l. Provisions and contingent liabilities

Provisions

General

Provisions are recognised when the Company has a present obligation (legal or constructive) as
a result of a past event, it is probable that an outflow of resources embodying economic benefits
will be required to settle the obligation and a reliable estimate can be made of the amount of the
obligation. When the Company expects some or all of a provision to be reimbursed, for example,
under an insurance contract, the reimbursement is recognised as a separate asset, but only when
the reimbursement is virtually certain. The expense relating to a provision is presented in the
statement of profit and loss net of any reimbursement.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax
rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the
increase in the provision due to the passage of time is recognised as a finance cost.

Contingent liabilities

Contingent liabilities exist when there is a possible obligation arising from past events, the existence
of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain
future events not wholly within the control of the Company, or a present obligation that arises
from past events where it is either not probable that an outflow of resources will be required or
the amount cannot be reliably estimated. The Company does not recognize a contingent liability
but discloses its existence and other required disclosures in notes to the standalone financial
statements, unless the possibility of any outflow in settlement is remote.

m. Retirement and other employee benefits

Retirement benefit in the form of provident fund is a defined contribution scheme. The Company
has no obligation, other than the contribution payable to the provident fund. The Company
recognizes contribution payable to the provident fund scheme as an expense, when an employee
renders the related service. If the contribution payable to the scheme for service received before
the balance sheet date exceeds the contribution already paid, the deficit payable to the scheme
is recognized as a liability after deducting the contribution already paid. If the contribution already
paid exceeds the contribution due for services received before the balance sheet date, then excess
is recognized as an asset to the extent that the pre-payment will lead to, for example, a reduction
in future payment or a cash refund.

The Company operates a defined benefit gratuity plan in India, which requires contributions to be
made to a separately administered fund.

The cost of providing benefits under the defined benefit plan is determined using the projected
unit credit method.

Re-measurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding
amounts included in net interest on the net defined benefit liability and the return on plan assets
(excluding amounts included in net interest on the net defined benefit liability), are recognised
immediately in the standalone balance sheet with a corresponding debit or credit to retained
earnings through OCI in the period in which they occur.

Re-measurements are not reclassified to statement of profit or loss in subsequent periods.

Net interest is calculated by applying the discount rate to the net defined benefit liability or asset.
The Company recognises the following changes in the net defined benefit obligation as an expense
in the standalone statement of profit and loss:

- Service costs comprising current service costs, past-service costs; and

- Net interest expense or income
Long term employee benefits:

Accumulated leave, which is expected to be utilized within the next 12 months, is treated as
short-term employee benefit. The Company measures the expected cost of such absences as the
additional amount that it expects to pay as a result of the unused entitlement that has accumulated
at the reporting date. The Company recognizes expected cost of short-term employee benefit as
an expense, when an employee renders the related service.

The Company treats accumulated leave expected to be carried forward beyond twelve months, as
long-term employee benefit for measurement purposes. Such long-term compensated absences
are provided for based on the actuarial valuation using the projected unit credit method at the
reporting date. Actuarial gains/losses are immediately taken to the statement of profit and loss
and are not deferred. The obligations are presented as current liabilities in the standalone balance
sheet if the entity does not have an unconditional right to defer the settlement for at least twelve
months after the reporting date.

n. Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.

(a) Financial assets

Initial recognition and measurement

Financial assets are classified, at initial recognition, as subsequently measured at amortised
cost, fair value through other comprehensive income (OCI), and fair value through profit or loss.

The classification of financial assets at initial recognition depends on the financial asset's
contractual cash flow characteristics and the Company's business model for managing them.
With the exception of trade receivables that do not contain a significant financing component,
the Company initially measures a financial asset at its fair value plus, in the case of a financial
asset not at fair value through profit or loss, transaction costs. Trade receivables that do not
contain a significant financing component are measured at the transaction price determined
under Ind AS 115. Refer to the accounting policies in section (d) Revenue from contracts
with customers.

In order for a financial asset to be classified and measured at amortised cost or fair value
through OCI, it needs to give rise to cash flows that are 'solely payments of principal and
interest (SPPI)' on the principal amount outstanding. This assessment is referred to as the
SPPI test and is performed at an instrument level. Financial assets with cash flows that are
not SPPI are classified and measured at fair value through profit or loss, irrespective of the
business model.

The Company's business model for managing financial assets refers to how it manages its
financial assets in order to generate cash flows. The business model determines whether cash

flows will result from collecting contractual cash flows, selling the financial assets, or both.
Financial assets classified and measured at amortised cost are held within a business model
with the objective to hold financial assets in order to collect contractual cash flows while
financial assets classified and measured at fair value through OCI are held within a business
model with the objective of both holding to collect contractual cash flows and selling.

Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in four categories:

- Debt instruments at amortised cost (debt instruments)

- Debt instruments at fair value through other comprehensive income (FVTOCI) with
recycling of cumulative gains and losses (debt instruments)

- Debt instruments at fair value through OCI with no recycling of cumulative gains and
losses upon derecognition (debt instruments)

- Financial assets at fair value through profit or loss
Financial asset at amortised cost (debt instruments)

A 'debt instrument' is measured at the amortised cost if both the following conditions are met:

a) The asset is held within a business model whose objective is to hold assets for collecting
contractual cash flows, and

b) Contractual terms of the asset give rise on specified dates to cash flows that are solely
payments of principal and interest (SPPI) on the principal amount outstanding.

This category is the most relevant to the Company. After initial measurement, such financial
assets are subsequently measured at amortised cost using the effective interest rate (EIR)
method and are subject to impairment as per the accounting policy applicable to 'Impairment
of financial assets'. Amortised cost is calculated by taking into account any discount or premium
on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is
included in other income in the statement of profit or loss. The losses arising from impairment
are recognised in the statement of profit or loss. The Company's financial assets at amortized
costs include trade receivables, loans to subsidiaries and interest thereon, security deposits
and other receivables grouped under other current financial assets.

Financial asset at Fair Value through OCI (FVTOCI) (debt instruments)

A 'debt instrument' is classified as at the FVTOCI if both of the following criteria are met:

a) The objective of the business model is achieved both by collecting contractual cash
flows and selling the financial assets, and

b) The asset's contractual cash flows represent SPPI.

Debt instruments included within the FVTOCI category are measured initially as well as at each
reporting date at fair value. Fair value movements are recognized in other comprehensive
income (OCI). However, the Company recognizes interest income, impairment losses &
reversals and foreign exchange gain or loss in the statement of profit and loss. On derecognition
of the asset, the cumulative fair value changes previously recognised in OCI is reclassified from
equity to statement of profit and loss.

