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Anant Raj Ltd			Industry : Construction


BSE Code:	515055	NSE Symbol:	ANANTRAJ	P/E(TTM):	88.75

ISIN Demat:	INE242C01024	Div & Yield %:	0.13	EPS(TTM):	6.38

Book Value(Rs):	107.8530994	Market Cap ( Cr.):	19435.42	Face Value(Rs):	2

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Dear Members,

Your Directors have the pleasure of presenting the 40^th (Fortieth) Annual Report on the business and operations of your Company together with the Audited Standalone and Consolidated Financial Statements for the financial year ended March 31, 2025.

FINANCIAL SUMMARY/ PERFORMANCE OF THE COMPANY:

('Rs.In Lakhs)

Particulars	Standalone		Consolidated
	For the financial year ended March 31, 2025	For the financial year ended March 31, 2024	For the financial year ended March 31, 2025	For the financial year ended March 31, 2024
Sales and other income	1,30,179.65	89,668.55	2,10,028.27	152073.72
Profit before depreciation	28,308.37	18,082.54	52,099.22	33,664.57
Depreciation	1,503.38	1,450.69	3,045.95	1,806.40
Profit before tax and after depreciation	26,804.99	16,631.85	49,053.27	31,858.17
Provision for taxation	4,888.79	3,629.83	6,898.85	5,404.61
Profit after tax	21,916.20	13,002.02	42,154.42	26,453.56
Share of profit of an associate (net of tax)	-	-	455.90	641.41
Minority interest	-	-	(28.46)	(502.35)
Net Profit available for appropriation	21,916.20	13,002.02	42,581.86	26,592.62
Appropriations:
Proposed dividend @' 0.73 per share (' 0.50 per share in 2023)	2,505.80	2,495.80	2,505.80	2,495.80
Transferred to General Reserve	1,689.85	1,495.73	1,689.85	1,495.73
Earnings per share [equity share of ' 2]
-Basic earnings per share (in ')	6.26	3.91	12.43	7.96
-Diluted earnings per share (in ')	6.26	3.91	12.43	7.96
Dividend per share (in ')	0.73	0.73	0.73	0.73

Notes: -

1) The above figures are extracted from the Standalone and Consolidated Financial Statements prepared as per Indian Accounting Standards (Ind AS).

OPERATIONS REVIEW AND THE STATE OF COMPANY'S AFFAIRS

A. Operational and Financial Overview

The Company, its subsidiaries and associate and jointly controlled entities are primarily engaged in the business of Construction and Development of Residential, Commercial, Hospitality, Affordable Housing, IT Parks and Data Centres. Prime focus of the Company has always been ensuring timely completion and deliveries of all its projects.

During the year under review, the company has posted Standalone Net Profit after Tax of ' 21,916.20 lakhs as compared to ' 13,002.02 lakhs during the previous

year showing a Profit after tax growth of 68.56%. The Consolidated Net Profit after Tax of is ' 42,581.86 lakhs as compared to ' 26,592.62 lakhs during the previous year showing a growth of 60.13%.

The consolidated Rental and Services receipts of the Company, during the period under review were ' 8,458.34 lakhs as compared to ' 5,442.87 lakhs during the previous year, showing a growth of 55.40%.

The Consolidated revenue from sale of projects of the Company during the period under review were ' 1,97,539.08 lakhs as compared to ' 1,42,886.79 lakhs showing growth of 38.25%.

B. Future prospects and outlook of the Company

The Indian real estate market is set for sustained growth in 2025-26, propelled by robust economic fundamentals, progressive government policies, and rapid technological advancements. While the sector is on an upward trajectory, it continues to face challenges such as rising construction material and labour costs. The persistent need to meet the needs of affordable housing puts a pressure on margins. The successive reductions in interest (repo) rate makes the EMIs more affordable and is likely to spur demand.

Market trends and performance

• Stable Growth: In 2024, the NCR residential market maintained its growth momentum, with luxury housing in Gurugram remaining the focal point, powered by strong interest from high-net-worth individuals (HNIs) and non-resident Indians (NRIs).

• Premium Segment Dominance: Properties priced above ' 1 crore now account for over 50% of market transactions, reflecting a strong demand for premium housing.

Gurugram Leads the Way: Gurugram remains the most dynamic real estate market, registering the highest price appreciation. The Golf Course Extension Road, in particular, is expected to retain its status as a premier residential and commercial hub, with a continued emphasis on luxury living spaces.

Data Centres: Increasing number of internet users, rising cloud adoption and cloud-based services, influx of OTT and streaming platforms have led to a surge in digital media consumption and data usage, a growing demand of Data Centres is emerging, creating opportunities for colocation and cloud operators.

OPERATIONS

Anant Raj Group has transitioned from a contractor to a developer over the last 5 decades. Established in 1969, it operated as one of the largest contractors in Delhi, contributing to construction of about 30,000 houses for Delhi Development Authority (DDA). Other projects comprise the prestigious ASIAD Village Complex built by DDA for the 1982 Asian Games.

The Group was founded by Sh. Ashok Sarin, who remained at helm for 5 decades and made Anant Raj Group the leading developers in Delhi-NCR. At present, 4^th generation of the Management comprising Sh. Amit Sarin, Sh. Aman Sarin and Sh. Ashim Sarin are steadily advancing the legacy of its founder Sh. Ashok Sarin. Through strategic foresight, the Management has effectively repositioned the Company as

a leader in the real estate sector, achieving self-sufficiency across all business verticals. This significant accomplishment is the result of meticulous planning and a strong, process-driven approach, which have been instrumental in driving the Company's sustained growth.

The Company boasts of being one of the largest Real Estate Developers in the Delhi-NCR Region comprising Residential and Annuity business. Its projects comprise:

RESIDENTIAL BUSINESS	ANNUITY BUSINESS
Residential projects	Data Centres/IT parks
Group Housing projects	Commercial buildings
Affordable Housing projects	Hospitality/ Service apartments
Plots and Villas projects	Malls/office complexes

"Anant Raj Estate", Company's flagship Residential Township in Sector 63A, Gurugram, boasts of a variety of projects like Villas, Independent Floors, plotted land, Group Housing and shopping malls. The Project also boasts of several amenities, including Swimming Pools, Gymnasium, School, Children's Play area, Nursing Home, Temple, Fine Dining Restaurants, Business Centre, and Sports arenas, all of which are housed within "The Estate Club", which span over 1.5 lacs sq. ft. Anant Raj Estate encompassing 220 acres of land is being developed within the fully integrated Township with all latest amenities and infrastructure.

