t) Provision and contingent liabilities

A provision is recognised if as a result of a past event, the
Company has a present obligation (legal or constructive)
that can be estimated reliably and it is probable that an
outflow of economic benefits will be required to settle the
obligation. Provisions are recognised at the best estimate
of the expenditure required to settle the present obligation
at the balance sheet date. If the effect of 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. The increase in the provision
due to passage of time is recognised as an interest expense.
A contingent liability exists when there is a possible but
not probable obligation, or a present obligation that may,
but probably will not, require an outflow of resources, or
a present obligation whose amount cannot be estimated
reliably. Contingent liabilities do not warrant provisions but
are disclosed unless the possibility of outflow of resources
is remote.

u) Discontinued operations and non-current assets
held for sale

Discontinued operation is a component of the Company
that has been disposed of or classified as held for sale and
represents a major line of business.

Non-current assets and disposal groups are classified
as held for sale if their carrying amount is intended to be
recovered principally through a sale (rather than through
continuing use) when the asset (or disposal group) is
available for immediate sale in its present condition subject
only to terms that are usual and customary for sale of such
asset (or disposal group) and the sale is highly probable
and is expected to qualify for recognition as a completed
sale within one year from the date of classification.

Non-current assets and disposal groups classified as held
for sale are measured at lower of their carrying amount
and fair value less costs to sell.

v) Recent pronouncements

Ministry of Corporate Affairs (“MCA”) notifies new
standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued
from time to time.

In May 2025, MCA notified amendments to Ind AS 21
- The Effects of Changes in Foreign Exchange Rates,
applicable w.e.f. 1^st April 2025. The Company has
reviewed the amendment and based on its evaluation has
determined that it does not have any significant impact in
its financial statements.

In August 2025, MCA notified the following amendments to:

1. I nd AS 1, Presentation of Financial Statements,
applicable w.e.f. 1^st April 2025 - The amendment
relates to classification of liabilities as current
or non-current and non-current liabilities with
covenants. In the context of classifying a liability
as current, it removes the requirement of existence
of a right to defer settlement for at least 12 months
after the reporting date, and instead requires that
the said right should exist on the reporting date and
have substance. The amendment also introduces
guidance on classification of liabilities with
covenants. The Company has no impact of these
amendments in its classification criteria of current
and non-current liabilities.

2. Ind AS 7, Statement of Cash Flows and Ind AS 107,
Financial Instruments - Disclosures, applicable
w.e.f. 1^st April 2025 - The amendment in Ind AS 7
requires to inform users of financial statements of
the existence of supplier finance arrangements and
explain the nature of the arrangements, the carrying
amount of liabilities and the range of payment
due dates. Ind AS 107 has been amended to add
supplier finance arrangements as a factor that may
cause concentration of liquidity risk. The Company
has reviewed the amendment and based on its
evaluation has determined that it does not have any
significant impact in its financial statements.

Note 2 : Critical estimates and judgements

In applying the accounting policies, which are described in
note 1B, the management are required to make judgements
(other than those involving estimations) that have a significant
impact on the amounts recognized and to make estimates
and assumptions about the carrying amounts of assets and
liabilities that are not readily apparent from other sources.
The estimates and associated assumptions are based on
historical experience and after considering the impact of
macro economic factors including geo-political factors that
are considered to be relevant. Actual results may differ from
these estimates. The estimates and underlying assumptions
are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is
revised if the revision affects only that period, or in the period
of the revision and future periods if the revision affects both
current and future periods. This note provides an overview
of the areas that involved a higher degree of judgement or
complexity, and of items which are more likely to be materially
adjusted due to estimates and assumptions turning out to be
different than those originally assessed.

a Recognition and measurement of defined
benefit obligations

The obligation arising from defined benefit plan is
determined on the basis of actuarial assumptions. Key
actuarial assumptions include discount rate, trends in
salary escalation and vested future benefits and life
expectancy. The discount rate is determined by reference
to market yields at the end of the reporting period
on government bonds. The period to maturity of the
underlying bonds correspond to the probable maturity of
the post-employment benefit obligations.

b Estimation of useful life

Useful lives of tangible assets and intangible assets are
based on the estimate by the management. The useful
lives as estimated are same as prescribed in Schedule
II of the Companies Act, 2013. In cases, where the useful
lives are different from that prescribed in Schedule II, they
are based on management estimate, taking into account

the nature of the asset, the estimated usage of the
asset, the operating conditions of the asset, past history
of replacement, anticipated technological changes,
manufacturers' warranties and maintenance support.
Assumptions also need to be made, when the Company
assesses, whether an asset may be capitalized and which
components of the cost of the asset may be capitalised.