The Company has not designated any debt instrument as at FVTOCI.

Financial asset designated at Fair Value through OCI (equity instruments)

Upon initial recognition, the Company can elect to classify irrevocably its equity investments
as equity instruments designated at fair value through OCI when they meet the definition of
equity under Ind AS 32 - Financial Instruments: Presentation and are not held for trading. The
classification is determined on an instrument-by-instrument basis.

If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes
on the instrument, excluding dividends, are recognized in the OCI. There is no recycling of
the amounts from OCI to statement of profit and loss, even on sale of investment. Dividends
are recognised as other income in the statement of profit and loss when the right of payment
has been established, except when the Company benefits from such proceeds as a recovery
of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity
instruments designated at fair value through OCI are not subject to impairment assessment.

The Company had elected to irrevocably classify its non-listed equity investment (other than
investment in subsidiaries) under this category when it was initially recognised.

Financial asset at Fair Value through profit and loss

Financial assets in this category are those that are held for trading and have been either
designated by management upon initial recognition or are mandatorily required to be
measured at fair value under Ind AS 109 i.e. they do not meet the criteria for classification as
measured at amortised cost or FVOCI. Management only designates an instrument at FVTPL
upon initial recognition, if the designation eliminates, or significantly reduces, the inconsistent
treatment that would otherwise arise from measuring the assets or liabilities or recognising
gains or losses on them on a different basis. Such designation is determined on an instrument-
by-instrument basis. For the Company, this category includes derivative instruments and
balances receivable from commodity broker.

Financial assets at fair value through profit or loss are carried in the balance sheet at fair value
with net changes in fair value recognised in the statement of profit and loss.

De-recognition

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar
financial assets) is primarily derecognised (i.e. removed from the Company's standalone
balance sheet) when:

- The rights to receive cash flows from the asset have expired, or

- The Company has transferred its rights to receive cash flows from the asset or has
assumed an obligation to pay the received cash flows in full without material delay
to a third party under a 'pass-through' arrangement; and either (a) the Company has
transferred substantially all the risks and rewards of the asset, or (b) the Company has
neither transferred nor retained substantially all the risks and rewards of the asset, but
has transferred control of the asset.

When the Company has transferred its rights to receive cash flows from an asset or has
entered into a pass-through arrangement, it evaluates if and to what extent it has retained the
risks and rewards of ownership. When it has neither transferred nor retained substantially all of
the risks and rewards of the asset, nor transferred control of the asset, the Company continues

to recognise the transferred asset to the extent of the Company's continuing involvement. In
that case, the Company also recognises an associated liability. The transferred asset and the
associated liability are measured on a basis that reflects the rights and obligations that the
Company has retained.

Continuing involvement that takes the form of a guarantee over the transferred asset is
measured at the lower of the original carrying amount of the asset and the maximum amount
of consideration that the Company could be required to repay.

Impairment of financial assets

In accordance with Ind AS 109, the Company applies expected credit loss (ECL) model
for measurement and recognition of impairment loss on the following financial assets and
credit risk exposure:

a. Financial assets that are debt instruments, and are measured at amortised cost e.g.,
loans, debt securities, deposits,

b. Financial assets that are debt instruments and are measured as at FVTOCI

c. Trade receivables or any contractual right to receive cash or another financial asset
that result from transactions that are within the scope of Ind AS 115 (referred to as
'Trade receivables')

The Company follows 'simplified approach' for recognition of impairment loss allowance on:

- Trade receivables or contract revenue receivables; and

- Loans and other financial assets

The application of simplified approach does not require the company to track changes in
credit risk. Rather, it recognises impairment loss allowance based on lifetime Expected Credit
Loss (ECL) at each reporting date, right from its initial recognition.

ECL impairment loss allowance (or reversal) recognized during the period is recognized
as expense (or income) in the statement of profit and loss. This amount is reflected under
the head 'other expenses' in the statement of profit and loss. The standalone balance sheet
presentation for various financial instruments is described below:

- Financial assets measured as at amortised cost and contractual revenue receivables: ECL
is presented as an allowance, i.e., as an integral part of the measurement of those assets
in the standalone balance sheet. The allowance reduces the net carrying amount. Until
the asset meets write-off criteria, the Company does not reduce impairment allowance
from the gross carrying amount.

- Loan commitments and financial guarantee contracts: ECL is presented as a provision in
the standalone balance sheet, i.e. as a liability.

For assessing increase in credit risk and impairment loss, the Company combines financial
instruments on the basis of shared credit risk characteristics with the objective of facilitating
an analysis that is designed to enable significant increases in credit risk to be identified on
a timely basis.

(b) Financial liabilities

Initial recognition, measurement and presentation

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through
profit or loss, loans and borrowings, payables, or as derivatives designated as hedging
instruments in an effective hedge, as appropriate.

All financial liabilities are recognised initially at fair value and, in the case of loans and
borrowings and payables, net of directly attributable transaction costs.

The Company's financial liabilities include trade and other payables, loans and borrowings
including bank overdrafts, derivative financial instruments, lease liabilities and other
financial liabilities.

Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading
and financial liabilities designated upon initial recognition as at fair value through profit or
loss. Financial liabilities are classified as held for trading if they are incurred for the purpose
of repurchasing in the near term. This category also includes derivative financial instruments
entered into by the Company that are not designated as hedging instruments in hedge
relationships as defined by Ind AS 109.

Gains or losses on liabilities held for trading are recognised in the statement of profit or loss

Financial liabilities are designated upon initial recognition at fair value through profit or loss
only if the criteria in Ind AS 109 are satisfied. For liabilities designated as FVTPL, fair value
gains/ losses attributable to changes in own credit risk are recognized in OCI. These gains /
losses are not subsequently transferred to statement of profit and loss. However, the Company
may transfer the cumulative gain or loss within equity. All other changes in fair value of such
liability are recognised in the statement of profit or loss. The Company has not designated any
financial liability as at fair value through profit and loss.

Financial Liability at amortized costs (Loans and borrowings)

This is the category most relevant to the Company. After initial recognition, interest-bearing
loans and borrowings are subsequently measured at amortised cost using the EIR method.
Gains and losses are recognised in statement of profit or loss when the liabilities are
derecognised as well as through the EIR amortisation process.

Amortised cost is calculated by taking into account any discount or premium on acquisition
and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance
costs in the statement of profit and loss.

