h) Provisions (other than for employee benefits), Contingent
liabilities and contingent assets

A provision is recognised if, as a result of a past event, the Company
has a present legal or constructive obligation that can be estimated
reliably, and it is probable that an outflow of economic benefits will
be required to settle the obligation. Provisions are determined by
discounting the expected future cash flows (representing the best
estimate of the expenditure required to settle the present
obligation at the balance sheet date) at a pre-tax-rate that reflects
current market assessments of the time value of money and the
risks specific to the liability. The unwinding of the discount is
recognised as finance cost. Expected future operating losses are not
provided for.

i. Contingencies

Provision in respect of loss contingencies relating to claims,
litigations, assessments, fines, penalties, etc. are recognized when it
is probable that a liability has been incurred, and the amount can
be estimated reliably.

ii. Contingent liabilities and contingent assets

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.

A contingent asset is a possible asset that arises from past events
and whose existence will be confirmed only by the occurrence or
non-occurrence of one or more uncertain future events not wholly
within the control of the entity. Contingent assets are not
recognized in the standalone financial statements. However,
contingent assets are assessed continually and if it is virtually
certain that an inflow of economic benefit will arise, the asset and
related income are recognized in the period in which the change
occurs. A contingent asset is disclosed, where an inflow of economic
benefits is probable.

i) Revenue
Sale of goods

Revenue towards satisfaction of a performance obligation is
measured at the amount of transaction price (net of variable
consideration) allocated to that performance obligation. The
Company recognises revenue pertaining to each performance
obligation when it transfers control over a product to a customer,
which is adjusted for expected refunds, which are estimated based
on the historical data, adjusted as necessary. The transaction price
is also adjusted for the effect of time value of money if the contract
includes significant financing component.

The consideration can be fixed or variable. Where the consideration
promised in a contract includes a variable amount, the Company
estimates the amount of consideration to which the Company will
be entitled in exchange for transferring the promised goods or

The Company recognises refund liability where the Company
receives consideration from a customer and expects to refund some
or all of that consideration to the customer. The refund liability is
measured at the amount of consideration received (or receivable)
for which the entity does not expect to be entitled (i.e. amounts not
included in the transaction price). The right to recover returned
goods asset is measured at the former carrying amount of the
inventory less any expected costs to recover goods. The provision on
account of the expected amount of returns is included in provisions
and the right to recover returned goods is included in inventory.

Sales returns and breakage expiry

When a customer has a right to return the product within a given
period, the Company has recognised an allowance for returns. The
allowance is measured equal to the value of the sales expected to
return in the future period. Revenue is adjusted for the expected
value of the returns and cost of sales are adjusted for the value of
the corresponding goods to be returned.

The Company has an obligation to accept the goods which will
expire. The Company has recognised an allowance for the returns
due to expiry. The allowance is measured on the basis of historical
trend of expiry against the sales occurred in the current and earlier
period. Management considers the sales value for the periods which
are equivalent to average general shelf life of products. Revenue is
adjusted for the expected value of the returns.

Rendering of services (other than sale of technology / know-how,
rights and licenses)

Revenue from rendering of services is recognised in statement of
profit and loss by reference to percentage completion method. The
Company is involved in rendering services related to its products to
its customers. If the services under a single arrangement are
rendered in different reporting periods, then the consideration is
allocated on a relative fair value basis between the different
services.

Rendering of services - sale of technology / know-how, rights,
licenses and other intangibles

Income from sale of technology / know-how, rights and licenses is
recognised in accordance with the terms of the contract with
customers when the related performance obligation is completed,
or when control is transferred, as applicable.

Profit share revenues

From time to time the Company enters into marketing
arrangements with business partners for the sale of its products in
certain markets. Under such arrangements, the Company sells its
products to the business partners at a price agreed upon in the
arrangement and is also entitled to a profit share which is over and
above the agreed price. The profit share is dependent on the
business partner's ultimate net sale proceeds or net profit, subject to
any reductions or adjustments that are required by the terms of the
arrangement. Such arrangements typically require the business
partner to provide confirmation of units sold and net sales or net
profit computations for the products covered under the
arrangement.

Revenue amount equal to the base purchase price is recognized in
these transactions upon delivery of products to the business
partners. An additional amount representing the profit share

At the end of each reporting period, the Company updates the
estimated transaction price (including updating its assessment of
whether an estimate of variable consideration is constrained) to
represent faithfully the circumstances present at the end of the
reporting period and the changes in circumstances during the
reporting period.

