2.15 Provisions

Provisions are recognised when the Company has a present
legal or constructive obligation as a result of past events, it is
probable that an outflow of resources will be required to settle
the obligation and the amount can be reliably estimated.
Provisions are not recognised for future operating losses.

Where there are a number of similar obligations, the likelihood
that an outflow will be required in settlement is determined
by considering the class of obligations as a whole. A provision
is recognised even if the likelihood of an outflow with respect
to any one item included in the same class of obligations
may be small.

Provisions are measured at the present value of management's
best estimate of the expenditure required to settle the present
obligation at the end of the reporting period. The discount rate
used to determine the present value is a pre-tax rate that reflects
current market assessments of the time value of money and the
risks specific to the liability. The increase in the provision due to
the passage of time is recognised as interest expense.

2.16 Contingencies

Disclosure of contingent liabilities is made when there is a
possible obligation or a present obligation that may, but
probably will not, require an outflow of resources. Where there
is possible obligation or a present obligation in respect of which
the likelihood of outflow of resources is remote, no provision or
disclosure is made.

Contingent assets are not recognised in the financial statements.
However, contingent assets are assessed continually and if it is
virtually certain that an inflow of economic benefits will arise,
the asset and related income are recognised in the period in
which the change occurs.

2.17 Business combinations

The Company accounts for business combinations under
acquisition method of accounting. Acquisition related costs
are recognized in the statement of profit and loss account
as incurred. The acquiree's identifiable assets, liabilities and
contingent liabilities that meet the condition of recognition

are recognized at their carrying values at the acquisition
date. Purchase consideration paid in excess of the fair
value of net assets acquired is recognized as goodwill. The
choice of measurement basis is made on an acquisition-by¬
acquisition basis.

Further business combinations arising from transfer of interest
in entities that are under common control are accounted at
pooling of interest. Under the pooling of interest method, the
assets and liabilities of the combining entities are reflected at
their carrying amounts, the only adjustment that are made are
to harmonize accounting policies.

The financial information in the financial statements in
respect of periods are restated as if the business combination
had occurred from the beginning of the preceding period
in the financial statements, irrespective of the actual date
of the combination. However, if business combination had
occurred after the date, the prior period information is restated
only that date.

The identity of the reserves is preserved and they appear in the
financial statements of the Company in the same form in which
they appeared in the financial statements of the acquired
entity. The difference, if any, between the consideration and the
amount of share capital of the acquired entity is transferred to
Other equity in a separate reserve account.

2.18 Goodwill

Goodwill represents the excess of consideration transferred,
together with the amount of noncontrolling interest in the
acquiree, over the fair value of the identifiable net assets
acquired. Goodwill is measured at cost less accumulated
impairment losses.

2.19 Fair value measurement

The Company measures financial instruments at fair value at
each reporting date.

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.

(i) Financial assets

(a) Classification

The Company classifies its financial assets in the following
measurement categories:

• those to be measured subsequently at fair value
(either through other comprehensive income, or
through statement of profit and loss); and

• those to be measured at amortised cost.

The classification depends on the entity's business model
for managing the financial assets and the contractual
terms of the cash flows.

For assets measured at fair value, gains and losses will
either be recorded in statement of profit and loss or other
comprehensive income.

(b) Initial recognition and measurement

Purchases or sales of financial assets that require delivery
of assets within a time frame established by regulation
or convention in the marketplace (regular way trades)
are recognised on the trade date, i.e., the date that the
Company commits to purchase or sell the asset. All other
financial assets are recognised initially at fair value plus,
in the case of financial assets not recorded at fair value
through statement of profit and loss, transaction costs that
are attributable to the acquisition of the financial asset.
However, trade receivables that do not contain significant
financing component are measured at transaction price.

(c) Subsequent measurement

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

(i) Debt instruments at amortised cost

A 'debt instrument' is subsequently measured at the
amortised cost using the effective interest rate (EIR)
method. 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 profit or loss. The losses arising from impairment

are recognised in the standalone statement of
profit and loss.

(ii) Debt instrument at fair value through other
comprehensive income (FVTOCI)

Debt instruments included within the FVTOCI
category are measured initially as well as at each
reporting date at fair value. Fair value movements
are recognised in the other comprehensive income
(OCI). However, the Company recognises interest
income, impairment losses and reversals and foreign
exchange gain or loss in the profit or loss. On de¬
recognition of the asset, cumulative gain or loss
previously recognised in OCI is reclassified from the
equity to profit or loss. Interest earned whilst holding
FVTOCI debt instrument is reported as interest
income using the EIR method.

(iii) Debt instrument at fair value through profit or
loss (FVTPL)

FVTPL is a residual category for debt instruments.
Any debt instrument, which does not meet the
criteria for categorisation as at amortised cost or
as FVTOCI, is classified as at FVTPL. In addition, the
Company may elect to designate a debt instrument,
which otherwise meets amortised cost or FVTOCI
criteria, as at FVTPL. However, such election is
allowed only if doing so reduces or eliminates a
measurement or recognition inconsistency (referred
to as 'accounting mismatch'). Debt instruments
included within the FVTPL category are measured
at fair value with all the changes in the standalone
statement of profit and loss.