Through our dedicated arm, Anant Raj Cloud, we are targeting the development of 307 MW of IT load capacity across these three campuses i.e. Rai, Panchkula and IMT Manesar, Haryana. An initial IT load capacity of 6 MW in Data Centre including 0.5 MW for cloud services is already operationalised. We are focused on delivering both cloud services and colocation solutions to clients through our dedicated facilities. Our cloud offering is in association with Orange Business, a French major in telecom infrastructure.

The return profile is highly attractive over the long term, especially with increasing demand from hyperscalers, BFSI clients, and global tech players looking for secure and compliant hosting options in India.

A detailed operational overview is provided in the Management Discussion and Analysis section.

IND AS STANDARDS

The Audited Financial Statements for the financial year ended March 31, 2025, have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind-AS) prescribed under Section 133 of the Companies Act, 2013 (hereinafter referred to as "Act") and other recognized accounting practices and policies to the extent applicable.

The estimates and judgements relating to the Financial Statements are made on a prudent basis, so as to reflect in a true and fair manner, the form and substance of transactions and reasonably present the Company's state of affairs, profits and cash flows for the financial year ended March 31, 2025. The Notes to the Financial Statements adequately cover the Standalone and Consolidated Audited Statements and form an integral part of this Report.

TRANSFER TO RESERVES

The Company has transferred a sum of ' 1,689.85 lakhs to the General Reserve for the financial year ended March 31, 2025.

TRANSFERS TO THE INVESTOR EDUCATION AND PROTECTION FUND

Pursuant to the provisions of section 124 of the Act read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ('IEPF Rules'), (including any statutory modification(s)/re-enactment(s)/ amendments(s) thereof for the time being in force), the dividend which remains unclaimed/unpaid for a period of seven consecutive years from the date of transfer to the unpaid dividend account of the Company, is required to be transferred to the Investor Education and Protection Fund ('IEPF') established by the Central Government. As per the IEPF Rules, the corresponding shares in respect of which dividend has not been paid or claimed by the members for seven (7) consecutive years or more shall also be transferred to the dematerialized account created by the IEPF authority within a period of thirty days of such shares becoming due to be so transferred. Upon transfer of such shares, all benefits (like bonus, etc.), if any, accruing on such shares shall also be credited to such Demat Account and the voting rights on such shares shall remain frozen till the rightful owner claims the shares. Shares which are transferred to the Demat Account of IEPF authority can be claimed back by the shareholder from IEPF authority by following the procedure prescribed under the aforesaid rules. Therefore, it is in the interest of shareholders to regularly claim the dividends declared by the Company.

The said requirement does not apply to shares in respect of which there is a specific order of Court, Tribunal or Statutory Authority, restraining any transfer of the shares.

During the year under review, the Company had transferred a sum of ' 5,11,161 (Rupees Five Lakhs Eleven Thousand One Hundred Sixty-One Only) relating to 4,279 shareholders lying in the unpaid/ unclaimed dividend for the financial year 2016-17 to the Investor Education and Protection Fund (IEPF) established by the Central Government.

Further, in compliance with the provisions laid down in IEPF Rules, the Company had sent individual notices and also advertised in the newspapers seeking action from the members who have not

claimed their dividends for seven (7) consecutive years or more and had transferred all corresponding shares i.e. 36,118 equity shares relating to 132 shareholders, on which dividend remained unclaimed for a period of seven (7) consecutive years from 2016-17, to the Demat Account of the IEPF. It may please be noted that no claim shall lie against the Company in respect of share(s) transferred to IEPF pursuant to the said Rules.

Members/ claimants whose shares, unclaimed dividends, have been transferred to the IEPF Demat account / the fund, as the case may be, may claim the shares or apply for refund by making an application to IEPF Authority in form IEPF-5 (available on www.iepf.gov.in).

The statement containing details of Name, Address, Folio number, Demat account no. and number of shares transferred to IEPF demat account is made available on our website www.anantrajlimited.com.

The shareholders are encouraged to verify their records and claim their dividends of the preceding seven years, if not claimed.

DIVIDEND

In terms of the Dividend Distribution Policy of the Company, your Board of Directors in their Board meeting held on April 21, 2025, has recommended a final dividend @ 36.50% i.e. ' 0.73 per equity share (face value of ' 2 per equity share) for the financial year 2024-25, for the approval of shareholders at the forthcoming Annual General Meeting. The cash outflow on account of dividend will be '2,505.80 lakhs (previous year '2,495.80 lakhs). Dividend, if approved by the Shareholders at the forthcoming Annual General Meeting, will be paid within 30 days from the date of declaration.

Pursuant to the amendments introduced in the Income-tax Act, 1961 vide Finance Act, 2020, w.e.f. April 1, 2020, dividend income is taxable in the hands of the shareholders effective from April 1, 2020 and the Company is required to deduct tax at source from dividend paid to the members at prescribed rates as per the Income Tax Act, 1961.

The Dividend Distribution Policy is available on the website of the Company and can be accessed via.

https://investors.anantrailimited.com/admin-login/imaqes/paqes/ Anantraj Dividend Distribution Policy.pdf

SHARE CAPITAL

During the financial year, the Company issued and allotted 13,69,863 equity shares of face value of ' 2 each on March 18, 2025, pursuant to conversion of 13,69,863 fully convertible warrants ("warrants"), allotted as on December 16, 2024, at an issue price of ' 730 each, aggregating to ' 99,99,99,990/-, by way of preferential allotment to Shri Ashok Sarin Anant Raj LLP, ! an entity belonging to Promoter and Promoter Group Category.

The equity shares issued ranked pari- passu with the existing fully paid-up equity shares in all respects as to dividend, etc.

Consequent to the above issuance, the paid-up share capital of the Company increased from ' 68,37,81,506 (Rupees Sixty-Eight ; Crores Thirty-Seven Lakhs Eighty-One Thousand Five Hundred Six Only) divided into 34,18,90,753 (Thirty-Four Crores Eighteen Lakhs Ninety Thousand Seven Hundred Fifty-Three) equity shares of ' 2 (Rupees Two) each to ' 68,65,21,232 (Rupees Sixty-Eight Crores Sixty-Five Lakhs Twenty-One Thousand Two Hundred Thirty-Two Only) divided into 34,32,60,616 (Thirty-Four Crores Thirty-Two Lakhs Sixty Thousand Six Hundred Sixteen) equity shares of ' 2 (Rupees Two) each.