This category generally applies to borrowings. For more information refer note 18.

Supplier finance arrangements

The Company has established supplier finance arrangements (Refer Note 22). The Company
evaluates whether financial liabilities covered such arrangements continue to be classified
within trade payables, or they need to be classified as a borrowing or as part of other financial
liabilities / as a separate line item on the face of the balance sheet. Such evaluation requires
exercise of judgment basis specific terms of the arrangement.

The Company classifies financial liabilities covered under supplier finance arrangement within
trade payables in the balance sheet only if (i) the obligation represents a liability to pay for
goods and services, (ii) is invoiced and formally agreed with the supplier, (iii) is part of the
working capital used in its normal operating cycle, (iv) the Company is not legally released
from its original obligation to the supplier, and has not assumed a new obligation towards the
bank or another party, and (v) there is no substantial modification to the terms of the liability.

If one or more of the above criteria are not met, the Company derecognises its original liability
towards the supplier and recognise a new liability towards the bank which is classified as bank
borrowing or other financial liability, depending on factors such as whether the Company (i)
has obligation towards bank, (ii) is getting extended credit period such that obligation is no
longer part of its working capital cycle, (iii) is paying interest directly or indirectly, (iv) has
provided guarantee or security, and/ or (v) is recognized as borrower in the bank books.

Cash flows related to liabilities arising from supplier finance arrangements that continue to be
classified in trade payables in the standalone balance sheet are included in operating activities
in the standalone statement of cash flows, when the Company finally settles the liability.

In cases, where the Company has derecognised its original liability towards the supplier and
recognise a new liability towards the bank, the Company has assessed that the bank is acting
as its agent in making payment to the supplier. The payment made by the Company to the
bank towards interest, if any, as well as on settlement is presented as financing cash outflow.

De-recognition

A financial liability is derecognised when the obligation under the liability is discharged or
cancelled or expires. When an existing financial liability is replaced by another from the same
lender on substantially different terms, or the terms of an existing liability are substantially
modified, such an exchange or modification is treated as the derecognition of the original
liability and the recognition of a new liability. The difference in the respective carrying amounts
is recognised in the statement of profit or loss.

(c) Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the
standalone balance sheet if there is a currently enforceable legal right to offset the recognised
amounts and there is an intention to settle on a net basis, to realise the assets and settle the
liabilities simultaneously.

o. Cash and cash equivalents

Cash and cash equivalents in the standalone balance sheet comprise cash at banks and on hand and
short-term deposits with an original maturity of three months or less, that are readily convertible to
a known amount of cash and subject to an insignificant risk of changes in value.

p. Earnings per share

Basic earnings per share is calculated by dividing the net profit or loss attributable to equity holder
of the company (after deducting preference dividends and attributable taxes) by the weighted
average number of equity shares outstanding during the period. The weighted average number
of equity shares outstanding during the period is adjusted for events such as bonus issue, bonus
element in a rights issue, share split, and reverse share split (consolidation of shares) that have
changed the number of equity shares outstanding, without a corresponding change in resources.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period,
attributable to equity shareholders of the Company and the weighted average number of shares
outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

q. Derivative financial instruments and hedge accounting

The Company uses derivative financial instruments, such as foreign currency forward contracts, to
hedge its foreign currency risks. Such derivative financial instruments are initially recognised at fair
value on the date on which a derivative contract is entered into and are subsequently re-measured
at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial
liabilities when the fair value is negative.

Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit
or loss, except for the effective portion of cash flow hedges, which is recognised in OCI and later
reclassified to profit or loss when the hedge item affects profit or loss.

For the purpose of hedge accounting, hedges are classified as cash flow hedges (hedging the
exposure to variability in cash flows that is attributable to foreign currency risk associated with
External Commercial Borrowings).

At the inception of a hedge relationship, the Company formally designates and documents the
hedge relationship to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.

The documentation includes identification of the hedging instrument, the hedged item, the nature
of the risk being hedged, and how the Company will assess whether the hedging relationship meets
the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness
and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it
meets all of the following effectiveness requirements:

- There is 'an economic relationship' between the hedged item and the hedging instrument.

- The effect of credit risk does not 'dominate the value changes' that result from that
economic relationship.

- The hedge ratio of the hedging relationship is the same as that resulting from the quantity
of the hedged item that the Company actually hedges and the quantity of the hedging
instrument that the Company actually uses to hedge that quantity of hedged item.

Hedges that meet the criteria for hedge accounting are accounted for, as described below:

The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the
Effective portion of cash flow hedges, while any ineffective portion is recognised immediately in
the statement of profit and loss. The Effective portion of cash flow hedges is adjusted to the lower
of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of
the hedged item.

The Company uses foreign currency forward contracts as hedges of its exposure to foreign currency
risk in respect of principal portion of the External Commercial Borrowings.

The Company designates only the spot element of a forward contract as a hedging instrument. The
forward element is recognised in OCI. The amount accumulated in OCI is reclassified to statement
of profit or loss as reclassification adjustment in the same period or periods during which the
hedged cash flows affect profit or loss.

If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise,
the amount will be immediately reclassified to statement of profit or loss as a reclassification
adjustment. After discontinuation, once the hedged cash flow occurs, any amount remaining in
accumulated OCI must be accounted for depending on the nature of the underlying transaction as
described above.

r. Events after the reporting period

If the Company receives information after the reporting period, but prior to the date of approval
for issue of financial statements, about conditions that existed at the end of the reporting period, it
will assess whether the information affects the amounts that it recognises in its standalone financial
statements. The Company will adjust the amounts recognised in its standalone financial statements
to reflect any adjusting events after the reporting period and update the disclosures that relate to
those conditions in light of the new information. For non-adjusting events after the reporting period,
the Company will not change the amounts recognised in its standalone financial statements but will
disclose the nature of the non-adjusting event and an estimate of its financial effect, or a statement
that such an estimate cannot be made, if applicable.

2.2 Significant accounting judgments estimates and assumptions

The preparation of the Company's standalone financial statements requires management to make
judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and
liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about
these assumptions and estimates could result in outcomes that require a material adjustment to the carrying
amount of assets or liabilities affected in future periods.

Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting
date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year, are described below. The Company based on its assumptions and
estimates on parameters available when the standalone financial statements were prepared. Existing
circumstances and assumptions about future developments, however, may change due to market changes
or circumstances arising that are beyond the control of the Company. Such changes are reflected in the
assumptions when they occur.

