h. Provisions, Contingent Liabilities and Contingent Assets

The Company creates a provision when there is present obligation as a result of past event that probably requires an
outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent
liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an
outflow of resources. Where there is a possible obligation or a present obligation in respect of which the likelihood of
outflow of resources is remote, no provision or disclosure is made. Contingent assets are neither recognized nor disclosed
in the standalone financial statements.

Provision for onerous contracts i.e. contacts where the expected unavoidable costs of meeting the obligations under the
contract exceed the economic benefits expected to be received under it, are recognized when it is probable that an outflow
of resources embodying economic benefits will be required to settle a present obligation as a result of an obligating event,
based on reliable estimate of such obligation.

i. Earnings per share

Basic earnings per equity share is computed by dividing the net profit for the year attributable to the Equity Shareholders
by the weighted average number of equity shares outstanding during the year. Diluted earnings per share is computed
by dividing the net profit for the year, adjusted for the effects of dilutive potential equity shares, attributable to the Equity
Shareholders by the weighted average number of the equity shares and dilutive potential equity shares outstanding during
the year except where the results are anti-dilutive.

j. Share Based Payments

Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of
the equity instruments at the grant date.

Thefairvalue determined atthe grant date ofthe equitysettled-based payments is expensed ona straight-line basis overthevesting
period, based onthe company’s estimate ofequityinstrumentsthatwill eventuallyvest,with a corresponding increase in equity.At
the end ofeach reporting period,the companyrevises its estimate ofthe numberofequityinstruments expectedtovest.The impact
of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the
revised estimate, with a corresponding adjustment to the Share based payment reserve.

k. Cash Flow Statements

Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of transactions
of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income
or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing
activities of the Company are segregated.

l. Financial Instruments:

Initial recognition

The Company recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the
instrument. All financial assets and liabilities are recognized at fair value on initial recognition, except for trade receivables
which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue
of financial assets and financial liabilities, which are not at fair value through profit or loss, are added to the fair value on
initial recognition. Regular way purchase and sale of financial assets are accounted for at trade date.

Subsequent measurement

i) Financial assets carried at amortized cost

A financial asset is subsequently measured at amortized cost if it is held within a business model whose objective is to hold
the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified
dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

ii) Financial assets at fair value through other comprehensive income

A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business
model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual
terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on
the principal amount outstanding. The Company has made an irrevocable election for its investments which are classified
as equity instruments to present the subsequent changes in fair value in other comprehensive income based on its business
model.

iii) Financial assets at fair value through profit or loss

A financial asset, which is not classified in any of the above categories, is subsequently fair valued through profit or loss.

iv) Impairment of Financial Assets

The Company recognizes loss allowances using the expected credit loss (ECL) model for the financial assets which are
not fair valued through profit or loss. Loss allowance for the financial instruments is recognised at an amount equal to
the lifetime expected credit losses if the credit risk on those financial instruments has increased significantly since initial
recognition. If the credit risk on a financial instrument has not increased significantly since initial recognition, the Company
measures the loss allowance for that financial instrument at an amount equal to 12 month expected credit losses. The
amount of ECLs (or reversals, if any) that is required to adjust the loss allowance at the reporting date to the amount that is
required to be recognized is recognized as an impairment gain or loss in the profit or loss.

v) Financial Liabilities

Financial liabilities are subsequently carried at amortized cost using the effective interest method, except for contingent
consideration recognized in a business combination, which is subsequently measured at fair value through profit or loss.
For trade and other payables maturing within one year from the Balance Sheet date, the carrying amounts approximate fair
value due to the short maturity of these instruments.

Derecognition of Financial Instruments

The company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire
or it transfers the financial asset and the transfer qualifies for derecognition under Ind AS 109. A financial liability (or a part
of a financial liability) is derecognized from the Company’s Balance Sheet when the obligation specified in the contract is
discharged or cancelled or expires.

m. Employee Benefits

i. Short-term employee benefits: Employee benefits payable wholly within twelve months of receiving employee
services are classified as short-term employee benefits. These benefits include salaries and wages, bonus and ex-gratia.
The undiscounted amount of short-term employee benefits to be paid in exchange for employee services is recognized as
an expense as the related service is rendered by employees.

ii. Post employment benefits:

Defined Contribution Plans

A defined contribution plan is a post-employment benefit plan under which an entity pays specified contributions to a
separate entity and has no obligation to pay any further amounts. The Company makes specified monthly contributions
towards employee provident fund to Government administered provident fund scheme which is a defined contribution
plan. The Company’s contribution is recognized as an expense in the statement of profit and loss during the year in which
the employee renders the related service.

