2.21 Provisions and contingencies

Provisions are recognised only when :

a. the Company has a present obligation (legal or constructive) as a result of a past event; and

b. it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and

c. a reliable estimate can be made of the amount of the obligation.

Provision is measured using the cash flows estimated to settle the present obligation and when the effect of time value of
money is material, the carrying amount of the provision is the present value of those cash flows. Reimbursement expected in
respect of expenditure required to settle a provision is recognised only when it is virtually certain that the reimbursement will
be received.

Contingent liability is disclosed in case of :

- a present obligation arising from past events, when it is not probable that an outflow of resources will be required to settle
the obligation.

- present obligation arising from past events, when no reliable estimate is possible

- a possible obligation arising from past events where the probability of outflow of resources is not remote.

Contingent asset is not recognised in the financial statements. A contingent asset is disclosed, where an inflow of economic
benefits is probable.

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

2.22 Earnings per share (EPS)

Basic EPS is calculated by dividing the profit for the year attributable to equity holders of the Company by the weighted
average number of equity shares outstanding during the financial year.

Diluted Earnings per share is calculated by dividing net profit attributable to the equity shareholders of the Company with
the weighted average number of shares outstanding during the financial year, adjusted for effects of diluting potential equity
shares towards ESOP plan.

2.23 Fair value measurement

Fair value is the price at which an asset could be sold, or a liability transferred, in an orderly transaction between market
participants on the measurement date.

The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes
place either :

In the principal market for the asset or liability, or

In the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible by the Company. The fair value of an asset or a liability
is measured using those assumptions that market participants would use when pricing the asset or liability, assuming that
market participants act in their economic best interest.

A fair value measurement of a non-financial asset considers a market participant's ability to generate economic benefits by
using the asset in its highest and best use or by selling it to another.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available
to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

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

• Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly
or indirectly observable.

• Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is
unobservable.

For assets and liabilities that are recognised in the financial statements on a recurring basis, the Company determines
whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level
input that is significant to the fair value measurement as a whole) at the end of each reporting period.

For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities based on the nature,
characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.

2.24 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.

1 Financial assets

I. Initial recognition and measurement :

All financial assets are initially measured at fair value. However, trade receivables that do not contain a significant
financing component are measured at transaction price. In case of financial assets not recorded at fair value through
profit or loss (FVTPL), transaction cost is attributed to the acquisition value of the financial asset. Transaction cost
of financial assets carried at FVTPL is expensed in the statement of profit and loss.

II. Subsequent measurement :

For subsequent measurement, the Company classifies its financial assets in the following measurement categories :

Financial assets measured at amortised cost.

Financial assets measured at fair value (either through OCI, or through profit or loss);

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

i. Financial assets measured at amortised cost

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

a. The Company's business model objective for managing the financial asset is to hold financial assets to
collect contractual cash flows, and

b. The contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.

This category applies to cash and bank balances, trade receivables, loans and other financial assets of the
Company (Refer note 36 for further details). Such financial assets are subsequently measured at amortised
cost using the effective interest method. The effect of the amortisation under effective interest method
is recognised as interest income over the relevant period of the financial asset under other income in the
Statement of Profit and Loss. The amortised cost of a financial asset is also adjusted for loss allowance, if
any.

ii. Financial assets measured at fair value through other comprehensive income (FVTOCI)

A financial asset is measured at FVTOCI if both of the following conditions are met :

a. The Company's business model objective for managing the financial asset is achieved both by collecting
contractual cash flows and selling the financial assets, and

b. The contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.

This category applies to certain investments in debt instruments (Refer note 36 for further details). Such financial
assets are subsequently measured at fair value at each reporting date. Fair value changes are recognised in the
Other Comprehensive Income (OCI). However, the Company recognises interest income and impairment losses
and its reversals in the Statement of Profit and Loss.

On derecognition of such financial assets, cumulative gain or loss previously recognised in OCI is reclassified
from equity to Statement of Profit and Loss.

Further, the Company, through an irrevocable election at initial recognition, may measure certain investments
in equity instruments at FVTOCI (Refer note 36 for further details). The Company has made such election on
an instrument-by-instrument basis. These equity instruments are neither held for trading nor are contingent
consideration recognised under a business combination. Pursuant to such irrevocable election, subsequent
changes in the fair value of such equity instruments are recognised in OCI. However, the Company recognises
dividend income from such instruments in the Statement of Profit and Loss when the right to receive payment
is established, it is probable that the economic benefits will flow to the Company and the amount can be
measured reliably. On derecognition of such financial assets, cumulative gain or loss previously recognised
in OCI is not reclassified from the equity to Statement of Profit and Loss. However, the Company may transfer
such cumulative gain or loss into retained earnings within equity.

