Embassy Developments Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2024

The standalone financial results of Equinox India Developments Limited (formerly Indiabulls Real Estate Limited) ('EIDL' or 'the Company') for the quarter and nine months ended 31 December 2024 have been reviewed by the Audit Committee and approved by the Board of Directors ('the Board') at its meeting held on 10 January 2025. These results have been subjected to limited review by the Statutory Auditors of the Company.

The standalone financial results are prepared in accordance with the recognition and measurement principles of Indian Accounting Standards as notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended) as specified in Section 133 of the Companies Act, 2013.

Subsequent to the quarter ended 31st December 2024, 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 (“Amalgamating Company 1” or “NAM Estates”) and Embassy One Commercial Property Developments Private Limited (“Amalgamating Company 2” or “Embassy One”), both Embassy group entities, with Equinox India Developments Limited (formerly Indiabulls Real Estate Limited) (“Amalgamated Company” or the “Company”) and their respective shareholders and creditors (“Scheme”), pursuant to Sections 230 to 232 of the Companies Act, 2013, and other applicable provisions of the Act, read with the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 (“Order”), copy of which is available on the website of the NCLAT. The Scheme is not made effective yet and shall come into effect upon completion of legal and other formalities, including filing of certified copy of the Order with the jurisdictional Registrar of Companies by the Amalgamating Company(ies) and the Company in due course.

During the quarter, the credit rating agency namely Infomerics Valuation and Rating Private Limited (“Infomerics”) has reaffirmed the existing credit rating of the Company, with ‘Stable’ outlook from the previous outlook ‘rating watch with negative implications’.

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