1. Taxes

Deferred tax assets are recognised on unabsorbed depreciation since these losses do not have any
expiry and will offset the deferred tax liability over the period when the deferred tax liabilities reverse.
Deferred tax assets are recognized on carry-forward business losses and disallowances with finite life
for allowance only to the extent that management projections provide evidence that these losses/
disallowances could be recovered within the expiry period. Management assesses the recoverability
of deferred tax assets created on business losses and finite life disallowances on an annual basis and
significant management judgement is required to determine the amount of deferred tax assets that can
be recognised, based upon the likely timing and the level of future taxable profits that would be available
for set-off against these losses and disallowances, together with future tax planning strategies.

Based on the annual assessment performed by the management considering the changes in the business
scenario for determining recoverability of deferred tax assets created, the Company has not created
deferred tax assets on unabsorbed tax losses carried forward of INR 8,099.47 million (31 March 2024:
INR 8,099.47 million) and on unclaimed Section 94B disallowance of INR 3,906.26 million (31 March 2024:
2,928.90 million). The Company has a history of losses and there is lack of reasonable certainty regarding
opportunities available for utilization of these balances.

2. Valuation of investments

Investments in subsidiaries are carried at cost in the standalone financial statements. Where an indication
of impairment exists, the carrying amount of the investment is assessed and written down immediately
to its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs of
disposal and value in use. On disposal of investments in subsidiaries, the difference between net disposal
proceeds and the carrying amounts are recognized in the statement of profit and loss.

The recoverable amount calculation is based on a DCF (Discounted Cash Flow) model or fair value of
underlying assets and liabilities of the subsidiary (in case of non-operating subsidiaries). The cash flows
are based on projections approved by the Board of Directors of the Company and do not include
restructuring activities that the company is not yet committed to or significant future investments that
will enhance the asset's performance of the CGU being tested. The recoverable amount is sensitive to
the discount rate used for the DCF model as well as the expected future cash-inflows and the growth
rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount
for the different investments are disclosed in Note 5.

3. Defined benefit plans (gratuity benefits)

The cost of the defined benefit gratuity plan is determined using actuarial valuations. An actuarial
valuation involves making various assumptions that may differ from actual developments in the future.
These include the determination of the discount rate, future salary increases and mortality rates. Due to
the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly
sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

The calculation is most sensitive to change in the discount rate. In determining the appropriate discount
rate for plans operated in India, the management considers the interest rates of government bonds here
remaining maturity of such bond correspond to expected term of defined benefit obligation.

The mortality rate is based on publicly available mortality tables. Those mortality tables tend to change
only at interval in response to demographic changes. Future salary increases and gratuity increases are
based on expected future inflation rates.

Further details about gratuity obligations are given in Note 39.

2.3 New and amended standards.

The following standards and amendments are effective for annual periods beginning on or after 1 April 2024.
The Company has not early adopted any standard, interpretation or amendment that has been issued but is
not yet effective.

(i) Ind AS 117 Insurance Contracts

The Ministry of Corporate Affairs (MCA) notified the Ind AS 117, Insurance Contracts, vide notification
dated 12th August 2024, under the Companies (Indian Accounting Standards) Amendment Rules, 2024,
which is effective from annual reporting periods beginning on or after 1st April 2024.

Ind AS 117 Insurance Contracts is a comprehensive new accounting standard for insurance contracts
covering recognition and measurement, presentation and disclosure. Ind AS 117 replaces Ind AS 104
Insurance Contracts. Ind AS 117 applies to all types of insurance contracts, regardless of the type of
entities that issue them as well as to certain guarantees and financial instruments with discretionary
participation features; a few scope exceptions will apply. Ind AS 117 is based on a general model,
supplemented by:

• A specific adaptation for contracts with direct participation features (the variable fee approach)

• A simplified approach (the premium allocation approach) mainly for short-duration contracts

The application of Ind AS 117 does not have material impact on the Company's standalone financial
statements as the Company has not entered any contracts in the nature of insurance contracts covered
under Ind AS 117.

(ii) Amendments to Ind AS 116 Leases - Lease Liability in a Sale and Leaseback

The MCA notified the Companies (Indian Accounting Standards) Second Amendment Rules, 2024, which
amended Ind AS 116, Leases, with respect to Lease Liability in a Sale and Leaseback.

The amendment specifies the requirements that a seller-lessee uses in measuring the lease liability
arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognise any amount of
the gain or loss that relates to the right of use it retains. The amendment is effective for annual reporting
periods beginning on or after 1 April 2024 and must be applied retrospectively to sale and leaseback
transactions entered into after the date of initial application of Ind AS 116.

The amendments do not have a material impact on the Company's financial statements.

A. Assets under construction

Capital work in progress comprises expenditure incurred for construction of plant and machinery and building
including material procured for plant improvements related to environment, health and safety, for machineries
at packing units at multiple plants and other projects.

B. Capitalisation of borrowing cost.

During the current year as well as previous year, the company has not capitalised any borrowing cost since
the company has not availed any long term loans for acquisition of property, plant and equipment which
fulfills the condition of Ind AS 23.

C. Revaluation of land, buildings and plant, machinery and equipment

During the year ended 31st March 2022, the Company had appointed a registered independent valuer who
has relevant valuation experience for valuation of property, plant and equipment in India of more than 10 years
and is a registered valuer as defined under rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017,
to determine the fair value of freehold land, building, plant and machineries and leasehold land (forming part
of right of use assets). As an outcome of this process, during the year ended 31st March 2022, the Company
had recognised decrease in the gross block of freehold land of INR 47.35 million and leasehold land included
under right of use assets of INR 58.71 million and increase in building of INR 2,036.10 million and plant and
machineries of INR 1,743.72 million. The Company had recognised this increase within the revaluation reserve
and statement of other comprehensive income.

The Company determined these fair values after considering physical condition of the asset, technical usability
/ capacity, salvage value, quotes from independent vendors. The fair value of land is determined using market
approach and building, plant, machinery and equipment using Depreciated Replacement Cost (DRC). The DRC
is derived from the Gross Current Reproduction / Replacement Cost (GCRC) which is reduced by considering
depreciation. The fair value measurement was classified under level 3 of the fair value hierarchy. In the current year,
the company has assessed that there is no significant change in the fair value of land, building, plant and machinery
and leasehold land from existing carrying value of land, building, plant and machinery and leasehold land.