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

A financial asset is measured at FVTPL unless it is measured at amortised cost or at FVTOCI as explained
above. This is a residual category applied to all other investments of the Company excluding investments in
subsidiary and associate companies (Refer note 36 for further details).

Such financial assets are subsequently measured at fair value at each reporting date. Fair value changes are
recognised in the Statement of Profit and Loss.

II. Derecognition

A financial asset is derecognised when the right to receive cash flows from the assets has expired, or has been
transferred, and the Company has transferred substantially all the risks and rewards of ownership.

In cases where Company has neither transferred nor retained substantially all the risks and rewards of the financial
asset, but retains control of the financial asset, the Company continues to recognise such financial asset to the extent
of its continuing involvement in the financial asset. In that case, the Company also recognises an associated liability.
The financial asset and the associated liability are measured on a basis that reflects the rights and obligations that
the Company has retained.

IV. Impairment of financial assets

The Company applies expected credit loss (ECL) model for measurement and recognition of impairment loss on the
assets carried at amortised cost and FVTOCI debt instruments. The impairment methodology applied depends on
whether there has been a significant increase in credit risk. Note 37 details how the Company determines whether
there has been a significant increase in credit risk.

For trade receivables alone, the Company applies the simplified approach permitted by ‘Ind AS 109 - Financial
instruments', which requires expected lifetime losses to be recognised from initial recognition of the receivables.

2. Non-derivative financial liabilities

I. Initial recognition and measurement

All non-derivative financial liabilities are initially measured at fair value. In case of non-derivative financial liabilities
not recorded at fair value through profit or loss (FVTPL), transaction cost is attributed to the acquisition of the
financial liability. Transaction cost of non-derivative financial liabilities carried at FVTPL is expensed in the statement
of profit and loss.

II. Subsequent measurement

All financial liabilities of the Company are subsequently measured at amortised cost using the effective interest
method (Refer note 36 for further details). The cumulative amortisation using the effective interest method of the
difference between the initial recognition amount and the maturity amount is added to the initial recognition value

(net of principal repayments, if any) of the financial liability over the relevant period of the financial liability to arrive
at the amortised cost at each reporting date. The corresponding effect of the amortisation under effective interest
method is recognised as interest expense under finance cost in the Statement of Profit and Loss.

III. Derecognition

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expired. When
an existing financial liability is replaced by another liability 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 or loss.

3. Offsetting of financial assets and financial liabilities

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.

4. Financial guarantee contracts

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

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

2.25 Cash dividend to equity holders

The Company recognises a liability to make cash distributions to equity holders when the distribution is authorised, and the
distribution is no longer at the discretion of the Company. As per the Companies Act, 2013, a distribution is authorised when it
is approved by the shareholders. A corresponding amount is recognised directly in equity.

2.26 Government grant

Government grants are recognised at their fair value when there is a reasonable assurance that the grant will be received, and
Company will comply with all attached conditions.

Government grants relating to income, are deferred and are recognised as other income in profit or loss in the period in which
such costs that these grant intends to compensate, are incurred.

Government grants relating to purchase of property, plant and equipment are initially recognised as deferred income at fair
value. Subsequently, the grant is recognised as income in profit and loss on a systematic basis over the useful life of the asset.

2.27 New and amended standards

The Ministry of Corporate Affairs vide notification dated 9 September 2024 and 28 September 2024 notified the Companies
(Indian Accounting Standards) Second Amendment Rules, 2024 and Companies (Indian Accounting Standards) Third
Amendment Rules, 2024, respectively, which amended/ notified certain accounting standards, and are effective for annual
reporting periods beginning on or after 1 April 2024 :

• Insurance contracts - Ind AS 117; and

• Lease Liability in Sale and Leaseback - Amendments to Ind AS 116

These amendments did not have any impact on the amounts recognised in current or prior periods and are not expected to
significantly affect the future periods.

