1.19 Provisions and contingent liabilities

A provision is recognised if, as a result of a past event, the company has a present legal or constructive obligation that can be estimated
reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by
discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the
risks specific to the liability. The unwinding of the discount is recognised as finance cost.

1.19 Provisions and contingent liabilities (contd...)

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

1.20 Earnings per share

Basic earnings per equity share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (after
deducting attributable taxes) by the weighted average number of equity shares outstanding during the period.

The equity shares of the company were split / sub-divided from 1 equity share of face value of INR 10 each to 10 equity Shares of face
value of INR 1 each with effect from 12th June 2023 (record date). The basic and diluted earnings per share for the previous year has been
restated to give effect of the share split as per Ind AS 33.

For calculating the weighted average number of equity shares outstanding, 23,689,390 (2023-24: 23,689,390) equity shares and 46,750
(2023-24: 46,750) equity shares are being excluded on consolidation of equity shares held by IEI Shareholding (Staff Welfare) Trusts and
HMIL Shareholding (Staff Welfare) Trusts respectively.

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

1.21 Segment reporting policies

Identification of segments

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (CODM).
The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has
been identified as the Executive Chairman / Managing Director who makes strategic decisions.

Inter-segment Transfers

The company accounts for inter-segment sales and transfers at cost plus appropriate margin.

Allocation of common costs

Common allocable costs are allocated to each segment according to the turnover of the respective segments.

Unallocated costs

The unallocated segment includes general corporate income and expense items which are not allocated to any business segment.
Segment policies

The company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the financial
statements of the company as a whole.

1.22 Cash and cash equivalents

Cash and cash equivalents in the cash flow statement comprise cash at bank and in hand and short-term investments with an original
maturity of three months or less.

1.23 Leases

Where the company is the lessor

Leases in which the company does not transfer substantially all the risks and benefits of ownership of the asset are classified as operating
leases. Assets given on operating lease by the company are included in property, plant and equipment. Lease income is recognised in the
statement of profit and loss on a straight-line basis over the lease term. Costs, including depreciation, are recognised as an expense in the
statement of profit and loss. Initial direct costs such as legal costs, brokerage costs, etc. are recognised immediately in the statement of
profit and loss.

Where the company is the lessee

Assets taken on lease are accounted as right-of-use assets and the corresponding lease liability is accounted at the lease commencement
date.

Initially the right-of-use asset is measured at cost which comprises the initial amount of the lease liability adjusted for any lease payments
made at or before the commencement date, plus any initial direct costs incurred.

1.23 Leases (contd...)

The lease liability is initially measured at the present value of the lease payments, discounted using the rate implicit in the lease. If this rate
cannot be readily determined then the company's incremental borrowing rate is used. It is remeasured when there is a change in future
lease payments arising from a change in an index or a rate, or a change in the estimate of the guaranteed residual value, or a change in the
assessment of purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is
made to the carrying amount of the right-of-use asset, or is recorded in the statement of profit and loss if the carrying amount of the right-
of-use asset has been reduced to zero.

The right-of-use asset is measured by applying cost model i.e. right-of-use asset at cost less accumulated amortisation and cumulative
impairment, if any. The right-of-use asset is amortised, using the straight-line method over the period of lease, from the commencement
date to the end of the lease term or useful life of the underlying asset whichever is earlier. Carrying amount of lease liability is increased by
interest on lease liability and reduced by lease payments made.

Lease payments associated with following leases are recognised as expense on straight-line basis:

(i) Low value leases; and

(ii) Leases which are short-term.

1.24 Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period
of time to get ready for its intended use or sale are capitalised as part of the cost of the respective asset till such time that it is required
to complete and prepare the assets to get ready for its intended use. All other borrowing costs are expensed in the period they occur.
Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.

1.25 Dividend payable

Final dividend on shares are recorded as a liability on the date of approval by the shareholders and interim dividend are recorded as a
liability on the date of declaration by the company's board of directors. A corresponding amount is recognised directly in equity.

The company pays / distributes dividend after deducting applicable taxes.