(iv) Equity instruments

All equity instruments in scope of Ind AS 109 are
measured at fair value. Equity instruments which
are held for trading are classified as at FVTPL. For
all other equity instruments, the Company may
make an irrevocable election to present subsequent
changes in the fair value in OCI. The Company makes
such election on an instrument-by-instrument basis.
The classification is made on initial recognition and
is irrevocable. If the Company decides to classify
an equity instrument as at FVTOCI, then all fair
value changes on the instrument, including foreign
exchange gain or loss and excluding dividends, are
recognised in the OCI. There is no recycling of the

amounts from OCI to profit or loss, even on sale of
investment. However, the Company may transfer
the cumulative gain or loss within equity. Equity
instruments included within the FVTPL category are
measured at fair value with all changes recognised in
the standalone statement of profit and loss.

(d) Investments in subsidiaries

Investments in subsidiaries are carried at cost less
accumulated impairment losses, if any. Where an
indication of impairment exists, the carrying amount of
the investment is assessed and written down immediately
to its recoverable amount. On disposal of investments
in subsidiaries, the difference between net disposal
proceeds and the carrying amounts are recognised in the
Statement of profit and loss.

Impairment of investments in subsidiaries

The Company reviews its carrying value of investments
annually, or more frequently when there is an indication
for impairment. If the recoverable amount is less than its
carrying amount, the impairment loss is accounted for.

(e) De-recognition

The Company de-recognises a financial asset only when
the contractual rights to the cash flows from the asset
expires or it transfers the financial asset and substantially
all the risks and rewards of ownership 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.

(f) 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 debt instruments,
that are measured at amortised cost e.g., loans, trade
receivables, bank balances.

Expected credit loss is the difference between all the
contractual cash flows that are due to the Company in
accordance with the contract and all the cash flows that
the entity expects to receive.

The management uses a provision matrix to determine
the impairment loss on the portfolio of trade and other
receivables. Provision matrix is based on its historically
observed expected credit loss rates over the expected
life of trade receivables and is adjusted for forward
looking estimates.

Expected credit loss allowance or reversal recognised
during the period is recognised as income or expense,
as the case may be, in the Statement of Profit and Loss.
In case of balance sheet, it is shown as reduction from
specific financial asset.

(ii) Financial liabilities

(a) Classification

Financial liabilities are classified, at initial recognition, as
financial liabilities at fair value through statement of profit
and loss, loans and borrowings, payables.

(b) Initial recognition and measurement

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 and derivative financial instruments.

(c) Subsequent measurement

The measurement of financial liabilities depends on their
classification, as described below:

Financial liabilities at fair value through statement of profit
and loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as
at fair value through statement of profit and 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- Financial Instruments. Separated embedded
derivatives are also classified as held for trading unless
they are designated as effective hedging instruments.

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

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

(d) Loans and borrowings

After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost
using the effective interest rate (EIR) method. Gains and
losses are recognised in statement of profit and loss when
the liabilities are de-recognised 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 interest-bearing loans
and borrowings.

(e) De-recognition

A financial liability is de-recognised 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 de¬
recognition 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 and loss.

(iii) Derivative financial instruments

The Company uses derivative financial instruments, such
as foreign exchange forward to hedge its foreign currency
risks for which no hedge accounting is applied. 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. The changes in fair value of such derivative contracts,
as well as the foreign exchange gain and losses relating to
monetary items are recognised in the statement of profit
and loss. Derivatives are carried as financial assets when
the fair value is positive and as financial liabilities when
the fair value is negative.

(iv) Offsetting financial instruments

Financial assets and liabilities are offset and the net
amount is reported in the balance sheet where there is a
legally enforceable right to offset the recognised amounts
and there is an intention to settle on a net basis or realise
the asset and settle the liability simultaneously. The legally
enforceable right must not be contingent on future events
and must be enforceable in the normal course of business
and in the event of default, insolvency or bankruptcy of
the Company or the counterparty.

2.20 Earning Per Share

Basic Earnings Per Share ('EPS') is computed by dividing the net
profit attributable to the equity shareholders by the weighted
average number of equity shares outstanding during the year.
Diluted earnings per share is computed by dividing the net profit
after income tax effect of interest and other financing costs
associated with dilutive potential equity shares by the weighted
average number of equity shares considered for deriving basic
earnings per share and also the weighted average number of
equity shares that could have been issued upon conversion
of all dilutive potential equity shares. Dilutive potential equity
shares are deemed converted as of the beginning of the year,
unless issued at a later date. In computing diluted earnings per
share, only potential equity shares that are dilutive and that
either reduces earnings per share or increases loss per share
are included.

2.21 Share based payments

The Company operates equity-settled share-based
remuneration plans for its employees. The Company recognises
compensation expense relating to share based payments in
accordance with Ind AS 102-Share based Payment.