The equity shares issued by the Company during the year under review, are listed at following stock exchanges as on the date of this report:

1. National Stock Exchange of India Limited (NSE)

2. BSE Limited (BSE)

During the year under review, there was no change in the authorised share capital of the Company which as on March 31, 2025, was ' 82,90,00,000 (Rupees Eighty-Two Crores Ninety Lakhs Only) divided into 41,45,00,000 (Forty-One Crores Forty-Five Lakhs) equity shares of ' 2 (Rupees Two) each.

During the year under review, the Company has neither issued any shares with Differential Voting Rights nor granted any Stock Options nor issued any Sweat Equity.

MAJOR CORPORATE EVENTS

Approval for Qualified Institutions Placement/ Preferential Issue of Fully Convertible Warrants

During the financial year, the Board of Directors of the Company at its meeting held on October 28, 2024, and shareholders of the Company by special resolution passed at the extra-ordinary general meeting held on December 3, 2024, approved,

the Issuance of securities by way of Qualified Institutions Placement, for an aggregate consideration not exceeding ' 2,000 Crores Only (Rupees Two Thousand Crores Only) in accordance with the applicable laws including the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and the Companies Act, 2013, each as amended; the Issue and allotment of 13,69,863 Fully Convertible Warrants ("Warrants"), at an issue price of ' 730/- per warrant, to Shri Ashok Sarin Anant Raj LLP, entity belonging to the Promoter & Promoter Group (warrant holder), carrying a right exercisable by the Warrant holder to subscribe to one equity share of face value of ' 2/- each, on preferential basis, aggregating to ' 99,99,99,990/-.

Further, the Finance and Investment Committee of Board of Directors of the Company at its meeting held on March 18, 2025, made the allotment of 13,69,863 equity shares of the face value of ' 2 each pursuant to the conversion of 13,69,863 warrants, allotted as on December 16, 2024, at an issue price of ' 730 each, aggregating to ' 99,99,99,990/, by way of preferential allotment to Shri Ashok Sarin Anant Raj LLP, entity belonging to 'Promoter and Promoter group', in accordance with the provisions of the Companies Act, 2013, read with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

The funds of ' 99,99,99,990/-, so raised have been utilised for the purposes it was raised.

There is no deviation or variation in the utilization of funds raised as per Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Debentures

During the financial year, the Company has redeemed an amount of ' 116.50 Crores out of the secured, unlisted, redeemable, non- convertible debentures ("Debentures/ NCDs"), issued by the Company on December 25, 2021, March 4, 2023, and August 1, 2023.

The year wise details of amount raised, redemption and amount of Debentures outstanding as on March 31, 2025, are as under:

Financial Year	Number of Debentures of Face Value ' 10,00,000 each issued	Amount Raised	ISIN	Name of the Debenture holder	Amount of Debentures outstanding as on March 31, 2024	Redemption during the financial year under review	Amount of Debentures Outstanding as on March 31, 2025
2021-2022	4,750	' 475 Crores	INE242C07054	Touchstone Trust Scheme II	' 5 Crores	' 5 Crores	Nil
2022-2023	2,000	' 200 Crores	INE242C07070	India Real Estate II Scheme lll of Apollo Global Management	' 90 Crores	*' 81.50 Crores	' 8.50 Crores
2023-2024	500	' 50 Crores	INE242C07088	Touchstone Trust Scheme IV	' 50 Crores	*' 30 Crores	20 Crores

* Adjusted in the face value of outstanding debenture

The details of Debenture Trustee are as under:

Vistra ITCL (India) Limited

IL& FS Financial Center, Plot No C22,

G Block, Bandra Curla Complex, Bandra (East),

Mumbai 400051

Telephone No.: 912226593333

E-mail id: itclcomplianceofficer@vistra.com

Website: https://www.vistraitcl.com

(Appointment and Qualifications of Directors) Rules, 2014, Sh. Amit Sarin (DIN: 00015837) retires by rotation at the ensuing Annual General Meeting and being eligible, has offered himself for re-appointment. The Board of Directors recommends his re-appointment. The information regarding his re-appointment, as required under Regulation 36 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, (hereinafter referred to as 'Listing Regulations') and secretarial standards, has been provided in the Notice convening the ensuing Annual General Meeting.

BOARD OF DIRECTORS & KEY MANAGERIAL PERSONNEL

The Company has an optimum combination of executive and non-executive directors, including independent directors and a woman director. The Company's Board of Directors as on March 31, 2025, consisted of six (6) Directors. Out of them, three (3) are Non-Executive Independent Directors and three (3) are Executive Directors.

Sh. Amit Sarin is the Managing Director, Sh. Aman Sarin is the Whole-time Director and Chief Executive Officer, and Sh. Ashim Sarin is the Whole-time Director and Chief Operating Officer of the Company. The other three (3) Directors i.e., Sh. Veerayya Chowdary Kosaraju, Sh. Rajesh Tuteja, and Mrs. Kulpreet Sond are the Non-Executive Independent Directors of the Company.

During the period under review, none of the Non-Executive Directors of the Company had any pecuniary transactions with the Company, apart from sitting fees paid to Non-Executive Directors for attending the meeting of the Board of Directors/Committees.

Appointments/ Re-appointments/Director Retiring by Rotation

In accordance with the provisions of section 152 of the Act, and Article 120 of Articles of Association, read with the Companies

Further, at its meeting held on June 10, 2025, based on the recommendation of the Nomination and Remuneration Committee and with the approval of the audit committee, the Board has recommended the following appointments/re-appointments, subject to shareholders' approval at the ensuing annual general meeting:

1. Re-appointment of Sh. Amit Sarin (DIN: 00015837) as Managing Director, for a term of 5 (five) years with effect from January 1, 2026.

2. Re-appointment of Sh. Aman Sarin (DIN: 00015887), as Whole-time Director and Chief Executive Officer, for a term of 5 (five) years with effect from January 1, 2026.

3. Re-appointment of Sh. Ashim Sarin (DIN: 00291515), as Whole-time Director and Chief Operating Officer, with effect from January 1, 2026.

4. Re-appointment of Sh. Rajesh Tuteja (DIN: 08952755) as Non-Executive Independent Director, for a second term of 5 (five) years with effect from January 1, 2026.