2. Property, plant and equipment (contd...)

Notes

a) Freehold land includes land at Pune and Tamil Nadu, the title deeds of which are in the name of the nominees of the company.
Deemed gross book value INR 27.44 Lacs (31st March 2024: INR 27.44 Lacs)

b) Buildings on freehold land includes residential flats, the cost of which includes:

- INR 250 (31st March 2024: INR 250) being the value of 5 Shares (unquoted) of INR 50 each, fully paid up in Sunrise
Co-operative Housing Society Limited.

- INR 3,500 (31st March 2024: INR 3,500) being the value of 70 Shares (unquoted) of INR 50 each, fully paid up in Usha Milan
Co-operative Society Limited.

c) Buildings on freehold land includes residential flats acquired at Mumbai, the society formation of which is in progress.

Deemed gross book value INR 41.15 Lacs (31st March 2024: INR 41.15 Lacs)

Net book value INR 31.81 Lacs (31st March 2024: INR 32.85 Lacs)

d) Buildings on freehold land includes residential flats comprising of 2 LIG flats (Nos. B-16 and B-17) and 1 MIG flat (No. B-14) at Hosur,
the title deeds of which are awaited from authorities.

Deemed gross book value INR Nil (31st March 2024: INR Nil)

Net book value INR Nil (31st March 2024: INR Nil)

e) Buildings on freehold land includes office premises given on operating lease :

Deemed gross book value INR 126.31 Lacs (31st March 2024: INR 126.31 Lacs)

Accumulated depreciation INR 42.69 Lacs (31st March 2024: INR 37.76 Lacs)

Depreciation for the year INR 4.93 Lacs (2023-24: INR 4.89 Lacs)

Net book value INR 83.62 Lacs (31st March 2024: INR 88.54 Lacs)

f) Addition to Property, plant and equipment includes amount of INR 153.08 Lacs (2023-24: INR 108.01 Lacs) pertaining to research
and development.

g) Certain property, plant and equipment are given as security for borrowings, the details relating to which have been described in note
19 and note 22.

(a) Description of nature and purpose of each reserve

Security premium account: Securities premium account is used to record the premium on issue of shares. Securities premium
also includes the difference between the face value of the equity shares and the consideration received in respect of shares issued
pursuant to employee stock options scheme. The reserve is utilised in accordance with the provisions of the Act.

Special reserve: Special reserve is created by the company in past as per provision of section 45 - IC of the Reserve Bank of India
Act, 1934 for repayment of fixed deposit holders.

General reserve: The company created a General Reserve in earlier years pursuant to the provisions of the Companies Act wherein
certain percentage of profits were required to be transferred to General Reserve before declaring dividends. As per Companies Act
2013, the requirement to transfer profits to General Reserve is not mandatory. General reserve represents appropriation of retained
earnings and are available for distribution to shareholders.

Treasury shares: Treasury shares represents equity shares of the company held by IEI Shareholding (Staff Welfare) Trusts as well
as HMIL Shareholding (Staff Welfare) Trusts.

Notes

(a) Indian rupees loan from financial institution for capital expenditure carries interest rate from 9.25% p.a. to 9.35% p.a., presently @
9.25% p.a. as on 31st March 2025 (PY 9.35% p.a.). The loan is secured by first charge on movable and immovable fixed assets
pertaining to Reverse Osmosis Membrane manufacturing facility project at Goa and is repayable in 20 equal quarterly instalments
with moratorium of 6 months from the actual commercial operations date.

(b) Indian rupees loan from financial institution for capital expenditure carries interest rate @ 9.25% p.a. as on 31st March 2025
(PY 9.45% p.a.). The loan is secured by first charge on movable and immovable fixed assets pertaining to a Resin manufacturing
facility project at Roha, Maharashtra and is repayable in 20 equal quarterly instalments with moratorium of 6 months from the
commercial operations date.

(c) Indian rupees loan from a bank for execution of BOOT order from a company and carries interest rate of 9.45% p.a. as on 31st March
2025. The loan is secured by exclusive charge on movable fixed assets and current assets arising out of the said BOOT order and
is repayable in 20 equal quarterly instalments with moratorium of 8 quarters from the date of first disbursement.

