xiii) Provisions, Contingent Liabilities and Commitments

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a
past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate
can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present
obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding
the obligation. When a provision is measured using the cash flows estimated to settle the present obligation,
its carrying amount is the present value of those cash flows (when the effect of the time value of money is
material).

Contingent liabilities exist when there is a possible obligation arising from past events, the existence of which
will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not
wholly within the control of the Company, or a present obligation that arises from past events where it is
either not probable that an outflow of resources will be required to settle the obligation or the amount cannot
be reliably estimated. Contingent liabilities are appropriately disclosed unless the possibility of an outflow of
resources embodying economic benefits is remote.

Commitments are future liabilities for contractual expenditure, classified and disclosed as follows:

a) Estimated amount of contracts remaining to be executed on capital account and not provided for.

b) Export obligations against the licenses taken for import of capital goods under the EPCG Scheme.

c) Obligation under the E-Waste (Management) Rules, 2016.

xiv) Warranties

Provisions for the expected cost of warranty obligations for domestic sales are recognised at the date of
sale of the relevant products, at the management's best estimate of the expenditure required to settle the
Company's obligation.

xv) Borrowing Costs

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily
takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost
of the asset. All borrowing costs are expensed in the period in which they occur. Borrowing costs consist of
interest and other costs that an entity incurs in connection with the borrowing of funds. Interest on Borrowing
is calculated using Effective Interest Rate (EIR) method and is recognised in statement of profit and loss.

xvi) Segment reporting

Operating segments are reported consistent with the internal reporting provided to Chief Operating
Decision Maker.

xvii) Financial instruments

Financial assets and financial liabilities are recognised when a Company entity becomes a party to the
contractual provisions of the instruments.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly
attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets
and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of
the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly
attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are
recognised immediately in statement of profit and loss.

xviii) Financial assets

All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis.
Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within
the time frame established by regulation or convention in the marketplace.

All financial assets are recognized initially at fair value, plus in the case of financial assets not recorded at fair
value through profit or loss (FVTPL), transaction costs that are attributable to the acquisition of the financial
asset. However, trade receivables that do not contain a significant financing component are measured at
transaction price.

Classification of financial assets

Debt instruments that meet the following conditions are subsequently measured at amortised cost:

Ý the asset is held within a business model whose objective is to hold assets in order to collect
contractual cash flows; and

Ý the contractual terms of the instrument give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.

Investment in subsidiaries are measured at cost less impairment loss, if any

For the impairment policy on financial assets measured at amortised cost, refer paragraph on Impairment
of financial assets.

Debt instruments that meet the following conditions are subsequently measured at fair value through other
comprehensive income (FVTOCI):

Ý the asset is held within a business model whose objective is achieved both by collecting contractual
cash flows and selling financial assets; and

Ý the contractual terms of the instrument give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.

Interest income is recognised in profit or loss for FVTOCI debt instruments. For the purposes of recognising
foreign exchange gains and losses, FVTOCI debt instruments are treated as financial assets measured at
amortised cost. Thus, the exchange differences on the amortised cost are recognised in profit or loss and
other changes in the fair value of FVTOCI financial assets are recognised in other comprehensive income and
accumulated under the heading of 'Reserve for debt instruments through other comprehensive income'.
When the investment is disposed of, the cumulative gain or loss previously accumulated in this reserve is
reclassified to statement of profit and loss.

For the impairment policy on debt instruments at FVTOCI, refer paragraph on Impairment of financial assets.
All other financial assets are subsequently measured at fair value through profit and loss (FVTPL).

Effective interest method

The effective interest method is a method of calculating the amortised cost of a debt instrument and
of allocating interest income over the relevant period. The effective interest rate is the rate that exactly
discounts estimated future cash receipts (including all fees paid that form an integral part of the effective
interest rate, transaction costs and other premiums or discounts) through the expected life of the debt
instrument, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

Income is recognised on an effective interest basis for debt instruments other than those financial assets
classified as at FVTPL. Interest income is recognised in statement of profit and loss and is included in the
"Other income" line item.

Financial assets at fair value through profit or loss (FVTPL)

Investments in equity instruments are classified as at FVTPL.

Debt instruments that do not meet the amortised cost criteria or FVTOCI criteria (see above) are measured
at FVTPL. In addition, debt instruments that meet the amortised cost criteria or the FVTOCI criteria but are
designated as at FVTPL are measured at FVTPL.