2.28 Standards issued but not effective

The Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules. For the year ended March 31, 2025, MCA has not notified any new standards or
amendments to existing standards that significantly impact the Company.

b. Terms/ Rights attached to equity shares :

The Company has only one class of equity shares having a par value of ' 2 per share. Each holder of the equity shares is
entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board
of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

The Board of Directors proposed a final dividend of ' 6 per equity share for the financial year ended 31 March 2025 (31 March
2024 : ' 6 per equity share). The proposal is subject to the approval of shareholders at the Annual General Meeting to be held
and if approved, will be recognised as distributions to equity shareholders during the year ended 31 March 2026. This event is
considered as non-adjusting event.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the
company after distributing all preferential amounts.

- Contract assets primarily relate to the Company's rights to consideration for work completed but not billed at the
reporting date. The Contract assets are transferred to Trade receivables on completion of milestones and its related
invoicing.

- The Contract liabilities relate to unearned revenue and customer advances where performance obligations are yet
to be fulfilled as per the contracts. The fulfilment of the performance obligations will extinguish these liabilities and
revenue will be recognised.

- The payment is due from the date of invoice and payment terms are in the range of 30 days to 120 days. The
Company expects that the period between when the entity transfers a promised good or service to a customer and
when the customer pays for that good or service will be less than one year. Therefore, Company does not adjust the
promised amount of consideration for the effects of financing component.

29 Segment reporting

The business activities of the Company from which it earns revenue and incurs expenses; whose operating results are regularly
reviewed by the chief operating decision maker to make decisions about resources to be allocated to the segment and assess
its performance, and for which discrete financial information is available involve predominantly one operating segment i.e.
process and project engineering.

Disclosures applicable to the entity having single reportable segment have been reported in Consolidated Financial Statements.

32 Employee benefits

a) Defined contribution plans

The Company has recognised ' 112.936 (31 March 2024 : ' 95.620) towards post-employment defined contribution plans
comprising of provident fund, Employee State Insurance Scheme, National Pension Scheme and superannuation fund in
the statement of profit and loss.

b) Defined benefit plan

In accordance with the Payment of Gratuity Act, 1972, the Company is required to provide post-employment benefit to its
employees in the form of gratuity. The Company has maintained a fund with the Life Insurance Corporation of India and
ICICI Prudential Life Insurance to meet its gratuity obligations. In accordance with the Standard, the disclosures relating
to the Company's gratuity plan are provided below :

The changes in the present value of defined benefit obligation representing reconciliation of opening and closing balances
thereof are as follows :

The above cash flows have been arrived at based on the demographic and financial assumptions.

Risk Exposure and Asset Liability Matching

Provision of a defined benefit scheme poses certain risks, some of which are detailed hereunder, as companies take on
uncertain long term obligations to make future benefit payments.

1) Liability Risks

i. Asset-Liability Mismatch Risk

Risk which arises if there is a mismatch in the duration of the assets relative to the liabilities. By matching
duration with the defined benefit liabilities, the company is successfully able to neutralize valuation swings
caused by interest rate movements.

ii. Discount Rate Risk

Variations in the discount rate used to compute the present value of the liabilities may seem small, but in
practice can have a significant impact on the defined benefit liabilities.

iii. Future Salary Escalation and Inflation Risk

Since price inflation and salary growth are linked economically, they are combined for disclosure purposes.
Rising salaries will often result in higher future defined benefit payments resulting in a higher present value of
liabilities especially unexpected salary increases provided at management's discretion may lead to uncertainties
in estimating this increasing risk.

37 Financial risk management policy and objectives

The Company's principal financial liabilities, comprise lease liabilities, trade and other payables and financial guarantee
contracts. The main purpose of these financial liabilities is to finance company's operations and to provide guarantees to
support operations of the subsidiaries. Company's principal financial assets include investments, trade and other receivables,
security deposits and cash and cash equivalents, that it derives directly from its operations.

In order to minimise any adverse effects on the financial performance of the Company, it has taken various measures. This
note explains the source of risk which the entity is exposed to and how the entity manages the risk and impact of the same in
the financial statements.

The Company's management handles the risk management based on policies approved by the Board of Directors. Company's
treasury identifies, evaluates and hedges financial risks in close co-operation with the company's operating units. The Board
provides written principles for overall risk management, as well as policies covering specific areas, such as foreign exchange
risk, credit risk, and investment of excess liquidity.

(A) Credit risk

Credit risk in case of the Company arises from cash and cash equivalents, trade receivables, financial assets measured
at amortised cost, corporate guarantees issued to group companies, as well as credit exposures to customers including
outstanding receivables.

Credit risk management

Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. To manage
this, the Company periodically assesses the reliability of customers, taking into account the financial condition, current
economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual risk limits are set
accordingly.