The useful lives and residual values of Company's assets
are determined by management at the time the asset is
acquired and reviewed annually for appropriateness. The
lives are based on historical experience with similar assets
as well as anticipation of future events which may impact
their life such as changes in technology.

c Provisions and contingent liabilities

The Company exercises judgement in measuring and
recognising provisions and the exposures to contingent
liabilities related to pending litigation or other outstanding
claims subject to negotiated settlement, mediation,
arbitration or government regulation, as well as other
contingent liabilities. Judgement is necessary in assessing
the likelihood that a pending claim will succeed, or a
liability will arise, and to quantify the possible range of the
financial settlement. Because of the inherent uncertainty
in this evaluation process, actual losses may be different
from the originally estimated provision.

d Impairment of assets

The Company reviews the carrying amounts of its
property, plant and equipment, Capital work in progress
and intangible assets, whenever events or changes in
circumstances indicate that the carrying amount may
not be recoverable. If any such indication exists, the
recoverable amount of the asset is estimated to determine
the extent of the impairment loss (if any). Further details
on the Company's accounting policies on this are set out
in the accounting policy above. Determining whether an
asset is impaired requires an estimation of the recoverable
amount, which requires company to estimate the Fair
value less cost of disposal.

In the view of the management, the fair market value of the land sites is not reliably measurable as there are very few recent
transactions of comparable composition of these properties in the market. Further, the fair market value will be subject to
numerous municipal deductions dependent upon the current use and intended use of the property. Based on the above, it
is not possible to ascertain and disclose the range of fair market value. The estimated Ready Reckoner value at year end,
based on latest published data and on current stated use, totals Rs. 296,94.26 lakhs (31^st March 2025: Rs. 296,94.26 lakhs).
Ready Reckoner rates are the prices of residential property, land or commercial property for a given area that is published
and regulated by the respective State Governments as a guide towards payment of stamp duty at the time of transaction. The
Ready Reckoner Value is regarded as a gross value and does not represent the underlying fair market value of the properties.
The company will further detail the fair value of its investment properties upon entering a committed agreement with a third
party, unless an alternative reliable estimate of the fair value is attainable.

(ii) Defined Benefit Plan
Gratuity

The Company makes annual contributions to an income tax approved irrevocable trust gratuity fund to finance the plan
liability, a funded defined benefit plan for qualifying employees. The scheme provides for payment as under:

i) On normal retirement / early retirement / withdrawal / resignation: As per the provisions of the Payment of Gratuity Act,
1972 with vesting period of 5 years of service.

ii) On death in service: As per the provisions of the Payment of Gratuity Act, 1972 without any vesting period.

Post - Retirement medical benefit

The Company earmarks liability towards unfunded Post - Retirement medical benefit and provides for payment to vested
employees. The benefits under the plan are in form of a medical benefit paid to employees post their employment with
the Company.

Provident Fund

The liability of the Company on the exempt Provident Fund managed by the trustees is restricted to the interest shortfall if any.

Leave Encashment and compensated absences

The scheme is a non-contributory defined benefit arrangement providing benefits expressed in terms of a multiple of
final monthly salary. The liability for leave encashment and compensated absences as at year end is Rs. 38,33.74 lakhs.
(31^st March 2025: Rs. 32,86.07 lakhs).

Based on the actuarial valuations obtained, the following table sets out the status of the gratuity plan, post retirement medical
benefits and provident fund and the amounts recognised in the Company's Standalone Financial Statements as at balance
sheet date:

On 21^st November 2025, the Government of India notified the four Labour Codes - the Code on Wages, 2019, the Industrial
Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code,
2020 - consolidating 29 existing labour laws. The Ministry of Labour & Employment published draft Central Rules and FAQs to
enable assessment of the financial impact due to changes in regulations.