Note 5 (a): Investment in subsidiaries are carried at cost in financial statements. Wherever indicators of impairment
exists, the carrying amount of the investment is assessed and written down immediately to its recoverable amount.
The recoverable amount is the higher of an asset's fair value less costs of disposal and value in use. The recoverable
amount calculation is based on a DCF (Discounted Cash Flow) model. Value in use is calculated using cash flow
projections covering a five-year forecast considering growth rate of 3%, applying a discount rate of 11.20% - 14.96%
to the cash flow projections. During current year the Company has recognised an impairment allowance of INR Nil
(31st March 2024: INR 116.27 million) in respect of its investment in Gokak Sugars Limited.

Note 5 (b): The Board of Directors, at its meeting held on 24th May 2022, approved the Scheme of Amalgamation
of wholly owned subsidiaries namely Monica Trading Private Limited (MTPL), Shree Renuka Agri Ventures Limited
(SRAVL), and Shree Renuka Tunaport Private Limited (SRTPL), with the Company. The company received the
certified copy of the order of the Bengaluru Bench of National Company Law Tribunal approving the merger of the
aforesaid Wholly Owned Subsidiaries on 8th November 2024. The order became effective on 6th December 2024
and accordingly the effect of merger is given in these financial statements.

Note 5 (c): Investments at fair value through OCI (fully paid) reflect investment in unquoted equity securities.
These equity shares are designated as FVTOCI as they are not held for trading purpose and are not in similar
line of business as the Company. Thus, disclosing their fair value fluctuation in profit or loss will not reflect the
purpose of holding.

Deferred tax assets are recognised on unused tax losses to the extent that it is probable that taxable profit will be
available against which the losses can be utilised. Significant management judgement is required to determine the
amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits.

The Company has unabsorbed depreciation of INR 17,821.18 million (31st March 2024: INR 16,601.29 million) on which
deferred tax asset has been created. The Company has not recognised deferred tax asset on unutilised carried
forward business losses due to uncertainity about the availability of sufficient future taxable income against which
these losses may be offset. Accordingly, no deferred tax asset has been recognised in respect of these losses. The
unabsorbed depreciation can be carried forward for indefinite period, whereas the unabsorbed business losses
and the MAT credit entitlement can be carried forward for 8 years and 15 years respectively.

The Company has not created deferred tax assets on unabsorbed tax losses carried forward of INR 8,099.47 million
(31st March 2024: INR 8,099.47 million) and on unclaimed Section 94B disallowance of INR 3,906.26 million (31st March
2024: INR 2,928.90 million), due to its history of losses and lack of reasonable certainity regarding opportunities
available for utilization of these balances. The unabsorbed depreciation can be carried forward for indefinite period,
whereas the unabsorbed losses can be carried forward for 8 years and will expire between financial year 2025-26 to
2029-30 and unabsorbed Sec 94B disallowence can be utilised within a period of 8 years and will expire between
financial year 2031-32 to 2032-33.

recognised amount of INR 15.05 million (31st March 2024: INR 20.23 million) (net of deferred tax) as reversal
of revaluation reserve on disposal of assets.During the year, the Company transferred amount equivalent to
depreciation charge of INR 739.87 million (31st March 2024: INR 757.70 million) from revaluation reserve to
retained earnings as per the requirements of Ind AS 16.

Retained earnings :

Retained earnings represents surplus/(deficit) earned from the operations of the Company.

Cost of hedging reserve :

The Company designates the forward element of foreign currency forward contracts as cost of hedging and
accumulates this cost in the statement of other comprehensive income over the term of the contract. Such
amount is amortised to the statement of profit and loss on a systematic basis over the term of the contract.

Effective portion of cash flow hedges

The Company uses hedging instruments as part of its management of foreign currency risk associated to
external commercial borrowings. For hedging foreign currency risk, the Company uses foreign currency
forward contracts. To the extent these hedges are effective, the change in fair value of the hedging instrument
is recognised in the effective portion of cash flow hedges. Amounts recognised in the effective portion of cash
flow hedges is reclassified to the statement of profit and loss when the hedged item affects profit or loss.

e) Term loans availed from Standard Chartered Bank, having maturity date of 6th June 2026, are repayable in 16
structured quarterly instalments commencing from 7th September 2022.

f) The company has issued 9.45% non-convertible debentures (NCD) amounting to INR 2,850 million to DBS
Bank Ltd. The NCDs are repayable on maturity, i.e., after 60 months from the date of disbursement. The
maturity date is 4th January 2029.

Note B: Nature of Security/guarantees

Secured Non-convertible debentures

Exclusive charge by way of mortgage/ hypothecation on all the immoveable / moveable assets at
Haldia & Panchaganga.

Note C: Corporate guarantee

Corporate Guarantee of Wilmar International Ltd. has been issued towards ECB loan extended by MUFG Bank, term
loan extended by First Abu Dhabi Bank, Standard Chartered Bank, DBS Bank India Ltd and working capital loans
(refer note 22) extended by Bank of America, Standard Chartered Bank, Ratnakar Bank Limited and DBS Bank India
Limited aggregating to INR 51,247.03 million (31st March 2024: INR 25,611.88 million).

The non-convertible debentures issued to financial institutions and banks are secured by Corporate Guarantee
given by Wilmar International Limited.

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

Note E: The Company has been sanctioned working capital limits in excess of INR 50 million in aggregate from
banks or financial institutions during the year on the basis of security of current assets.

Covenants :

During the year ended 31st March 2025 and 31st March 2024, the Company has complied with the financial covenant
of Security Cover ratio of 1.25 times, applicable to non-convertible debentures issued to financial institutions. For
all the other borrowings availed by the Company, no financial covenants were applicable on these borrowings.
The affirmative, informative and negative covenants prescribed in the borrowings documents executed by the
Company for all borrowings availed from banks and financial institutions were complied with by the Company
during the year ended 31st March 2025 and 31st March 2024.

The Company is filing quarterly stock and book debt statements with two banks for working capital facilities from
December quarter onwards. The below is a summary of the reconciliation of quarterly statements filed with the
banks and books of accounts for the period ended 31st December 2024. Further there were no difference in the
stock and book debt statements submitted at the year end i.e, as on 31st March 2025.

Note 37: Earnings Per Share [EPS]

Basic EPS amounts are calculated by dividing the profit/(loss) for the year attributable to equity holders by the
weighted average number of equity shares outstanding during the year.

