and around its operational locations for the benefit of local communities. At these
camps services of gynaecologists, orthopaedic surgeons, heart specialists, skin specialists, paediatricians, and ophthalmologist and ENT
surgeons are provided to the community members at no cost. Free of cost follow-up services are also made available and necessary discounts
are negotiated in cases requiring surgery. Adani Estate eendorses CSR activities through the Adani Foundation and had contributed a sum of
Rs. 8.25 lacs for the same. 6. In case the company has failed to spend the two percent of the average net profit of the last three financial
years or any part thereof, the Company shall provide the reasons for not spending the amount in its Board Report: N.A. 7. We hereby
affirm that the implementation and monitoring of CSR Policy, is in compliance with CSR objectives and policy of the company.
Madhusudana Rao Kalagarla Laxmiprasad Choudhary Chairman, CSR Committee Director DIN:
08499420 DIN: 00006278

140
[610500] Notes - Events after reporting period
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of events after reporting period [TextBlock]
Disclosure of non-adjusting events after reporting period [TextBlock]
Whether there are non adjusting events after reporting period No No
[612500] Notes - Share-based payment arrangements
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of share-based payment arrangements [TextBlock]
Whether there are any share based payment arrangement No No
[613000] Notes - Earnings per share
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of earnings per share [TextBlock]
[See below]
Profit (loss), attributable to ordinary equity holders of parent entity
[Abstract]
Profit (loss), attributable to ordinary equity holders of parent entity 0 0
Profit (loss), attributable to ordinary equity holders of parent
entity including dilutive effects
0 0
Weighted average shares and adjusted weighted average shares [Abstract]
Weighted average number of ordinary shares outstanding [shares] 0 [shares] 0

141
Disclosure of earnings per share [Text Block]
Earnings per share
March, 2020
March, 2019
Basic and Diluted EPS - From Continuing Operations
Profit/ (Loss) attributable to equity shareholders Rs, -69739332.18 17409854.47
Weighted average number of equity shares outstanding
during the year
No 10000000 10000000
Weighted average number of potential equity shares
outstanding during the year
101535532.9 101535532.9
Nominal Value of equity share Rs. 10 10
Basic EPS Rs. -6.97 1.74
Diluted EPS Rs. -0.69 0.17
Earnings Per Share
The Basic EPS has been computed by dividing the income available to equity shareholders by the weighted average number of
equity shares outstanding during the accounting year.
The Diluted EPS has been computed using the weighted average number of equity shares and dilutive potential equity shares
outstanding at the end of the year.
[610900] Notes - First time adoption
01/04/2019
to
31/03/2020
01/04/2018
to
31/03/2019
Disclosure of first-time adoption [TextBlock]
Whether company has adopted Ind AS first time No No

Adani Estates 2020 Annual Report.pdf

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Adani Estates 2020 Annual Report.pdf