5. Re-appointment of Mrs. Kulpreet Sond (DIN: 08952751) as Non-Executive Independent Director, for a second term of 5 (five) years with effect from January 25, 2026

6. Appointment of Sh. Rajendra Prasad Sharma (DIN: 08036796) as Additional Director designated as Non-Executive Independent Director, with effect from July 1, 2025, for a first term of 5 (five) consecutive years.

Further, consequent on the superannuation of Sh. Manoj Pahwa (Membership No. ACS 7812) as Company Secretary and Compliance Officer (KMP) of the Company with effect from June 10, 2025, the Board appointed Mr. Neeraj Kumar (ICSI Membership No. ACS 55302) as the Company Secretary and Compliance Officer, designated as Key Managerial Personnel, with effect from June 10, 2025.

None of the Directors are disqualified/debarred from holding the positions under the applicable provisions of the Act and Securities and Exchange Board of India ("the SEBI").

Cessation

During the financial year under the review, Sh. Maneesh Gupta (DIN: 00129254) and Sh. Brajindar Mohan Singh (DIN: 02143830), ceased to be the Non-Executive Independent Directors of the Company from the close of business hours on September 29, 2024, due to completion of their second term of 5 (five years). The Board of Directors has placed on record its sincere appreciation of Sh. Maneesh Gupta and Sh. Brajindar Mohan Singh's contribution to the Company during their association with the Company over the years.

Consequent to the cessation, the composition of Board is in compliance with the requirements prescribed under the Act and Listing Regulations.

Further, Sh. Manoj Pahwa (Membership No. ACS 7812) ceased to be the Company Secretary and Compliance Officer (KMP) of the Company with effect from June 10, 2025, due to his superannuation. The Board placed on record its sincere appreciation for the dedicated services rendered by Sh. Manoj Pahwa during his tenure with the Company.

KEY MANAGERIAL PERSONNEL

As per the requirement under the provisions of section 203 of the Act, the following are the Key Managerial Personnel ('KMP') of the Company as on the date of this report:

I. Sh. Amit Sarin (DIN: 00015837)- Managing Director;

II. Sh. Aman Sarin (DIN: 00015887)- Whole-time Director & Chief Executive Officer;

III. Sh. Ashim Sarin (DIN: 00291515)- Whole-time Director & Chief Operating Officer;

IV. Sh. Pankaj Kumar Gupta -Chief Financial Officer; and

V. *Sh. Manoj Pahwa-Company Secretary and Compliance Officer

VI. ^ASh. Neeraj Kumar-Company Secretary and Compliance Officer

*Ceased as Company Secretary and Compliance Officer due to superannuation w.e.f. June 10, 2025.

AAppointed as Company Secretary and Compliance Officer w.e.f. June 10, 2025.

During the period under review, there was no change in the other Key Managerial Personnel of the Company.

CHANGE IN THE NATURE OF BUSINESS, IF ANY

During the period under review, there was no change in the nature of the business of the Company.

MATERIAL CHANGE AND COMMITMENT 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 have been no material changes and commitments 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.

DEPOSITS

During the year under review, your Company has neither accepted nor renewed any deposits from the public in terms of provisions of Chapter V of the Act, read with the Companies (Acceptance of Deposits) Rules, 2014.

INSURANCE

The Company's properties including building, plant and machinery, stocks, stores, etc., have been adequately insured against major risks.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The particulars of Loans, Guarantees or Investments, covered under the provisions of section 186 of the Act read with Companies (Meetings of Board and its Powers) Rules, 2014 are given in the Financial Statements of the Company for the financial year ended March 31, 2025. Please refer to Note Nos. 4, 6 and 43 of the Standalone Financial Statements for the financial year ended March 31, 2025, for further details. Please also note that such loans/ guarantees/ investments are provided for general investment/ corporate purposes.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS

Regulatory Proceedings

Except the Corporate Insolvency Resolution Process against its subsidiary, Grandstar Realty Private Limited, there were no significant and material orders passed by the Regulators or Courts or Tribunals which would impact the going concern status of the Company and its future operations.

Reclassification of Shareholders

Subsequent to the financial year ended March 31, 2025, and as of the date of this report, the Company has received approvals from National Stock Exchange of India Limited and BSE Limited, vide letters dated April 25, 2025, for the reclassification of the following individuals from the "Promoter and Promoter Group" Category to the "Public" Category of shareholders, in accordance with provisions of Regulation 31A(3) of the Listing Regulations:

Sr. No.	Name of shareholder
1.	Mr. Pankaj Nakra
2.	Ms. Nutan Nakra

RELATED PARTY TRANSACTIONS AND POLICY ON RELATED PARTY TRANSACTIONS

During the financial year ended March 31, 2025, all the contracts or arrangements or transactions that were entered into with related party as defined under the Act and regulation 23 of Listing Regulations, were on an arm's length basis and in the ordinary course of business. However, pursuant to Regulation 23(2) of Listing Regulations, prior approval of the Audit Committee was sought for entering into all the related party transactions.

RISK MANAGEMENT POLICY

In compliance with the requirement of the Act, your Company has put in place Risk Minimization and Assessment Procedure. In order to effectively and efficiently manage risk and address challenges, the Company has formulated Risk Management Policy covering the process of identifying, assessing, mitigating, reporting and review of critical risks impacting the achievement of Company's objectives or threaten its existence.

The main objective of the policy is to ensure sustainable business growth with stability and to promote a pro-active approach in reporting, evaluating and resolving risks associated with the business. In order to achieve the key objective, the policy establishes a structured and disciplined approach to Risk Management, in order to guide decision on risk related issues. As on the date of this report, there is no element of risk, which may threaten the existence of the Company.

The Board has formulated policy on Risk Management and the same may be accessed at the web-link:

https://investors.anantrailimited.com/admin-login/imaqes/paqes/ Risk Management Policy.pdf

During the year under review, no changes were carried out in the risk management policy.

VIGIL MECHANISM/ WHISTLE BLOWER POLICY

In compliance to section 177(9) & (10) of the Act and Regulation 22 of the Listing Regulations, the Company has established a "Vigil Mechanism" for its employees and Directors, enabling them to report any concerns of unethical behaviour, suspected fraud or violation of the Company's code of conduct.

Further, the Company has not entered into any contract/ arrangement/ transaction with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transactions. Thus, disclosure in form AOC-2 is not required.

