CHENNAI VISION DEVELOPERS PRIVATE LIMITED

BOARD REPORT

Dear Members,

The Directors have pleasure in presenting their Fourteenth Annual Report and Audited
Accounts for the year ended 31st March 2022.

1. FINANCIAL RESULTS/FINANCIAL HIGHLIGHTS

Sr. 2021-22 2020-21

Particulars
No Rs. Rs.
1 Income for the year - 1,36,000
2 Less: Expenditure 1,35,491 71,673
Profit Before Depreciation & Tax
3 (1,35,491) 64,327
(PBDT)
4 Less: Depreciation - -
5 Profit / (Loss) before tax (PBT) (1,35,491) 64,327
6 Less: Provision for tax - -
7 Profit / (Loss) after tax (PAT) (1,35,491) 64,327
Balance brought forward from
8 (2,78,374) (3,42,701)
previous year

9 Balance carried to Balance Sheet (4,13,865) (2,78,374)

2. STATE OF COMPANY PERFORMANCE

The Loss for the year was Rs. 1,35,491 as against Profit of Rs. 64,327 for FY 2020-
21, registering a decrease of 311%, due to receipt of share of profits on investments
in FY 2020-21.

3. CAPITAL EXPENDITURE

During the period under review, the Company did not incur any capital expenditure.

4. DEPOSITS

During the year under review, the Company did not accept any deposits from the
public.

5. DEPOSITORY SYSTEM

As on March 31, 2022, 100% of the Company’s total paid up capital representing
10,000 shares are in physical form.

6. SUBSIDIARY COMPANY

Your Company does not have any subsidiary company under its purview.
7. PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE, GUARANTEES GIVEN
OR SECURITY PROVIDED BY THE COMPANY

The Company has disclosed the full particulars of the loans given, investments made
or guarantees given or security provided as required under Section 186 of the
Companies Act, 2013 in Note 3 forming part of the financial statements.

8. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED

PARTIES

The Board has approved the Related Party Transactions for 2021-22. All the related
party transactions were in ordinary course of business and at arm’s length. The
details of the Related Party Transactions are given in Note 15. There are no materially
significant related party transactions that may have conflict with the interest of the
Company.

9. DIVIDEND

The Directors express their inability to recommend any dividend for the year ended
2021-22 due to loss in FY 2021-22.

10. MATERIAL CHANGES, IF ANY, BETWEEN THE DATE OF THE BALANCE SHEET
AND DATE OF THE DIRECTOR’S REPORT

There are no material changes that have taken place in the Company between the
date of the Balance Sheet and the date of the Director’s Report.

11. DISCLOSURE OF PARTICULARS RELATING TO CONSERVATION OF ENERGY,

TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND
OUTGO

➢ CONSERVATION OF ENERGY
As there were no commercial operations in the Company, there are no
particulars required to be disclosed under this head.

➢ TECHNOLOGY ABSORPTION
There was no technology absorption during the year 2021-22.

➢ FOREIGN EXCHANGE
There was no earning in any foreign currency in the course of transactions
during the year 2021-22.

12. RISK MANAGEMENT POLICY

The Board has not adopted a Risk Management Policy.

13. DETAILS OF DIRECTORS OR KMP APPOINTED/RESIGNED DURING THE YEAR

At present the Board comprises of Mr. Shrikant Joshi and Mr. U. C. Rath.

The notice convening the AGM includes the proposal for appointment / re-
appointment of Directors. Mr. Uma Charan Rath, the Director of the Company retires
by rotation at the Annual General Meeting of the Company.

14. NUMBER OF MEETINGS OF THE BOARD

 The Meetings of the Board are held at regular intervals with a time gap of not more
than 120 days between two consecutive Meetings. During the year under review, five
meetings were held on 4th May 2021, 16th July 2021, 27th August 2021, 21st October
2021 and 19th January 2022 respectively.

The Agenda of the Meeting is circulated to the Directors in advance. Minutes of the
Meetings of the Board of Directors are circulated amongst the Members of the Board
for their perusal.

15. ADEQUACY OF INTERNAL FINANCIAL CONTROLS

The Company has designed and implemented a process driven framework for Internal
Financial Controls (‘IFC’) within the meaning of the explanation to Section 134(5)(e) of
the Companies Act, 2013. For the year ended March 31, 2022, the Board is of the
opinion that the Company has sound IFC commensurate with the nature and size of
its business operations and operating effectively and no material weaknesses exist.
The Company has a process in place to continuously monitor the same and identify
gaps, if any, and implement new and / or improved controls wherever the effect of
such gaps would have a material effect on the Company’s operations.

16. DIRECTORS RESPONSIBILITY STATEMENT

The Board of Directors of the Company confirms:

a. That in the preparation of the annual accounts, the applicable accounting

standards have been followed and there has been no material departure;
b. That the selected accounting policies were applied consistently and the
Directors made judgments and estimates that are reasonable and prudent so as
to give a true and fair view of the state of affairs of the company as at March 31,
2022 and of the profit/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 accounts have been prepared on a going concern basis.
e. The directors had devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems were adequate and
operating effectively.

17. COMPLIANCE WITH SECRETARIAL STANDARDS ISSUED BY INSTITUTE OF

COMPANY SECRETARIES OF INDIA

The Company has complied with Secretarial Standards issued by the Institute of
Company Secretaries of India on Board Meetings and Annual General Meetings.

18. PROTECTION OF WOMEN AT WORKPLACE

The ultimate parent company, Larsen & Toubro Limited (L&T), has formulated a policy
on ‘Protection of Women’s Rights at Workplace’ which is applicable to all group
companies. This has been widely disseminated. There were no cases of sexual
harassment received in the Company during 2021-22.