Profit share revenue is measured as per the percentage of profit
share and computation method, specified in the agreement with
business partner.

j) Government grants

The Company recognises government grants only when there is
reasonable assurance that the conditions attached to them will be
complied with, and the grants will be received. Government grants
received in relation to assets are presented as a reduction to the
carrying amount of the related asset. Grants related to income are
deducted in reporting the related expense in the statement of profit
and loss.

Export entitlements from government authorities are recognised in
the statement of profit and loss when the right to receive credit as
per the terms of the scheme is established in respect of the exports
made by the Company, and where there is no significant
uncertainty regarding the ultimate collection of the relevant export
proceeds.

k) Leases

i. The Company as a lessee

The Company evaluates if an arrangement qualifies to be a lease
as per the requirements of Ind AS 116. The Company uses
significant judgement in assessing the lease term (including
anticipated renewals) and the applicable discount rate. The
Company determines the lease term as the non-cancellable period
of a lease, together with both periods covered by an option to
extend the lease if the Company is reasonably certain to exercise
that option; and periods covered by an option to terminate the
lease if the Company is reasonably certain not to exercise that
option. In assessing whether the Company is reasonably certain to
exercise an option to extend a lease, or not to exercise an option to
terminate a lease, it considers all relevant facts and circumstances
that create an economic incentive for the Company to exercise the
option to extend the lease, or not to exercise the option to terminate
the lease. The Company revises the lease term if there is a change
in the non-cancellable period of a lease. The discount rate is
generally based on the incremental borrowing rate specific to the
lease being evaluated or for a portfolio of leases with similar
characteristics.

The Company measures the lease liability at the present value of
the lease payments that are not paid at the commencement date
of the lease. The lease payments are discounted using the interest
rate implicit in the lease, if that rate can be readily determined. If
that rate cannot be readily determined, the Company uses
incremental borrowing rate. For leases with reasonably similar
characteristics, the Company, on a lease by lease basis, may adopt
either the incremental borrowing rate specific to the lease or the
incremental borrowing rate for the portfolio as a whole. The lease
payments shall include fixed payments, residual value guarantees,
exercise price of a purchase option where the Company is
reasonably certain to exercise that option and payments of

penalties for terminating the lease, if the lease term reflects the
lessee exercising an option to terminate the lease.

The lease liability is subsequently remeasured by increasing the
carrying amount to reflect interest on the lease liability, reducing
the carrying amount to reflect the lease payments made and
remeasuring the carrying amount to reflect any reassessment or
lease modifications or to reflect revised in-substance fixed lease
payments.

The Company recognises right-of-use asset representing its right to
use the underlying asset for the lease term at the lease
commencement date. The cost of the right-of-use asset measured
at inception shall comprise of the amount of the initial
measurement of the lease liability adjusted for any lease payments
made at or before the commencement date less any lease
incentives received, plus any initial direct costs incurred and an
estimate of costs to be incurred by the lessee in dismantling and
removing the underlying asset or restoring the underlying asset or
site on which it is located. The right-of-use assets is subsequently
measured at cost less any accumulated depreciation, accumulated
impairment losses, if any and adjusted for any remeasurement of
the lease liability. The right-of-use assets is depreciated using the
straight-line method from the commencement date over the shorter
of lease term or useful life of right-of-use asset. The estimated useful
lives of right-of-use assets are determined on the same basis as
those of property, plant and equipment. Right-of-use assets are
tested for impairment whenever there is any indication that their
carrying amounts may not be recoverable. Impairment loss, if any, is
recognised in the statement of profit and loss.

The Company has elected not to apply the requirements of Ind AS
116 Leases to short-term leases of all assets that have a lease term
of 12 months or less and leases for which the underlying asset is of
low value. The lease payments associated with these leases are
recognized as an expense on a straight-line basis over the lease
term.

ii. The Company as a lessor

Leases for which the Company is a lessor is classified as a finance or
operating lease. Whenever the terms of the lease transfer
substantially all the risks and rewards of ownership to the lessee, the
contract is classified as a finance lease. All other leases are
classified as operating leases.

When the Company is an intermediate lessor, it accounts for its
interests in the head lease and the sublease separately. The
sublease is classified as a finance or operating lease by reference to
the right-of-use asset arising from the head lease.

For operating leases, rental income is recognized on a straight line
basis over the term of the relevant lease.

l) Recognition of dividend income, interest income or expenses

Dividend income is recognised in profit or loss on the date on which
the Company's right to receive payment is established.

Interest income is recognised using effective interest method.

The 'effective interest rate' is the rate that exactly discounts
estimated future cash payments or receipts through the expected
life of financial instrument to:

- The gross carrying amount of the financial assets; or

- The amortised cost of the financial liability.