For share entitlement granted by the Company to its employees,
the estimated fair value as determined on the date of grant, is
charged to the standalone statement of profit and loss on a
straight-line basis over the vesting period and assessment of
performance conditions if any, with a corresponding increase in
equity. Upon exercise of share options, the proceeds received,
net of any directly attributable transaction costs, are allocated
to share capital up to the nominal (or par) value of the shares
issued with any excess being recorded as share premium

2.22 Leases

The determination of whether an arrangement is (or contains)
a lease is based on the substance of the arrangement at the
inception of the lease. The arrangement is, or contains, a lease
if fulfillment of the arrangement is dependent on the use of a
specific asset or assets and the arrangement conveys a right
to use the asset or assets, even if that right is not explicitly
specified in an arrangement.

(i) Company as a lessee

The Company's lease asset classes primarily consist of
leases for land, building and vehicle. The Company assesses
whether a contract contains a lease, at inception of a
contract. A contract is, or contains, a lease if the contract
conveys the right to control the use of an identified asset
for a period of time in exchange for consideration. To
assess whether a contract conveys the right to control the
use of an identified asset, the Company assesses whether:

(i) the contract involves the use of an identified asset

(ii) the Company has substantially all of the economic
benefits from use of the asset through the period of the
lease and (iii) the Company has the right to direct the use
of the asset.

At the date of commencement of the lease, the
Company recognises a right-of-use asset ("ROU") and a
corresponding lease liability for all lease arrangements in
which it is a lessee, except for leases with a term of twelve
months or less (short term leases) and low value leases.
For these short term and low value leases, the Company

recognises the lease payments as an operating expense
on a straight-line basis over the term of the lease.

Certain lease arrangements include the options to extend
or terminate the lease before the end of the lease term.
ROU assets and lease liabilities includes these options
when it is reasonably certain that they will be exercised.
The right-of-use assets are initially recognised at cost,
which comprises the initial amount of the lease liability
adjusted for any lease payments made at or prior to the
commencement date of the lease plus any initial direct
costs less any lease incentives. They are subsequently
measured at cost less accumulated depreciation and
impairment losses.

Right-of-use assets are depreciated from the
commencement date on a straight-line basis over the
shorter of the lease term and useful life of the underlying
asset. Right of use assets are evaluated for recoverability
whenever events or changes in circumstances indicate
that their carrying amounts may not be recoverable.
For the purpose of impairment testing, the recoverable
amount (i.e., the higher of the fair value less cost to sell
and the value-in-use) is determined on an individual asset
basis unless the asset does not generate cash flows that
are largely independent of those from other assets. In
such cases, the recoverable amount is determined for the
Cash Generating Unit (CGU) to which the asset belongs.

The lease liability is initially measured at amortised cost at
the present value of the future lease payments. The lease
payments are discounted using the interest rate implicit
in the lease or, if not readily determinable, using the
incremental borrowing rates in the country of domicile
of these leases. Lease liabilities are remeasured with a
corresponding adjustment to the related right of use asset
if the Company changes its assessment if whether it will
exercise an extension or a termination option.

Lease liability and ROU assets have been separately
presented in the Balance Sheet and lease payments have
been classified as financing cash flows.

2.23 Recent accounting pronouncements

The Ministry of Corporate Affairs notified new standards or
amendment to existing standards under Companies (Indian
Accounting Standards) Rules as issued from time to time. The
Company applied following amendments for the first-time
during the current year which are effective from 1 April 2024:

a) Amendments to Ind AS 116 - Lease liability in a sale
and leaseback

The amendments require an entity to recognise lease
liability including variable lease payments which are not

linked to index or a rate in a way it does not result into gain
on Right of Use asset it retains.

b) Introduction of Ind AS 117

MCA notified Ind AS 117, a comprehensive standard
that prescribe, recognition, measurement and disclosure
requirements, to avoid diversities in practice for accounting
insurance contracts and it applies to all companies i.e., to
all "insurance contracts" regardless of the issuer. However,
Ind AS 117 is not applicable to the entities which are
insurance companies registered with IRDAI.

The Company has reviewed the new pronouncements
and based on its evaluation has determined that these
amendments do not have a significant impact on the
Standalone Financial Statements.

2.24 New and amended standards issued but not effective:

There are no new and amended standards that are issued, but
not yet effective as of 31March 2025.

The Goodwill amounting to C60.25 pertains to the acquisition of Casper Pharma Private Limited, erstwhile subsidiary of the
Company. Following the merger of Casper Pharma Private Limited with the Company, and the resulting goodwill has been
recognized in the standalone financial statement. Goodwill is allocated to the Casper and formulation business division of
the Company (together known as Cash generating unit) expected to benefit from the synergies of the business combinations
in which the goodwill arises. The Company tests cash-generating units with goodwill annually for impairment, or more
frequently if there is an indication that a cash-generating unit to which goodwill has been allocated may be impaired. The
recoverable amount of goodwill has been assessed by using a value-in-use model of the underlying cash generating unit
("CGU"). The recoverable value is determined by detailed forecast, approved by the management, followed by an extrapolation
of expected cash flows for the remaining useful lives using a declining growth rate determined by management. The present
value of the expected cash flows of each cash generating unit is determined by applying a suitable discount rate reflecting
current market assessments of the time value of money.

Key assumptions upon which the company has based its determinations of value in use includes:

(a) The Company prepares its cash flow forecast for five years based on management's projections.