The Company has assessed and disclosed the incremental impact of these changes on the basis of actuarial valuation
report. This has resulted in an increase of Rs. 1182 lakhs in Employee Benefits expense for the year ended 31^st March 2026.
The incremental impact primarily arises due to change in wage definition.

The Company continues to monitor the finalisation of Central / State Rules and clarifications from the Government on other
aspects of the Labour Code and would provide appropriate accounting effect on the basis of such developments as needed.

Notes:

(a) Estimated amount of contracts (net of advances) remaining to be executed on capital account and not provided mainly
comprises the miscellaneous capitalisations at site and open commitment for investment in Clean Max Galapagos
Private Limited.

(b) Future cash outflow is dependent on the call to be made by Hill Properties Limited.

Note 40 : Pricing Matters

The demand of Rs. 71,79.00 lakhs made by the Central Government on the Company in respect of Betamethasone bulk drugs and
formulations made therefrom during the period May 1981 to August 1987 has been under litigation for a period spanning over 30
years. Pursuant to the special leave petition of the Central Government in the Supreme Court of India against the Delhi High Court's
Judgment and Order dated 19^th October 2001 which was held in favour of the Company, the Supreme Court has, vide its Judgement
and Order dated 31^st March 2011, upheld the demand. The Company had accrued a liability of Rs. 18,68.00 lakhs in earlier years and
a further provision of Rs. 53,11.00 lakhs was accrued in 2011.

Based on legal advice, the Company has filed an application in the Supreme Court seeking, inter alia, clarifications on some
aspects of the Judgement and directions for recomputation of the demand. Simultaneously, the Company without prejudice to and
subject to the outcome of the application filed in the Supreme Court, has tendered as a further deposit, an amount of Rs. 63,60.00
lakhs, which together with the amount of Rs. 8,19.00 lakhs previously deposited with the Government, aggregates the demand of
Rs. 71,79.00 lakhs made by the Government in November 1990. The Company filed a review petition in the Supreme Court which was
rejected in March 2012.

Pursuant to the payment of the principal amount in accordance with the directions of the Supreme Court, in October 1996, the
Government had claimed interest of Rs. 117,66.00 lakhs for the period 12^th May 1981 to 17^th October 1996, for which no provision was
made in earlier years. The Government had vide letter dated 4^th May 2011 called upon the Company to discharge the entire liability,
including upto date interest calculated at 15% p.a., and had vide letter dated 10^th October 2011, raised a demand on the Company
for the interest amount amounting to Rs. 247,44.00 lakhs. Without prejudice to the position that interest is not payable, the Company
had recognized a provision of Rs. 247,44.00 lakhs in respect of the Government's claim for interest in 2011. The Company had filed
a writ petition at Delhi High Court against the above demand which had been admitted. The Company also filed stay applications
which were dismissed and the Company had filed a Special Leave Petition (SLP) before the Supreme Court for stay of the interest
demand until final determination of the writ petition filed in the Delhi High Court. The Supreme Court on hearing the above SLP,
passed an order on 3 ^rd April 2012. The said order stayed the Demand Notice dated 10^th October 2011 during the pendency of the writ
petition at the Delhi High Court subject to the Company depositing Rs. 136,82.00 lakhs in three equal installments within six month's
time from the date of order. All three instalments have been deposited with the Government. The Supreme Court, vide its order
dated 5^th October 2012, directed the Delhi High Court to dispose of the writ petition as expeditiously as possible. The Company's
counsel has been routinely appearing in the matter. Next date of the matter is 23^rd July 2026.

Note 41 : Matters in respect of erstwhile Burroughs Wellcome (India) Limited (BWIL):
(Merged with GlaxoSmithKline Pharmaceuticals Limited w.e.f 2004)

(i) The Government of India, Ministry of Chemicals and Fertilisers, New Delhi, passed a final order on 21^st July 1993, directing erstwhile
BWIL to pay an amount of Rs. 1,91.15 lakhs along with interest due thereon from the date of default into the Drugs Prices Equalisation
Account (DPEA) in respect of a bulk drug procured by erstwhile BWIL during the period April 1981 to April 1983.