In calculating interest income and expense, the effective interest

rate is applied to the gross carrying amount of the asset (when the
asset is not credit-impaired) or to the amortised cost of the liability.
However, for financial assets that have become credit-impaired
subsequent to initial recognition, interest income is calculated by
applying the effective interest rate to the amortised cost of the
financial asset. If the asset is no longer credit-impaired, then the
calculation of interest income reverts to the gross basis.

m) Income tax

Income tax expense comprises of current and deferred tax. It is
recognised in profit or loss except to the extent that it relates to an
item recognised directly in equity or in other comprehensive
income.

i. Current tax

Current tax comprises the expected tax payable or receivable on
the taxable income or loss of the year and any adjustment to the tax
payable or receivable in respect of previous years. The amount of
current tax reflects the best estimate of the tax amount expected to
be paid or received after considering the uncertainty, if any, related
to income taxes. It is measured using tax rates (and tax laws)
enacted or substantively enacted by the reporting date.

Significant judgments are involved in determining the provision for
income taxes including judgment on whether tax positions are
probable of being sustained in tax assessments. A tax assessment
can involve complex issues, which can only be resolved over
extended time periods.

Current tax assets and current tax liabilities are offset only if there is
a legally enforceable right to set off the recognised amounts, and it
is intended to realise the asset and settle the liability on a net basis
or simultaneously.

ii. Deferred tax

Deferred tax is recognised in respect of temporary differences
between the carrying amounts of assets and liabilities for financial
reporting purposes and the corresponding amounts used for
taxation purposes. Deferred tax is also recognised in respect of
carried forward tax losses and tax credits.

Deferred tax is not recognised for -

temporary differences on the initial recognition of assets or
liabilities in a transaction that:

(a) is not a business combination and

(b) at the time of the transaction (i) affects neither accounting
nor taxable profit or loss and (ii) does not give rise to equal
taxable and deductible temporary differences

taxable differences related to investments in subsidiaries, associates
and joint arrangements to the extent that the group is able to
control the timing of the reversal of the temporary differences and
it is probable that they will not reverse in the foreseeable future;
and taxable temporary differences arising on the initial recognition
of goodwill.

Deferred tax assets are recognised to the extent that it is probable
that future taxable profits will be available against which they can
be used. The existence of unused tax losses is strong evidence that
future taxable profit may not be available. Therefore, in case of a
history of recent losses, the Company recognises a deferred tax
asset only to the extent that it has sufficient taxable temporary
differences or there is convincing other evidence that sufficient
taxable profit will be available against which such deferred tax

asset can be realised. Deferred tax assets - unrecognised or
recognised, are reviewed at each reporting date and are
recognised/ reduced to the extent that it is probable/ no longer
probable respectively that the related tax benefit will be realised.

Deferred tax is measured at the tax rates that are expected to apply
to the period when the asset is realised or the liability is settled,
based on the laws that have been enacted or substantively enacted
by the reporting date.

The measurement of deferred tax reflects the tax consequences
that would follow from the manner in which the Company expects,
at the reporting date, to recover or settle the carrying amount of its
assets and liabilities.

Deferred tax assets and liabilities are offset if there is a legally
enforceable right to offset current tax liabilities and assets, and they
relate to income taxes levied by the same tax authority on the same
taxable entity, or on different tax entities, but they intend to settle
current tax liabilities and assets on a net basis or their tax assets and
liabilities will be realised simultaneously.

n) Borrowing cost

Borrowing costs are interest and other costs (including exchange
differences relating to foreign currency borrowings to the extent
that they are regarded as an adjustment to interest costs) incurred
in connection with the borrowing of funds. Borrowing costs directly
attributable to acquisition or construction of an asset which
necessarily take a substantial period of time to get ready for their
intended use are capitalised as part of the cost of that asset. Other
borrowing costs are recognised as an expense in the period in which
they are incurred.

o) Financial guarantee contracts

Financial guarantee contracts are recognised as a financial liability
at the time the guarantee is issued. The liability is initially measured
at fair value and subsequently at the higher of the amount
determined in accordance with Ind AS 37 and the amount initially
recognised less cumulative amortisation, where appropriate.

The fair value of financial guarantees is determined as the present
value of the difference in net cash flows between the contractual
payments under the debt instrument and the payments that would
be required without the guarantee, or the estimated amount that
would be payable to a third party for assuming the obligations.