To this effect, the Board has adopted a "Whistle Blower Policy" (WBP), which is overseen by the Audit Committee. The policy provides safeguards against victimization of the whistle blower. Employees and other shareholders have direct access to the Audit Committee for lodging concern if any, for review.

The Board has formulated policy on dealing with Related Party Transactions and it may be accessed on the website of the Company at the web link:

https://investors.anantrailimited.com/admin-loqin/imaqes/paqes/

Policv%20on%20Related%20Partv%20Transactions.pdf

The Board draws attention of the members to Note No. 43 and 41 of the Standalone and Consolidated Financial Statements, respectively, which sets out the requisite disclosures on related parties and transactions entered into with/by them etc.

The Board has formulated policy on Whistle Blower and the same may be accessed at the web-link:

https://investors.anantrailimited.com/admin-loqin/imaqes/paqes/ Anantrai whistle blower policy.pdf

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The Information relating to conservation of energy, technology absorption and foreign exchange earnings and outgo, pursuant

to section 134(3)(m) of the Act read with the Companies (Accounts) Rules, 2014 is enclosed as 'Annexure-I' and forms part of this Report.

PARTICULARS OF EMPLOYEES AND REMUNERATION

Disclosures pertaining to remuneration and other details as required under section 197 (12) of the Act read with Rules 5(1), (2) and (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are annexed to this Report as 'Annexure - II and Annexure - III'.

COMMITTEES OF BOARD

Pursuant to various requirements under the Act and the Listing Regulations, the Board of Directors has constituted/reconstituted (whenever necessitated) the following committees:

(i) Audit Committee

In terms of section 177 of the Act and regulation 18 of the Listing Regulations, your Company has in place Audit Committee of Board of Directors. The details about the composition of the said committee of the Board of Directors along with meetings of the said committee & attendance thereat and role(s)/ terms of reference of Audit Committee have been provided in the Corporate Governance Report which forms part of this Report.

The Audit Committee met six (6) times during the financial year under review and the Board has accepted all the recommendations of the Audit Committee.

(ii) Stakeholder's Relationship Committee

The Company has also formed Stakeholder's Relationship Committee in compliance to the Act & Listing Regulations. The details about the composition of the said committee of the Board of Directors along with meetings of the said committee & attendance thereat and terms of reference of Stakeholder's Relationship Committee have been provided in the Corporate Governance Report which forms part of this Report.

(iii) Share Transfer Committee

The Company has also formed Share Transfer Committee in compliance to the Act & Listing Regulations. The details about the composition of the said committee of the Board of Directors along with meetings of the said committee & attendance thereat and terms of reference of Share Transfer Committee have been provided in the Corporate Governance Report which forms part of this Report.

jv) Nomination and Remuneration Committee

In terms of section 178 of the Act read with Companies (Meetings of Board and its Powers) Rules, 2014 and regulation 19 of the Listing Regulations, your Company has in place duly constituted Nomination and Remuneration Committee of the Board of Directors. The details of the composition of the committee along with meetings of the said committee & attendance thereat and terms of reference of Nomination and Remuneration Committee are available in the Corporate Governance Report which forms part of this Report.

The Company believes that building a diverse and inclusive culture is integral to its success. A diverse Board, among others, will enhance the quality of decisions by utilising different skills, qualifications, professional experience and knowledge of the Board members necessary for achieving sustainable and balanced development. In terms of Listing Regulations and Act, the Company has in place Nomination & Remuneration Policy.

The said Policy of the Company, inter alia, provides that the Nomination and Remuneration Committee shall formulate the criteria for appointment of Executive, Non-Executive and Independent Directors on the Board of Directors of the Company and persons in the Senior Management including Key Managerial Personnel of the Company, their remuneration including determination of qualifications, positive attributes, independence of directors and other matters as provided under sub-section (3) of Section 178 of the Act (including any statutory modification(s) or re-enactment(s) thereof for the time being in force). The Policy also lays down broad guidelines for evaluation of performance of Board as a whole, Committees of the Board, individual Directors including the Chairperson and the Independent Directors. The Policy encourages the appointment of women at senior executive levels and thereby promoting diversity. The Policy is designed to attract, recruit, retain and motivate best available talent.

The said policy is available on the website of the Company at:

https://investors.anantrailimited.com/admin-login/imaqes/

paqes/Nomination%20and%20Remuneration%20&%20

Board%20Diversitv%20Policv%20(1).pdf

During the year, the policy was revised to update and align the composition details.

It is hereby affirmed that the Remuneration paid to the Directors and Key Managerial Personnel is as per the Remuneration Policy of the Company.

(v) Corporate Social Responsibility (CSR)

Committee

In terms of section 135 of the Act and rules framed thereunder, the Company has constituted a Corporate Social Responsibility (CSR) Committee to undertake the activities as per its terms and references. The details of the composition of the committees, meetings held during the year & attendance thereat and terms of reference of CSR Committee are mentioned in the Corporate Governance Report.

The CSR Policy is available on the Company's website at

https://investors.anantrailimited.com/admin-login/images/ pages/Corporate Social Responsibility.pdf

During the year under review, no changes were carried out in the CSR Policy.

The Policy lays emphasis on transparent monitoring mechanism for ensuring implementation of the projects undertaken/ proposed to be undertaken by the Company in accordance with the overall objective of the CSR policy.

An annual action plan as per Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 notified vide MCA Circular dated January 22, 2021, has also been recommended by the CSR Committee of the Board.

The Annual Report on CSR activities containing the requisite details is given as 'Annexure- IV' which forms part of this Report.

(vi) Finance and Investment Committee

The Company has constituted the Finance and Investment Committee to monitor, consider and approve the matters relating to borrowing of funds from banks, financial institutions etc. The committee is further authorised to approve investments of Company. The details of this committee are given in Corporate Governance Report which forms part of this Report.

(vii) Risk Management Committee:

In compliance with regulation 21 of Listing Regulations, the Company has constituted a Risk Management Committee consisting of members of Board of your Company and an Independent Director to identify and assess business risks and opportunities. The details of this committee are given in Corporate Governance Report which forms part of this report.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134(3)(c) of the Act, the Board of Directors hereby confirms and accepts the responsibility for the following in respect of the Audited Financial Statements for the financial year ended March 31, 2025:

(a) that in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(b) that the directors had selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;

(c) that the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(d) that the directors had prepared annual accounts for the financial year ended March 31,2025,on a going concern basis;

(e) that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively; and

(f) that 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.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report for the financial year under review, as stipulated under the Listing Regulations is annexed and forms part of this Report.