Erstwhile BWIL filed a writ petition in August 1993 which was admitted by the Bombay High Court. After hearing both the parties,
the High Court granted an interim injunction restraining the Government of India from taking any action in furtherance of and/or
implementation of the order dated 21^st July 1993 or from in any manner seeking to compel erstwhile BWIL to deposit any amount into
the DPEA, pending the hearing and final disposal of the petition on the condition that erstwhile BWIL furnishes a bank guarantee
for Rs. 2,00.00 lakhs from a nationalised bank and undertakes to pay the amount demanded with interest at the rate of 20% per
annum in case the petition fails.

Erstwhile BWIL had accordingly furnished the required bank guarantee. If calculated on the basis of correct data, taking into
account set offs claimable for earlier years for which data has been provided by erstwhile BWIL, no amount will be payable by
the Company and accordingly no provision in that respect is considered necessary. The Company's stand that the demand is not
sustainable has been confirmed by an eminent counsel. The Government of India's application in the Supreme Court praying that
the writ petition be transferred to the the Supreme Court from the Bombay High Court was not allowed and the Company's writ
petition is pending hearing by the Bombay High Court.

(ii) Erstwhile BWIL had made an application to the Government of India for approval under Section 198(4) of the Companies Act,
1956, in respect of payment to the Managing Director and three whole time Directors amounting to Rs. 10.93 lakhs for the year
ended 31^st August 1986, which was in accordance with the minimum remuneration provided in the agreements entered into with
them prior to erstwhile BWIL becoming public, which required such Government of India's sanction. The approval is still awaited.

Note 42 : Matters in respect of erstwhile SmithKline Beecham (India) Limited: (Merged with
GlaxoSmithKline Pharmaceuticals Limited w.e.f 2001)

(i) Rs. 1,44.44 lakhs received from Beckman Instruments International S.A. on account of disputed alleged additional commission
has been included under non-current provisions and Income tax paid thereon aggregating Rs. 64.77 lakhs has been included
under other non-current assets. The Company is contesting the matter with the concerned authorities.

(ii) Refund of surtax Rs. 96.81 lakhs, and interest thereon amounting to Rs. 48.52 lakhs, received during 1994, have not been
adjusted against the provision for tax in the books of accounts and recognised as income respectively, since the Income tax
department had filed a reference application against the income tax tribunal's order which was pending before the High Court
of Karnataka. The Company has received an order dated 18^th April 2007 from the High Court of Karnataka which is partially in
the Company's favour. On the basis of the aforesaid order, Income Tax Appellate Tribunal (ITAT), Bangalore will pass an order
giving directions. On receipt of the ITAT order, the Company will take appropriate steps in the matter.

B. Fair Value Hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are
(a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the
Standalone Financial Statements.

(a) Financial instruments that are recognised and measured at fair value

To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its
financial instruments into the three levels prescribed under the accounting standard.

Level 1 : It includes financial instruments measured using quoted prices

Level 2 : The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates.
If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3 : Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly
or indirectly observable

The impact of fair valuation of the above Financial assets and liabilities is considered to be insignificant and hence carrying
value and the fair value is considered to be same.

The carrying amounts of Trade receivables, Cash and cash equivalents, Bank balances other than Cash and cash equivalents,
Interest accrued on deposits with bank, Receivable from group companies, Insurance claim receivable, Payable to employees,
Unclaimed Dividends, Trade payables, Creditors for capital goods, Rationalisation relating to a manufacturing site and Other
Payables are considered to be the same as their fair values due to their short term nature.

C. Financial risk management

The Company has exposure to the following risks arising from financial instruments:

• Credit risk ;

• Liquidity risk ; and

• Market risk

Risk management framework

The Company's board of directors has overall responsibility for the establishment and oversight of the Company's risk management
framework. The board of directors has established the Risk Management Committee, which is responsible for developing and
monitoring the Company's risk management policies. The committee reports regularly to the board of directors on its activities.

The Company's risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate
risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to
reflect changes in market conditions and the Company's activities. The Company, through its training and management standards
and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles
and obligations.

The audit committee oversees how management monitors compliance with the Company's risk management policies and procedures,
and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The audit committee is
assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad hoc reviews of risk management controls
and procedures, the results of which are reported to the audit committee.

Financial instruments - Fair values and risk management (continued)

Credit Risk

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.