19. AUDITORS REPORT

 The Auditors report to the shareholders does not contain any qualification,
observation or comment or remark(s) which has/have an adverse effect on the
functioning of the Company.

20. AUDITORS

The Auditors, M/s Sharp & Tannan were appointed as Statutory Auditors for a period
of five continuous from the conclusion of the 12th Annual General Meeting till the
conclusion of the 17th Annual General Meeting.

Certificate from the Auditors has been received to the effect that they are eligible to
act as auditors of the Company and their appointment is within the limits as
prescribed under Section 141 of the Companies Act, 2013.

21. DETAILS OF SIGNIFICANT & MATERIAL ORDERS PASSED BY THE

REGULATORS OR COURTS OR TRIBUNALS

During the year under review, there were no material and significant orders passed by
the regulators or courts or tribunals impacting the going concern status and the
Company’s operations in future.

22. ANNUAL RETURN

As the Company doesn’t have its own website, the requirement of uploading Annual
Return of the Company on its website as on 31st March 2022 in form MGT-7 in
accordance with Section 92(3) of the Act read with the Companies (Management and
Administration) Rules, 2014, is not applicable to the Company.

23. OTHER DISCLOSURES

Reporting of Frauds: The Auditors of the Company have not reported any fraud
committed against the Company by its officers or employees as specified under
Section 143(12) of the Companies Act, 2013.

MSME: The Company has been complying with the requirement of submitting a half
yearly return to the Ministry of Corporate Affairs within the prescribed timelines.

24. ACKNOWLEDGEMENTS

Your Directors take this opportunity to thank the shareholders, Bankers as well as
management of the Parent Company for their continued co-operation and support to
the Company.

For and on behalf of the Board

CHENNAI VISION DEVELOPERS PRIVATE LIMITED

SHRIKANT JOSHI U. C. RATH

Director Director
DIN : 02278471 DIN : 05181797

Date: April 27, 2022

Place: Mumbai
INDEPENDENT AUDITOR’S REPORT

To the Members of Chennai Vision Developers Private Limited

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Chennai Vision Developers Private Limited (‘the
Company’), which comprise the balance sheet as at 31 March 2022, the statement of profit and
loss (including other comprehensive income), statement of changes in equity and statement of
cash flows for the year ended on that date, and notes to the financial statements, including a
summary of significant accounting policies and other explanatory information (‘the financial
statements’).

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid financial statements give the information required by the Companies Act, 2013 (‘the
Act’) in the manner so required and give a true and fair view in conformity with the Indian
Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended, (‘Ind AS’) and other accounting principles
generally accepted in India, of the state of affairs of the Company as at 31 March 2022, the profit
and total comprehensive income, changes in equity and its cash flows for the year ended on that
date.

Basis for opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing
(SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are
further described in the auditor’s 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 (‘ICAI’) together with the independence
requirements that are relevant to our audit of the financial statements under the provisions of the
Act and the rules made thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the ICAI’s Code of Ethics.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.

Information other than the financial statements and auditor’s report thereon

The Company’s Board of Directors is responsible for the preparation of the other information. The
other information comprises the information included in the board’s report including annexures
thereto, but does not include the financial statements and our auditor’s report thereon.

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

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

If, based on the work we have performed on the other information obtained prior to the date of
this auditor’s report, we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard.
Management’s responsibility for the financial statements

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

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

The Board of Directors are responsible for overseeing the Company’s financial reporting process.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
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 financial controls relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act,
we are also responsible for expressing our opinion on whether the Company has adequate
internal financial controls 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 Company’s 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.

Materiality is the magnitude of misstatements in the financial statements that, individually or in

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

We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal 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.

Report on other legal and regulatory requirements

1 As required by the Companies (Auditor’s 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, we give in the Annexure A a statement on the matters specified in paragraphs 3
and 4 of the Order, to the extent applicable.

2 As required by section 143(3) of the Act, based on our audit, we report that:

(a) We have sought and obtained all the information and explanations which to the best of
our knowledge and belief were necessary for the purposes of our audit;
(b) In our opinion, proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those books;
(c) The balance sheet, the statement of profit and loss (including other comprehensive
income), statement of changes in equity and the statement of cash flows dealt with by
this report are in agreement with the books of account;
(d) In our opinion, the aforesaid financial statements comply with the Ind AS specified
under section 133 of the Act, read with rule 7 of the Companies (Accounts) Rules,
2014;
(e) On the basis of the written representations received from the directors as on 31 March
2022 taken on record by the Board of Directors, none of the directors is disqualified as
on 31 March 2022 from being appointed as a director in terms of section 164 (2) of the
Act;
(f) in our opinion and according to the information given to us, reporting under section
143(3)(i) of the Act with respect to the adequacy of the internal financial controls over
financial reporting and the operating effectiveness of such controls is not applicable to
the Company;
 (g) With respect to the other matters to be included in the auditor’s report in accordance
with the requirements of section 197(16) of the Act, as amended, we report that in our
opinion and to the best of our information and according to the explanations given to
us, the Company has not paid any remuneration to its directors during the year; and
(h) With respect to the other matters to be included in the auditor’s report in accordance
with rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our
opinion and to the best of our information and according to the explanations given to
us:
i The Company does not have any pending litigations on its financial position in its
financial statements (refer note 10 to the financial statements);
ii the Company did not have any long-term contracts including derivative contracts
for which there were any material foreseeable losses (refer note 17_ to the
financial statements); and
iii There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company (refer note 18_ to the financial
statements).
Iv (a) Management has represented to us that, to the best of its knowledge and
belief, no funds (which are material either individually or in the aggregate) have
been advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the Company to or in any other
person or entity, including foreign entity (‘Intermediaries’), with the
understanding, whether recorded in writing or otherwise, that the Intermediary
shall, whether directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Company (‘Ultimate
Beneficiaries’) or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries;
(b) Management has represented that, to the best of its knowledge and belief,
no funds (which are material either individually or in the aggregate) have been
received by the Company from any person or entity, including foreign entities
(‘Funding Parties’), with the understanding, whether recorded in writing or
otherwise, that the Company shall, whether directly or indirectly, lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of
the Funding Party (‘Ultimate Beneficiaries’) or provide any guarantee, security or
the like on behalf of the Ultimate Beneficiaries;
(c) Based on the audit procedures that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused
us to believe that the representations under sub-clauses (i) and (ii) of rule 11(e), as
provided under (a) and (b) above, contain any material misstatement.
v The Company has not declared or paid dividends during the year.