B. Provident fund

The company's provident fund schemes which are administered through Government of India are defined contribution plan. The
company's contribution paid / payable under the scheme is recognised as expense in the statement of profit and loss during the year in
which the employee renders the related services. There are no other obligations other than the contribution payable to the respective
fund.

The company's provident fund scheme which is managed by trust set up by the company, the contribution to the provident fund is
remitted to a separate trust established for this purpose based on a fixed percentage of the eligible employees' salary and charged to
statement of profit and loss. Shortfall, if any, in the fund assets, based on the government specified minimum rate of return, will be made
good by the company and charged to statement of profit and loss. The actual return earned by the fund has mostly been higher than the
government specified minimum rate of return in the past years. There is no shortfall in the fund as on 31st March 2025 as per valuation
report. (As on 31st March 2024 shortfall of INR 129.89 Lacs was provided for by the company).

C. Defined contribution plan

Amount recognised as an expense and included in the note 32 - “Contribution to provident and other funds” of the statement of profit
and loss INR 880.77 Lacs (2023-24: INR 932.88 Lacs).

D. Other employee benefits

Amounts recognised as an expense and included in note 32

Leave encashment in “Salaries, wages and bonus” INR 515.33 Lacs (2023-24: INR 562.97 Lacs)

E. The net provision for leave encashment liability upto 31st March 2025 is INR 1,834.24 Lacs (31st March 2024: INR 2,511.90 Lacs)
Note:

The Indian parliament has approved the Code of Social Security, 2020 (‘the code'), which, inter alia, deals with employee benefits during
employment and post-employment. The code has been published in the gazette of India. The effective date of the code and rules thereunder
are yet to be notified. In view of this, the impact of the change, if any, will be assessed and recognised in the period the code become
effective.

40. Financial instruments (contd...)

B. Measurement of fair values

Valuation techniques and significant unobservable inputs

The following table shows the valuation techniques used in measuring Level 2 and Level 3 fair values, as well as the significant unobservable
inputs used. The cost of unquoted investments included in Level 3 of fair value hierarchy approximate their fair value because there is a wide
range of possible fair value measurements and the cost represents estimate of fair value within that range.

Financial instruments measured at fair value

C. Fair value hierarchy:

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

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices in an active market. This includes listed equity
instruments, traded debentures and mutual funds that have quoted price / declared NAV. The fair value of all equity instruments (including
debentures) which are traded in the stock exchanges is valued using the closing price as at the reporting period.

Level 2: Level 2 hierarchy includes financial instruments that are not traded in an active market (for example, traded bonds/debentures,
over the counter derivatives). The fair value in this hierarchy is determined using valuation techniques which maximize the use of observable
market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are
observable, the instrument is included in level 2.

Level 3: If one or more of the significant Inputs is not based on observable market data, the instrument is included in level 3. Fair values are
determined in whole or in part using a valuation model based on assumptions that are neither supported by prices from observable current
market transactions in the same instrument nor are they based on available market data. Financial instruments such as unlisted equity
shares, loans are included in this hierarchy.

D. Inter level transfers:

There are no transfers between levels 1 and 2 as also between levels 2 and 3 during the year.

E. Financial risk management:

The company has exposure to the following risks arising from financial instruments:

Ý Credit risk;

Ý Liquidity risk; and

Ý Market risk

(i) Risk management framework

The company's board of directors has overall responsibility for the establishment and oversight of the company's risk management
framework.

The company's risk management policies are established to identify and analyses the risks faced by the company, to set appropriate
risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly
to reflect changes in market conditions and the company's activities. The company, through its training and management standards
and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles
and obligations.

The audit committee oversees how management monitors compliance with the company's risk management policies and procedures
and reviews the adequacy of the risk management framework in relation to the risks faced by the company. The audit committee is
assisted in its oversight role by internal audit. Internal audit undertakes both regular and adhoc reviews of risk management controls
and procedures, the major observation are periodically reported to the audit committee.

Credit risk is the risk of financial loss to the company if a customer or counterparty to a financial instrument fails to meet its contractual
obligations and arises principally from the company's receivables from customers.