Defined Benefit Plans

The Company provides for gratuity, a defined benefit plan (the “Gratuity Plan”) covering eligible employees. The Plan
provides payment to vested employees at retirement, death or termination of employment, of an amount based on the
respective employee’s salary and the tenure of employment with the Company. The Company provides for gratuity based
on actuarial valuation as at the balance sheet date. The actuarial valuation has been carried out using ‘Projected Unit
Method’ by an independent actuary.

Compensated Absences

Provision for compensated absences is made by the Company as at the balance sheet date of the un-availed leave standing
to the credit of employees in accordance with the service rules of the Company liabilities related to the compensated
absences are determined by actuarial valuation using projected unit credit method as at the balance sheet date.

Actuarial gains and losses are recognized in the Statement of Other Comprehensive Income in the period in which they
occur. The retirement benefit obligation recognized in the Balance Sheet represents the present value of the defined
benefit obligation as adjusted for unrecognized past service cost, as reduced by the fair value of scheme assets.

Note 33 Segment Reporting

Ind AS 108 establishes standards for reporting information about operating segments and related disclosures about product
and services, geographical areas and major customers. Based on ‘management approach’ as defined in Ind AS 108, the Board
of Directors evaluates the company performance and allocates resources based on analysis of various performance indicators by
business segments and geographical segments. Accordingly information has been presented both along business segment and
geographical segment. The accounting principle used in the preparation of financial statements are consistently applied to record
revenue and expenditure in individual segment and or as set out in the significant accounting policies.

Business segment of the company comprise of:-

(i) Engineering, procurement and construction (‘EPC-Rural’) - Supply, installation, commissioning and maintenance of solar water
pumps and home systems.

(ii) Engineering, procurement and construction (‘EPC-Commercial and Industrial (C&I)’) - Supply, installation, commissioning and
maintenance of ground solar power plants and Rooftop.

Segment assets are measured in the same way as in the financial statements. These assets are allocated based on the operations of
the segment and the physical location of the assets. Segments assets do not include investments and income tax assets which are
managed for the Company as whole.

Segment liabilities are measured in the same way as in the financial statements. These liabilities are allocated based on the operations
of the segment. Segments liabilities do not include borrowings and income tax liabilities which are managed for the Company as a
whole.

Note 34 Report on other Legal and Regulatory requirements and commitments

Litigations Involving Our Company

Our Company is involved in certain legal proceedings, which are pending at varying levels of adjudication at different forums. The
outstanding matters set out below include details of criminal proceedings, tax proceedings,statutory and regulatory actions, and
other material pending litigation involving our Company. We cannot assure you that these legal proceedings will be decided in
favour of our Company, or that no further liability will arise out of these proceedings. Further, such legal proceedings could divert
management time and attention and consume financial resources. Any adverse outcome in any of these proceedings may adversely
affect our profitability and reputation and may have an adverse effect on our results of operations and financial condition.

1. Against Our Company

There are no litigations pending against our company.

2. Filed By Our Company

a. Litigation involving material violations of statutory regulations which are currently pending or have arisen in

the preceding last ten years:

1. The Company has filed an appeal before The Assistant commissioner of GST & C. EX , Nungambakkam
Division,Chennai,Tamil Nadu, with respect to order dated August 22, 2024, passed under Section 73 read with Section
50 of the TNGST Act 2017/ CGST Act and Section 20 of the IGST Act, 2017 (“Order”), in case of scrutiny of GST Return
for the period FY 2019-20, for tax demand (incl. interest & penalty) amounting to ?48,39,402/-

2. The Company has filed an appeal before The Excise and Taxation officer ,Office of the Deputy Commissioner of State
Tax Jurisdiction : Sonipat Ward 8, Rohtak, Haryana, with respect to Order dated February 27, 2025, passed under
Section 73 read with Section 50 of the HGST Act 2017/ CGST Act and Section 20 of the IGST Act, 2017 (“Order”),
in case of scrutiny of GST Return for the period FY 2020-21, for tax demand (incl. interest & penalty) amounting to
?52,76,227.84/-

3. The Company has filed an appeal before State Tax Officer (C-831),Office of the State Tax Officer, Parel_701 (C-831), 5th
Floor, D-10, GST Bhavan, Mazgaon Mumbai, with respect to order dated February 14, 2024, passed under Section 73
read with Section 50 of the MGST Act 2017/ CGST Act and Section 20 of the IGST Act, 2017 (“Order”), in case of scrutiny
of GST Return for the period FY 2020-21, for tax demand (incl. interest & penalty) amounting to ?19,65,707/-

Fair Value Hierarchy

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e.,as
prices) or indirectly (i.e, derived from prices)

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

*The carrying value of these accounts are considered to be the same as their fair value, due to their short term nature. Accordingly, these are classified
as level 3 of fair value hierarchy.