For Sharp & Tannan

Chartered Accountants
Firm’s registration No.109982W

R. P. Acharya
Partner
Mumbai, 27 April 2022 Membership no. 039920
UDIN: 22039920AlIZDJ136453
ANNEXURE A TO THE INDEPENDENT AUDITOR’S REPORT
(Referred to in paragraph 1 under ‘report on other legal and regulatory requirements’ section of
our report of even date)
(i) The Company does not have any property, plant and equipment. Accordingly, paragraph
3(i) of the Order is not applicable to the Company.
(ii) The Company does not have any inventories in its books. Accordingly, paragraph 3(ii) of
the Order is not applicable to the Company.
(iii) According to the information and explanations given to us, the Company has not granted
any loans, secured or unsecured, to companies, firms, limited liability partnerships or
other parties covered in the register maintained under section 189 of the Act. Accordingly,
paragraph 3(iii) of the Order is not applicable to the Company.
(iv) According to the information and explanations given to us, the Company has not
advanced any loan, made any investment, given guarantee or provided any security to
which the provisions of sections 185 and 186 of the Act are applicable. Accordingly,
paragraph 3(iv) of the Order is not applicable to the Company.
(v) According to information and explanation given to us, the Company has not accepted
deposits as per the directives issued by the Reserve Bank of India under the provisions of
sections 73 to 76 or any other relevant provisions of the Act and the rules framed there
under. Accordingly, paragraph 3(v) of the Order is not applicable to the Company.
(vi) According to the information and explanations given to us, the central government has not
prescribed the maintenance of cost records under section 148(1) of the Act. Accordingly,
reporting under paragraph 3(vi) of the Order is not applicable to the Company.
(vii) (a) According to the information and explanations given to us and on the basis of our
examination of records of the Company, in our opinion amounts deducted/accrued in the
books of account in respect of undisputed statutory dues including goods and service tax,
provident fund, employees’ state insurance, income-tax, sales-tax, service tax, duty of
custom, duty of excise, value added tax, and cess have generally been regularly deposited
during the year by the Company with the appropriate authorities.

According to the information and explanations given to us, no undisputed amounts

payable in respect of goods and service tax, provident fund, employees’ state insurance,
income-tax, sales-tax, service tax, duty of custom, duty of excise, value added tax, and
cess were in arrears as at 31 March 2022 for a period of more than six months from the
date they became payable.
(b) According to the information and explanations given to us, and on the basis of our
examination of records of the Company, there were no disputed statutory dues referred to
in sub-clause (a) as at 31 March 2022.
(viii) According to the information and explanations given to us and on the basis of our
examination of records of the Company, there are no transactions not recorded in the
books of account that have been surrendered or disclosed as income during the year in the
tax assessments under the Income-tax Act, 1961 (43 of 1961);
(ix) In our opinion and according to the information and explanations given to us, the
Company has not borrowed any funds from any lender. Accordingly, paragraphs 3(ix) (a),
(b), (c), (d), (e) and (f) of the Order are not applicable to the Company;
(x) (a) The Company did not raise any money by way of initial public offer or further public
offer (including debt instruments) during the year. Accordingly, paragraph 3(x)(a) of the
Order is not applicable to the Company.
 (b) The Company has not made any preferential allotment or private placement of shares
or convertible debentures (fully, partially or optionally convertible) during the year.
Accordingly, paragraph 3(x) of the Order is not applicable to the Company.
(xi) (a) According to the information and explanations given to us, no fraud by the Company
or on the Company has been noticed or reported during the year;
(b) No report under sub-section (12) of section 143 of the Act has been filed by us in
Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014
with the central government; and
(c) According to the information and explanations given to us, no complaints were
received as a part of the whistle-blower mechanism during the year Accordingly,
paragraph 3(xi)(c) of the Order is not applicable to the Company.
(xii) In our opinion and according to the information and explanation given to us, the Company
is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable to the
Company.
(xiii) According to the information and explanation given to us and based on our examination
of the records of the Company, transactions with the related parties are in compliance
with sections 177 and 188 of the Act where applicable and details of such transactions
have been disclosed in the financial statements as required by the applicable Indian
accounting standards.

