m) Provisions and Contingent Liabilities
General

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

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

Warranty provisions

The Company provides warranties for general

repairs of defects that existed at the time of sale.
The estimated liability for product warranties is
recorded when products are sold. These estimates
are established using historical information on the
nature, frequency and average cost of warranty
claims, Management estimates for possible future
incidence based on corrective actions on product
failures. The timing of outflows will vary as and
when warranty claims arise being typically up to
ten years.

Contingent Liabilities

A contingent liability is a possible obligation that
arises from past events whose existence will be
confirmed by the occurrence or non-occurrence of
one or more uncertain future events beyond the
control of the Company or a present obligation that
is not recognized because it is not probable that
an outflow of resources will be required to settle
the obligation. A contingent liability also arises in
extremely rare cases, where there is a liability that
cannot be recognized because it cannot be
measured reliably. The Company does not
recognize a contingent liability but discloses its
existence in the financial statements unless the
probability of outflow of resources is remote.

Provisions, contingent liabilities, contingent assets
and commitments are reviewed at each balance
sheet date.

n) Retirement and other employee benefits
Short-term obligations

Liabilities for wages and salaries, including non -
monetary benefits that are expected to be settled
wholly within twelve months after the end of the
period in which the employees render the related
service are recognized in respect of employee
service upto the end of the reporting period and
are measured at the amount expected to be paid
when the liabilities are settled. The liabilities are
presented as current employee benefit obligations
in the balance sheet.

Provident fund

Retirement benefit in the form of Provident Fund
is a defined contribution scheme. The Company

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

Superannuation Fund

Retirement benefit in the form of Superannuation
Fund is a defined contribution scheme. The
Company has no obligation, other than the
contribution payable to the superannuation fund.
The Company recognises contribution payable to
the relevant scheme as expenditure, when an
employee renders the related service. The
Company has arrangement with Insurance
Company to administer its superannuation
scheme.

Gratuity

Gratuity liability is defined benefit obligation and
is provided for on the basis of an actuarial
valuation on projected unit credit (PUC) method
made at the end of each financial year. The
Company has created an approved Gratuity Fund,
which has taken a group gratuity cum insurance
policy with an Insurance company to cover the
gratuity liability of the employees and premium on
contribution paid to such insurance company is
charged to the Statement of Profit and Loss.

Remeasurements, comprising of actuarial gains
and losses, the effect of the asset ceiling, excluding
amounts included in net interest on the net defined
benefit liability and the return on plan assets
(excluding amounts included in net interest on the
net defined benefit liability), are recognised
immediately in the Balance Sheet with a
corresponding debit or credit to retained earnings

through OCI in the period in which they occur.
Remeasurements are not reclassified to Statement
of Profit and Loss in subsequent periods.

Past service costs are recognised in Statement of
Profit and Loss on the earlier of:

• The date of the plan amendment or
curtailment, and

• The date that the Company recognises related
restructuring costs.

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

• Service costs comprising current service costs,
past-service costs, gains and losses on
curtailments and non-routine settlements;
and

• Net interest expense or income.

Welfare schemes:

i. The Company provides for liability in respect
of other long term benefit schemes offered
to the employees of the Faridabad
Refrigeration Operations and Puducherry
Washers Operations on the basis of year end
actuarial valuation. This is an unfunded
defined benefit scheme.

ii. The Company provides for liability in respect
of long term service award scheme for its
employees at the Faridabad and Pune
Refrigeration Operations and Puducherry
Washers Operations on the basis of year end
actuarial valuation. This is an unfunded
defined benefit scheme.

The cost of providing benefits under the welfare
schemes is determined using the projected unit
credit method and such costs are recognised in
Statement of Profit and Loss.

Compensated absences:

Compensated absences for white collar employees
are expected to occur within twelve months after
the end of the period in which the employee

renders the related services, are recognised as
undiscounted liability at the Balance Sheet date.

For blue collar employees, the Company accounts
accumulated leave to be carried forward beyond
twelve months as long term employee benefit for
measurement purposes, such long term
compensated absences are provided for based on
actuarial valuation which is done as per projected
unit credit method at year end. The Company
presents the leave as current liability in the Balance
Sheet to the extent it does not have an
unconditional right to defer its settlement beyond
twelve months from the reporting date.

o) Share-based Payments

Employees (including senior executives) of the
Company receive remuneration from the Ultimate
Holding Company in the form of share-based
payments, whereby employees render services as
consideration for equity instruments (equity-
settled transactions).

Equity-settled transactions

The Company does not provide any share-based
compensation to its employees. However, the
Ultimate Holding Company, Whirlpool Corporation,
USA has provided various share-based payment
schemes to employees.

The cost of equity-settled transactions is
determined by the fair value based on the market
price of the common stock of Ultimate Holding
Company at the date when the grant is made.

That cost is recognised as employee benefits
expense in the Statement of Profit and Loss
together with a corresponding increase in other
equity as 'Share based payments reserve (Deemed
capital contribution)' in lines with requirement as
per Ind AS 102 (Share based payments), over the
period in which the performance and/ or service
conditions are fulfilled. The cumulative expense
recognised for equity-settled transactions at each
reporting date until the vesting date reflects the
extent to which the vesting period has expired and
the Company's best estimate of the number of
equity instruments that will ultimately vest. The
Statement of Profit and Loss expense or credit for

a period represents the movement in cumulative
expense recognised as at the beginning and end
of that period and is recognised in employee
benefits expense.