(b) A terminal value is arrived at by extrapolating the last forecasted year cashflows to perpetuity, using a constant long¬
term growth rate at 7.00% ( 31 March 2024: 5.00%)

(c) Growth rate

The growth rates are based on industry growth forecasts. Management determines the budgeted growth rates based on past
performance and its expectations of market development. The weighted average growth rates used were consistent with
industry reports at 14.00%.

(d) Discount rates

Management estimates discount rates that reflect current market assessments of the risks specific to the CGU, taking into
consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the
cash flow estimates. The discount rate calculation is based on the specific circumstances of the Group and its operating
segments and is derived from its weighted average cost of capital (WACC) at 12.00% ( 31 March 2024: 17.67%). The Company
believes that any reasonably possible change in the key assumptions on which a recoverable amount is based would not
cause the aggregate carrying amount to exceed the aggregate recoverable amount of the cash generating units.

(e) Sensitivity

Reasonable sensitivities in key assumptions consequent to the change in estimated growth rate and discount rate is unlikely
to cause the carrying amount to exceed the recoverable amount of the cash generating units.

(i) Cohance Lifesciences Inc (formerly known as Suven Pharma Inc) is engaged in the business of contract development and
manufacturing (CDMO) of pharmaceutical products.

(ii) Pursuant to definitive agreements entered by the company with Sapala Organics Private Limited ("Sapala"), the company
has acquired 51% of the share capital on a fully diluted basis (i.e., 67.5% of the present equity share capital) of Sapala on
12 July 2024 for a consideration of C258.00 and gained control of Sapala Organics Private limited ("Sapala") as a subsidiary.
The Company has obligation to acquire the non-controlling interest in 2 tranches, one based on achievement of business
performance milestones and another one based on regulatory approval. The company has recognised the derivative forward
contract over the Sapala shares is recognized at its fair value. Sapala is a Hyderabad based CDMO focused on Oligo drugs
and nucleic acid building blocks including Phosphoramidites & Nucleosides, drug delivery compounds (including GalNAc),
Pseudouridine, amongst others.

(iii) Pursuant to the definitive agreements dated 7 December 2024, the Company have acquired the ownership of 56% equity
share capital of NJ Bio, Inc., by a mix of primary infusion and secondary acquisition for a total consideration of $64.4
million (C547.96).

The Company holds 56% equity shareholding in the NJ Bio, Inc. through a combination of secondary acquisition of shares from
certain existing shareholders and a primary subscription to equity share capital of NJ Bio, Inc. The aggregate consideration of
USD 64.4 million, has been paid in the following manner:

(a) $49.40 million (C420.33), in aggregate, for secondary acquisition of 9,32,113 common equity shares of NJ Bio, Inc. from NJ Bio,
Inc's certain existing shareholders; and

(b) $15.00 million (C127.63), in aggregate, for the primary subscription to 2,83,019 common equity shares of NJ Bio, Inc.

Based on above, the Company obtained the control of NJ Bio, Inc. w.e.f 20 December 2024 and has been assessed as Subsidiary.
NJ Bio, Inc. is a Contract Research, Development, and Manufacturing Organization ("CRDMO"), focused on 'antibody-drug
conjugates' ("ADCs") and 'XDC,' based in Princeton, New Jersey. Further, NJ Bio, Inc. has two wholly owned subsidiaries, namely,
(i) NJBIO India Pharmaceutical Private Limited, and (ii) NJ Biotherapeutics, LLC

Further, in terms of the definitive documents:

(a) the Company has a call option to purchase the remaining shares of the NJ Bio, Inc. from the remaining shareholders; and

(b) the remaining shareholders of the NJ Bio Inc. have a put option to sell the remaining shares to NJ Bio, Inc., in each case after
5 years, such that if the call option and / or the put option is exercised, the Company could own 100%.

Nature and purpose of reserves:

a) Securities premium: The amount received in excess of face value of the equity shares is recognised in securities
premium. In case of equity-settled share based payment transactions, the difference between fair value on grant date
and nominal value of share is accounted as securities premium. This reserve will be utilised in accordance with provisions
of Section 52 of the Companies Act, 2013.

b) General reserve: The Company has transferred a portion of the net profit of the company before declaring dividend to
general reserve pursuant to the earlier provisions of Companies Act, 1956. Mandatory transfer to general reserve is not
required under the Companies Act, 2013.

c) Employee Stock Options outstanding account: The employee stock option is used to recognise the value of
equity settled share-based payments provided to employees, including key management personnel, as part of their
remuneration. Refer to note 61 for further details of these plans.

Terms of borrowings:

(i) The Company has availed secured short-term packing credit loans of C40.00 from State Bank of India (repayable within
90 days, interest at 3-month T-Bill 0.55%) and C30.00 from Citi Bank (repayable within 180 days, interest at 3-month
T-Bill 0.80%). These loans are secured by a first pari-passu charge on current assets, and second pari-passu charges on
movable fixed assets and land & buildings at Pashamylaram and FDC units.