(xiv) (a) In our opinion and based on our examination, the Company is not required to have an
internal audit system as per provisions of the Act. Accordingly, paragraphs 3(xiv) (a) and
(b) are not applicable to the Company.
(xv) According to the information and explanations given to us and based on our examination
of the records of the Company, the Company has not entered into non-cash transactions
with directors or persons connected with him and hence provisions of section 192 of the
Act are not applicable to the Company;
(xvi) (a) The Company is not required to be registered under section 45-IA of the Reserve Bank
of India Act, 1934;
(b) According to the information and explanations given to us, the Company has not
conducted any Non-Banking Financial or Housing Finance activities during the year.
Accordingly, paragraph 3(xvi)(b) of the Order is not applicable to the Company;
(c) According to the information and explanations given to us, Company is not a Core
Investment Company as defined in the regulations made by the Reserve Bank of India.
Accordingly, paragraphs 3(xvi)(c) and (d) of the Order are not applicable to the Company;
(xvii) According to the information and explanations given to us and based on our examination
of the records of the Company, the Company has incurred cash losses of Rs. 1,35,491
during the financial year ended 31 March 2022 but has not incurred any cash losses
during the immediately preceding financial year;
(xviii) There has been no resignation of the statutory auditors during the year. Accordingly,
paragraph 3(xviii) of the Order is not applicable to the Company;
(xix) On the basis of the financial ratios, ageing and expected dates of realization of financial
assets and payment of financial liabilities, support letter received from L&T Realty
Developers Limited (“the Holding Company”) other information accompanying the
financial statements, our knowledge of the Board of Directors and management plans, we
are of the opinion that no material uncertainty exists as on the date of the audit report that
Company is capable of meeting its liabilities existing at the date of balance sheet as and
 when they fall due within a period of one year from the balance sheet date. We, however,
state that this is not an assurance as to the future viability of the Company. We further
state that our reporting is based on the facts up to the date of the audit report and we
neither give any guarantee nor any assurance that all liabilities falling due within a period
of one year from the balance sheet date, will get discharged by the Company as and when
they fall due;
(xx) According to the information and explanations given to us, as per section 135 of the Act,
the Company does not have any amount remaining unspent under sub-section (5) of
section 135 of the Companies Act.
(xxi) According to the information and explanations given to us, the Company is not required to
prepare consolidated financial statements. Accordingly, paragraph 3(xxi) of the Order is
not applicable to the Company.
For Sharp & Tannan
Chartered Accountants
Firm’s registration No.109982W

R. P. Acharya
Partner
Mumbai, 27 April 2022 Membership no. 039920
UDIN: 22039920AlIZDJ136453
Chennai Vision Developers Private Limited

Balance sheet as at 31 March 2022

Note As at 31.03.2022 As at 31.03.2021
Particulars
No. ₹ ₹ ₹ ₹
I ASSETS
Non-current assets
Financial Assets
Investments 3 10 10
Current assets
Financial Assets
Cash and cash equivalents 4 29,107 1,72,697
TOTAL 29,117 1,72,707

II EQUITY AND LIABILITIES

Equity
Equity share capital 5 1,00,000 1,00,000
Other Equity 6 (4,13,865) (2,78,374)
(3,13,865) (1,78,374)
Liabilities
Current liabilities
Financial Liabilities
Trade payables
Due to Micro enterprises and small enterprises - -
Due to Others 7 3,06,782 3,29,806
Other Financial Liabilities 8 27,000 18,500
3,33,782 3,48,306
Other Current Liabilities 9 9,200 2,775

TOTAL 29,117 1,72,707

Significant accounting policies 1-2
Notes forming part of Financial Statements 12-21

The accompanying notes form an integral part of the financial statements.

As per our report attached of even date

for SHARP & TANNAN For and on behalf of the Board
Chartered Accountants
Firm's Registration No.109982W
by the hand of

R. P. Acharya
Partner Shrikant Joshi U C Rath
Membership No. 039920 Director Director
DIN: 02278471 DIN: 05181797

Place: Mumbai Place : Mumbai

Date: 27th April 2022 Date : 27th April 2022
Chennai Vision Developers Private Limited

Statement of profit and loss for the year ended 31 March 2022
Note 2021-22 2020-21
Particulars
No. ₹ ₹
INCOME:
Other income 10 - 1,36,000

I Total Income - 1,36,000

EXPENSES:
Other expenses 11 1,35,491 71,673

II Total expenses 1,35,491 71,673

III Profit / (loss) before tax (1,35,491) 64,327

Tax expenses: - -

IV Profit / (loss) after tax (1,35,491) 64,327

V Other Comprehensive Income - -

VI
Total Comprehensive Income for the period, net of tax (1,35,491) 64,327

Earnings per equity share:

- Basic and diluted 16 (13.55) 6.43
Face value of an equity share 10.00 10.00

Significant accounting policies 1-2

Notes forming part of Financial Statements 12-21

The accompanying notes form an integral part of the financial statements.

As per our report attached of even date

for SHARP & TANNAN For and on behalf of the Board
Chartered Accountants
Firm's Registration No.109982W
by the hand of

R. P. Acharya
Partner Shrikant Joshi U C Rath
Membership No. 039920 Director Director
DIN: 02278471 DIN: 05181797

Place: Mumbai Place : Mumbai

Date: 27th April 2022 Date : 27th April 2022
Chennai Vision Developers Private Limited
Statement of cash flows for the year ended 31 March 2022

S. 2021-22 2020-21
Particulars
No. ₹ ₹
A Cash flow from operating activities
Profit / (loss) before tax (1,35,491) 64,327
Less: Share of profit from investments - 1,36,000
Operating profit / (loss) before working capital changes (1,35,491) (71,673)
Adjustments for :
(Increase) / decrease in investments - -
Increase / (decrease) in other current liabilities (8,099) 71,673
(Increase) / decrease in Trade receivables -
Cash generated from/(used in) operations (1,43,590) -
Direct taxes paid (net of refund) - -
Net cash (used in) / from operating activities (A) (1,43,590) -
B Cash flow from investing activities :
Share of profit from investments - 1,36,000
Net cash (used in) / from investing activities (B) - 1,36,000
C Cash flow from financing activities
Net cash (used in) / from financing activities (C) - -

Net (decrease)/ increase in cash and cash equivalents (A+B+C) (1,43,590) 1,36,000

Cash and cash equivalents at the beginning of the year 1,72,697 36,697

Cash and cash equivalents at end of the year 29,107 1,72,697

Notes :
1 Statement of cash flows has been prepared under the Indirect Method as set out in the Ind AS 7 : Statement
of cash flows as specified in the Companies (Indian Accounting Standard) Rules, 2015.
2 Cash and cash equivalents represent cash and cash equilents as given in Note 3