Diluted EPS amounts are calculated by dividing the profit/(loss) attributable to equity holders of the Company by
the weighted average number of equity shares outstanding during the year plus the weighted average number
of equity shares that would be issued on conversion of all the dilutive potential equity shares into equity shares.

i. Dispute pertaining to funds used for purchase of land by erstwhile subsidiary of the Company (subsidiary
was merged with the Company in current year) being considered as undisclosed income and added as
income in tax computation. The Company has filed an appeal in ITAT against this order.

ii. Disputes pertaining to denial of cenvat credit on sugar cess, denial of cenvat credit on certain items
used for fabrication of plant/machinery, or for laying of plant/machinery foundation or making of capital
goods, demand under Rule 6(3) of the CENVAT Credit Rules, cenvat credit disallowed due to invoices
being in the name of the head office and credit availed at plants and other matters.

iii. Disputes related to disallowance of input tax credit due to mismatch in forms/details filed and retention/
reduction of input tax credit by assuming dealers holding license to generate, distribute or transmit
electricity and other matters.

iv. Disputes related to reversal of common credit as per rule 42 of CGST Rules, 2017, mismatch of ITC
due to various reasons, demand to levy tax on supply of ENA for liquor manufacturing and GST on
supply of steam.

Litigations pertaining to short sanction of GST refund claim have not been considered as contingent
liability, since the Company would get the credit in electronic ledger for the amount of refund that is
rejected and thus, there would be no loss of asset for the Company on the outcome of this litigation, i.e,
the Company would either get the refund or the Company would retain the credit in the electronic ledger.

v. Disputes related to non-payment of Special Additional Duty (SAD) at the time of import of goods (which
was subsequently paid by the Company along with interest) and duty levied on the imported goods on
the context of wrong classification / availing incorrect exemption.

vi Litigations related to erstwhile Brazilian subsidiaries pertains to labour litigations of erstwhile Brazilian
subsidiaries in which the Company has been made a party to these litigations, on account of economic
group concept considered by the Lower Court in Brazil. The Company has paid deposits of INR 165.84
million as at 31st March 2025 (31st March 2024: INR 165.52 million) for contesting these judgements
in Higher Court in Brazil which has been clubbed under "Amount paid under protests to government
authorities" and this balance has been fully impaired in the books of accounts as at 31st March 2025.

vii. Other matters mainly consist of litigations related to claims filed against customers / vendors for recovery
of trade receivable / advance balances and other legal suits.

Note 39: Defined Benefit plans

The Company has a defined benefit gratuity plan. The company's defined benefit gratuity plan is a final salary plan
for employees, which requires contributions to be made to a separately administered fund.

The gratuity plan is governed by the Payment of Gratuity Act, 1972. Under the Act, employee who has completed
five years of service is entitled to specific benefit. The level of benefits provided depends on the member's length
of service and salary at retirement age. The gratuity fund is managed by the Life Insurance Corporation of India
(LIC). The company's obligation in respect of gratuity plan is provided based on the acturial valuation. The company
recognises actuial gains and losses immediately in other comprehensive income net of taxes.

Salary increases and gratuity increases are based on expected future inflation rates.

Risk to the plan

Following risks are associated with the plan:

A. Actuarial Risk

It is the risk that benefits will cost more than expected. This can arise due to one of the following reasons:

Adverse Salary Growth Experience: Salary hikes that are higher than the assumed salary escalation will result
into an increase in obligation at a rate that is higher than expected.

Variability in mortality rates: If actual mortality rates are higher than assumed mortality rate assumption than
the Gratuity Benefits will be paid earlier than expected. Since there is no condition of vesting on the death
benefit, the acceleration of cash flow will lead to an actuarial loss or gain depending on the relative values of
the assumed salary growth and discount rate.

Variability in withdrawal rates: If actual withdrawal rates are higher than assumed withdrawal rate assumption
than the Gratuity Benefits will be paid earlier than expected. The impact of this will depend on whether the
benefits are vested as at the resignation date.

B. Investment Risk

For funded plans that rely on insurers for managing the assets, the value of assets certified by the insurer
may not be the fair value of instruments backing the liability. In such cases, the present value of the assets is
independent of the future discount rate. This can result in wide fluctuations in the net liability or the funded
status if there are significant changes in the discount rate during the inter-valuation period.

C. Liquidity Risk

Employees with high salaries and long durations or those higher in hierarchy, accumulate significant level of
benefits. If some of such employees resign/retire from the company, there can be strain on the cash flows.

D. Market Risk

Market risk is a collective term for risks that are related to the changes and fluctuations of the financial markets.
One actuarial assumption that has a material effect is the discount rate. The discount rate reflects the time
value of money. An increase in discount rate leads to decrease in Defined Benefit Obligation of the plan
benefits & vice versa. This assumption depends on the yields on the corporate/government bonds and hence
the valuation of liability is exposed to fluctuations in the yields as at the valuation date.

E. Legislative Risk

Legislative risk is the risk of increase in the plan liabilities or reduction in the plan assets due to change
in the legislation/regulation. The government may amend the Payment of Gratuity Act thus requiring
the companies to pay higher benefits to the employees. This will directly affect the present value of the
Defined Benefit Obligation and the same will have to be recognized immediately in the year when any such
amendment is effective.

Actuarial Assumptions

Key actuarial assumptions are given below:

Discount Rate:

The rate used to discount other long term employee benefit obligation (both funded and unfunded) is determined
by reference to market yield at the balance sheet date on high quality government bonds.

Salary Growth Rate:

This is Management's estimate of the increases in the salaries of the employees over the long term. Estimated
future salary increases should take account of inflation, seniority, promotion and other relevant factors such as
supply and demand in the employment market.

Rate of Return on Plan Assets:

This assumption is required only in case of funded plans. Interest income on plan assets is calculated using the rate
used to discount the defined benefit obligation.

Terms and conditions of transactions with related parties

1 Sales to related parties and concerned balances

Domestic sales are made to related parties on the same terms as applicable to third parties in an arm's
length transaction and in the ordinary course of business. The company has same policy for deciding the
sales price for related parties & non-related parties. Sales are made on the basis of 15 days credit period.
Credit is extended to the specific trade parties only.

Export sales are made to related parties on the same terms as applicable to third parties in an arm's
length transaction and in the ordinary course of business. The sales prices negotiated with related and
non-related parties is based on white sugar prices prevailing in international markets (i.e., Intercontinental
Exchange [ICE]) and premium/discount on sales is mutually agreed between the parties based on
existing market conditions, terms of delivery and other factors. Payments are made in 100% cash against
submission of documents to the customer.