Service and non-market performance conditions
are not taken into account when determining the
grant date fair value of awards, but the likelihood
of the conditions being met is assessed as part of
the Company's best estimate of the number of
equity instruments that will ultimately vest. Market
performance conditions are reflected within the
grant date fair value. Any other conditions attached
to an award, but without an associated service
requirement, are considered to be non-vesting
conditions. Non-vesting conditions are reflected in
the fair value of an award and lead to an immediate
expensing of an award unless there are also service
and/ or performance conditions.

No expense is recognised for awards that do not
ultimately vest because non-market performance
and/ or service conditions have not been met.
Where awards include a market or non-vesting
condition, the transactions are treated as vested
irrespective of whether the market or non-vesting
condition is satisfied, provided that all other
performance and/ or service conditions are
satisfied.

When the terms of an equity-settled award are
modified, the minimum expense recognised is the
expense had the terms had not been modified, if
the original terms of the award are met. An
additional expense is recognised for any
modification that increases the total fair value of
the share-based payment transaction, or is
otherwise beneficial to the employee as measured
at the date of modification. Where an award is
cancelled by the entity or by the counterparty, any
remaining element of the fair value of the award
is expensed immediately through Statement of
Profit and Loss.

Cash Incentives to employees

The Ultimate Holding Company gives performance
based cash incentives to certain employees
including Key Management Personnel on account

of their contribution towards Company's growth.
As the amount is paid to employees after a period
of 3 years, therefore the cost of cash incentive is
recognised on an accrual basis based on the best
possible estimate by the Management. Such cost
is recognised as a part of employee benefits
expense in the Statement of Profit and Loss with a
corresponding increase in other equity as 'Cash
Incentive reserve (Deemed capital contribution)'.

p) 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.

Financial assets

Initial recognition and measurement

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

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

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

The Company's business model for managing
financial assets refers to how it manages its
financial assets in order to generate cash flows.
The business model determines whether cash
flows will result from collecting contractual cash
flows, selling the financial assets, or both. Financial
assets classified and measured at amortised cost
are held within a business model with the objective
to hold financial assets in order to collect
contractual cash flows while financial assets
classified and measured at fair value through OCI
are held within a business model with the objective
of both holding to collect contractual cash flows
and selling.

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.

Subsequent measurement

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

• Financial Assets at amortised cost

• Financial Assets at Fair Value through profit
and loss (FVTPL)

• Financial Assets at fair value through other
comprehensive income (FVTOCI)

Financial Assets at amortised cost

A financial asset is measured at the amortised cost
if both the following conditions are met:

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

b) Contractual terms of the asset give rise on
specified dates to cash flows that are Solely
Payments of Principal and Interest (SPPI) on
the principal amount outstanding.

This category is the most relevant to the Company.

After initial measurement, such financial assets are
subsequently measured at amortised cost using
the effective interest rate (EIR) method. Amortised
cost is calculated by taking into account any
discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR
amortisation is included in other income in the
Statement of Profit and Loss. The losses arising
from impairment are recognised in the Statement
of Profit and Loss. This category generally applies
to trade receivables, security deposits and other
receivables. For more information on receivables,
refer note 5 & 8.

Financial Assets at FVTOCI

A financial asset is classified as at the FVTOCI if both
of the following criteria are met:

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

b) The asset's contractual cash flows represent
Solely Payments of Principal and Interest.

Financial assets included within the FVTOCI
category are measured initially as well as at each
reporting date at fair value. Fair value movements
are recognized in the other comprehensive income
(OCI). However, the Company recognizes interest
income, impairment losses & reversals and foreign
exchange gain or loss in the Profit and loss. On
derecognition of the asset, cumulative gain or loss
previously recognised in OCI is reclassified from
the equity to Profit and loss. Interest earned whilst
holding FVTOCI financial asset is reported as
interest income using the EIR method.

The Company does not have financial assets which
are classified at the FVTOCI.

Financial Assets at FVTPL

FVTPL is a residual category for financial assets.
Any financial asset, which does not meet the
criteria for categorization as at amortized cost or
as FVTOCI, is classified as at FVTPL.

In addition, the Company may elect to designate a
financial asset, 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'). The Company has designated, forward
exchange contracts taken by the Company to
mitigate the foreign exchange risk, as at FVTPL.

Financial assets included within the FVTPL category
are measured at fair value with all changes
recognized in the Statement of Profit and Loss.

Derecognition

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

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

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

When the Company has transferred its rights to
receive cash flows from an asset or has entered
into a pass-through arrangement, it evaluates if
and to what extent it has retained the risks and
rewards of ownership. When it has neither
transferred nor retained substantially all of the
risks and rewards of the asset, nor transferred
control of the asset, the Company continues to
recognise the transferred asset to the extent of the
Company's continuing involvement. In that case,
the Company also recognises an associated
liability. The transferred asset and the associated
liability are measured on a basis that reflects the
rights and obligations that the Company has
retained.

The Company considers a financial asset in default
when contractual payments are 180 days past due.

However, in certain cases, the Company may also
consider a financial asset to be in default when
internal or external information indicates that the
Company is unlikely to receive the outstanding
contractual amounts in full before taking into
account any credit enhancements held by the
Company. A financial asset is written off when
there is no reasonable expectation of recovering
the contractual cash flows.