(ii) Packing credit loan amounting to C38.58 as at 31 March 2024 are foreign currency loan and was repayable on demand
and it was secured by hypothecation on stocks, Receivables and Other current assets of the company and second charge
on fixed assets at Pashamylaram and FDC units of the company. Interest rate 3 / 6 M SOFR 80 bps i.e 6.26% p.a with
monthly rest charged by State bank of India and 3 / 6 M SOFR 125 bps i.e 6.71 % by Bank of Bahrain & Kuwait. The same
has been fully repaid during current year.

Note:

(a) It is not practicable for the Company to estimate the timing of cash outflow, if any, in respect of our pending resolution
of the respective proceedings as it is determined only on receipt of judgements/decisions pending with various forum/
authorities.

(b) The Company does not expect any reimbursements in respect of the above contingent liabilities.

(c) The Company's pending litigations comprise of proceedings pending with indirect tax and other authorities. The
Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions
are required and disclosed as contingent liabilities where applicable, in its financial statements. The Company does not
expect the outcome of these proceedings to have a materially adverse effect on its financial statements.

38 Financial risk management objectives and policies

The Company's activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Company's
primary focus is to foresee the unpredictability of financial markets and seek to minimise potential adverse effects on its
financial performance. The Company's financial liabilities comprise of trade payable and other liabilities to manage its
operation and financial assets include trade receivables, security deposits, loans and advances, etc., arises from its operation.
The Company has constituted a Risk Management Committee consisting of a majority of directors and senior managerial
personnel. The Company has implemented a robust Business Risk Management framework to identify, evaluate business
risks and opportunities. This framework seeks to create transparency, minimise adverse impact on the business objectives
and enhance the Company's competitive advantage. The business risk framework defines the risk management approach
across the enterprise at various levels including documentation and reporting. The framework has different risk models which
help in identifying risks trend, exposure and potential impact analysis at a Company level. The Audit Committee of the Board
periodically reviews the risk management framework.

[a) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading
to a financial loss. Credit risk encompasses of both, the direct risk of default and the risk of deterioration of credit worthiness
as well as concentration of risks. Credit risk is controlled by analysing credit limits and credit worthiness of customers on a
continuous basis to whom the credit has been granted after obtaining necessary approvals for credit. Financial instruments
that are subject to concentrations of credit risk principally consist of trade receivables, cash and cash equivalents, loans and
other financial assets. The Company establishes an allowance for doubtful receivables and impairment that represents its
estimate of incurred losses in respect of trade receivables, loans, financial assets and investments.The maximum exposure to
credit risk at the reporting date is the carrying value of trade and other receivables.

(i) Trade and other receivables

Customer credit risk is managed by each business unit subject to the Company's established policy, procedures and
controls relating to customer credit risk management. Trade receivables are non-interest bearing and are generally
on credit term in line with respective industry norms. Outstanding customer receivables are regularly monitored.
The Management has established a credit policy under which each new customer is analysed individually before the
Company's standard payment and delivery terms and conditions are offered. The Company's receivables turnover is quick
and there was no significant default on account of trade and other receivables. An impairment analysis is performed
at each reporting date on an individual basis for major clients. The Company assesses at each reporting date whether
a financial asset or a group of financial assets is impaired. Expected credit losses are measured at an amount equal to
the 12 months expected credit losses or at an amount equal to the life time expected credit losses if the credit risk on
the financial asset has increased significantly since initial recognition. The Company has used a practical expedient by
computing the expected credit loss allowance for trade receivables based on a provision matrix. The provision matrix
takes into account historical credit loss experience and is adjusted for forward looking information. None of the trade
receivable was past due and impaired. The default in collection as a percentage to total receivable is low and there is no
allowance for expected credit loss, considering there is no history of default till date, refer ageing in note 14.

(ii) Cash and other bank balances

Credit risk on cash and cash equivalents is limited as the Company generally invest in deposits with banks and financial
institutions with high credit ratings assigned by international and domestic credit rating agencies. The Company limits its
exposure to credit risk by generally investing in liquid securities and only with counterparties that have a good credit rating.
The Company does not expect any losses from non-performance by these counterparties, and does not have any significant
concentration of exposures to specific industry sectors or specific country risks.

(b) Liquidity risk

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk
management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. The
Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities,
by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and
liabilities. The following are the remaining contractual maturities of financial liabilities at reporting date:

(c) Market Risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market prices. Such changes in the values of financial instruments may result from changes in the foreign currency exchange
rates, interest rates, credit, liquidity and other price changes. The Company's exposure to market risk is primarily on account
of foreign currency exchange rate risk, interest rate risk and price risk.

(c.1) Foreign currency exchange rate risk:

The fluctuation in foreign currency exchange rates may have potential impact on the statement of profit or loss and
other comprehensive income and equity, where any transaction references more than one currency or where assets
/ liabilities are denominated in a currency other than the functional currency of the Company. Considering the countries
and economic environment in which the Company operates, its operations are subject to risks arising from fluctuations in
exchange rates in those countries. The Company has a treasury team which evaluates the impact of foreign exchange rate
fluctuations by assessing its exposure to exchange rate risks and advises the management of any material adverse effect on
the Company.

(c.2) Interest rate risk:

Interest rate risk is the risk that the fair value or future cash flows of the Company and the Company's financial instruments
will fluctuate because of changes in market interest rates. The Company's exposure to interest rate risk relates primarily to
the floating interest rate borrowings. The Company's investment in deposits with banks, deposits with others, investments
in Compulsorily convertible debentures with fixed interest rates and therefore do not expose the Company to significant
interest rate risk. The Company's exposure to changes in interest rates relates primarily to the Company's outstanding floating
rate short term borrowing.

The Company also invests in debt mutual fund schemes of leading fund houses. Such investments are susceptible to market
price risks that arise mainly from changes in interest rate which may impact the return and value of such investments. However,
given the relatively short tenure of underlying portfolio of the debt mutual fund schemes in which the Company has invested,
such price risk is not significant.

(c.3) Other price risk

Other price risk is the risk that the fair value or future cash flows of the Company's financial instruments will fluctuate because
of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused
by factors specific to the individual financial instrument or its issuer or by factors affecting all similar financial instruments
traded in the market. The Company based on working capital requirement keeps its liquid funds in current accounts. Excess
funds are invested in current investments. The Company has investment that are susceptible to market price risk arising from
uncertainties about future values of the investment securities. The Company manages the price risk through diversification
of portfolio are submitted to the management on a regular basis

The Company has laid policies and guidelines which it adheres to in order to minimise price risk arising from investments
in financial instruments. A 10% increase/(decrease) in prices would increase/(decrease) the equity and profit or loss by the
amounts shown below.

(d) Impact of hedging activities

The Company uses foreign exchange forward contracts to hedge against the foreign currency risk of highly probable USD,
EUR and GBP sales. Such derivative financial instruments are governed by the Company's policies approved by the Board of
Directors, which provide written principles on the use of such instruments consistent with the Company's risk management
strategy. As the value of the derivative instrument generally changes in response to the value of the hedged item, the
economic relationship is established. There are no forward contract outstanding as at 31 March 2025 and 31 March 2024.

Valuation technique used to determine fair value:

(b) The fair value of the financials assets and liabilities is reported at the amount at which the instrument could be exchanged in
a current transaction between willing parties other than in a forced or liquidation sale.

(c) The fair value of investments in mutual fund units is based on the net asset value ('NAV') as stated by the issuers of these
mutual fund units in their published statements as at Balance Sheet date. NAV represents the price at which the issuer will
issue further units of mutual fund as well as the price at which issuers will redeem such units for the investors

The following methods and assumptions were used to estimate the fair values:

The carrying amount of trade receivable, trade payable, capital creditors, loans, margin deposit, security deposit, cash and
cash equivalents, other bank balances and other receivables as at 31 March 2025 and 31 March 2024 are considered to be the
same as their fair values, due to their short-term nature. Difference between carrying amounts and fair values of other financial
assets, other financial liabilities and short term borrowings subsequently measured at amortised cost is not significant in each
of the year presented.

Financial Instruments with fixed and variable interest rates are evaluated by the company based on parameters such as
interest rate and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account
for the expected losses of these receivables.

Fair value hierarchy

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable
or unobservable and consists of following:

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

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
or indirectly.

Level 3: Unobservable inputs for the asset or liability.

The followingtable shows the Levels within the hierarchy, offinancialassets and liabilities measuredat fair value on a recurring basis
as at 31 March 2025 and 31 March 2024: :

41 Capital management

The Company's objectives when managing capital are to safeguard their ability to continue as a going concern so that they
can continue to provide returns for shareholders and benefits for other stakeholders, and maintain an optimal structure
to reduce the cost of capital. In order to maintain or adjust the capital structure, the Company may adjust the amounts of
dividends paid to shareholders, return capital to shareholders, issue new shares or sell new assets to reduce debt. Consistent
with others in Industry, the Company monitors capital on the basis of the following gearing ratio: (net debt divided by
total 'equity')

(b) Disclosures related to defined benefit plan

The Company has a defined benefit gratuity plan governed by the Payment of Gratuity Act, 1972. Every employee who has
completed five years or more of service is entitled to gratuity on departure at 15 days last drawn salary for each completed
year of service or part thereof in excess of six months.

This defined benefit plan exposes the Company to actuarial risk, such as longevity risk, currency risk, interest rate risk and
market (investment) risk.

The plan is funded with Life Insurance Corporation in the form of a qualifying insurance policy. The following tables
summarise the components of net benefit expense recognised in the statement of profit and loss, the fund status and
amounts recognised in the balance sheet:

The sensitivity analysis above has been determined based on reasonable possible changes of the respective assumption
occurring at the end of the reporting period while holding all other assumptions constant. The sensitivity analysis presented
above may not be representative of the actual change in the projected benefit obligation as it is unlikely that the change
in assumptions would occur in isolation of one another as some of the assumptions may be correlated. Furthermore, in
presenting the above sensitivity analysis, the present value of the projected benefit obligation has been calculated using
the projected unit credit method at the end of the reporting period, which is the same method as applied in calculating the
projected benefit obligation as recognised in the Balance Sheet

Discount rate : The discount rate is based on the prevailing market yields of Indian Government securities as at the balance
sheet date for the estimated term of obligations.