As per our report attached of even date

for SHARP & TANNAN
Chartered Accountants For and on behalf of the Board
Firm's Registration No.109982W

R. P. Acharya Shrikant Joshi U C Rath

Partner DIN: 02278471 DIN: 05181797
Membership No. 039920

Place: Mumbai Place : Mumbai

Date: 27th April 2022 Date : 27th April 2022
Chennai Vision Developers Private Limited
Significant accounting policies
Note 1. Corporate information
Chennai Vision Developers Private Limited(‘Company’) is a Private limited
company incorporated in India. The address of its registered office is Post Box
No. 979, Mount Poonamallee Road, Manapakkam, Chennai - 600 089, India.
As on March 31, 2022, L&T Realty Developers Limited (‘the holding
Company’) along with its nominees hold 100% of its share capital.

The Company is engaged in property development activities

These financial statements have been approved for issue by the Company’s
Board of Directors at their meeting held on 27th April 2022 .
Note 2. Significant accounting policies
The Company has been formed to carry out construction, development,
purchase, sale, leasing, financing, valuation and management of residential,
commercial, industrial and retail property, and property management and
project management
a) Statement of compliance
The Company’s financial statements have been prepared in accordance with
the provisions of the Companies Act, 2013 and the Indian Accounting
Standards (Ind AS) notified under the Companies (Indian Accounting
Standards) Rules, 2015 issued by Ministry of Corporate Affairs in respect of
sections 133 read with section 469 of the Companies Act, 2013.
b) Basis of accounting
These financial statements have been prepared on the historical cost basis,
except for certain financial instruments which are measured at fair values or at
amortised cost at the end of each reporting period, as explained in the
accounting policies below.

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.
Fair value measurements are categorised as below, based on the degree to
which the inputs to the fair value measurements are observable and the
significance of the inputs to the fair value measurement in its entirety:

(i) Level 1 inputs are quoted prices (unadjusted) in active markets for identical

assets or liabilities that the Company can access at measurement date;

Chennai Vision Developers Private Limited
Significant accounting policies
(ii) Level 2 inputs are inputs, other than quoted prices included in level 1, that

are observable for the asset or liability, either directly or indirectly; and
(iii) Level 3 inputs are unobservable inputs for the valuation of assets or
liabilities.
Above levels of the fair value hierarchy are applied consistently and generally,
there are no transfers between the levels of the fair value hierarchy unless the
circumstances change warranting such transfer.
Accounting policies have been consistently applied except where a new

accounting standard is initially adopted or a revision to an existing accounting

standard requires a change in the accounting policy hitherto in use.

c) Presentation of financial statements
The balance sheet and the statement of profit and loss are prepared and
presented in the format prescribed in the schedule III to the Companies Act,
2013 (“the Act”). The statement of cash flows has been prepared and
presented as per the requirements of Ind AS 7 “Statement of Cash Flows”. The
disclosure requirements with respect to items in the balance sheet and
statement of profit and loss, as prescribed in the schedule III to the Act, are
presented by way of notes forming part of the financial statements along with
the other notes required to be disclosed under the notified Accounting
Standards.
d) Operating cycle for current and non-current classification
Operating cycle for the business activities of the Company covers the duration
of the specific project/contract/product line/service including the defect
liability period, wherever applicable and extends up to the realisation of
receivables (including retention monies) within the agreed credit period
normally applicable to the respective lines of business.
Chennai Vision Developers Private Limited
Significant accounting policies
e) Revenue recognition:
Revenue from operations
(i) Dividend income is accounted when the right to receive the same is
established.
Other income
(i) Other items of income are accounted as and when the right to receive
arises.

f) Financial instruments
Financial assets and financial liabilities are recognised when the Company
becomes a party to the contractual provisions of the instruments. All financial
assets are initially measured at fair value. Further, in case of financial assets
not recorded at fair value through profit or loss, transaction costs that are
attributable to the acquisition of the financial assets are also included in the
initial measurement.
Financial assets are subsequently measured either at amortised cost or fair
value.
(a) Investments in debt instruments that meet the following conditions are
subsequently measured at amortised cost :
1) the asset is held within a business model whose objective is to
hold assets in order to collect contractual cash flows; and
2) The contractual terms of instrument give rise on specified dates
to cash flows that are solely payments of principal and interest
on the principal amount outstanding
All other debt instruments are recognised in profit or loss.
(b) Investments in equity instruments are classified as at FVTPL, unless the
Company irrevocably elects on initial recognition to present subsequent
changes in fair value in other comprehensive income for equity instruments
which are not held for trading.
(c) All other financial assets are measured at amortised cost.
Chennai Vision Developers Private Limited
Significant accounting policies
All financial liabilities are recognised initially at fair value and, in the case of
loans and borrowings and payables, net of directly attributable transaction
costs (except for government loans which are concessional or interest free)
existing on the date of transition to Ind AS which are carried at their existing
carrying value as per the previous Indian GAAP.
g) Taxes on income
Tax on income for the current year is determined on the basis of taxable
income and tax credits computed in accordance with the provisions of the
Income-tax Act, 1961, and based on expected outcome of assessments /
appeals.

Deferred tax is recognised on temporary differences between the carrying

amounts of assets and liabilities in the Company’s financial statements and the
corresponding tax bases used in computation of taxable profit and quantified
using the tax rates and laws enacted or substantively enacted as on the balance
sheet date.