CORPORATE GOVERNANCE REPORT

As per the requirement of regulation 34(3) read with Schedule V of Listing Regulations, a report on Corporate Governance is annexed, which forms part of this Report.

A certificate from the Statutory Auditors of the Company regarding compliance of the conditions stipulated for Corporate Governance as required under Clause E of Schedule V read with Regulation 34 (3) of the Listing Regulations is annexed hereto.

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

Pursuant to Regulation 34 (2) (f) of the Listing Regulations, the Business Responsibility and Sustainability Report (BRSR) for the financial year ended March 31, 2025, describing the initiatives taken by the Company from an environmental, social and governance perspective, has been provided separately and forms part of this Report.

PREVENTION, PROHIBITION AND REDRESSAL OF SEXUAL HARASSMENT AT WORKPLACE

The Company has zero tolerance for sexual harassment at workplace and has formulated a policy on Prevention, Prohibition and Redressal of Sexual Harassment at the workplace, in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and rules there under. The Policy aims to provide protection to employees at the workplace and prevent and redress complaints of sexual harassment and for matters connected or incidental thereto, with the objective of providing a safe working environment, where employees feel secure. All the employees of the Company as a part of induction are sensitized about the provisions of the said Act. The Company believes in providing safe working place for the Women in the Company and adequate protection are given for them to carry out their duties without fear or favour.

To comply with the provisions of Section 134 of the Act and rules made thereunder, your Company has complied with the provisions relating to constitution/re-constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

During the year under review, no complaints were received or remained pending disposal under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. Further, no complaints were pending at the commencement of the year.

ANNUAL RETURN

Pursuant to the provisions of section 92 (3) read with section 134 (3) (a) of the Act and rules framed thereunder, the Annual Return, for the financial year ended March 31, 2025, is available on the website of the Company and can be accessed through the web link:

https://investors.anantrailimited.com/admin-login/imaqes/paqes/ Annual%20Return 2024-2025.pdf

SUBSIDIARIES AND GROUP COMPANIES

As on March 31, 2025, your Company has thirty-six (36) wholly owned subsidiaries, four (4) step down subsidiaries and four (4) companies in which the Company holds more than 50% of the total equity shareholding.

THE NAMES OF COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS SUBSIDIARIES, JOINT VENTURE OR ASSOCIATE COMPANIES DURING THE FINANCIAL YEAR

During the financial year ended March 31, 2025, the Company:

• incorporated Romano Builders Private Limited and Vrittanta Real Estate Private Limited as wholly owned subsidiaries of the Company.

• incorporated MKAR Ventures LLP as a Joint Venture of the Company.

• acquired 100% equity shares of Sheetij Properties Private Limited, thereby making it a wholly owned subsidiary.

• acquired an additional 25% equity stake in Romano Projects Private Limited, which was previously an associate of the company. As a result, Romano Projects Private Limited ceased to be an associate and became subsidiary of the Company.

• Consequently, Saiguru Buildmart Private Limited, being a wholly owned subsidiary of Romano Projects Private Limited, became a step-down subsidiary of the Company.

The Company has laid down policy on material subsidiary and the same is placed on the website of the Company. The said policy may be accessed at the following weblink:

https://investors.anantrailimited.com/admin-loqin/imaqes/

paqes/Policv%20on%20Determininq%20Material%20

Subsidiaries.pdf

During the year under review, the policy was amended to align the same with the changes in the relevant applicable provisions of the Listing Regulations.

None of the subsidiaries fall within the meaning of "Material Subsidiary" as defined in the policy adopted by the Company.

CONSOLIDATED FINANCIAL STATEMENTS

The Consolidated Financial Statements of your Company for the financial year ended March 31, 2025, have been prepared in accordance with the principles and procedures of Indian Accounting Standards 110 (Ind AS) as notified under the Companies (Ind As) Rules, 2015 as specified under Section 133 of the Act. In compliance to Section 129 of the Act read with rules made thereunder, Consolidated Financial Statements, prepared on the basis of Financial Statements received from subsidiary/ associate companies and jointly controlled entity as approved by their respective Boards, forms part of this Report.

In compliance with section 129 of the Act read with Rule 5 of the Companies (Accounts) Rules, 2014, a statement containing the salient features of the Financial Statements of the Subsidiaries, Joint Ventures and Associate Companies of the Company in form AOC-1 which forms part of this Report, is annexed. as Annexure-V'.

Pursuant to the provision of section 136 of the Act, the Financial Statements and Consolidated Financial Statements along with relevant documents and separate Accounts in respect of subsidiaries are available on the website of the Company i.e. www.anantrajlimited.com.

DECLARATION FROM INDEPENDENT DIRECTORS ON ANNUAL BASIS

The Independent Directors hold office for their respective term and are not liable to retire by rotation. The Company has received from all the Independent Directors a declaration under section 149(7) of the Act confirming that they fulfil the criteria of independence as provided under section 149(6) of the Act [including compliance of Rule 5 and 6 of Companies (Appointment and Qualification of Directors) Rules, 2014] and regulations 16(1)(b) & 25 of Listing Regulations.

All the Independent Directors of the Company are compliant of the provisions of Section 150 read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014.

In the opinion of the Board all Independent Directors possess strong sense of integrity and having requisite experience (including proficiency), qualification, skills and expertise as well as independent of the management. For further details, please refer Corporate Governance Report.

There has been no change in the circumstances which may affect their status as Independent Director during the financial year under review.

PREVENTION OF INSIDER TRADING

The Company has framed a code of conduct for prevention of insider trading based on Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015. This code is applicable to all the Board members/ employees/ officers/ designated persons of the Company. The code requires pre-clearance for dealing in the Company's shares in certain cases and prohibits the dealing in the Company's shares by the Directors and the Designated Persons while in possession of unpublished price sensitive information in relation to the Company and during the period when the trading window is closed. The code of conduct for prevention of insider trading is disclosed in the website of the Company and can be assessed at:

BOARD MEETINGS

The Company has convened six (6) meetings of the Board of Directors during the financial year ended March 31, 2025. The meetings were held on April 24, 2024, June 10, 2024, July 2, 2024, July 27, 2024, October 28, 2024, and February 1, 2025. Details of the Board meetings and attendance at such meetings are given in the Corporate Governance Report annexed herewith for the financial year ended March 31, 2025.