The company considers the probability of default upon initial recognition of asset and whether there has been a significant
increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant
increase in credit risk, the Company compares the risk of a default occurring on the asset as at the reporting date with
the risk of default as at the date of initial recognition. It considers reasonable and supportive forward looking information
such as :

(i) Actual or expected significant adverse changes in business,

(ii) Actual or expected significant changes in the operating results of the counterparty,

(iii) Financial or economic conditions that are expected to cause a significant change to counterparty's ability to meet
its obligations,

(iv) Significant increases in credit risk on other financial instruments of the same counterparty,

(v) Significant changes in the value of collateral supporting the obligation or in the quality of third-party guarantees or
credit enhancements.

The company provides for expected credit loss in case of trade receivables when there is no reasonable expectation of
recovery, such as a debtor declaring bankruptcy or failing to engage in a repayment plan with the company etc.

The Company uses simplified approach for estimating the lifetime expected loss provision. The Company provides
expected loss based on the overdue number of days for receivables as per the provision matrix as decided by the
management which is based on the historical experience of recoverability. Where receivables have been written off, the
company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are
made, these are recognised in profit or loss.

B) Liquidity risk

The company follows a prudent approach to liquidity risk management by ensuring it has sufficient cash and access to
committed credit facilities to meet its financial obligations as they fall due and to manage market positions effectively.
Given the dynamic nature of its operations, the company maintains funding flexibility through available committed credit
lines.

Management regularly monitors the company's liquidity position using rolling cash flow forecasts, which include cash
and cash equivalents and undrawn borrowing facilities. This monitoring is aligned with internal policies and limits. The
Company's liquidity management also includes :

- Forecasting future cash flows,

- Assessing the required level of liquid assets,

- Monitoring liquidity ratios in line with internal benchmarks and regulatory requirements, and

- Maintaining appropriate debt financing strategies.

(C) Foreign currency risk

The Company is exposed to foreign exchange risk mainly through its sales to overseas customers and purchases from
overseas suppliers in various foreign currencies.

The Company evaluates exchange rate exposure arising from foreign currency transactions and the Company follows
established risk management policies, including use of derivatives like foreign exchange forward contracts to hedge
exposure to foreign currency risk, where the economic conditions match the Company's policy.

40 Other Notes

i Title deeds of immovable property not held in the name of the company

The Company does not own any immovable property whose title deeds are not in the name of the Company.

ii Details of Benami Property

The Company does not own any benami property neither any proceedings are initiated or pending against the Company under
the Prohibition of Benami Property Transactions Act, 1988.

iii Borrowings secured against current assets

Though the Company does not have any fund based borrowings from banks or financial institutions on the basis of security of
current assets, it has filed quarterly returns or statements of current assets with banks or financial institutions and the same
are in agreement with the books of account read with notes given in the quarterly returns or statements.

iv Wilful Defaulter

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

v Relationship with Struck off Companies

As per the information available with the Company, the Company has not entered into any transactions with companies struck
off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956.

vi Registration of charges with ROC

There are three charges totalling to ' 781.550 million (31 March 2024 : three charges totalling to ' 781.550 million) created in
favour of banks which are pending for satisfaction. There are no outstanding dues to these banks and satisfaction of these
charges are pending due to technical issues which are being sorted out by the Company.

vii Utilisation of Borrowed funds and share premium

The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources
or kind of funds) to any other person or entity, including foreign entities (Intermediaries) with the understanding (whether
recorded in writing or otherwise) that the Intermediary shall (i) directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Group or (ii) provide any guarantee, security or the like to or on
behalf of the Company.

viii Loans or advances to specified persons

The Company has not granted loans or advances in the nature of loans to promoters, directors, KMPs and other the related
parties either severally or jointly with any other person, that are :

(i) repayable on demand or

(ii) without specifying any terms or period of repayment.

ix Details of Crypto Currency or Virtual Currency

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

x Valuation of PP&E, right-of-use assets, intangible asset and investment property

The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both
during the current or previous year.

xi Utilisation of borrowings availed from banks and financial institutions

The Company does not have any borrowings availed from banks and financial institutions.

xii Compliance with number of layers of companies

The Company has complied with the requirement with respect to number of layers as prescribed under section 2(87) of the
Companies Act, 2013 read with the Companies (Restriction on number of layers) Rules, 2017.

xiii Undisclosed income

There is no income surrendered or disclosed as income during the year in tax assessments under the Income Tax Act, 1961
(such as search or survey), that has not been recorded in the books of account.

xiv Disclosure pursuant to Sec 186 (4) of the Companies Act, 2013

A 1) Name : Praj Far East (Philippines) Inc.