Financial assets (including derivative assets) at FVTPL are measured at fair value at the end of each reporting
period, with any gains or losses arising on remeasurement recognised in profit or loss. The net gain or loss
recognised in profit or loss incorporates any dividend or interest earned, mark to market gain on the financial
asset and is included in the 'Other income' line item. Dividend on financial assets at FVTPL is recognised
when the Company's right to receive the dividends is established, it is probable that the economic benefits
associated with the dividend will flow to the entity, the dividend does not represent a recovery of part of
cost of the investment and the amount of dividend can be measured reliably.

Impairment of financial assets

The Company applies the expected credit loss model for recognising impairment loss on financial assets
measured at amortised cost, debt instruments at FVTOCI, trade receivables, other contractual rights to
receive cash or other financial asset, and financial guarantees not designated as at FVTPL.

Expected credit losses are the weighted average of credit losses with the respective risks of default occurring
as the weights. Credit loss is the difference between all contractual cash flows that are due to the Company
in accordance with the contract and all the cash flows that the Company expects to receive (i.e. all cash
shortfalls), discounted at the original effective interest rate (or credit-adjusted effective interest rate for
purchased or originated credit-impaired financial assets). The Company estimates cash flows by considering
all contractual terms of the financial instrument (for example, prepayment, extension, call and similar
options) through the expected life of that financial instrument.

The Company measures the loss allowance for a financial instrument at an amount equal to the lifetime
expected credit losses if the credit risk on that financial instrument has increased significantly since initial
recognition. If the credit risk on a financial instrument has not increased significantly since initial recognition,
the Company measures the loss allowance for that financial instrument at an amount equal to 12-month
expected credit losses. 12-month expected credit losses are portion of the life-time expected credit losses
and represent the lifetime cash shortfalls that will result if default occurs within the 12 months after the
reporting date and thus, are not cash shortfalls that are predicted over the next 12 months.

If the Company measured loss allowance for a financial instrument at lifetime expected credit loss model in
the previous period, but determines at the end of a reporting period that the credit risk has not increased
significantly since initial recognition due to improvement in credit quality as compared to the previous
period, the Company again measures the loss allowance based on 12-month expected credit losses.

When making the assessment of whether there has been a significant increase in credit risk since initial
recognition, the Company uses the change in the risk of a default occurring over the expected life of the
financial instrument instead of the change in the amount of expected credit losses. To make that assessment,
the Company compares the risk of a default occurring on the financial instrument as at the reporting date
with the risk of a default occurring on the financial instrument as at the date of initial recognition and
considers reasonable and supportable information, that is available without undue cost or effort, that is
indicative of significant increases in credit risk since initial recognition.

For trade receivables or any contractual right to receive cash or another financial asset that result from
transactions that are within the scope of Ind AS 11 and Ind AS 115, the Company always measures the loss
allowance at an amount equal to lifetime expected credit losses.

Further, for the purpose of measuring lifetime expected credit loss allowance for trade receivables, the
Company has used a practical expedient as permitted under Ind AS 109. This expected credit loss allowance

is computed based on a provision matrix which takes into account historical credit loss experience and
adjusted for forward-looking information.

The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there
is no realistic prospect of recovery.

The impairment requirements for the recognition and measurement of a loss allowance are equally applied
to debt instruments at FVTOCI except that the loss allowance is recognised in other comprehensive income
and is not reduced from the carrying amount in the balance sheet.

Derecognition of financial assets

The Company derecognises a financial asset when the contractual rights to the cash flows from the asset
expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the
asset to another party.

On derecognition of a financial asset in its entirety, the difference between the asset's carrying amount
and the sum of the consideration received and receivable and the cumulative gain or loss that had been
recognised in other comprehensive income and accumulated in equity is recognised in profit or loss if such
gain or loss would have otherwise been recognised in profit or loss on disposal of that financial asset.

On derecognition of a financial asset other than in its entirety (e.g. when the Company retains an option to
repurchase part of a transferred asset), the Company allocates the previous carrying amount of the financial
asset between the part it continues to recognise under continuing involvement, and the part it no longer
recognises on the basis of the relative fair values of those parts on the date of the transfer. The difference
between the carrying amount allocated to the part that is no longer recognised and the sum of the
consideration received for the part no longer recognised and any cumulative gain or loss allocated to it that
had been recognised in other comprehensive income is recognised in profit or loss if such gain or loss would
have otherwise been recognised in profit or loss on disposal of that financial asset. A cumulative gain or loss
that had been recognised in other comprehensive income is allocated between the part that continues to
be recognised and the part that is no longer recognised on the basis of the relative fair values of those parts.

xix) Financial liabilities

All financial liabilities are subsequently measured at amortised cost using the effective interest method or
at FVTPL.

However, financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or
when the continuing involvement approach applies, financial guarantee contracts issued by the Company,
and commitments issued by the Company to provide a loan at below-market interest rate are measured in
accordance with the specific accounting policies set out below.

Financial liabilities subsequently measured at amortised cost

Financial liabilities that are not held-for-trading and are not designated as at FVTPL are measured at
amortised cost at the end of subsequent accounting periods. The carrying amounts of financial liabilities
that are subsequently measured at amortised cost are determined based on the effective interest method.
Interest expense that is not capitalised as part of costs of an asset is included in the 'Finance costs' line item.

The effective interest method is a method of calculating the amortised cost of a financial liability and
of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly

discounts estimated future cash payments (including all fees and points paid or received that form an
integral part of the effective interest rate, transaction costs and other premiums or discounts) through the
expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on
initial recognition.

Financial guarantee contracts

A financial guarantee contract is a contract that requires the issuer to make specified payments to reimburse
the holder for a loss it incurs because a specified debtor fails to make payments when due in accordance
with the terms of a debt instrument.

Financial guarantee contracts issued by a Company entity are initially measured at their fair values and, if not
designated as at FVTPL, are subsequently measured at the higher of:

Ý the amount of loss allowance determined in accordance with impairment requirements of Ind AS
109; and

Ý the amount initially recognised less, when appropriate, the cumulative amount of income recognised in
accordance with the principles of Ind AS 115.

Derecognition of financial liabilities

The Company derecognises financial liabilities when, and only when, the Company's obligations are
discharged, cancelled or have expired. An exchange with a lender of debt instruments with substantially
different terms is accounted for as an extinguishment of the original financial liability and the recognition
of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability
(whether or not attributable to the financial difficulty of the debtor) is accounted for as an extinguishment
of the original financial liability and the recognition of a new financial liability. The difference between the
carrying amount of the financial liability derecognised and the consideration paid and payable is recognised
in statement of profit and loss.

Derivative liabilities at FVTPL are stated at fair value, with any gains or losses arising on remeasurement
recognised in profit or loss. The mark to market loss recognised in profit or loss is included in the 'Other
expense' line item.

xx) Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks 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.

xxi) Exceptional Items

An item of income or expense which by its size, type or incidence requires disclosure in order to improve an
understanding of the performance of the Company is treated as an exceptional item and disclosed as such
in the financial statements.

xxii) Earnings per Share

Basic earnings per share are calculated by dividing the profit for the period attributable to equity shareholders
by the weighted average number of equity shares outstanding during the period. For the purpose of
calculating diluted earnings per share, the profit for the period attributable to equity shareholders and the
weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive
potential equity shares.

xxiii) Statement of Cash Flows

Statement of Cash flows is reported using the indirect method, whereby profit for the year is adjusted for
the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or
payments. The cash flows from operating, investing and financing activities of the Company are segregated
based on the available information.

xxiv) Operating Cycle

The operating cycle is the time between the acquisition of assets for processing and their realization in cash
or cash equivalents. The Company has identified twelve months as its operating cycle.

(2-B)Critical accounting estimates and judgements

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

Estimates and judgements

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

Impairment of financial assets

The impairment provisions for Financial Assets are based on judgements about risk of default and expected
cash loss. The Company uses judgement in making these judgements and selecting the inputs to the
impairment calculation, based on Company's past history, existing market conditions as well as forward
looking estimates at the end of each reporting period. The Company reviews its carrying value of investments
carried at cost in subsidiaries (net of impairment, if any) annually, or more frequently when there is indication
for impairment. If the recoverable amount is less than its carrying amount, the impairment loss is accounted
for in the statement of profit and loss (Refer note no. 39.2 & 39.3).

Fair value measurement

In measuring the fair value of certain assets and liabilities for financial reporting purpose, the Company uses
market observable data to the extent available. Where such Level 1 inputs are not available, the Company
establish appropriate valuation techniques and inputs to the model. The inputs to these models are taken
from observable markets where possible, but where this is not feasible, a degree of judgment is required
in establishing fair values. Judgments include considerations of inputs such as liquidity risk, credit risk
and volatility. Changes in judgements about these factors could affect the reported fair value of financial
instruments. Refer note 44 for further disclosures.