The Board meeting dates were finalised in consultation with all directors and agenda papers backed up by comprehensive notes and detailed background information was circulated well in advance before the date of the meeting thereby enabling the Board to take informed decision. The Board was also apprised about the important developments in industry, segments, business operations, marketing, products etc.

MEETING OF INDEPENDENT DIRECTORS

In terms of Regulation 25(3) of Listing Regulations and as stipulated in the code for Independent Directors under Schedule IV of the Act, a separate meeting of Independent Directors was held on February 1, 2025, to review the performance of Chairperson, non-independent directors and Managing Director and the Board as a whole. In the said meeting, the Independent Directors assessed and reviewed the quality, quantity and timeliness of the flow of information between the Management and the Board and its committees which is essential for effective discharge of their duties and expressed their satisfaction.

FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS

Every Independent Director is briefed about the history of the Company, its policies, customers, Company's strategy, operations, organisation structure, human resources, technologies, facilities and risk management. Projects/S ite visits are also arranged for the Directors who wish to familiarize themselves with the processes and operations of the Company.

The Independent Directors are briefed on their role, responsibilities, duties and are kept updated on the various regulatory and legislative changes that may occur from time to time affecting the operations of the Company. The Independent Directors are also briefed on the various policies of the Company like the code of conduct for directors and senior management personnel, policy on related party transactions, policy on material subsidiaries, whistle blower policy and corporate social responsibility policy and other policies adopted by the Company. The details of familiarization programme conducted for the independent directors is disclosed in the website of the Company at

ANNUAL EVALUATION OF BOARD, COMMITTEES AND DIRECTORS

As required under Section 134(3)(p) of the Act and regulation 17 of Listing Regulations, the Board of Directors had already approved the evaluation criteria for evaluating the performance of the Board of Directors, its Committees and the performance of Independent Directors.

The performance evaluation of the Board, its Committees and individual directors was conducted and the same was based on questionnaire and feedback from all the directors on the Board as a whole, Committees and self -evaluation.

As required under regulation 17(10) of Listing Regulations, the Board assessed the performance of the Independent Directors, individually and collectively as per the criteria laid down and on an overall assessment, the performance of Independent Directors was found noteworthy. The Board has therefore recommended the continuance of the Independent Directors on the Board of the Company on conclusion of their respective terms subject to permissibility under the Regulations. Each of the Directors had evaluated the performance of the individual Directors on the parameters such as qualification, knowledge, experience, initiative, attendance, concerns for the stakeholders, leadership, teamwork attributes, effective interaction, independent views and Judgement.

The Board of Directors have assessed performance of the Board as a whole and committees of the Company based on the parameters which amongst other included structure of the Board, including qualifications, experience and competency of Directors, diversity of Board and process of appointment; meetings of Board, including regularity and frequency, agenda, discussion and dissent, recording of minutes; functions of Board, including strategy and performance evaluation, corporate culture and value, evaluation of risks, succession plan, focus on the shareholders' value creation, effectiveness of Board processes, governance and compliance and meaning full communication, high governance standard, knowledge of business, openness of discussion/integrity and information and functioning and quality of relationship between the Board and management.

The members of the Audit Committee, Nomination and Remuneration Committee, Stakeholder's Relationship Committee and Corporate Social Responsibility Committee were also assessed on the above parameters and also in the context of the Committee's effectiveness vis-a-vis the Act and Listing Regulations.

The Criteria for evaluation of the Committee of Board included mandate and composition, effectiveness of the Committee, structure of the Committee, regularity and frequency of meetings, agenda, discussion and dissent, recording of minutes and dissemination of information, independence of committee of the Board, contribution to decisions of the Board, and quality of relationship of the Committee with the Board and Management.

The Nomination and Remuneration Committee & Audit Committee has also reviewed and considered the collective feedback of the whole of evaluation process.

Results of all such above referred evaluations were found satisfactory.

INTERNAL FINANCIAL CONTROLS

The Company has in place an established internal financial control system, with reference to the Financial Statements and as referred under section 134(5)(e) of the Act, to ensure the orderly and efficient conduct of its business, the safeguarding of its assets, the prevention and detection of frauds and errors and proper recording of financial & operational information, compliance of various internal control and other regulatory/statutory compliances. All internal audit findings and control systems are periodically reviewed by the Audit committee of the Board of Directors, which provides strategic guidance on internal control.

The Company has further strengthened its internal financial control policies and procedures to make them commensurate with the size and nature of operations of the Company. The policies and procedures are also adequate for orderly and efficient conduct of business of the Company. During the financial year under review, these controls were tested and no significant weakness was identified either in the design or operation of the controls.

GREEN INITIATIVE

Electronic copies of the Annual Report 2024-25 and the Notice of the 40^th Annual General Meeting are being sent to all members whose email addresses are registered with the Company/RTA. The hard copy of Annual Report 2024-25 will be sent only to those shareholders who request for the same.

For members who have not registered their email addresses, physical copies are sent in the permitted mode. In order to support Green Initiative, the Company requests those members who have yet not registered their e-mail address, to register the same directly with their Depository Participant, in case shares are held in electronic form or with the Company, in case shares are held in physical form.

AUDITORS

i) STATUTORY AUDITORS AND THEIR REPORT

In Compliance with the provisions of Sections 139, 141, 142 and other applicable provisions, if any, of the Act and the Companies (Audit and Auditors) Rules, 2014 (including any statutory modification(s)/ re-enactment(s)/amendment(s) thereof, for the time being in the force), M/s Ranjana Vandana & Co., Chartered Accountant (Firm's Registration No. 008961C), were appointed as statutory auditors for a period of five consecutive years commencing from the

conclusion of 37^th AGM (Annual General Meeting) held on July 11, 2022 till the conclusion of 42^nd AGM to be held in the calendar year 2027.

The auditor report given by M/s Ranjana Vandana & Co., Chartered Accountants, Statutory Auditors, on the Financial Statements (Standalone and Consolidated) of the Company for the financial year ended March 31, 2025, forms part of the Annual Report and self-explanatory. There has been no qualification, reservation or adverse remarks or any disclaimer in their report.

ii) COST AUDITORS AND COST AUDIT REPORT

M/s Yogesh Gupta & Associates (Firm Registration No. 000373) were appointed as the Cost Auditor to conduct the cost audit for the financial year ended March 31, 2025.