Trade receivables

Credit risk is managed through credit approvals and continuously monitoring the creditworthiness of customers to which the company
grants credit terms in the normal course of business. In respect of trade receivables, the company is not exposed to any significant
credit risk exposure to any single counter party or any group of counterparties having similar characteristics. Trade receivables consist
of a large number of customers in various geographical areas. The company assesses the credit quality of the customer based on
market intelligence, past payment history and defaults.

Credit risk management procedure includes regular monitoring of outstanding trade receivables to ensure risk of credit loss is minimal.

As per policy, trade receivables are classified into different buckets based on the overdue period. There are different provisioning
norms for each bucket which are ranging from 25% to 100%.

Cash and cash equivalents

The company held cash and cash equivalents of INR 11,581.46 Lacs as at 31st March 2025 (as at 31st March 2024: INR 11,038.25 Lacs).
The cash and cash equivalents are held with banks with good credit ratings.

Other bank balances

The company held other bank balances equivalents of INR 30,860.92 Lacs as at 31st March 2025 (as at 31st March 2024:
INR 42,459.04 Lacs). The other bank balances are mainly temporary surplus fund invested in fixed deposits with banks having good
rating and margin money against bank guarantees issued by banks on the company's behalf.

Investments

The company has invested an insignificant amount in listed securities. The company does not expect any losses.

Other financial assets

Other financial assets mainly comprise of tender deposits and security deposits which are given to customers or governmental
agencies in relation to contracts bid / execution and are assessed by the company for credit risk on a continuous basis.

(ii) Liquidity risk

Liquidity risk is the risk that the company will encounter difficulty in meeting the obligations associated with its financial liabilities
that are settled by delivering cash or another financial asset. The company's approach to managing liquidity is to ensure, as far as
possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without
incurring unacceptable losses or risking damage to the company's reputation.

The company has obtained fund and non-fund based working capital limits from various banks. The company invests its temporary
surplus funds in bank fixed deposit.

The company is exposed to market risk through its use of financial instruments and specifically to currency risk, interest rate risk and
certain other price risks, which result from both its operating and investing activities.

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 to the floating rate debt obligations.

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of
changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates, in cases where the borrowings
are measured at fair value through profit or loss. Cash flow interest rate risk is the risk that the future cash flows of floating interest
bearing investments will fluctuate because of fluctuations in the interest rates.

(a) The company offers wide range of solutions across the water cycle from pre-treatment to process water treatment, waste water
treatment, recycle, zero liquid discharge, sewage treatment, packaged drinking water, sea water desalination etc. The company is
also engaged in manufacturing resins, speciality chemicals for water and waste water treatment as well as non-water applications.

The type of work in the contracts with the customers involves designing, engineering, supply of materials, installation and commissioning
of the plant, project management, operations and maintenance. The effect of initially applying Ind AS 115 on the Company's revenue
from contracts with customers is described in Note 1.17.

(b) Revenue disaggregation as per industry vertical and geography has been included in segment information (Refer note 42).

(c) Reconciliation of contract assets and liabilities

The following table provides information about receivables, contract assets and contract liabilities from contracts with customers in
respect of contracts in progress:

(e) performance obligation

The company evaluates whether each contract consists of a single performance obligation or multiple performance obligations.
Contracts where the company provides a significant integration service to the customer by combining all the goods and services are
concluded to have a single performance obligations. Contracts with no significant integration service, and where the customer can
benefit from each unit on its own, are concluded to have multiple performance obligations. In such cases consideration is allocated
to each performance obligation, based on standalone selling prices. Where the company enters into multiple contracts with the same
customer, the company evaluates whether the contract is to be combined or not by evaluating factors such as commercial objective
of the contract, consideration negotiated with the customer and whether the individual contracts have single performance obligations
or not.

The company recognises contract revenue over time as the performance creates or enhances an asset controlled by the customer.
For such arrangements revenue is recognised using cost based input methods. Revenue is recognised with respect to the stage of
completion, which is assessed with reference to the proportion of contract costs incurred for the work performed at the balance sheet
date relative to the estimated total contract costs.

Any costs incurred that do not contribute to satisfying performance obligations are excluded from the Company's input methods of
revenue recognition as the amounts are not reflective of our transferring control of the plant to the customer. Significant judgment is
required to evaluate assumptions related to the amount of net contract revenues, including the impact of any performance incentives,
liquidated damages, and other forms of variable consideration.