# These accounts are considered to be highly liquid and the carrying amount of these are considered to be the same as their fair value.

Note 36 Financial Risk Management

The Company’s activities expose it to a variety of financial risks: credit risk, liquidity risk and foreign currency risk. The Company’s
primary focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial
performance. The primary risks to the Company are credit and liquidity risk.

The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below:

(i) Credit Risk

Credit risk management

Credit risk is the risk of financial loss to the company if a customer or counterparty to a financial instrument fails to meet its contractual
obligations and arises principally from the company’s receivables from customers and investment securities. Credit risk arises from
cash held with banks and financial institutions, as well as credit exposure to clients, including outstanding accounts receivable. The
maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of managing counterparty credit
risk is to prevent losses in financial assets. The company assesses the credit quality of the counterparties, taking into account their
financial position, past experience and other factors.

a)Provision for Expected Credit Loss

The company provides for loss allowance based 12 months credit loss except in the case of trade receivables which are provided
based on life-time credit loss. For the assessment of 12 months of life time expected credit loss, assets are classified into three
categories as standard, sub-standard and doubtful based on the counter-party’s capacity to meet the obligations and provision is
determined accordingly. Standard assets are those where the risk of default is negligible, sub-standard are those where the credit
risk is significantly increased since inception and doubtful assets are those where the assets are impaired. Over and above this,
specific provision is made against receivable which are agreed more than 365 days and where the management believes that there
is a risk of non collection.

(ii) Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company
manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due.
The Company depends on its related parties for short term funds to maintain liquidity for fulfilling its working capital requirements.
In addition, processes and policies related to such risks are overseen by senior management.

Note 39 Going Concern Assumption

The Company has incurred losses in the year ended March 31, 2025 consequently resulting in a larger negative net worth thereby
raising a substantial doubt about the Company’s ability to continue on a going concern basis for the foreseeable future. However,
the Company is in the process of evaluating and pursuing new business opportunities and is confident of furthering the business in
a profitable manner.

Moreover the Company, in the earlier period had also increased its authorised capital from INR 70 million, divided into 7 million
equity shares having face value of INR 10 each to INR 200 million, divided into 20 million equity shares having face value of INR 10
each, in order to enable further potential capital infusion for furthering the Company’s business.

In addition the Company has obtained a letter of support from one its shareholders providing relevant and appropriate financial
support to continue the Company’s business seamlessly.

Accordingly, these results have been prepared on a going concern basis and do not include any adjustments to the recorded amounts
of assets and liabilities that may be necessary if the entity is unable to continue as a going concern.

(c) Fair value of options granted

The fair value at grant date of options granted during the year ended 31 March 2025 was INR 277.65 per option. The fair value at
grant date is independently determined using the Monte-Carlo Simulation Model which takes into account the exercise price, the
term of the option, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield
and the risk-free interest rate for the term of the option.

Note 42 Subsequent Events

There are no events that occurred after the reporting date which would required adjustment in this financial statements.

Note 43 Additional regulatory information required by Schedule III

(i) Details of Benami Property held

No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

(ii) Borrowing secured against current assets

The Company does not have any borrowings from banks or financial institutions on the basis of security of current assets.

(iii) Wilful defaulter

The Company has not been declared wilful defaulter by any bank or financial institution or government or any other government
authority.

(iv) Relationship with struck off companies

The Company has not had any transactions with companies struck off under section 248 of the Companies Act, 2013.

(v) Compliance with number of layers of companies

The Company has complied with the number of layers prescribed under the Companies Act, 2013.

(vi) Compliance with approved scheme(s) of arrangements

The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous
financial year.

(vii) Utilisation of borrowed funds and share premium

The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:

a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
group (Ultimate Beneficiaries) or

b. provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the group shall:

a. 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

b. provide any guarantee, security or the like on behalf of the ultimate beneficiaries

(viii) Undisclosed Income

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the
Income Tax Act, 1961, that has not been recorded in the books of account.

(ix) Details of crypto currency or virtual currency

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

(x) Valuation of PP&E, intangible asset and investment property

The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both
during the current or previous year.

Note 44 Previous years figures

Previous year figures have been regrouped wherever necessary to conform to current year’s classification.

For ABCD & Co. LLP For and on behalf of the Board of Directors of

Chartered Accountants Refex Renewables & Infrastructure Limited

Firm Registration No: 016415S/S000188

Vinay Kumar Bachhawat - Partner Kalpesh Kumar Anil Jain

Membership No: 214520 Managing Director Director

DIN: 07966090 DIN: 00181960

Place : Chennai
Date: 21.05.2025

T.Manikandan Vinay Aggarwal

Chief Financial Officer Company Secretary

ACS - 39099