Impairment of financial assets

The Company recognises an allowance for
expected credit losses (ECLs) for all financial
instruments not held at fair value through profit
or loss. ECLs are based on the difference between
the contractual cash flows due in accordance with
the contract and all the cash flows that the
Company expects to receive, discounted at an
approximation of the original effective interest
rate. The expected cash flows will include cash
flows from the sale of collateral held or other credit
enhancements that are integral to the contractual
terms.

ECLs are recognised in two stages. For credit
exposures for which there has not been a
significant increase in credit risk since initial
recognition, ECLs are provided for credit losses that
result from default events that are possible within
the next 12-months (a 12-month ECL). For those
credit exposures for which there has been a
significant increase in credit risk since initial
recognition, a loss allowance is required for credit
losses expected over the remaining life of the
exposure, irrespective of the timing of the default
(a lifetime ECL).

For trade receivables and contract assets, the
Company applies a simplified approach in
calculating ECLs. Therefore, the Company does not
track changes in credit risk, but instead recognises
a loss allowance based on lifetime ECLs at each
reporting date. The Company has established a
provision matrix that is based on its historical credit
loss experience, adjusted for forward-looking
factors specific to the debtors and the economic
environment.

Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial
recognition, as financial liabilities at fair value
through Statement of Profit and Loss, trade &
other financial liabilities, as appropriate.

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

The Company's financial liabilities include trade
and other financial liabilities and derivative
financial instruments.

Subsequent measurement

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

Financial liabilities at fair value through profit or
loss

Financial liabilities at fair value through profit or
loss include financial liabilities held for trading and
financial liabilities designated upon initial
recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading
if they are incurred for the purpose of repurchasing
in the near term. This category also includes
derivative financial instruments entered into by the
Company that are not designated as hedging
instruments in hedge relationships as defined by
Ind AS 109. Separated embedded derivatives, if
any, 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 profit or 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 are satisfied.
For liabilities designated as FVTPL, fair value gains/
losses attributable to changes in own credit risk
are recognised in OCI. These gains/ loss are not
subsequently transferred to Statement of Profit
and Loss. However, the Company may transfer the

cumulative gain or loss within equity. All other
changes in fair value of such liability are recognised
in the Statement of Profit and Loss. The Company
has not designated any financial liability as at fair
value through profit and loss.

Derecognition

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

Reclassification of financial assets

The Company determines classification of financial
assets and liabilities on initial recognition. After

initial recognition, no reclassification is made for
financial assets which are equity instruments and
financial liabilities. For financial assets which are
debt instruments, a reclassification is made only if
there is a change in the business model for
managing those assets. Changes to the business
model are expected to be infrequent. The
Company's Senior Management determines
change in the business model as a result of
external or internal changes which are significant
to the Company's operations. Such changes are
evident to external parties. A change in the
business model occurs when the Company either
begins or ceases to perform an activity that is
significant to its operations. If the Company
reclassifies financial assets, it applies the
reclassification prospectively from the
reclassification date which is the first day of the
immediately next reporting period following the
change in business model. The Company does not
restate any previously recognised gains, losses
(including impairment gains or losses) or interest.

Offsetting of financial instruments

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

q) Derivative financial instruments

Initial recognition and subsequent
measurement

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

Any gains or losses arising from changes in the fair
value of derivatives are taken directly to profit or
loss.

r) Cash and cash equivalents

Cash and cash equivalents in the Balance Sheet
comprise cash at bank and in 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.

For the purpose of the Standalone statement of
cash flows, cash and cash equivalents consist of
cash and short-term deposits, as defined above,
net of outstanding cash credit as they are
considered an integral part of the Company's cash
management.

s) Dividend

The Company recognises a liability to make cash
distributions to equity holders of the Company
when the distribution is authorised and the
distribution is no longer at the discretion of the
Company. As per the corporate laws in India, a
distribution is authorised when it is approved by
the shareholders. A corresponding amount is
recognised directly in equity.

t) Earnings per share

Basic earnings per share is calculated by dividing
the net profit or loss attributable to equity holder
of the Company by the weighted average number
of equity shares outstanding during the period.
The weighted average number of equity shares
outstanding during the period is adjusted for
events such as bonus issue, bonus element in a
rights issue, that have changed the number of
equity shares outstanding, without a
corresponding change in resources.

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

Terms/ rights attached to equity shares

The Company has only one class of equity shares having par value of INR 10 per share. Each holder of equity
shares is entitled to one vote per share. The dividend, if declared, are paid in Indian rupees. The dividend, if
any, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining
assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to
the number of equity shares held by the shareholders.

Notes:

a) Does not include any amount due and outstanding, to be credited to the Investor Education and Protection
Fund under section 125 of the Companies Act, 2013.

b) Terms and conditions of the above financial liabilities:

* Trade payables are non-interest bearing and are normally settled as per agreed credit terms.

Trade payables from related parties are INR 2,633 lacs (31 March 2024: INR 2,383 lacs), for terms and
conditions with related parties, refer to note 36.

- The range of interest rate for lease liabilities is 4.47% to 9.04%, (31 March 2024: 4.47% to 9.04%),
with maturity between 2024-2033 (31 March 2024: 2023-2033).

- Other financial liabilities are non-interest bearing and have an average term varying from 0 to 180
days.

- For explanations on the Company's credit risk management processes, refer note 42.

- The maturity analysis of financial liabilities are disclosed in note 42 Liquidity Risk.