If estimated incremental costs on any contract, are greater than the net contract revenues, the Company recognises the entire
estimated loss in the period the loss becomes known.

Variations in contract work, claims, incentive payments are included in contract revenue to the extent that may have been agreed with
the customer and are capable of being reliably measured.

(f) Revenue from sale of goods is recognises at the point in time when control of the assets is transferred to the customer, basis
incoterms.

(g) Revenue related to fixed price maintenance and support services contracts where the company is standing ready to provide services
is recognised based on time elapsed mode and revenue is straight lined over the period of performance.

(h) Reconciliation of revenue recognised in the statement of profit and loss

The following table discloses the reconciliation of amount of revenue recognised:

45. (a) The company as at 31st March 2025, has an investment of INR 54.70 Lacs (31st March 2024: INR 54.70 Lacs) in equity shares and

INR 1,500.00 Lacs (31st March 2024: INR 1,500.00 Lacs) in 7% Secured Redeemable Non-Convertible Debentures in Ion Exchange
Enviro Farms Limited (IEEFL), a subsidiary company. Further as at 31st March 2025 it has granted loans and advances aggregating
to INR 5,287.21 Lacs (31st March 2024: INR 4,722.34 Lacs) to IEEFL. As at 31st March 2025, the accumulated losses of IEEFL have
substantially exceeded its paid-up share capital.

IEEFL has adequate assets in the form of developed and undeveloped land and the redeemable non-convertible debentures are
secured by way of mortgage of office premises.

Also, in response to the SEBI (Collective Investment Schemes) Regulations, 1999 (the “Guidelines”), notified by Securities and
Exchange Board of India (SEBI) on 15th October 1999, IEEFL had applied for registration to SEBI on 14th December 1999. In response,
SEBI had granted provisional registration to IEEFL on 13th February 2001, subject to certain conditions. The provisional registration
was subsequently extended and expired on 13th February 2003.

IEEFL applied to SEBI seeking exemptions from provisions of the regulations, because it was not able to comply with certain requirements
of SEBI (CIS) Regulations, 1999. The SEBI did not grant exemption and further vide letter dated 7th January 2003; SEBI called upon
IEEFL to show cause why the provisional registration granted to it should not be revoked. After hearing the IEEFL's submission, SEBI
vide order dated 27th November, 2003 directed IEEFL to wind up the scheme and refund the monies with returns to investors.

Against the aforesaid order IEEFL filed an appeal before Securities Appellate Tribunal (SAT) which vide its order pronounced on 5th
May, 2006 upheld that SEBI order in so far as it relates to refund the monies along with the return to the investors by IEEFL and to wind
up of the scheme.

IEEFL had filed appeal against the order of SAT in Hon'ble Supreme Court of India on 4th July, 2006. The Hon'ble Supreme Court of
India had dismissed IEEFL's appeal on 26th February 2013. IEEFL in order to comply with SAT order dated 5th May 2006 has submitted
a letter on 17th May 2013 to SEBI seeking its directions to comply with the SAT order.

Subsequent to this there was a meeting with SEBI Officials on 27th November 2013, wherein some additional details about compliance
of the Scheme and financial results etc. were called for which have been duly complied with vide letter dated 13th December 2013.
Pursuant to this, IEEFL has initiated actions in line with the aforesaid meetings with SEBI Officials and letters submitted to SEBI.

Subsequent to SEBI order of 30th December 2015, for closer of the CIS Scheme (which inter-alia included directions to refund INR
2,006 Lacs to investors, as per the earlier order of 27th November 2003), IEEFL was granted a personal hearing on 3rd February 2016
and additional information called for was submitted on 23rd March 2016. IEEFL has requested permission to wind up the scheme in
terms of rule 73(1) to (9) of CIS Regulation as it has completed all obligations towards the investors, i.e., sale of lands and development
and maintain the lands then after as per the agreements.

As SEBI refused to accede to IEEFL's request has preferred a fresh appeal at Securities Appellate Tribunal (SAT) on 9th February 2017
no (1) 40 0f 2017 - citing practical difficulties in execution of the SEBI order to refund to all investors as investors have already received
their lands / refunds as per the agreements.