(2-C)Recent accounting pronouncements

New and amended Ind ASs effective from April 01,2024

The Ministry of Corporate Affairs (MCA) notifies new standards or amendments to the existing standards
under the Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended
on March 31,2025, the 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 effective from April 01,2024.
The Company has evaluated the new pronouncements or amendments and there is no material impact on
its Financial Statements.

New and revised Ind ASs in issue but not yet effective

The Ministry of Corporate Affairs (MCA) notifies new standards or amendments to the existing standards.
There is no such notification which will be applicable from April 01,2025.

For category-wise classification of Non-Current Investments Refer note 43(a).

i) The Company has pledged 33,400,000 (Previous year 33,400,000) ordinary shares of Symphony AU Pty. Limited,
Australia worth H183.91 crores (Previous year H183.91 crores) mentioned above in favour of Standard Chartered
Bank, India (security agent for Standard Chartered Bank, UK) as collateral in respect to acquisition loan availed
by Symphony AU Pty Limited, Australia as per terms of the amendment and restatement agreement with the
Bank (Refer note no. 34).

ii) The Company has pledged units of mutual funds worth H24.41 crores (Previous year H22.72 crores) out of
the above mentioned investments in favour of ICICI Bank as security in respect of working capital facility
H75 crores (Previous year H75 crores) sanctioned by the bank.

iii) The Company has pledged units of mutual funds worth H46.38 crores (Previous year H43.27 crores) out of
the above mentioned investments in favour of HDFC Bank as security in respect of working capital facility of
H39 crores (Previous year H39 crores) sanctioned by the bank.

(i) Trade receivables are non-interest bearing and are generally on terms of 0 to 180 days.

(ii) No trade or other receivable are due from directors or other officers of the Company either severally or jointly
with any other person; nor any trade or other receivable are due from firms or private companies in which any
director is a partner, a director or a member.

(iii) There has been no change in the estimation technique for ECL during the current period.

(iv) The Company writes off a trade receivable when there is information indicating that the debtor is in severe
financial difficulty and there is no realistic prospect of recovery.

(i) The Board of Directors have recommended a final dividend of H8/- (400%) per equity share of H2/- each
amounting to H54.94 cr. for FY 24-25. The total dividend for FY 24-25 aggregates to H13/- (650%) per equity
share of H2/- each amounting to H89.30 cr. which includes three interim dividends of H5/- (250%) per equity
share paid during the year. The final dividend is subject to approval by shareholders at the ensuing Annual
General Meeting of the Company.

(ii) In line with the requirement of the Companies Act, 2013, an amount H87.87 crores (Previous year H245.94
crores) [Including tax on buy back of H16.53 crores (Previous year H46.14 crores)] has been utilized from
retained earnings. In accordance with section 69 of the Companies Act, 2013, capital redemption reserve of
H0.06 crores (Previous year H0.20 crores) (representing the nominal value of the shares bought back) has been
created as an apportionment from retained earnings.. Further, transaction cost of buy back of shares of H 1.26
crores (Previous year H2.10 crores) has been reduced from retained earnings.

(iii) The portion of profits not distributed among the shareholders are termed as retained earnings. The Company
may utilise the retained earnings for making investments for future growth and expansion plans, for the
purpose of generating higher returns for the shareholders or for any other specific purpose, as approved by
the Board of Directors of the Company.

37. Employee Benefits

(A) Defined contribution plans

The Company makes provident fund contribution which is defined contribution plan, for qualifying employees.
Under the scheme, the Company is required to contribute a specified percentage of payroll costs to fund the
benefits. The Company recognised H1.67 crores (Year ended March 31, 2024 H1.61 crores) for provident fund
contributions in the Statement of Profit and Loss. The contribution payable to this plan by the Company is at
rate specified in the rule of the scheme.

(B) Defined benefit plans

The defined benefit plan of the Company includes entitlement of gratuity for each year of service until the
retirement age.

The plan typically expose the Company to actuarial risks such as: investment risk, interest risk, longevity risk
and salary risk.

38. Leave encashment

As per the policy followed by the Company, all the leaves are enjoyable in the year itself. Therefore there
is no liability of leave encashment existing at the end of the year. Accordingly no provision is made for
leave encashment.