Where guarantees in relation to loans or other payables of
subsidiaries are provided for no compensation, the Company has
made accounting policy choice of recognising fair value of such
financial guarantee as finance cost.

p) Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprises cash at
bank and on hand and short-term deposits with an original maturity
of three months or less, which are subject to an insignificant risk of
changes in value.

q) Segment Reporting

Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision maker.

The board of directors of the Company are identified as Chief
operating decision maker. Refer note 48 for segment information.

r) Earnings per share

The basic earnings per share is computed by dividing the net profit
/ (loss) after tax attributable to the equity shareholders for the
period by the weighted average number of equity shares
outstanding during the reporting period.

Diluted earnings per share is computed by dividing the net profit /
(loss) after tax attributable to the equity shareholders for the period
by the weighted average number of equity and equivalent dilutive
equity shares outstanding during the reporting period, except
where the results would be anti-dilutive.

s) Exceptional item

In certain instances, the size, type or incidence of an item of income
or expense, pertaining to the ordinary activities of the Company is
such that its disclosure improves the understanding of the
performance of the Company, such income or expenses is classified
as an exceptional item and accordingly, disclosed in the notes
accompanying to the financials statements.

t) Cash flow statement

Cash flow from operations are reported using the indirect method,
whereby profit before tax is adjusted for the effects of transactions
of a non-cash nature, any deferrals or accruals of past or future
operating cash receipts or payments and item of income or
expenses associated with investing or financing cash flows. The
cash flows from operating, investing and financing activities of the
Company are segregated. For the purpose of cash flow statement
bank overdraft that are repayable on demand are considered as
cash and cash equivalent as it form an integral part of the
company's cash management.

u) Research and development

Revenue expenditure on research and development activities is
recognized as expense in the period in which it is incurred.

v) Non-current assets or disposal group held for sale

Non-current assets are classified as held for sale if it is highly
probable that they will be recovered primarily through sale rather
than through continuing use. Such assets are generally measured at
the lower of their carrying amount and fair value less costs to sell.

Once classified as held for sale, intangible assets and property,
plant and equipment are no longer amortised or depreciated.
Non-current assets classified as held for sale are presented
separately from the other assets in the balance sheet.

v) Rounding of amounts

All amounts disclosed in the standalone financial statements and
notes have been rounded off to the nearest million as per the
requirement of Schedule III, unless otherwise stated.

1D. Recent accounting pronouncements

Ministry of Corporate Affairs ("MCA") notifies new standard or
amendments to the existing standards under Companies (Indian
Accounting Standards) Rules as amended from time to time. For the
year ended March 31, 2025, MCA has notified Ind AS 117 -
Insurance Contracts and amendments to Ind AS 116 - Leases,
relating to sale and leaseback transactions, applicable to the
Company w.e.f April 1, 2024. The Company has reviewed the new
pronouncements and based on its evaluation has determined that it
does not have any significant impact in its financial statements.

On May 9, 2025, MCA notified the amendments to Ind AS 21 -
Effects of Changes in Foreign Exchange Rates. These amendments
aim to provide clearer guidance on assessing currency
exchangeability and estimating exchange rates when currencies
are not readily exchangeable. The amendments are effective for
annual periods beginning on or after April 1, 2025. The Company is
currently assessing the probable impact of these amendments on
its financial statements.

Footnotes for note 2A and 2B:

1. The capital work in progress at the year end mainly consists of plant and machinery, building and other assets pertaining to various
projects / plants, expansion of existing facilities, etc.

2. The borrowing cost capitalised on qualifying assets amounting to Rs. 42.77 million (March 31, 2024: Rs. 101.39 million) have been added
to the cost of assets during the year.

3. The capitalisation rate used to determine the amount of borrowing costs to be capitalised is 7.35% p.a. (March 31, 2024: 7.79% p.a.).

4. Refer note 47 for information on Property, plant and equipment and Capital work-in-progress pledged as security by the company.

5. The company does not have any CWIP projects which are suspended or which have exceeded its cost compared to its original plan.

6. On transition to Ind AS, the Company has elected to continue with the carrying value of all its property, plant and equipment recognised
and measured as per the previous GAAP and used that carrying value as the deemed cost of the property, plant and equipment.

Note 3: Leases - 116

Lease contracts entered by the Company majorly pertains for Land & buildings taken on lease to conduct its business in the ordinary course.

The leases typically run for a period of 12 years to 66 years for land and for a period of 18 months to 20 years for remaining assets , with an

option to renew the lease after that date. Typically lease payments are renegotiated at the time of renewal. Certain leases have restrictions

on further sub-leasing. Information about leases for which the company is lessee is presented as below: