Omaxe Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2025

Notes:
1. The above results were reviewed and recommended by the Audit Committee & approved by the Board of Directors at their respective meetings held on 28 May, 2025. The financial results for the quarter and year ended 31 March 2025 have been audited by the Statutory Auditors of the Company and expressed unmodified report on the standalone and consolidated financial results.

2. These standalone and consolidated financial results have been prepared in accordance with the recognition and measurement principles of Indian Accounting Standards (IND AS) as notified under Section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015 as amended. The said financial results represent the result of Omaxe Limited ("the Company"), its subsidiaries, partnership firms (together referred as "the Group") and its share in results of associates which have been prepared in accordance with Ind AS-110 'Consolidated Financial Statement' and Ind AS-28 'Investment in Associates and Joint Ventures'.

3. The figures for the last quarter of the current and previous years are the balancing figures between the audited figures in respect of the full financial year and the published figures for nine months ended for the respective years.

4. The consolidated financial results of the company include unaudited financial results of 144 group companies and one associate company which have been reported by their respective management. The unaudited financial results of two subsidiary companies having Nil Income/ Profit (Loss) have not been consolidated being non material in nature.

5. In line with the provisions of Ind AS 108 - Operating Segments and on the basis of review of operations being done by the management of the company, the operations of the group falls under real estate business, which is considered to be the only reportable segment by the management.

6. During the quarter ended 31 March 2025, two companies namely Nexten Township Private Limited and Nexten Cityspace Realty Private Limited having 10,000 equity shares of Rs. 10/- aggregating to Rs 1.00 lakh each, have been incorporated and have become wholly owned subsidiary companies of the company.

7. During the quarter ended 31 March 2025, the company has entered into a share purchase agreement for sale of 100% investment held by the company in one of its wholly owned subsidiary M/s Landlord Developers Private Limited, accordingly, investment held by the company in such subsidiary has been classified as current investment held for sale in standalone financial statement and carried at lower of its carrying amount and fair value less cost to sell. All assets and liabilities of the subsidiary held for sale have accordingly been disclosed in consolidated financial statement as at 31 March 2025.

8. The Company had received an Award dated 31.05.2024 with respect to its Township Project situated in Patiala, Punjab namely "Omaxe City, Patiala", whereby the Majority Bench of the Arbitral Tribunal directed the Company to surrender the 60 Acre land earmarked for development of IT & Bio Tech Park and declared that PUDA was entitled to forfeit 20% of the revenue share. i.e. 53 Crore (kept in Escrow Account) alongwith interest accrued thereon w.e.f. 08.08.2018 among other directions. The Management of the Company offered to surrender the 60 Acre land earmarked for development of IT & Bio Tech Park back to PUDA as its development was not viable at its current location. Accordingly, provision for impairment of inventory of 60 acres land amounting to Rs. 28.55 crore has been made in the financial statements during the quarter ended June 30, 2024 and grouped in changes in inventories of finished stock & projects in progress. However, regarding forfeiture of 20% of revenue share amounting to Rs. 53 crore and interest thereon, the Company has filed an appeal against the Award. Based on the opinion of an independent expert on this matter, the management of the company is of the opinion that the forfeiture of revenue share will not be sustained in the court. Accordingly, pending decision by the appellate authorities, no provision of any potential liability towards forfeiture of revenue share has been made in the financial statements.

9. In the financial year ended 31st March 2022, search was initiated against the Company under section 132 of the Income Tax Act, 1961 and pursuant to that the Company had received Income Tax Demand(s) pertaining to Assessment Years from 2014-15 to 2022-23 under section 147/143(3) of Income Tax Act, 1961. The Company has filed Appeals before Appellate Authority within the timelines as allowed under the Act. Based on the decision of various appellate authorities, interpretation of relevant provision of the Income Tax Act, 1961 and on the basis of opinion from independent tax expert that the demands so raised will not be sustained on completion of the appellate proceedings. Accordingly, pending the decision by the appellate authorities, no provision of any potential liability has been made in the Financial Statements.

10. The Company had received an Order dated July 30, 2024 from SEBI under section 11, 11B of SEBI Act, 1992 covering the period from 2018-19, 2019-20 and 2020-21, against which company had filed an appeal with the Securities Appellate Tribunal (SAT) and SAT vide order dated October 01, 2024 had granted stay on directions at para 41 (i) of SEBI order dated July 30, 2024 relating to restricting company and others from accessing securities market and to deal in securities, enabling the company to raise capital and continue all business activities as usual without any restriction. The proceeding with SAT is undergoing and in the opinion of the management of the Company, the said order has no impact on the financial results of the company.