Trade and other receivables

The Company's trade receivables are largely from sales made to wholesale customers and direct sales to hospitals with a smaller
proportion of sales to Indian Government Institutions. The Company's exposure to credit risk is influenced mainly by the individual
characteristics of each customer, demographics of the customer and the default risk of the industry.

The Company manages credit risk through credit approvals, establishing credit limits and continuously monitoring the
creditworthiness of customers to which the Company grants credit terms in the normal course of business.

Exposures to customers outstanding at the end of each reporting period are reviewed to determine incurred and expected credit
losses and the Company establishes an allowance for doubtful debts and impairment that represents its estimate of expected losses
in respect of trade receivables. Historical trends of impairment of trade receivables do not reflect any significant credit losses. Given
that the macro economic indicators have undergone change, it has not affected the customers of the Company substantially, hence
the Company expects the historical trend of minimal credit losses to continue. The impairment loss as at 31^st March 2026 relates
to customers that have defaulted on their payments to the Company and are not expected to be able to pay their outstanding
balances, mainly due to economic circumstances.

In case of receivables from wholesale customers and hospitals, the Company has followed a provision approach consistent with
expected credit loss approach as per IndAS 109.

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,
under both normal and stressed conditions, without incurring unacceptable losses or risk to the Company's reputation.

The Company's principal sources of liquidity are cash and cash equivalents and the cash flow that is generated from operations.
The Company has no outstanding bank borrowings. The Company believes that the working capital is sufficient to meet its current
requirements. Any short-term surplus cash generated, over and above the amount required for working capital management and
other operational requirements, are retained as Cash and Investment in short term deposits with banks and mutual funds. The said
investments are made in instruments with appropriate maturities and sufficient liquidity.

As of 31^st March 2026, the Company had working capital of Rs. 1786,01.30 lakhs, including cash and cash equivalents of Rs. 1065,82.26
lakhs, investments in term deposits (i.e., bank certificates of deposit having original maturities of more than 3 months but less than
12 months) of Rs. 262,46.54 lakhs and Current investments of Rs. 1390,95.95 lakhs.

As of 31^st March 2025, the Company had working capital of Rs. 1482,73.42 lakhs, including cash and cash equivalents of
Rs. 536,21.96 lakhs, investments in term deposits (i.e., bank certificates of deposit having original maturities of more than 3 months
but less than 12 months) of Rs. 841,01.00 lakhs and Current investments of Rs. 1118,24.59 lakhs.”

Exposure to liquidity risk

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and
undiscounted, and include estimated interest payments and exclude the impact of netting agreements.

Market risk

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from adverse changes in market rates
and prices (such as interest rates and foreign currency exchange rates) or in the price of market risk-sensitive instruments as a result
of such adverse changes in market rates and prices. Market risk is attributable to all market risk-sensitive financial instruments, all
foreign currency receivables and payables. The Company is exposed to market risk primarily related to foreign exchange rate risk
and risk on its investments. However since the investments are in overnight and liquid funds the risk is negligible.

Currency risk

The fluctuation in foreign currency exchange rates may have potential impact on the statement of profit and loss, where any
transaction references more than one currency or where assets/liabilities are denominated in a currency other than the functional
currency of the entity.

The Company is exposed to currency risk on account of its receivables and payables in foreign currency. The functional currency of
the Company is Indian Rupee. The Company has exposure to GBP, USD, EUR and other currencies. The Company has not hedged
this foreign currency exposure and strives to achieve asset liability offset of foreign currency exposure.

Exposure to currency risk

The Company's exposure to foreign currency risk at the end of the reporting period is as follows:

Note 48 : Capital Management

(a) Risk Management

The Company's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to
sustain future development of the business. Management monitors the return on capital as well as the level of dividends to
ordinary shareholders.

The Company has adequate cash and bank balances and no interest bearing liabilities. The Company monitors its capital by
a careful scrutiny of the cash and bank balances, and a regular assessment of any debt requirements. In the absence of any
interest bearing debt, the maintenance of debt equity ratio etc. may not be of any relevance to the Company.

No changes were made in the objectives, policies or processes for managing capital during the years ended 31^st March 2026
and 31^st March 2025.