IEEFL's plea in SAT is for issuing suitable directions to SEBI for verifying the documentary proofs submitted by IEEFL for conveying of
lands, refunds made and thereafter calling outstanding claims, if any, and thereafter declaring wind up of the scheme in terms of the
CIS Regulations.

The appeal was heard and vide order dated 18th October 2019 SAT has dismissed the appeal. The IEEFL had filed a review petition
before the SAT, Mumbai on 3rd December 2019 for correction of factual errors in the said order. Further, based on the legal advice,
pending final order from SAT on the review petition, an appeal is filed in the Supreme Court against order of SAT on 18th February 2020.
As per the SAT hearing dated 19th March 2021, it was held that, there is not an error apparent on the face of the record and thus review
application filed was dismissed by SAT. As such the appeal is set aside against IEEFL and further vide order No. 2853/2021 dated 6th
December 2021, the Supreme Court has granted liberty to IEEFL to approach Securities and Exchange Board of India and request for
reconsideration of the matter by producing additional material. IEEFL has filed additional documents through its advocates vide letter
dated 2nd March 2022. Further SEBI vide letter dated 17th May 2022 has made certain observations and has advised IEEFL to provide
for additional comments/documents, which were submitted through their advocate vide letter dated 12th July 2022. Thereafter SEBI
has appointed M/S. SKVM & Co as a forensic auditor who has verified the documents and records of the company in order to submit his
report to SEBI. The company has submitted the required documents to SEBI's Auditor. Further during the course of audit queries raised
by M/s. SKVM & Co have been addressed by the IEEFL's counsel. Based on the report submitted by the auditor to SEBI, SEBI has
sought certain clarifications from the company and the same has been complied therewith. SEBI vide letter dated 16th May 2024 has
directed the company to deposit an amount of INR 2,202 Lacs towards repayment of money to the investors. IEEFL has represented
to SEBI to reconsider the matter in line with the audit findings. SEBI vide email dated 7th August 2024 rejected company's request.
Company has filed appeal with SAT which came up for hearing on 17th October 2024. In the hearing the counsel for SEBI made a
statement that SEBI will not initiate any recovery proceedings till the next date of hearing which was 10th February 2025. Thereafter
the next date of hearing is on 29th July 2025.

The management is of the opinion, that there is no diminution, other than temporary, in the value of investments and the advances are
fully recoverable. Hence presently no provision is considered necessary.

56. Other Statutory Information

(i) The company does not have any benami property, where any proceedings has been initiated or pending against the company for
holding any benami property.

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

(iii) The company have not traded or invested in Crypto currency or Virtual Currency during the financial year.

(iv) 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.

(v) 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 group shall:

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

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

(vi) The company does not have any such transaction which is not recorded in the books of account 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.

57. Events after reporting period

No material adjusting / Non adjusting subsequent event occurred after the balance sheet date and date of the approval of these financial
statements by the board of directors of the company requiring adjustment or disclosure. Also refer note 59.

58. Information with regard to other matters, as required by Schedule III to the Act is either nil or not applicable to the company for the year.

Proposed dividends on equity shares are subject to the approval at the annual general meeting and are not recognised as a liability as at
31st March.

60. Standards issued but not effective - Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards
under Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended 31st March 2025, MCA has not
notified any new standards or amendments to the existing standards applicable.

As per our report of even date attached

For Deloitte Haskins & Sells LLP For and on behalf of the board of directors of

Chartered Accountants ION EXCHANGE (INDIA) LIMITED

Firm’s Registration No.: 117366W/W-100018 CIN - L74999MH1964PLC014258

PALLAVI SHARMA RAJESH SHARMA INDRANEEL DUTT M. P. PATNI

Partner Executive Chairman Managing Director Director

Membership No.: 113861 DIN - 00515486 DIN - 01942447 DIN - 00515553

Place : Mumbai NIKISHA SOLANKI VASANT NAIK Place : Mumbai

Date : 28th May 2025 Company Secretary Chief Financial Officer Date : 28th May 2025