In FY 2023-24, there was a fire at one of the warehouse of the Company situated at Alipur, Delhi on March 25,
2024 resulting in destruction/ damage of inventories and Property, Plant and Equipment (PPE) with value of
INR 1,890 Lacs and INR 1 Lac respectively. The loss aggregating to INR 1,891 Lacs has been accounted for in
the books and disclosed as "Exceptional item" in the standalone Statement of Profit and Loss. The process
relating to filing of claim with the insurance company is under process along with the process of filing the
surveyor report in respect of claim for inventories and PPE. The Company has adequate insurance coverage
for the aforesaid loss and based on its assessment of the loss and the terms and conditions of the insurance
policies, the claim is fully admissible.

Consequently, during the current financial year, the Company partly received an insurance claim amounting
to INR 700 Lakhs against the fire loss (31 March 2024: INR 1,891 Lacs) that occurred at its Alipur, Delhi. The
amount has been duly accounted for in the books of accounts and disclosed under "Exceptional Items" in the
financial statements. Follow-up procedures for the recovery of the remaining claim amount are ongoing.

32 SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS

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

Judgements

In the process of applying the Company's accounting policies, management has made the following judgements,
which have the most significant effect on the amounts recognised in the standalone financial statements.

Determining the lease term of contracts with renewal and termination options - Company as a lessee

The Company determines the lease term as the non-cancellable term of the lease, together with any periods
covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by
an option to terminate the lease, if it is reasonably certain not to be exercised.

The Company has several lease contracts that include extension and termination options. The Company applies
judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or
terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise
either the renewal or termination. After the commencement date, the Company reassesses the lease term if
there is a significant event or change in circumstances that is within its control and affects its ability to exercise
or not to exercise the option to renew or to terminate.

Revenue from contracts with customers

The Company applied the following judgements that significantly affect the determination of the amount and
timing of revenue of contract with customers:

Determining method to estimate variable consideration and assessing the constraint:

Certain contracts for the sale of products include a right to return and volume rebates that give rise to variable
consideration. In estimating the variable consideration, Company is required to use either the expected value
method or the most likely amount method based on which method better predicts the amount of consideration
to which it will be entitled.

The Company determined that the expected value method is the most appropriate method in estimating the
variable consideration for the sale of products with rights to return and volume rebates, given the large number
of customer contracts that have similar characteristics. In estimating the variable consideration for the sale of
product with volume rebates, the Company determined that using a combination of the most likely amount
method and expected value method is appropriate. The selected method that better predicts the amount of
variable consideration was primarily driven by the number of volume thresholds contained in the contract.
The most likely amount method is used for those contracts with a single volume threshold, while the expected
value method is used for contracts with more than one volume threshold.

Before including any amount of variable consideration in the transaction price, the Company considers whether
the amount of variable consideration is constrained. The Company determined that the estimates of variable
consideration are not constrained based on its historical experience, business forecast and the current
economic condition. In addition, the uncertainty on the variable consideration will be resolved within a short
time frame.

Estimates and assumptions

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

Share-based payments

The Company measures the cost of equity-settled transactions with employees by Ultimate Holding Company
using a Black Scholes Options Pricing model to determine the fair value of the liability incurred. Estimating fair
value for share-based payment transactions requires determination of the most appropriate valuation model,
which is dependent on the terms and conditions of the grant. This estimate also requires determination of
the most appropriate inputs to the valuation model including the expected life of the share option, volatility
and dividend yield and making assumptions about them. The assumptions and models used for estimating
fair value for share-based payment transactions are disclosed in note 34.

Defined benefit plans (gratuity benefits)

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

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

The mortality rate is based on publicly available mortality tables. Those mortality tables tend to change only
at interval in response to demographic changes. Future salary increases and gratuity increases are based on
expected future inflation rates. Further details about gratuity obligations are given in note 33.

Fair value measurement of financial instruments

When the fair values of financial assets and financial liabilities recorded in the Balance Sheet cannot be
measured based on quoted prices in active markets, their fair value is measured using valuation techniques
including the DCF model. The inputs to these models are taken from observable markets where possible, but
where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include
considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these
factors could affect the reported fair value of financial instruments. See note 41 and 42 for further disclosures.

Revenue recognition - Estimating variable consideration for returns and volume rebates

The Company estimates variable considerations to be included in the transaction price for the sale of products
with rights of return and volume rebates.

The Company developed a statistical model for forecasting sales returns. The model used the historical return
data of each product to come up with expected return percentages. These percentages are applied to determine
the expected value of the variable consideration. Any significant changes in experience as compared to historical
return pattern will impact the expected return percentages estimated by the Company.

The Company expected volume rebates are analysed on a per customer basis for contracts that are subject to
a single volume threshold. Determining whether a customer will be likely entitled to rebate will depend on the
customer's historical rebates entitlement and accumulated purchases to date.

The Company applied a statistical model for estimating expected volume rebates for contracts with more
than one volume threshold. The model uses the historical purchasing patterns and rebates entitlement of
customers to determine the expected rebate percentages and the expected value of the variable consideration.
Any significant changes in experience as compared to historical purchasing patterns and rebate entitlements
of customers will impact the expected rebate percentages estimated by the Company.

The Company updates its assessment of expected returns and volume rebates quarterly and the refund
liabilities are adjusted accordingly. Estimates of expected returns and volume rebates are sensitive to changes
in circumstances and the Company's past experience regarding returns and rebate entitlements may not be
representative of customers' actual returns and rebate entitlements in the future.