2) Purpose : Corporate Guarantee given for working capital limit

3) Amount : 129.330 (31 March 2024 : 125.835)

4) No outstanding borrowings as on reporting date (31 March 2024 : Nil)

B 1) Name : Praj HiPurity Systems Limited

2) Purpose : Corporate Guarantee given for working capital limit

3) Amount : ' 940.000 (31 March 2024 : 940.000)

4) No outstanding borrowings as on reporting date (31 March 2024 : Nil)

C Name : Praj GenX Limited

a) Nature of transaction : Corporate Guarantee given

i) Purpose : Corporate Guarantee given for lease payments

ii) Amount : ' 1444.564 (31 March 2024 : 324.591)

iii) Lease liability as on reporting date is ' 1388.740 (31 March 2024 : 246.595)

b) Nature of transaction : Corporate Guarantee given

i) Purpose : Corporate Guarantee given for banking facilities

ii) Amount : ' 1500.000 (31 March 2024 : Nil)

iii) Unused banking limits as on reporting date is ' 1500.000 (31 March 2024 : Nil)

c) Nature of transaction : Inter Corporate Loan given

i) Purpose : General corporate purpose

ii) Amount : ' 1567.500 (31 March 2024 : 798.500)

iii) Maximum outstanding balance is ' 1567.500 (31 March 2024 : 798.500)

iv) Rate of interest : 5-year Government Bond Yield 3.5% (31 March 2024 : SBI MCLR 2%)

D Name : Praj Projects (Tanzania) Limited

a) Nature of transaction : Corporate Guarantee given

i) Purpose : Corporate Guarantee given for customer advance

ii) Amount : ' 695.878 (31 March 2024 : NIL)

iii) Customer Advance outstanding as on reporting date is ' 241.460 (31 March 2024 : NIL)

b) Nature of transaction : Inter Corporate Loan given

i) Purpose : General corporate purpose

ii) Amount : ' 220.691 (31 March 2024 : NIL)

iii) Maximum outstanding balance is ' 220.691 (31 March 2024 : NIL)

iv) Rate of interest : 13.40% i.e. negotiated lending interest rate as published by Bank of Tanzania (31 March 2024
: NA)

41 Capital management
Risk management

The Company's objectives when managing capital are to

- safeguard it's ability to continue as a going concern, so that it can continue to provide returns to shareholders and
benefits to other stakeholders, and

- Maintain an optimal capital structure to reduce the cost of capital.

In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders,
return capital to shareholders, issue new shares or sell assets to reduce debt. Consistent with others in the industry, the
Company monitors capital on the basis of the following gearing ratio : Net debt (total borrowings net of cash and cash
equivalents) divided by total 'equity' (as shown in the balance sheet).

42 The Ministry of Corporate Affairs vide notification number GSR 205 (E) dated 24th March 2021 and as amended from time to
time, read with proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014, for the financial year commencing April 1, 2023
has prescribed, inter-alia, certain requirements related to maintenance of an audit trail emanating from accounting software.
The Company had enabled the audit trail at an application level for all the tables and fields for its books of account and relevant
transactions in the accounting software used by it, in conformity with the said regulations. However, the accounting software
used by the Company has not been enabled with the feature of audit trail log at the database layer to log direct transactional
changes, due to the present design of the accounting software.

43 Exceptional item represents profit on sale of land located at Nasarapur, which was classified as "Asset held for sale" as of 31
March 2024.

44 On 28th March 2025, a fire broke out at R&D facility, Praj Matrix, causing a temporary disruption of R&D activities for a couple
of weeks. The facility was fully insured, and a claim for the loss has already been lodged with the insurance company. The
Management of the Company expects to recover the estimated losses, including damage to the property, and therefore, no
provision for losses has been made in the financial statements.

As per our report of even date.

For P G BHAGWAT LLP For and on behalf of the Board of Directors of Praj Industries Limited

Chartered Accountants

Firm Regn. No : 101118W/W100682

Abhijeet Bhagwat Dr. Pramod Chaudhari Shishir Joshipura Sachin Raole

Partner Chairman CEO and Managing Director CFO and Director- Resources

Membership No. : 136835 (DIN : 00196415) (DIN : 00574970) (DIN : 00431438)

Anant Bavare

Place : Pune Company Secretary

Date : 29 April 2025 (M.No. : ACS21405)