Deferred tax liabilities are recognised for taxable temporary differences

associated with investments in subsidiaries and associates, and interests in
joint ventures, except where the Company is able to control the reversal of the
temporary difference and it is probable that the temporary difference will not
reverse in the foreseeable future.
Deferred tax assets relating to unabsorbed depreciation/business losses/losses
under the head “capital gains” are recognised and carried forward to the extent
of available taxable temporary differences or where there is convincing other
evidence that sufficient future taxable income will be available against which
such deferred tax assets can be realised.

Other deferred tax assets are recognised and carried forward to the extent it is
probable that sufficient future taxable income will be available against which
such deferred tax assets can be realised.
Transaction or event which is recognised outside profit or loss, either in other
comprehensive income or in equity, is recorded along with the tax as
applicable.
Chennai Vision Developers Private Limited
Significant accounting policies
h) Cash and cash equivalents
Cash and cash equivalents also include fixed deposits, margin money deposits,
earmarked balances with banks and other bank balances which have
restrictions on repatriation. Short term and liquid investments being not free
from more than insignificant risk of change in value, are not included as part
of Cash and cash equivalents
i) Provisions, contingent liabilities and contingent assets
Provisions are recognised for liabilities that can be measured only by using a
substantial degree of estimation, if :
i) the Company has a present obligation (legal or constructive) as a result
of a past event.
ii) it is probable that an outflow of resources embodying economic benefits
will be required to settle the obligation; and
iii) the amount of the obligation can be reliably estimated.
Reimbursement expected in respect of expenditure required to settle a
provision is recognized only when it is virtually certain that the reimbursement
will be received.
Contingent liability is disclosed in the case of :
i) a present obligation arising from a past event, when it is not probable
that an outflow of resources will be required to settle the obligation.
ii) a present obligation, arising from the past events when no reliable
estimate is possible;
Contingent assets are disclosed where an inflow of economic benefits is
probable.
Provisions, contingent liabilities and contingent assets are reviewed at each
balance sheet date.
j) Commitments
Commitments are future liabilities for contractual expenditure.
Commitments are classified as and disclosed as follows:
i) Estimated amount of contracts remaining to be executed on capital
account and not provided for.
ii) Uncalled liability on shares and other investments partly paid.
iii) Funding related commitment to Subsidiary, Associate and Joint Venture
Companies.
iv) Other non-cancellable commitments, if any, to the extent they are
considered material and relevant in the opinion of the management.
Other commitments related to sales/procurements made in the normal course
of business are not disclosed to avoid excessive details.
Chennai Vision Developers Private Limited
Significant accounting policies

k) Statement of cash flows

Statement of cash flows is prepared segregating the cash flows from operating,
investing and financing activities. Cash flow from operating activities is
reported using indirect method. Under the indirect method, the net profit is
adjusted for the effects of:
(i) transactions of a non-cash nature
(ii) any deferrals or accruals of past or future operating cash receipts or
payments; and
(iii) items of income or expense associated with investing or financing cash
flows.
Cash and cash equivalents (including bank balances) are reflected as such in
the cash flow statement. Those cash and cash equivalents which are not
available for general use as on the date of balance sheet are also included
under this category with a specific disclosure.

k) Recent accounting pronouncements

On March 23, 2022, MCA amended the Companies (Indian Accounting
Standards) Amendment Rules, 2022.The Company does not expect the
amendment to have any significant impact in its financial statements.
Chennai Vision Developers Private Limited
NOTES ACCOMPANYING THE FINANCIAL STATEMENTS

3 Non Current Assets - Investments

As at 31.03.2022 As at 31.03.2021
Particulars
₹ ₹
(at cost, unless otherwise specified)
Trade Investments measured at amortised cost
Investments in Limited Liability Partnerships (LLP)
L&T Parel Project Limited converted from L&T Parel 10 10
Project LLP wef 25012022
L&T Asian Realty Project LLP 10,000 10,000
Less: Provision for Impairment (10,000) (10,000)
- -

Aggregate amount of unquoted investments 10 10

Aggregate amount of impairment in value of investments 10,000 10,000

Details of Investments in Limited Liability partnerships

(a) Investment in L&T Parel Project Limited converted from L&T Parel Project LLP wef 25012022
share in As at 31.03.2022 As at 31.03.2021
Name of the partners
profits (%) ₹ ₹
L&T Realty Developers Limited
99.99% - 99,990

L&T Seawoods Limited vide Limited

Liability Partnership Admission cum 99.99% 99,990
Retirement Agreement dated 01st Dec 2020
-
Chennai Vision Developers Private Limited 0.01%
10 10

Total capital of the LLP (Rupees) 100.00% 1,00,000 1,00,000

(b) Investment in L&T Asian Realty Project LLP

share in As at 31.03.2022 As at 31.03.2021
Name of the partners
profits (%) ₹ ₹
L&T Realty Developers Limited 90.00% - 90,000
L&T Seawoods Limited vide agreement for /
Deed of Assignment cum Admission cum 90.00% 90,000 -
Retirement dated 01st Dec 2020

Chennai Vision Developers Private Limited 10.00%

10,000 10,000
Total capital of the LLP (Rupees) 100.00% 1,00,000 1,00,000

4 Current - Cash and cash equivalents

As at 31.03.2022 As at 31.03.2021
Particulars
₹ ₹

Balance with banks

Balances with Scheduled Banks
Current Account 29,107 1,72,697

29,107 1,72,697
Chennai Vision Developers Private Limited
NOTES ACCOMPANYING THE FINANCIAL STATEMENTS
5 Equity Share Capital
(a) Authorised, issued, subscribed and paid-up
Particulars As at 31.03.2022 As at 31.03.2021
₹ ₹
Authorised:
Equity Share Capital of ₹ 10/- each 10,000 1,00,000 10,000 1,00,000
Issued, subscribed and paid up:
Equity Share Capital of ₹ 10/- each 10,000 1,00,000 10,000 1,00,000
10,000 1,00,000 10,000 1,00,000

(b) There was no movement in share capital during the current and previous year.
(c) Terms / rights and restrictions attached to equity shares

The Company has only one class of equity share having a par value of Rs.10/- per share. Each holder
of equity shares is entitled to one vote per share. The shares issued carry equal rights of dividend
declared by the company and there are no restrictions attached to any specific shareholder.