Note 49 : Segment Reporting

An operating segment is one whose operating results are regularly reviewed by the entity's chief operating decision maker to make
decisions about resources to be allocated to the segment and assess its performance. The Company has identified the Chief
Operating Decision Maker as its Managing Director. The Chief Operating Decision Maker reviews performance of pharmaceutical
business on an overall basis. As the Company has a single reportable segment, the segment wise disclosure requirements of Ind AS
108 on Operating Segment is not applicable. In compliance to the said standard, Entity-Wide disclosures are as under :

Note 51 : Share-based payment arrangements

Restricted Share Awards (RSAs)

Certain employees of the Company are entitled to receive cash/equity settled stock based awards ('awards') pursuant to employee
share schemes ('scheme') administered by GlaxoSmithKline Plc. ('Plc').

Under these plans, certain employees are granted cash / equity settled RSAs at no cost, which entitle them to receive
cash equivalent to the stock price of the Plc's shares or shares of the Plc's listed at London stock exchange after two and a
half to three year vesting period during which the employee has to remain in continuous employment with the Company.
These RSA's do not give any voting rights or the right to accrue dividends and there are no performance criteria attached.
The fair value of these awards is determined based on the closing share price on the day of grant, after deducting the expected
future dividend yield (Current year N.A, Previous Year 3.8%) over the duration of the award.

*The weighted average share price at the date of exercise of the awards exercised during the year ended 31^st March 2026 was GBP 14.62 (31^st March
2025 GBP 14.66). The weighted fair value for the share settled awards granted during the year ended 31^st March 2026 is GBP 14.40 (31^st March 2025
GBP 16.31)

** Also includes for employees transferred

Performance Share Plan

“Under the Performance Share Plan, share awards are granted to Directors and senior executives at no cost. The percentage of each
award that vests is based upon the performance of the Company over a defined measurement period with dividends reinvested
during the same period. The performance conditions since 2022 are based on five measures over a three-year performance
period. These are TSR (30%), pipeline progress (20%), profit measure (20%), sale measure (20%) and ESG environment (10%).
The fair value of the awards is determined based on the closing share price on the day of grant. For TSR performance elements, this
is adjusted by the likelihood of that condition being met, as assessed at the time of grant.”

During the year ended 31^st March 2026, awards were made of 8610 shares at a weighted fair value of GBP 14.20 (Previous year
ended 31^st March 2025 , awards made of 8,610 shares at a weighted fair value of GBP 16.51). As at 31^st March 2026 there were
outstanding awards of 17220 shares (Previous year ended 31^st March 2025 outstanding awards of 27,010 shares).

Expense arising from share-based payment transactions

Total expenses arising from share-based payment transactions recognised in the Statement of Profit and Loss as part of employee
benefit expense were as follows:

Note 54 : Additional information

(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company
for holding any Benami property.

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

(iii) 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.

(iv) 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.

(v) 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).

Note 55 : Event occurring after balance sheet date

The Board of Directors recommend a final Dividend of Rs. 57 per equity share of face value of Rs. 10 each (Year ended 31^st March 2025
total dividend of Rs. 54 per equity share including final dividend of Rs. 42 per equity share) subject to approval of the shareholders
at the ensuing Annual General Meeting. (Refer Note 48 (b)).

Note 56:

As per MCA notification dated 05^th August 2022, the Central Government has notified the Companies (Accounts) Fourth
Amendment Rules, 2022. As per the amended rules, Companies are required to maintain daily back-up of the books of
account and other relevant books and papers which are maintained in electronic mode on servers physically located in India.
The books of account of the Company and other relevant books and papers are maintained in electronic mode other than certain
records and papers which are physically maintained in India. The electronic books of accounts are always readily accessible from
India and currently a daily backup is maintained on servers located in India.

Note 57: Approval of financial statements

The financial statements were approved for issue by the Board of Directors on 13^th May 2026.

For and on behalf of the Board of Directors

Renu S. Karnad Bhushan Akshikar

Chairperson Managing Director

DIN: 00008064 DIN: 09112346

Ronojit Biswas Somasundaram PR

CFO & Whole-time Director Audit Committee Chairman

DIN: 07684843 DIN: 00356363

Ajay Nadkarni

Company Secretary
FCS 10460

Mumbai, 13^th May 2026