Product warranties accruals

The provisions for product warranties, on account of goods sold, recorded in the Balance Sheet on the basis
of actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual
developments in the future. These include the determination of the discount rate and failure rates. Due to the
complexities involved in the valuation and its long-term nature, a provision for product warranty is highly
sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

The parameter most subject to change is the discount rate. In determining the appropriate discount rate, the
management considers the interest rates of government bonds in currencies consistent with the currencies
of the product warranty provision.

The failure rate is based on actual number of calls received by the Company from customers on account of
complaints.

Further details about provisions for product warranties are given in note 16.

Taxes

Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the
amount and timing of future taxable income. Given the nature of business differences arising between the
actual results and the assumptions made, or future changes to such assumptions, could necessitate future
adjustments to tax income and expense already recorded. The Company establishes provisions, based on
reasonable estimates. The amount of such provisions is based on various factors, such as experience of
previous tax audits and different interpretations of tax regulations by the taxable entity and the responsible
tax authority. Such differences of interpretation may arise on a wide variety of issues depending on the
conditions prevailing in the jurisdiction of the Company.

Leases

As the Company's lease agreements normally do not provide an implicit interest rate, we apply the Company's
incremental borrowing rate based on the information available at commencement date in determining the
present value of future lease payments. Relevant information used in determining the Company's incremental
borrowing rate includes the duration of the lease, location of the lease, and the Company's credit risk relative
to risk-free market rates.

33 GRATUITY AND OTHER POST-EMPLOYMENT BENEFIT PLANS

Gratuity (being administered by a Trust) is computed as 15 days salary, for every completed year of service or
part thereof in excess of 6 months and is payable on retirement/termination/resignation. The benefit vests
on the employee completing 5 years of service. The Gratuity plan for the Company is a defined benefit scheme
where annual contributions as demanded by the insurer are deposited, to a Gratuity Trust Fund established
to provide gratuity benefits. The Trust has taken an Insurance policy, whereby these contributions are
transferred to the insurer. The Company makes provision of such gratuity asset/ liability in the books of
account on the basis of actuarial valuation carried out by an independent actuary.

The Company also provide certain additional retirement benefits to the employees of the Faridabad
Refrigeration Operations where INR 35,000 and Puducherry Washer Operations where INR 30,000 is paid to
employee on retirement. This retirement benefit is an unfunded defined benefit scheme. The Company makes
provision of such liability on the basis of actuarial valuation carried out by an independent actuary.

The following tables summarise the components of net benefit expense recognised in the Statement of Profit
or Loss and the net funded status and amounts recognised in the Balance Sheet for the respective plans:

The average duration of the defined benefit plan obligation at the end of the reporting period is 12.62 years
(31 March 2024: 13.25 years).

34 SHARE-BASED PAYMENTS

The Company does not provide any share-based compensation to its employees. However, the Ultimate Holding
Company, Whirlpool Corporation, USA has provided various share-based payment schemes to employees.

A. Details of these plans are given below:

I. Employee Stock Options

A stock option gives an employee, the right to purchase shares of Whirlpool Corporation at a fixed
price for a specific period of time. The grant price (or strike price) is fixed based on the closing price
of Whirlpool Corporation common stock on the date of grant. Stock options vest in three equal
annual instalments and expire in ten years from the date they are granted.

II. Restricted Stock Units (RSU) & Performance Stock Units (PSU)

a. Performance - These are the units of stock granted to employee at nil exercise price. It converts
one for one shares of Whirlpool Corporation at the end of the vesting period of three years.

b. Time based- These are the units of stock granted to employee at nil exercise price. It converts
one for one shares of Whirlpool Corporation at the end of the vesting period in the following
manner: -

i) One third of the option vests after one year, another one third vests after two years and
final one third will vests after three years.

ii) Vesting for one half option after two years and rest after four years.

iii) Vesting for one half option after one year and rest after three years.

There were cancellations in employee stock options and restricted stock units (RSU) and performance stock
units (PSU). Refer below movement for details.

Movements during the year

The following table illustrates the number and weighted average share prices (WASP), and movements during
the year:

The fair value of RSUs and PSUs is calculated at the grant date by multiplying the number of shares
granted by the discounted fair value of Whirlpool Corporation's stock price. This discounted value is
determined based on risk-free rate. The fair value of the grant is then expensed over the vesting period.

15 COMMITMENTS AND CONTINGENCIES

a. Leases

Operating lease commitments - Company as lessor

The Company has entered into operating lease for a specific area of its building located at Faridabad.
The lease is renewable with mutual consent of both the parties. The income recognised in the Statement
of Profit and Loss under the head "Other Income" is INR 129 lacs (31 March 2024: INR 127 lacs).

b. Commitments

Capital work contracted but still under execution (net of advances) is estimated at INR 1,136 lacs (31
March 2024: INR 649 lacs).

a. (i) For AY 2004-05 to 2005-06, the pending Transfer Pricing (TP) litigation of INR 1,708 lacs (31
March 2024: INR 1,040 lacs) on account of TP adjustment made in the TP assessment for alleged
short fall in profit on account of differences in the arm's length price and prices charged /
received by the Company from associated enterprises along with the disallowance of other
expenses of INR 928 lacs (31 March 2024: Nil) are pending for adjudication / re-computation
before the ITAT and DRP respectively. The year wise facts and updates are as follows:-

AY 2004-05 - The company in the earlier years received a revised final assessment order from
the TPO / AO giving effect to the ITAT order directing re-computation of TP adjustments on the
appeal of the Revenue against the CIT-A order deleting the TP adjustments of INR 7,968 lacs as
per the original TP / assessment order. The TPO while giving effect to the ITAT order sustained
an addition of INR 633 lacs (31 March 2024 INR: 633 lacs) attributing the same to the alleged
general functions performed by WOIL on behalf of its AE's. The DRP, on the objection of the
company, directed the TPO/ AO to pass a speaking order but the TPO/ AO continued with the
TP adjustment of INR 633 lacs (31 March 2024: INR 633 lacs) against which, the company is in
appeal for second time before the ITAT.