(d) Details of shares held by holding company / ultimate holding company / subsidiaries and associates of
holding company or ultimate holding company:

As at 31.03.2022 As at 31.03.2021
Particulars
No. of shares ₹ No. of shares ₹
L&T Realty Developers Limited ((L&T 10,000 1,00,000 10,000 1,00,000
Realty Limited got merged with L&T
Construction Equipment Limited with
effect from 17th May 2020 and later vide
MCA approval 29th Sep 20 the name of
the company has been changed to L&T
Realty Developers Limited)
(including shares held along with
nominee's)

(e) Details of equity shareholders holding more than 5% shares in the company:

As at 31.03.2022 As at 31.03.2021
Particulars
No. of shares % No. of shares %
L&T Realty Developers Limited ((L&T 10,000 100 10,000 100
Realty Limited got merged with L&T
Construction Equipment Limited with
effect from 17th May 2020 and later vide
MCA approval 29th Sep 20 the name of
the company has been changed to L&T
Realty Developers Limited)
(including shares held along with
nominee's)

(f) No shares have been reserved for issue under options and contracts/commitments for the sale of
shares/disinvestment. No Securities have been issued with the right/option to convert the same into
equity shares at a later date.

(g) The Company has not bought back any shares or issued shares for consideration other than cash or
issued bonus shares during the five years immediately preceding the balance sheet date.

(h) Calls unpaid: NIL; Forfeited shares: NIL

Chennai Vision Developers Private Limited
NOTES ACCOMPANYING THE FINANCIAL STATEMENTS

6 Other Equity

As at 31.03.2022 As at 31.03.2021
Particulars
₹ ₹
Statement of Profit and Loss (4,13,865) (2,78,374)
(4,13,865) (2,78,374)

Statement of changes in equity

As at 31.03.2022 As at 31.03.2021
Particulars
₹ ₹

Statement of Profit and Loss

Opening Balance (2,78,374) (3,42,701)
Profit / (loss) for the year (1,35,491) 64,327

(4,13,865) (2,78,374)
Chennai Vision Developers Private Limited
NOTES ACCOMPANYING THE FINANCIAL STATEMENTS
7 Trade payables
As at 31.03.2022 As at 31.03.2021
Particulars
₹ ₹
Due to Related Parties
- Ultimate holding company 54,000.00 3,29,104
- Holding company 2,52,782.00 702
3,06,782 3,29,806

3,06,782 3,29,806

As at 31.03.2022
Outstanding for following periods from due date of payment
Unbilled
Particulars Not due Less than 1 More than 3
dues 1-2 years 2-3 years Total
Year years
₹
Undisputed
Others - - 1,27,070 51,613 68,953 59,146 3,06,782

As at 31.03.2021
Outstanding for following periods from due date of payment
Unbilled
Particulars Not due Less than 1 More than 3
dues 1-2 years 2-3 years Total
Year years
₹
Undisputed
Others - - 71,005 68,953 1,15,797 74,052 3,29,807
Chennai Vision Developers Private Limited
NOTES ACCOMPANYING THE FINANCIAL STATEMENTS

8 Other Financial Liabilities

As at 31.03.2022 As at 31.03.2021
Particulars
₹ ₹

Due to others 27,000 18,500

27,000 18,500

9 Other current liabilities

As at 31.03.2022 As at 31.03.2021
Particulars
₹ ₹

Due to others
Statutory liabilities 9,200 2,775

9,200 2,775

(a) The Company has not entered into transactions during the year with micro and
small enterprises covered under the Micro, Small and Medium Enterprises
Development (MSMED) Act, 2006 based on information available with the
Company. Hence, reporting details of overdue principal and interest thereon
does not arise.

10 Contingent liabilities and commitments:

(a) Contingent liabilities as at March 31, 2022 is ₹ Nil. (Previous year ₹ Nil)

(b) Commitments as at March 31, 2022 is ₹ Nil. (Previous year ₹ Nil )

Chennai Vision Developers Private Limited
NOTES ACCOMPANYING THE FINANCIAL STATEMENTS

11 Revenue from operations

2021-22 2020-21
Particulars
₹ ₹
Other Income
Share of Profit from LLP - 1,36,000
- 1,36,000

12 Other expenses
2021-22 2020-21
Particulars
₹ ₹

Professional charges 88,854 21,594

Auditor's remuneration [Refer note 10(a) below] 45,400 35,400
Miscellaneous expenses 1,214 14,639
Other interest expenses 23 40
Total 1,35,491 71,673

(a) Auditor's remuneration is as follows -

2021-22 2020-21
Particulars
₹ ₹

(a) Statutory audit fees 33,600 23,600

(b) Certification fees 11,800 11,800
(c) Reimbursement of expenses - -
Total 45,400 35,400
(b) The Company does not have any employees in its payroll and hence the provisions of
the Employees Provident Fund and Miscellaneous Provisions Act, 1952 and the
Payment of Gratuity Act, 1972 are not applicable to the Company for the year.