Further, pursuant to the provisions of section 148(1) of the Act read with the Companies (Cost Records and Audit) Rules, 2014 as amended and as per the recommendation of the Audit Committee, the Board at their meeting held on June 10, 2025 re-appointed M/s Yogesh Gupta & Associates (Firm Registration No. 000373) as Cost Auditors of the Company for the financial year 2025-2026 to audit the cost records of the Company. A resolution for ratification of the remuneration payable for such cost audit services forms part of the Notice of ensuing 40^th Annual General Meeting.

A certificate from M/s Yogesh Gupta & Associates, Cost Accountants, has been received to the effect that their appointment as Cost Auditors of the Company, if made, would be in accordance with the limits prescribed under Section 141 of the Act and the rules framed thereunder.

The cost audit report with no qualification, reservation or adverse remarks or any disclaimer there in, issued by the Cost auditor for the financial year ended March 31, 2024, was filed with the Registrar of Companies vide form CRA-4.

The Company has maintained accounts and records as specified under sub-section (1) of section 148 of the Act.

iii) SECRETARIAL AUDITORS AND SECRETARIAL REPORT

Pursuant to the provisions of section 204 of Act read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company had appointed Ms. Priya Jindal, Company Secretary in practice to undertake the Secretarial Audit of the Company for the financial year ended March 31, 2025. The Secretarial Audit Report for the financial year ended March 31, 2025, is annexed herewith as "Annexure-VI".

There are no qualifications or observations, or adverse remarks made by the Secretarial Auditor in their Report. The contents of the Secretarial Audit Report are self-explanatory and do not call for any further comments by the Board.

Pursuant to Regulation 24A of Listing Regulations and the Audit Committee, the Board recommends appointment of Ms. Priya Jindal, as the Secretarial Auditor of the Company for a period of 5 (five) consecutive years, with effect from April 1, 2025. An appropriate resolution seeking approval of the shareholders of the Company has been included in the Notice convening the 40^th Annual General Meeting.

Further, pursuant to the Regulation 24A of Listing Regulations, the Annual Secretarial Compliance Report for the financial year 2024-2025 has been submitted to the stock exchanges within 60 days of the end of the financial year.

iv) INTERNAL AUDITORS

The Board of Directors of your Company had appointed M/s. GRASP & Associates, Chartered Accountant, New Delhi as the Internal Auditors of the Company pursuant to the provisions of section 138 of the Act for financial year 2024-2025 and the reports on periodical basis submitted by the auditor were placed before the audit committee and Board of Directors.

Further, the Board, at its meeting held on June 10, 2025, appointed Mr. Narendra Singh Negi, Chartered Accountant (Membership No. 477905) as the Internal Auditor of the Company for the financial year 2025-2026.

Reporting of Frauds:

Pursuant to the provision of section 143(12) of the Act and rules framed thereunder, there have been no instances of fraud reported by the Auditors either to the Company or to the Central Government.

Further, there is no such fraud or similar thing to report by the Board under section 134(3)(ca) of the Act.

FOLLOWING POLICIES ARE ALSO ADOPTED BY THE BOARD AND ARE AVAILABLE ON THE WEBSITE OF COMPANY AT WWW.ANANTRAJLIMITED.COM

1. Policy for Preservation of Documents and Archival of Documents URL for the same is:

2. Policy on determination of materiality of the events/ information for making disclosure by the Company.

URL for the same is:

https://investors.anantrailimited.com/admin-login/imaqes/paqes/

Policv%20for%20determination%20of%20materialitv%20

of%20events%20or%20information.pdf

3. Policy on determination of material subsidiary. The same may be assessed at

https://investors.anantrailimited.com/admin-login/imaqes/ paqes/Policy%20on%20Determininq%20Material%2 0 Subsidiaries.pdf

4. Policy on code of conduct for the Board of Director and senior manaqement personnel. The same may be assessed at

https://investors.anantrailimited.com/admin-loqin/imaqes/ paqes/Code%20of%2 0conduct%20for%20Board%2 0 Members%20and%20Senior%20Manaqement.pdf

5. Policy on code of practices and procedures for fair disclosure of insider tradinq. The same may be assessed at

https://investors.anantrailimited.com/admin-loqin/imaqes/paqes/

Code%20of%20Practices%20and%20Procedures%20

for%20Fair%20Disclosure%20of%20Unpublished%20

Price%20Sensitive%20Information.pdf

SECRETARIAL STANDARDS

The Company has complied with the applicable Secretarial Standards, i.e., SS-1 and SS-2 issued by the Institute of Company Secretaries of India durinq the period under review.

DISCLOSURE UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016

Except the Corporate Insolvency Resolution Process aqainst its subsidiary, Grandstar Realty Private Limited, no Corporate Insolvency Resolution Process was initiated or pendinq aqainst your Company, under the Insolvency and Bankruptcy Code, 2016 (IBC) as amended.

COMPLIANCE STATEMENT ON THE MATERNITY BENEFIT ACT, 1961

The Directors hereby confirm that the Company is in full compliance with the provisions of the Maternity Benefit Act, 1961 and affirm that

(a) t he Company provides maternity leave in accordance with the requirements of the Act;

(b) all necessary facilities and entitlements mandated by the law are extended to women employees;

GENERAL

The Directors state that no disclosure or reportinq in respect of the followinq items is required as there were no transactions/events relatinq to these items durinq the financial year under review:

(a) Issue of equity shares with differential riqhts as to dividend, votinq or otherwise.

(b) Issue of shares (includinq sweat equity shares) to employees of the Company under any scheme.

(c) Neither Manaqinq Director nor the Whole-time Directors of the Company received any remuneration or commission from any of its subsidiaries.

(d) Details of difference between the amount of valuation at the time of one-time settlement and valuation done while takinq loan from banks or financial institutions.

APPRECIATIONS AND ACKNOWLEDGEMENTS

The Directors place on record their appreciation for the assistance, help and quidance provided to the Company by the Bankers, Financial Institution(s) and Authorities of Central and State Government(s) from time to time. The Directors also place on record their qratitude to employees and shareholders of the Company for their continued support and confidence reposed in the manaqement of the Company.

By order of the Board of Directors For Anant Raj Limited

	S d/-	S d/-
	Amit Sarin	Aman Sarin
Place: New Delhi	Manaqinq Director	Director & CEO
Date: June 10, 2025	DIN:00015837	DIN:00015887