AY 2005-06 - The Company in the earlier years received a favorable order from the ITAT where
in the ITAT deleted TP adjustments of INR 9,327 lacs (31 March 2024: INR 9,327 lacs) by upholding
the CIT(A) order restricting the TP adjustment to the international transaction only. For balance
adjustments of INR 407 lacs, ITAT had set aside the issue to the AO / TPO for re-computation of
the TP adjustments. During the course of set aside proceedings, the TPO vide his order dt. 27
Jan 2025 has re-computed the arms length margin and enhanced the adjustment to INR 1075
lacs (31 March 2024: INR 407 Lacs) and the AO has considered the same and passed its draft
order dated 24 March 2025. The company filed an objection against the draft assessment
order before the DRP which is pending for disposal.

(ii) AY 2008-09 to 2022-23 - Transfer Pricing Adjustment on account of AMP and other issues

As at March 31, 2024, for Assessment Years 2008-09 to 2022-23, the Income tax department
has made transfer pricing adjustments in respect of Advertisement, Marketing & Sales
Promotion ('AMP') expenses incurred by the Company. The appeal of the company and the
revenue against the ITAT order for AY 2008-09 was decided by the Hon'ble High Court in favour
of the company. Aggrieved by the order of the Hon'ble High Court favouring the company,
Revenue filed Special Leave Petition (SLP) before the Hon'ble Supreme Court of India. The
cumulative pending litigation at different forums on account of AMP issues for AY 2008-09 to
AY 2020-21 as on 31 March 2025: INR 131,184 lacs (31 March 2024: INR 151,527 lacs) and on

account of trading segments issues for AY 2020-21 as on is 31 March 2025: INR 5,032 lacs (31
March 2024: INR 5,032 lacs).

During the current year, the Hon'ble Supreme Court of India vide its order dated Nov 20, 2024
[SLP No. 29270/2016], has dismissed the Revenue's SLP against the Delhi High Court's judgment
in respect of the said expenditure and decided in favour of the Company for the A.Y. 2008-09
and deleted the disallowance of INR 20,343 Lacs. Accordingly, the Income tax department
have not made adjustments in the fresh assessments related to A.Y. 2022-23. Basis the above
favourable order, the matter has now attained finality in the case of the Company and
accordingly the pending cases (at various appellate forums) on the similar issue in the
subsequent years will accordingly be dealt with in due course.

Considering the said judgement of the Hon'ble Supreme Court of India, the management
believes that no tax liability will devolve upon the Company in respect of the AMP adjustments
made for the remaining assessment years and contingent liability aggregating to INR 131,184
Lacs is now assessed as remote and not disclosed in current year financial statements.

AY 2020-21 - The company during the year received final assessment order where in the TPO/
AO in its order made Transfer Pricing adjustment on account of AMP expenses and TP
adjustment of INR 5,032 lacs (31 March 2024: INR NIL) in the Trading Segments. The company
filed an appeal before the ITAT against the said assessment order which is pending for disposal.

AY 2022-23 - The company during the year received draft assessment order wherein the TPO/
AO in its order made Transfer Pricing adjustment of INR 470.91 lacs (31 March 2024: INR NIL).
The company filed an objection against the draft assessment order before the DRP which is
pending for disposal.

b. In the Income-tax assessments for preceding assessment years, AY 1994-95 to AY 2020-21 the
Assessing Officer (AO) had made disallowances / additions of various expenses and claims of the
company for which the appeal(s) of the company and also the revenue are pending at various forums.

For AY 1994-95 to 2020-21, the pending Non-TP litigation of INR 10,715 lacs (31 March 2024: INR
10,568 lacs) on account of Non-Transfer Pricing (TP) adjustment (majorly on account of R&D expenses,
bad debts, provision for package tour / travel expenses and other disallowances). During the current
year, following is the update.

AY 2020-21 - During the year the company received a final assessment order from the AO disallowing
various claims of the assesses on non-transfer pricing issues (disallowance of gratuity paid u/s 43B
and Education Cess) for INR 2,164 lacs (31 March 2024: INR 2,113 lacs). The company has filed an
appeal before the ITAT which is pending for disposal. In the meanwhile, upon Company's request,
the AO has rectified the apparent mistakes in the order and the amount of disallowances is revised
to Rs. 2 lacs.

AY 2022-23 - The company during the year received draft assessment order where in the AO in its
order made disallowances of INR 1,479 lacs (31 March 2024: INR NIL). The company filed an objection
against the draft assessment order before the DRP which is pending for disposal.