Salary escalation rate : The estimate of future salary increases considered takes into account the inflation, seniority,
promotion and other related factors.

Compensated absences:

The Company provides for accumulation of compensated absences by certain categories of its employees. These employees
can carry forward a portion of the unutilised compensated absences and utilise them in future periods or receive cash in
lieu thereof as per the Company's policy. The Company records a liability for compensated absences in the period in which
the employee renders the services that increases this entitlement. The total liability recorded by the Company towards this
obligation was C15.12 and C12.83 as at 31 March 2025 and 31 March 2024 respectively.

* Cost of goods sold includes cost of materials consumed and changes in inventories of finished goods and work-in-progress.

# capital employed = Total assets - Current liabilities.

Reasons for change more than 25%:

i) Current Ratio: On account of disinvestment of current investments for acquisition of subsidiaries.

ii) Debt-equity Ratio: On account of availment of loans during the year.

iii) Inventory turnover ratio : On account of decrease in Inventory.

iv) Trade receivable turnover ratio: On account of increase in trade receivable compared to previous year

v) Net capital turnover ratio: Increase on account of disinvestment of current investments for acquisition of subsidairies.

44 The Ministry of Corporate Affairs (MCA) has prescribed a new requirement for companies under the proviso to Rule 3(1) of
the Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules 2021 requiring companies,
which uses accounting software for maintaining its books of account, shall use only such accounting software which has
a feature of recording audit trail of each and every transaction, creating an edit log of each change made in the books of
account along with the date when such changes were made and ensuring that the audit trail cannot be disabled.

The Company utilizes multiple software applications for maintaining its accounting and payroll records. the Company has
assessed the implementation and operation of audit trail (edit log) features across these systems during the financial year.
The status of audit trail controls is summarized below:

SAP (Accounting records):

The audit trail (edit log) feature was enabled at the application level and the same operated throughout the year. However,
the audit trail (edit log) feature at database level were not enabled.

ADP (Payroll records):

The audit trail (edit log) feature was not enabled at the application level and database level.

Tally (Accounting records):

The audit trail feature was enabled at the application level and operated effectively throughout the year. However, the
Independent Service Auditor's Type 2 report issued in accordance with SAE 3402 did not provide assurance on the existence
or effectiveness of audit trail controls for direct database-level changes. As a result, the Company is unable to ascertain the
existence of such controls.

Darwin Box:

The audit trail feature was enabled at the application level and operated effectively throughout the year. However, the
Independent Service Auditor's Type 2 report issued in accordance with SAE 3402 (Revised) did not confirm whether audit trail
controls capture details of changes made at the database level. Accordingly, the Company is unable to confirm the existence
of such controls.

45 Details of loan given and investment made

(a) Refer note 9 for investments made.

(b) Loans given to employees as per the Company's policy are not considered.

46 The Company neither holds any Benami property, nor proceedings have been initiated or are pending against the Company for
holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

47 Disclosures pursuant to the requirement as specified under Paragraph 6(L)(ix)(a) and (b) of the General Instructions
for preparation of Balance Sheet of Schedule III to the Act:

For the purpose of reporting under this clause, management has provided disclosures only with respect to information on
trade receivables, creditors and inventories furnished to the lenders. There have been no disagreements between information
furnished to the lenders and as per books.

48 The Company has no transactions with companies struck off under section 248 of the Companies Act, 2013 to the best of the
knowledge of Company's management.

49 The Company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies (ROC)
beyond the statutory period

50 The Company has not entered into any scheme of arrangement which has an accounting impact on the current or previous
financial year other than disclosed in standalone financial statements (refer note 58).

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

52 The Company have not traded or invested in Crypto currency or Virtual Currency.

53 Other than disclosed in note 19, the Company has no borrowings from Banks and financial institutions

54 Other than disclosed in note 19, the company have not taken any borrowing based on security of current assets.

55 The Company has not been declared willful defaulter by any bank or financial Institution or other lender.

56 No transactions, which are not recorded in the books of accounts of the Company 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).

57 Disclosure pursuant to requirements of Rule 11(e) (i) & (ii) of the Companies (Audit and Auditors) Rules, 2014:

(i) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources
or kind of funds) by the Company to or in any other persons or entities, including foreign entities (Intermediaries) with
the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified
by or on behalf of the Company (Ultimate Beneficiaries).

(ii) The Company has not received any fund from any party (Funding Party) with the understanding that the Company
shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company
(Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

58 Business combination

The Board of Directors of the Company had approved arrangement for amalgamation of erstwhile wholly owned subsidiary,
Casper Pharma Private Limited (Transferor Company) with the Company (the Transferee Company) in its meeting held on
29 February 2024. The Scheme of amalgamation has been approved by the Hon'ble National Company Law Tribunal (NCLT)
vide order dated 24 October 2024. The certified copy of the Order has been filed with Registrar of Companies, Mumbai on 4
December 2024, on which the Scheme became effective on 1 January 2025 as per approved arrangement of amalgamation.
Accordingly, the Company has accounted for the business combination transaction using the Pooling of interest method in
accordance with the approved scheme as per Appendix C of Ind AS 103, Business Combinations of Entities under Common
Control. Pursuant to above, the financial statements of the Company in respect of the prior periods have been restated as if
the aforesaid business combination had occurred from the beginning of the preceding period, irrespective of the actual date
of the combination.