Trade receivables outstanding balances are unsecured, interest free and require settlement in cash. No
guarantee or other security has been received against these receivables. The amounts are recoverable
within 15 to 30 days from the reporting date (31st March 2024: 15 to 30 days from the reporting date). For
the year ended 31st March 2025, the company has recorded impairment on receivables due from related
parties of INR Nil (31st March 2024: Nil).

2 Purchases of goods and services.

Purchase of raw sugar: The company purchases raw sugar from a related party at prices mutually agreed
upon. The base prices are linked to international raw sugar price prevailing on ICE along with premium
prevailing as per market circumstances and globally prevailing freight charges. This benchmark reflects
the cost-of-delivery (FOB) for shipments loaded onto vessels at the country of origin. To arrive at the
final contract price, adjustments are made to the ICE price to account for the sugar's polarization level,
applicable physical quality premiums, and pertinent futures-market spreads. These purchases include a
payment term of 180 days and interest is payable from the date as mutually agreed between the parties
in the contract but not earlier than date of bill of lading. The above trade balances are unsecured and
company pays interest for the credit period utilized by the company.

Technical services: The Service fee is charged in reference to nature of work performed, which is mutually
negotiated and agreed between transacting parties. Such procurement normally includes payments
terms requiring the company to make payment within 30 to 45 days. The outstanding balances are
unsecured, interest free and require settlement in cash.

Sugar Software Licence & IT support services: The price is based on the International Price List agreed
by transacting parties for the number of users and the expenses are allocated on the basis of number of
user IDs utilized by the Company during the year. Such procurement normally includes payments terms
requiring the company to make payment within 30 to 45 days. The outstanding balances are unsecured,
interest free and require settlement in cash.

Purchase of Capital Goods & Capital Services: The company purchases Capital goods & related capital
services from related party. The prices are based on the lowest price in quotations received from third
parties. Such procurement normally includes payments terms of 30 to 45 days and retention of certain
balances till the completion of project or a further period as per the agreement. The outstanding
balances are unsecured, interest free and require settlement in cash.

3 Services rendered to related parties/ Rental income/Other Income:

The Company has entered into a contract with a related parties to provide project engineering
consultancy and advisory services, along with any other required services. The Company engages
in these service transactions with related parties at cost plus a markup. This markup is determined
based on existing mark-ups noted in market for such services of a similar nature, level, or quality. Such
procurement normally includes payments terms requiring the company to make payment within 30 to
45 days. The outstanding balances are unsecured, interest free and require settlement in cash.

The company has entered into contract with related party for leasing of space on rental basis on the
same terms as applicable to third parties in an arm's length transaction and in the ordinary course of
business. The company mutually negotiates and agrees the price with the related parties in a similar
manner as applicable to non-related parties. Such transactions normally include terms requiring the
company to make payment within 30 to 45 days. The outstanding balances are unsecured, interest free
and require settlement in cash.

Other income also include reimbursement of certain expenses incurred on behalf of related parties
which are recovered on cost basis.

4 Interest income on loans and advances

Interest is charged on the Loans given to related parties for meeting their working capital requirements
which is utilised by the related party for the purpose for which it was obtained. The loans are unsecured
and Interest is charged to related parties considering the average Interest rate on the loans taken by
the Company from third parties along with a mark-up for the loans being unsecured. The interest rate is
validated with market rates and updated on periodic basis. Interest accrues on day to day balances and
is to be calculated on the basis of a year of 365 days. The interest is payable on an annual basis and there
is no delay noted in payment of interest by the subsidiary companies.

5 Loans & advance given

The loan given to Anamika Sugar Mills Private Ltd is unsecured and provided for 1 year, repayable on
demand. The loan carries interest rate of 11% p.a. This loan was given and fully repaid during the year.
The loans was granted to support working capital requirements of the subsidiary. The loans have been
utilized by the subsidiaries for the purpose it was given.

The loan given to Gokak Sugars Limited (GSL) during the year is unsecured and repayable in 180 months
which includes a moratorium period of 24 months. The loan carries interest of 11% p.a which is reviewed
on periodic basis and there was no change in the interest rate on loan during the year. The loan was
granted to GSL to support its working capital requirements. As at 31st March 2025, the company has
recorded impairment of INR 153.41 million (31st March 2024: INR 35.74 million) towards principal portion

of loan receivable.The Company has recorded an impairment of INR 117.67 million (31st March 2024:
INR 35.74 million) during the current year. The loans have been utilized by the subsidiaries for the
purpose it was given.

The loan given to KBK Chem Engineering Private Limited (KBK) is unsecured and repayable in 120 months
which includes a moratorium period of 12 months. The loan carries interest at 11% p.a which is reviewed
on periodic basis and there was no change in the interest rate on loan during the year. As at 31st March
2025, The company has recorded impairment of INR 598.05 million (31st March 2024: INR 598.05 million)
towards principal portion of loan receivable. The loans have been utilized by the subsidiaries for the
purpose it was given.

6 Advance against Purchases

Advance is given to related parties as per the terms of purchase contract. The advance given is adjusted
against the future goods/services purchased from the related party.

7 Interest on ECB Loan and commitment fees

The company had taken External commercial Borrowings (ECB) from its holding company in the financial
year 2020-21. The ECB was repayable after 60 months from the last drawdown date. The ECB was
secured by a first pari-passu charge on all immovable & movable assets of the company. The holding
company charged interest at the rate of 6 month SOFR rate plus 3% p.a. and this interest was payable
every six months from the date of last drawdown of the ECB and the interest rate was reset every six
months based on 6-month SOFR on the reset date. During the financial year ended 31st March 2025, the
company has fully repaid the amount of ECB to its holding company.

8 OTC (commodity derivative) transations.

As per the Commodity Risk Management Policy approved by the Board, the Company has purchased
OTC structured product from Wilmar Sugar Pte Ltd. based on prevailing market rates to hedge its
commodity price risk.

9 Guarantees given on behalf of related parties

The Company has provided guarantees on behalf of its subsidiary amounting to INR 450 million (31st
March 2024: INR 450 million) for performance bank guarantees issued by the subsidiary and working
capital loan availed by the subsidiary.

10 Guarantees given by related parties

The Company has obtained corporate guarantees from Wilmar International Limited of INR 51,247.03
million (31st March 2024: INR 25,611.88 million) towards term loans, external commercial borrowings and
working capital limits extended by banks/debentures issued to financial institutions.

11 Compensation to KMP of the Group

The amounts disclosed in the table are the amounts recognised as an expense during the financial year
related to Key Managerial Persons.

Short term employee benefits include the compensation to the KMPs alongwith the special
allowances if any.