AY 2005-06 - During the course of set aside proceedings as mentioned above, the AO vide his order
dated 24 March 2025 sustained the addition of INR 928 lacs on account of claim of depreciation
and disregarded the rectification orders passed in the earlier years on the same issue, since the
claim of depreciation was still not verified by the AO and no order was being passed for the current
year as directed by the CIT(A) in the first round of proceedings. The company filed an objection
against the draft assessment order before the DRP which is pending for disposal.

All of the above-mentioned matters are pending with various judicial/appellate authorities including
Dispute Resolution Panel, CIT(Appeals), Income Tax Appellate Tribunal, High Court. For some of the
matters, judicial / appellate authorities have decided the cases in favor of the Company. However,
these are being contested again by the Revenue.

The Company based on its assessment of ongoing litigations, believes that it has merit in these
cases and it is only possible, but not probable that these cases may be decided against the Company.
Hence, these have been disclosed as contingent liability and no provision is required to be considered
in the standalone financial statements.

responsibility targets as per Schedule III and Schedule IV of the said Rules. Basis management's
internal assessment of E-waste rules, Management believes that the Company has an obligation to
complete the Extended Producer Responsibility targets, only if it is a participant in the market during
a financial year. The obligation for a financial year is measured based on sales made in the preceding
years. Basis management assessment and in accordance with Appendix B of Ind AS 37, 'Provisions,
Contingent Liabilities and Contingent Assets', the Company will have an e-waste obligation for future
years, only if it participates in the market in those years.

Also, as per the direction given by Central Pollution Control Board (CPCB), the Company was required
to channelise 54,930 MT of e-waste and the Company has channelised e-waste through recyclers as
defined under the provision of the E-waste rules till date. As per CPCB circular dated September 09,
2024, the minimum charges for recycling waste have increased and accordingly management has
recorded an expense amounting to INR 8,057 Lacs (31 March 2024: INR 4,377 Lacs). The contracted
rate with the vendor has been recorded as liability and balance between notified rate and contracted
rate has been presented as provision amounting to INR 4,002 Lacs as disclosed in note 16 of the
financial statements. The industry body has represented the Government for reconsideration of
the rates and some players in the industry have also challenged the constitutional validity of these
circular. These provision amount will be settled once more clarity emerges and subsequent
conclusion with the vendor.

Terms and conditions of transactions with related parties

All the above mentioned transactions with the related parties are made on terms equivalent to those that
prevail in arm's length transactions. Outstanding balances at the year-end are unsecured and interest free
and settlement occurs in cash.

There have been no guarantees provided or received for any related party receivables or payables other than
the letter of comfort which has been given by the Ultimate Holding Company, Whirlpool Corporation, to
respective banks against bank overdraft, cash credit, letter of credit etc. facilities provided to the Company.

37 SEGMENT INFORMATION

An operating segment is a component of the Company that engages in business activities from which it may
earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of
the Company's other components, and for which discrete financial information is available. The Company is
engaged in manufacturing and trading of Refrigerators, Washing Machines, Air Conditioners, Microwave Ovens,
Kitchen appliances, built in and Small appliances, the risks and returns on these being similar, it recognizes
Home appliances as its only primary business segment. The 'Chief Operating Decision Maker' i.e MD and CFO
monitors the operating results of the Company's business as single segment. Accordingly in context of 'Ind AS
108 - Operating Segments' the principle business of the Company constitute a single reportable segment.
Accordingly, income from sale of goods comprises the primary basis of segmental information set out in
these financial statements.

39 HEDGING ACTIVITIES AND DERIVATIVES

Derivatives not designated as hedging instruments

The Company uses foreign exchange forward contracts to manage some of its transaction exposures. The
foreign exchange forward contracts are not designated as hedge instrument and are entered into for periods
consistent with foreign currency exposure of the underlying transactions, generally for the following period:

- From one to five months in case of vendor payments

40 FAIR VALUES

The management assessed that cash and cash equivalents, trade receivables, loans, other receivables, trade
payables and other current liabilities approximate their carrying amounts largely due to the short-term
maturities of these instruments.

The loss allowance on the financial assets are disclosed in note 5 as at 31 March 2025: INR 44 lacs (31 March
2024: INR 44 lacs) provided in the books on account of uncertainty of recoverability for the amount.

The fair value of the financial assets and liabilities is included 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.

and cash and cash equivalents that derive directly from its operations. The Company also enters into derivative
transactions.

The Company is exposed to market risk, credit risk and liquidity risk. The Company's Senior Management
oversees the management of these risks and also ensure that the Company's financial risk activities are
governed by appropriate policies and procedures and that financial risks are identified, measured and managed
in accordance with the Company's policies and risk objectives. All derivative activities for risk management
purposes are carried out by specialist teams that have the appropriate skills, experience and supervision. It is
the Company's policy that no trading in derivatives for speculative purposes may be undertaken.

The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised
below:

A. Market risk

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

The sensitivity analysis in the following sections relate to the position as at 31 March 2025 and 31 March
2024.

The analysis exclude the impact of movements in market variables on the carrying values of gratuity,
other post-retirement obligations and provisions.

The sensitivity of the relevant profit and loss item is the effect of the assumed changes in the respective
market risks. This is based on the financial assets and financial liabilities held as of 31 March 2025 and 31
March 2024.

a. Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will
fluctuate because of changes in market interest rates. The Company's exposure to the risk of changes
in market interest rates relates primarily to the overdraft, letter of credit, cash credit etc. facilities
provided by the respective banks to the Company carrying variable interest rates.