Reason for not been held in the name of the Company

These properties were obtained pursuant to demerger with Suven Lifesciences Limited and are legally owned by the Company.
However, the land records are pending for suitable change to update the name of the Company from the erstwhile company.

60 Earnings per share

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by
the weighted average number of equity shares outstanding during the year. For the purpose of calculating diluted earnings
per share, the net profit attributable to equity shareholders and the weighted average number of shares outstanding are
adjusted for the effect of all dilutive potential equity shares which includes all stock options granted to employees. The
number of equity shares is the aggregate of the weighted average number of equity shares and the weighted average
number of equity shares which are to be issued in the conversion of all dilutive potential equity shares into equity shares.
Dilutive potential equity shares are deemed to have been converted at the beginning of the period, unless issued at a later
date. Dilutive potential equity shares are determined independently for each period presented.

The options are granted at an exercise price, which is in accordance with the relevant SEBI guidelines in force, at the time of
such grants. Each option entitles the holder to exercise the right to apply for and seek allotment of one equity share of face
value C10 each.

No of option to be vested is based on the multiple of money (MoM) on the investment in the Company made by the Investors.
No of options shall vest in tranches on the full or partial exit of the Investors from the Company. The fair value of the share
options is estimated at the grant date using Monte Carlo Simulation Pricing ("MCS") method, taking into account the terms
and conditions upon which the share options were granted.

63 Significant events

(a) The Board of Directors had approved on 29 February 2024, the Cohance Scheme of Amalgamation of Cohance Life
Sciences Limited (Transferor Company) into and with Suven Pharmaceuticals Limited (now known as Cohance
Lifesciences Limited) ('The Company') under the provisions of Sections 230 to 232 of the Companies Act, 2013 subject
to receipt of applicable approval including approval from Hon'ble NCLT ("" Cohance Scheme "").

The Company received observation letter with ""no adverse observations"" from BSE Limited on 19 July 2024 and
observation letter with ""no objection"" from the National Stock Exchange of India Limited on 23 July 2024 respectively
in relation to the Scheme of Amalgamation based on which it filed the application with the NCLT on 25 July 2024.

The NCLT vide its order pronounced on 22 October 2024 has directed the convening of the meetings of the shareholders of
both the Transferor Company and the Transferee Company, for approving the Scheme of Amalgamation and dispensing
with the meetings of secured and unsecured creditors and serve notices to the concerned regulatory authorities

for seeking their representations, if any. Based on the NCLT order dated 22 October 2024, meetings of the equity
shareholders of both the Transferor Company and the Transferee Company were held on 28 November 2024 to consider
and approve the Scheme. The Scheme has been approved by the Members of the Company with requisite majority.

The Hon'ble NCLT, Mumbai vide its Order dated 27 March 2025 has sanctioned the Cohance Scheme. The Company has
filed the certified copy of the Order with Registrar of Companies on 23 April 2025. As per the Scheme, the Appointed
date which is also the effective date of the Scheme has been determined as 1 May 2025. Accordingly, the Scheme shall
be accounted from the Appointed/ Effective date i.e. 1 May 2025 and in the manner prescribed under the scheme.

Key impacts of the Scheme are as follows:

(i) The name of the Company i.e. "Suven Pharmaceuticals Limited" has also been changed to "Cohance Lifesciences
Limited", effective from 7 May 2025.

(ii) The Company has allotted equity shares to the shareholders of the Transferor Company, in the ratio of 11 (eleven)
fully paid-up equity shares of C1 each of the Company for every 295 fully paid-up equity shares of C10 each held
by such shareholders in Transferor Company. Accordingly, Company has allotted 12,65,38,578 equity shares of
C1 each to Jusmiral Holdings Limited, who was promoter shareholder of the Transferor Company. Consequent to
the said allotment of shares, Jusmiral Holdings Limited also forms part of the promoter group of Company and
the existing promoter, Berhyanda Limited, who was holding 50.1% (pre-merger allotment) equity share capital of
Company, is now holding 33.34% shares of Company (post-merger allotment).

64 The Standalone financial statements for the year ended 31 March 2025 were approved by the Board of Directors on
28 May 2025.

This is notes to the standalone financial statements including material accounting policy and other explanatory information
referred to in our report of even date.

For Walker Chandiok & Co LLP For and on behalf of Board of Directors of

Chartered Accountants Cohance Lifesciences Limited (formerly known as Suven Pharmaceuticals Limited)

Firm's Registration No.: 001076N/N500013

Ashish Gupta Vivek Sharma Dr. V. Prasada Raju

Partner Executive Chairman Managing Director

Membership No.: 504662 DIN : 08559495 DIN : 07267366

Sudhir Kumar Singh Himanshu Agarwal Kundan Kumar Jha

Chief Executive Officer Chief Financial Officer Company Secretary

Place: Hyderabad Place :Hyderabad

Date: 28 May 2025 Date: 28 May 2025