Contribution to Provident Funds on behalf of the KMPs are disclosed seperately.

The fair values of the Company's interest-bearing borrowings and loans are determined by using discounted cash
flow method using discount rate that reflects the issuer's borrowing rate as at the end of the reporting period. The
own non-performance risk as at 31st March 2025 was assessed to be insignificant.

The Company enters into derivative financial instruments with various counterparties, principally financial
institutions. Foreign exchange forward contracts are valued using valuation techniques, which employs the use of
market observable inputs. The most frequently applied valuation techniques include forward pricing, using present
value calculations. The models incorporate various inputs including the credit quality of counterparties and foreign
exchange spot and forward rates. There was no change observed in counterparty credit risk to have any material
effect on the hedge effectiveness assessment for derivatives designated in hedge relationships and other financial
instruments recognised at fair value.

The significant unobservable inputs used in the fair value measurement categorised within Level 3 of the fair
value hierarchy together with a quantitative sensitivity analysis as at 31st March 2025 and 31st March 2024 are
as shown below:

Note 44: Financial risk management objectives and policies

The Company's principal financial liabilities, comprise loans and borrowings, trade and other payables. The main
purpose of these financial liabilities is to finance the Company's operations. The Company's principal financial
assets include investments, loans, trade and other receivables, and cash and cash equivalents that derive directly
from its operations.

The Company is exposed to credit risk, liquidity risk and market risk. The Company's senior management oversees
the management of these risks and the appropriate financial risk governance framework for the Company. The
senior management provides assurance that the Company's financial risk activities are governed by appropriate
policies and procedures and that financial risks are identified, measured and managed in accordance with the
Company's policies and risk objectives. The Board of Directors review and agree for managing each of these risks.

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other risks,
such as equity price risk and commodity price risk.

Foreign exchange exposure and risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of
changes in foreign exchange rates. The Company's exposure to the risk of changes in foreign exchange rates
relates primarily to the ECB loan of USD 300 million availed from MUFG bank and receivables and payables.

The Company manages its foreign currency risk for principal portion of ECB by hedging for period of 12 months.
When a derivative is entered into for the purpose of being a hedge, the Company negotiates the terms of those
derivatives to match the terms of the hedged exposure. For hedges of forecast transactions, the derivatives cover
the period of exposure from the point the cash flows of the transactions are forecasted up to the point of settlement
of the resulting receivable or payable against operating activities.

At 31st March 2025, the Company has fully hedged the foreign currency exposure related to principal portion of
External Commercial Borrowing (ECB) loan for 12 months using foreign currency forward contracts and expects to
roll-forward these hedges in the future periods to hedge the foreign currency risks.

Note 49: Other Statutory Information

(i) There are no proceedings initiated or are pending against the Company for holding any benami property
under the prohibition of Benami Property Transaction Act, 1988 and rules made thereunder.

(ii) The Group does not have any transactions with struck off companies as mentioned under Sec 248 of
Companies Act 2013 or Sec 560 of Companies Act 1956.

(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory period.

(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

(v) 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 company (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

(vi) 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 Company 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,

(vii) The Company does not have any such transaction which is not recorded in the books of accounts that has
been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act,
1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961)

(viii) During the current year, below mentioned scheme of arrangement is approved by the Competent Authority
in terms of sections 230 to 237 of the Companies Act, 2013

(a) The Board of Directors, at its meeting held on 24th May 2022, was approved the Scheme of Amalgamation
of wholly owned subsidiaries namely Monica Trading Private Limited (MTPL), Shree Renuka Agri Ventures
Limited (SRAVL), and Shree Renuka Tunaport Private Limited (SRTPL), with the Company. The merger
of MTPL with the Company was approved by NCLT, Mumbai Bench on 23rd July 2023. However, being
a composite application, the merger also required approval of NCLT Bangalore which was received
in current year on 8th November 2024 and the Company had received the approval of Registrar of
Companies, Karnataka on 6th December 2024, and accordingly the effect of merger is given in these
financial statements and that the effect of such scheme of arrangement has been accounted for in
the books of accounts of the company 'in accordance with the scheme' and 'in accordance with
accounting standards.

(ix) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act
read with the Companies (Restriction on number of Layers) Rules, 2017.

Note 50: As per Ind AS 108 'Operating Segments' if a financial statement contains both standalone and consolidated
financial statements, segment information is required to be disclosed only in the consolidated financial statements.
Hence, the same is not given in standalone financial statement.

Note 51: The Company has used two accounting software for maintaining its books of account which has a
feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant
transactions recorded in the software, except that audit trail feature is not enabled for certain changes made
using certain privileged/ administrative access rights for one of the application and for one software, audit trail
was enabled for direct changes to database w.e.f. 1st July 2024. Further no instance of audit trail feature being
tampered with was noted in respect of accounting softwares where the audit trail has been enabled. Additionally,
the audit trail of prior years has been preserved by the Company as per the statutory requirements for record
retention to the extent it was enabled and recorded in the respective years.

Note 51 A: The Board of Directors, at its meeting held on 24th May 2022, approved the Scheme of Amalgamation
of wholly owned subsidiaries namely Monica Trading Private Limited (MTPL), Shree Renuka Agri Ventures Limited
(SRAVL), and Shree Renuka Tunaport Private Limited (SRTPL), with the Company. The Company had received the
approval of Mumbai Bench of NCLT for merger on 23rd July 2023 and the approval of the Bengaluru Bench on 22 nd
October 2024. The order became effective on 6th December 2024 and accordingly the effect of merger is given in
these financial statements. The assets and liabilities taken over in the merger are detailed as below:

Note 51 B: Significant Events after the reporting year

There were no significant adjusting events that occurred subsequent to the reporting year other than the events
disclosed in the relevant notes.

As per our report of even date For and on behalf of the Board of Directors of

For S R B C & CO LLP Shree Renuka Sugars Limited

Chartered Accountants

ICAI Firm Regn. No. : 324982E/E300003

per Abhishek Agarwal Atul Chaturvedi Vijendra Singh

Partner Executive Chairman Executive Director and Dy. CEO

Membership No. : 112773 DIN : 00175355 DIN : 03537522

Date : 14th May 2025 Date : 14th May 2025

Place : Mumbai Place : Mumbai

Sunil Ranka Deepak Manerikar

Chief Financial Officer Company Secretary

Date : 14th May 2025 Date : 14th May 2025 Date : 14th May 2025

Place : Mumbai Place : Mumbai Place : Mumbai