Since, the Company has not availed any long-term credit facilities, therefore there is no need for the
Company to enter into hedge contract to mitigate the possible exposure risk.

b. Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate
because of changes in foreign exchange rates. The Company's exposure to the risk of changes in
foreign exchange rates relates primarily to the Company's operating activities (when revenue or
expense is denominated in a foreign currency).

The Company manages its foreign currency risk by hedging transactions that are expected to occur
within a maximum period of five month for hedges of forecasted purchases and a maximum period
of three year period for hedges of forecasted cash inflow relating to senior notes (including interest).

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

c. Commodity price risk

The Company is affected by the price volatility of certain commodities. Its operating activities require
the ongoing purchase and manufacture of various electronic parts which consist of copper element
and therefore require a continuous supply of the same. However, due to the non-significant
movement in the prices of the copper, the Company has not entered into any forward contracts for
commodity hedging purpose.

B. 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. The Company is exposed to credit risk from its operating
activities (primarily trade receivables) and from its financing activities, including deposits with banks and
financial institutions, foreign exchange transactions and other financial instruments.

a. Trade receivables

Customer credit risk is managed subject to the Company's established policy, procedures and control
relating to customer credit risk management. Credit quality of a customer is assessed based on an
extensive credit rating scorecard and individual credit limits are defined in accordance with this
assessment. Outstanding customer receivables are regularly monitored and balances of customers
are not covered by letters of credit or other forms of credit insurance.

An impairment analysis is performed at each quarter end on an individual basis for major customers.
In addition, a large number of minor receivables are grouped into homogenous groups and assessed
for impairment collectively.

The maximum exposure to credit risk at the reporting date is the carrying value of each class of
financial assets disclosed in note 8. The Company does not hold collateral as security. The Company
evaluates the concentration of risk with respect to trade receivables as low, as its customers are
located in several jurisdictions and industries and operate in largely independent markets.

43 CAPITAL MANAGEMENT

For the purpose of the Company's capital management, capital includes issued equity capital, securities
premium and all other equity reserves attributable to the equity holders of the Company. The primary objective
of the Company's capital management is to maximise the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions
and the requirements of the financial covenants, if any. To maintain or adjust the capital structure, the Company
reviews the fund management at regular intervals and take necessary actions to maintain the requisite capital
structure.

No changes were made in the objectives, policies or processes for managing capital during the years ended
31 March 2025 and 31 March 2024.

45 OTHER STATUTORY INFORMATION

Additional Regulatory Information/disclosures as required by General Instructions to Division II of Schedule III
to the Companies Act, 2013 are furnished to the extent applicable to the Company.

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

(ii) The Company does not have any transactions with Companies struck off.

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

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

(v) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including
foreign entities (Intermediaries) with the understanding that the Intermediary shall:

a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever
by or on behalf of the company (Ultimate Beneficiaries) or

b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

(vi) The Company has not received any fund from any person(s) or entity(ies), including foreign entities
(Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company
shall:

a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever
by or on behalf of the Funding Party (Ultimate Beneficiaries) or

b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

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

(viii) No borrowings from banks or financial institution has been availed by the Company on the basis of
security of current assets.

(ix) The Company has not been declared wilful defaulter by any bank or financial institution or government.or
any government authority

46 Pursuant to amendment by Ministry of Corporate Affair (MCA) in the Companies (Accounts) Rules 2014, the
Company has used accounting software for maintaining its books of account which has a feature of recording
audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded
in the software, except that audit trail feature is not enabled for changes made using privileged/ administrative
access rights to the SAP and related interfaces across the accounting software at database level. Further, no
instance of audit trail feature being tampered with was noted in respect of above said software except in
regard to privileged access users where the audit trail feature has not been enabled. Additionally, the audit
trail of prior year has been preserved as per the statutory requirements for record retention to the extent it
was enabled and recorded in the respective year.

47 In line the recent opinion issued by the Expert Advisory Committee (EAC) of the Institute of Chartered
Accountants of India (ICAI), review of commonly prevailing practices and to align with presentation used by
the peer companies, the management of the Company has reclassified employee related payables aggregating
to Rs. 3,671 Lacs as at March 31, 2024, previously classified under 'Trade payables', have been reclassified

under the head 'Other financial liabilities'. The above change does not impact recognition and measurement
of items in the financial statements, so there is no impact on total equity and/ or profit (loss) for the current or
any of the earlier periods.

48 The Code on Social Security, 2020 ('Code') has been notified in the Official Gazette in September 2020 which
could impact the contribution by the Company towards certain employment benefits. The effective date from
which the changes and rules would become applicable is yet to be notified. Impact of the changes will be
assessed and accounted in the relevant period of notification of relevant provisions. Based on a preliminary
assessment, the Company believes the impact of the change will not be significant.

As per our report of even date attached

For S.R. Batliboi & Co. LLP For and on behalf of the Board of Directors of

Chartered Accountants Whirlpool of India Limited

ICAI Firm Registration Number: 301003E/E300005 CIN: L29191PN1960PLC020063

per Sanjay Vij Arvind Uppal Narasimhan Eswar

Partner Chairman Managing Director

Membership No. 095169 DIN: 00104992 DIN: 08065594

Place of Signature: Gurugram Aditya Jain Roopali Singh

Date: 20 May 2025 Chief Financial Officer Company Secretary