12 The Company does not have taxable income both under the conventional method and
under Section 115JB of the Income Tax Act, 1961 (Minimum Alternate Tax). Hence,
no provision is required to be made for Income Tax for the year under the provisions of
the Income Tax Act, 1961.
Chennai Vision Developers Private Limited
NOTES ACCOMPANYING THE FINANCIAL STATEMENTS
13 (a) Reconciliation of tax expense and the accounting profit multiplied by India's domestic tax rate for the year
ended March 31, 2022 and March 31, 2021
2020-21 2020-21
Particulars
₹ ₹
Profit before tax (1,35,491) 64,327
Applicable tax rate 25.17% 0
Profit before tax * applicable tax rate (34,100) 16,190
Tax effect on Share of Profits from LLP (Non Taxable) - (34,228)
Tax Effect of losses of current year on which no deferred tax benefit is
34,100 18,038
recognised
Tax expense recognised during the year - -
Effective tax rate - -
14 The Company was solely engaged in the business of infrastructure development in India and hence
furnishing details of primary and secondary segment does not arise.

15 Disclosure of related parties/ related party transactions

(i) Names of related parties and related party relationship
Ultimate Holding Company: Larsen and Toubro Limited
Holding company: L&T Realty Developers Limited
Fellow subsidiary : L&T Parel Project Private Limited converted from L&T Parel Project
LLP wef 25/01/2022
(ii) Disclosure of related party transactions:
The following transactions were carried out with the related parties in the ordinary course of business:
2021-22 2020-21
Name and Nature of transaction
₹ ₹
Larsen & Toubro Limited
(a) Purchase of services from 62,000 21,274
Total 62,000 21,274
L&T Realty Developers Limited
(a) Payments made on behalf of the Company 73,070 51,613
Total 73,070 51,613
L&T Parel Project Limited converted from L&T Parel Project LLP
(a) Payments made on behalf of the Company - -
(b) Share of profits received from - 1,36,000
Total - 1,36,000
(iii) Amounts due to / due from related parties
As at March 31, 2022 As at March 31, 2021
Name of related party / Nature of transaction Due to Due from Due to Due from
₹ ₹ ₹ ₹

1) Larsen & Toubro Limited 54,000 - 19,392 -

2) L&T Realty Developers Limited 2,52,782 -
3) L&T Parel Project Limited converted from L&T
- - 702 -
Parel Project LLP
(iv) No amount due from or due to related parties has been written off or written back during the current year and
previous year.
Chennai Vision Developers Private Limited
NOTES ACCOMPANYING THE FINANCIAL STATEMENTS
16 The Company does not have any material temporary differences giving rise to deferred tax liabilities.
Deferred tax assets pertaining to business losses of ₹ 5,98,420/- pertaining to years AY 2015-16, AY 2016-
17, AY 2017-18 ,AY 2018-19, AY 2019-20, AY 2020-21, AY 2021-22 and AY 2022-23 which expires 8
years from the year of incurrence have been assessed and not recognised considering the requirements of the
relevant accounting standard and on account of prudence.

17 The Company did not have any long term contracts including derivative contracts, for which any materil
foreseeable losses are expected.
18 There were no amounts which were required to be transferred to Investor Education and Protection fund by
the Company
19 Earnings per share
Basic and diluted earnings per share (EPS) computed in accordance with Ind AS 33 “Earnings per share”
Particulars 2021-22 2020-21
Profit / (loss) after tax available to equity shareholders (₹) A (1,35,491) 64,327
Weighted average number of equity shares (Numbers) B 10,000 10,000
Basic and diluted earnings per share A/B (13.55) 6.43
Face value per equity share (₹) 10.00 10.00

20 Ratios
Ratio Measure 2021-22 2020-21 Reason
Reduction in the cash and cash
Current assets over equivalent due to payment of
a) Current ratio 0.08 0.49
current liabilities liabilities and booking of
current year liabilities

Debt over total

b) Debt equity ratio NA NA
shareholders' equity
c) Debt service coverage
EBIT over current debt NA NA
ratio

No income towards the share of

profit from L&T Parel Project
PAT over total average Priavte Limited during the FY
d) Return on equity % 33.62% -26.50%
equity 2021-22. Decrease in Other
Equity due to current year
Losses resulted in variance
Revenue from
e) Trade receivables operations over
NA NA
turnover ratio average trade
receivables

Total expenses over

Due to increase in expenses and
f) Trade payables turnover average trade payables
0.43 0.21 payment of liabilities during the
ratio and other current
year.
financial liabilities
Chennai Vision Developers Private Limited
NOTES ACCOMPANYING THE FINANCIAL STATEMENTS
Ratio Measure 2021-22 2020-21 Reason
Revenue from
g) Net capital turnover operations over
NA NA
ratio average working
capital
h) Net profit % Net profit over revenue NA NA
i) EBITDA % EBITDA over revenue NA NA
j) EBIT % EBIT over revenue NA NA
No income towards the share of
profit from L&T Parel Project
k) Return on capital EBIT over average Priavte Limited during the FY
55% -31%
employed % capital employed 2021-22. Decrease in Other
Equity due to current year
Losses resulted in variance
Interest income, net No income towards the share of
gain on sale of profit from L&T Parel Project
l) Return on investment% investments and net 0% > 100%
fair value gain over Priavte Limited during the FY
average investments 2021-22.
Note:
EBIT - Earnings before interest and taxes exlcuding other income.
PBIT - Profit before interest and taxes including other income.
EBITDA - Earnings before interest, taxes, depreciation and amortisation.
Debt includes current and non-current lease liabilities.
Investments includes non-current investment and current investment.
Capital employed refers to total shareholders' equity

21 Previous year figures

Figures for the previous year have been regrouped / reclassified wherever necessary.

As per our report attached of even date

for SHARP & TANNAN For and on behalf of the Board
Chartered Accountants
Firm's Registration No.109982W

R. P. Acharya Shrikant Joshi U C Rath

Partner Director Director
Membership No. 039920 DIN: 02278471 DIN: 05181797

Place: Mumbai Place : Mumbai

Date : 27th April 2022 Date : 27th April 2022