Embassy Developments Ltd. - Quarterly/Annual Result Disclosures and Notes dated 30 Jun 2025

The standalone unaudited financial results of Embassy Development Limited (formerly known as Equinox India Developments Limited and earlier known as Indiabulls Real Estate Limited) ("EDL" or "Company" ) have been reviewed by the audit committee and approved by the Board of Directors at their respective meetings held on August 11, 2025. These results have been subjected to limited review by the Statutory Auditors of the Company.

The standalone unaudited financial results of Embassy Developments Limited (formerly known as Equinox India Developments Limited and earlier known as Indiabulls Real Estate Limited) ("EDL" or "Company") for the Quarter ended June 30, 2025 have been prepared in accordance with recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 ('The Act'), and other accounting principles generally accepted in India and its compliance with the presentation and disclosure requirements 33 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations').


The Hon'ble National Company Law Appellate Tribunal, New Delhi Bench, ("NCLAT") on January 7, 2025 approved the scheme of amalgamation of Nam Estates Private Limited ("NAM") and Embassy One Commercial Property Developments Private Limited ("EOCPDPL") with EDL and their respective shareholders and creditors ("Scheme") pursuant to sec 230 to 232 of the companies Act, 2013 and other applicable provisions of the Act, read with Companies (Compromises, Arrangements and Amalgamations) Rules, 2016. Pursuant to the NCLAT Order, EDL and Nam have filed the certified true copy of the court order with the respective jurisdictional Registrar of Companies on January 24, 2025 thereby giving effect to the scheme ("Effective date").

Pursuant to the effectiveness of the Scheme, the Company has allotted 609,105,999 equity shares of INR 2/- each to the existing shareholders who were holding shares of NAM on the record date. Further the existing share capital of EDL held by NAM was cancelled pursuant to the Scheme. Further as per the approved scheme the name of the Company was changed from Equinox India Developments Limited to Embassy Developments Limited.

Subsequent to the scheme becoming effective, existing shareholders of NAM, that is, JV Holding Private limited (JVHPL) along with its subsidiaries became largest shareholder of the Company and was declared as Promoter/Promoter Group of the Company. Hence, the business acquisition has been treated as reverse acquisition for financial reporting purposes in accordance with Ind AS 103, with NAM as the accounting acquirer/legal acquiree and Embassy Developments Limited as accounting acquiree/ legal acquirer.
Accordingly, the stand alone financial results issued under the name of Embassy Developments Limited (legal acquirer) represents the continuation of the financial results of NAM (accounting acquirer) except for capital structure and reflects the assets and liabilities of NAM measured at their pre-combination carrying value and acquisition date fair value of identified assets and liabilities taken over with respect to Embassy Developments Limited and its subsidiaries.

In the view of the above reverse merger accounting treatment, the financial results of the accounting acquiree i.e. EDL(pre-acquisition) have been included from the effective date of the Scheme i.e. January 24, 2025. The previous year result presented for the quarter ended June 30, 2024 is that of NAM and hence are not comparable with the current period. The Financial results for the quarter and year ended March 31, 2025 comprises of the results of two months operation of EDL and twelve months operation of NAM.

Hence the financial results for the quarter ended June 30,2025 , quarter ended March 31, 2025 and quarter ended June 30, 2024 are not comparable.

The company during the quarter has received Rs.11,985.42 Million towards the share warrants money and the company has allotted shares towards the same.

The statement include financial results and other information for the quarter ended June 30, 2024 have been prepared by the management from the books of account and other financial information of NAM and have not been audited or reviewed by the statutory auditors of the Company.

The figures for the quarter ended March 31, 2025 represent the balancing amounts between the audited standalone financial results for the full year and the year to date accounts prepared by the management upto December 31, 2024

During the quarter ended June 30, 2025, the Company has completed the acquisition of 100% shareholding in Squadron Developers Private Limited upon payment of the balance consideration.

Previous period/year numbers have been regrouped/reclassified wherever considered necessary.

The aforesaid financial results are also available on the Company's website(www.embassyindia.com) and also available on the Stock Exchanges websites (www.bseindia.com and www.nseindia.com)