39. Exceptional Items

39.1 During the current year, the Company has written off H50.22 crores towards receivable from M/s Pathways
Retail Pvt Ltd, Delhi out of which H45.99 crores is classified as an exceptional item and balance H4.23 crores as
expected credit loss provision.

39.2The Company holds long-term investments in the equity shares of Symphony Au Pty Limited ("SAPL"), a wholly
owned subsidiary having subsidiaries viz. Climate Technologies Pty Limited, Australia, and Bonaire USA LLC,
USA. As of March 31,2025, the carrying amounts of these investments is H183.91 crores.

In earlier years, SAPL's consolidated turnover and profitability have faced challenges due to external factors.
However, the Company has undertaken various strategic initiatives to expedite SAPL's turnaround. These
initiatives include expanding the product portfolio, shifting from in-house manufacturing to an outsourced
business model, significantly reducing the Cost of Doing Business (CODB), and broadening distribution and
geographical reach etc.

In the current year, the Company's management has conducted detailed cash flow projections to determine
the recoverable value of its investments, in line with Ind AS 36 - Impairment of Assets. After a meticulous
evaluation of the aforementioned factors, the management has concluded its assessment, resulting in
a provision for an impairment loss of H50.15 crores. This impairment loss has been recorded against the
Company's investments and is presented as an exceptional item in the statement of profit and loss.

39.3During FY 2023-24, the Company had made provision for expected credit loss on loan given to Guangdong
Symphony Keruilai Air Coolers Company Limited (GSK), a wholly owned subsidiary of the Company in China
amounting to H7.73 crores, classified as an exceptional item in accordance with the requirements of Ind
AS 109.

In earlier years, i.e. FY 2019-20, the Company had made impairment provision of HI .55 crores towards
investment in GSK and classified it as an exceptional item.

39. Exceptional Items Contd

During FY 2024-25, there is an improvement in the operational cashflow of GSK as a result of which it
repaid H10.47 crores towards loan in the current year. Based on the projected cashflows GSK is expected to
repay substantial loan amount in the coming year. Considering this, the Company has reversed provision
for expected credit loss amounting to H7.73 crores towards loan and impairment provision of H1.55 crores
towards Investment. The same has been, classified as an exceptional item in the statement of profit and loss.

40. Assets classified as held for sale

During the year, the Company has decided to sell a land in Ahmedabad. Accordingly these assets are classified
as "Assets held for sale" at their carrying value of H5.68 crores as they met the criteria laid out under Ind AS 105
"Non-current Assets Held for Sale and Discontinued Operations".

43. Financial Instruments
Capital Management

The Company manages its capital to ensure that the Company will be able to continue as going concern,
while maximising the return to stakeholders through efficient allocation of capital towards expansion
of business, optimisation of working capital requirements and deployment of surplus funds into various
investment options.

The Company is not subject to any externally imposed capital requirements.

The management of the Company reviews the capital structure of the Company on regular basis.

The following table summarises the capital of the Company.

The Company's management monitors and manages the financial risks relating to the operations of the
Company. These risks include market risk (including currency risk, interest rate risk and other price risk),
credit risk and liquidity risk. The Company's risk management is done in close co-ordination with the board
of directors and focuses on actively securing the Company's short, medium and long-term cash flows by
minimizing the exposure to volatile financial markets. The Company does not enter into or trade financial
instruments, including derivative financial instruments, for speculative purposes. The most significant risks to
which the Company is exposed are described below:

Market risk

Market risk is the risk of any loss in future earnings, in realisable fair values or in future cash flows that may
result from a change in the price of a financial instrument. The Company's activities expose it primarily to the
financial risks of changes in foreign currency exchange rates, interest rates risk, liquidity risk, credit risk and
price risk which impact returns on investments. Market risk exposures are measured using sensitivity analysis.

Foreign currency risk management

The company is mainly exposed to the currency of United States Dollar (USD), Australian Dollar (AUD), and
Chinese Yuan Renminbi (CNY) against Indian Rupee (INR), have an impact on the Company's operating results.
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of
changes in foreign exchange rates. The Company enters into foreign exchange forward contracts to manage
the foreign currency risk exposure.

When a derivative is entered into for the purpose of being a hedge, the Company negotiates the terms
of those derivatives to match the terms of the hedged exposure. For hedges of forecast transactions, the
derivatives cover the period of exposure from the point the cash flows of the transactions are forecasted up
to the point of settlement of the resulting receivable or payable that is denominated in the foreign currency.

At March 31,2025 the Company hedged 14% (March 31,2024: 48%) of its expected foreign currency receivable.
Those hedged sales were highly probable at the reporting date. This foreign currency risk is partly hedged by
using foreign currency forward contracts.

45. Financial risk management objectives And Policies Contd.

Foreign currency sensitivity

The following table details the Company's sensitivity to a 5% increase and decrease in the H against the
relevant foreign currencies. 5% is the sensitivity rate used when reporting foreign currency risk internally to
key management personnel and represents management's assessment of the reasonably possible change
in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated
monetary items and adjusts their transaction at the period end for a 5% change in foreign currency rates.
A positive number below indicates an increase in profit or equity where the H strengthens 5% against the
relevant currency. For a 5% weakening of the Hagainst the relevant currency, there would be a comparable
impact on the profit or equity, and the balances below would be negative.

Credit risk management

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial
loss to the Company.

Financial instruments that are subject to concentrations of credit risk, principally consist of balance with
banks, investments (Bond, NCD, preference share and mutual fund), trade receivables, loans and advances.

Balances with banks were not past due or impaired as at the year end. In other financial assets that are not past
dues and not impaired, there were no indication of default in repayment as at the year end.

Credit risk arises from the possibility that customers may not be able to settle their obligations as agreed.
To manage this risk, the Company periodically assesses the financial reliability of customers, taking into
account their financial position, past experience and other factors. The Company manages credit risk through,
establishing credit limits and continuously monitoring the creditworthiness of customers to which the
Company grants credit terms in the normal course of business.

The management continuously monitors the credit exposure towards the customers outstanding at the end
of each reporting period to determine incurred and expected credit losses.

The Company's exposure to price risk arises from investments in Bond, NCD, preference share and mutual
fund held by the Company and classified in the balance sheet at fair value through OCI and at fair value
through profit or loss. To manage its price risk arising from investments, the Company diversifies its portfolio.
Diversification of the portfolio is done in accordance with the limits set by the Company.

Price risk sensitivity

The table below summarises the impact of increases / decreases of the index on the Company's equity and
profit for the year.

Interest rate risk

The Company's majority investments are primarily in fixed rate interest bearing investments. Except in case of
Market Linked Debentures the Company is not significantly exposed to interest rate risk.

Liquidity risk

The Company manages liquidity risk by maintaining adequate reserves by continuously monitoring forecast
and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

Maturities of financial liabilities:

The tables below analyse the Company's financial liabilities into relevant maturity groupings base on their
contractual maturities for all non-derivative financial liabilities.

47. Other Statutory Information

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

(ii) The Company did not have any transactions with companies struck off.

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

(iv) The Company has not been declared wilful defaulter by any bank or financial institution or other lender.

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

(vi) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including
foreign entities (Intermediaries) with any oral or written 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

(vii) The Company has not received any fund from any person(s) or entity(ies), including foreign entities
(Funding Party) with any oral or written 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,

(viii) The Company has no such transactions which are 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).

48. Amount below H50 thousand is mentioned as "0.00".

49. The Company evaluates events and transactions that occur subsequent to the balance sheet date but
prior to the approval of financial statements to determine the necessity for recognition and/or reporting of
subsequent events and transactions in the financial statements.

The Company's Board of Directors, in their meeting held on April 12, 2025, announced a strategic initiative to
explore the divestment/monetization of its stakes in wholly owned subsidiaries: (i) Climate Technologies Pty
Limited (CT) in Australia, and (ii) IMPCO S de R.L. de C.V. (IMPCO) in Mexico by appointing an Investment Banker.

As of May 07, 2025, there were no subsequent events and transactions to be recognised or reported that are
not already disclosed other than mentioned above.

50. Approval of financial statements

The financial statements were approved for issue by the board of directors on May 07, 2025.

For and on behalf of the board

Achal Bakeri Nrupesh Shah Amit Kumar

Chairman & Managing Director- Executive Director &

Managing Director Corporate Affairs Group CEO

DIN-00397573 DIN-00397701 DIN-01946117

Mayur Barvadiya Girish Thakkar

Place : Ahmedabad Company Secretary & Chief Financial Officer

Date : May 07, 2025 Head Legal