k) Provisions, Contingent Liabilities and
Contingent Assets:

Provisions are recognised when the Company
has a present obligation (legal or constructive)
as a result of a past event and 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.

If the effect of the time value of money is material,
provisions are discounted using a current pre¬
tax rate that reflects current market assessment
of time value of money and, where appropriate,
the risks specific to the liability. Unwinding of the
discount is recognised in the Statement of Profit
and Loss as a finance cost. Provisions are reviewed
at each reporting date and are adjusted to reflect
the current best estimate.

A present obligation that arises from past events
where it is either not probable that an outflow of
resources will be required to settle or a reliable
estimate of the amount cannot be made, is
disclosed as a contingent liability. Contingent

liabilities are also disclosed when there is a possible
obligation arising from past events, the existence
of which will be confirmed only by the occurrence
or non -occurrence of one or more uncertain
future events not wholly within the control of the
Company. Claims against the Company where the
possibility of any outflow of resources in settlement
is remote, are not disclosed as contingent liabilities.

Contingent assets are not recognised in financial
statements since this may result in the recognition
of income that may never be realised. However,
when the realization of income is virtually certain,
then the related asset is not a contingent asset and
is recognised. A contingent asset is disclosed, in
financial statements, where an inflow of economic
benefits is probable.

l) Revenue Recognition:

(i) Revenue from Contracts with Customers

• Revenue is recognised on the basis of
approved contracts regarding the transfer
of goods or services to a customer for an
amount that reflects the consideration
to which the entity expects to be entitled
in exchange for those goods or services.
Revenue is measured at the fair value
of consideration received or receivable
taking into account the amount of
discounts, incentives, volume rebates,
outgoing taxes on sales.

(ii) Revenue from works contracts and Income
from designing and engineering services:

• Revenue from works contracts and
Income from designing and engineering
services, where the outcome can be
estimated reliably, is recognised under
the percentage of completion method
by reference to the stage of completion
of the contract activity. The stage of
completion is measured by calculating
the proportion that costs incurred to date
bear to the estimated total costs of a
contract. Determination of revenues under
the percentage of completion method
necessarily involves making estimates by
the management.

• When the Company sa tisfies a
performance obligation by delivering the
promised goods or services it creates
a contract asset based on the amount
of consideration to be earned by the
performance. Where the amount of
consideration received from a customer
exceeds the amount of revenue recognised
this gives rise to contract liability.

• Any variations in contract work, claims,
incentive payments are included in the
Transaction price if it is highly probable
that a significant reversal of revenue will
not occur once associated uncertainties
are resolved.

(iii) Operation and maintenance income:

• The Company recognises revenue from
Operations and Maintenance services
using the time-elapsed measure of
progress i.e. input method on a straight
line basis.

(iv) Sale of Power

• Revenue from contracts with customers
is recognised when control of the goods
(power) or services is transferred to
the customer

(v) Contract assets

• Contract assets are recognised when
there is excess of revenue earned over
billings on contracts. Contract assets are
classified as unbilled receivables (only
act of invoicing is pending) when there is
unconditional right to receive cash, and
only passage of time is required, as per
contractual terms.

(vi) Contract Liabilities

• Contract Liabilities are recognised when
there is billing in excess of revenue and
advance received from customers.

Significant financing component - Generally,

the Company receives short-term advances

from its customers. Using the practical

expedient in Ind AS 115, the Company does not
adjust the promised amount of consideration
for the effects of a significant financing
component if it expects, at contract inception,
that the period between the transfer of the
promised good or service to the customer
and when the customer pays for that good or
service will be one year or less.

(vii) Dividend income is accounted for when the
right to receive the income is established.

(viii) Interest income is recognised using the
Effective Interest Rate Method.

m) Lease:

The Company assesses whether a contract contains
a lease, at the inception of the contract. A contract
is, or contains, a lease if the contract conveys the
right to control the use of an identified asset for
a period of time in exchange for consideration. To
assess whether a contract conveys the right to
control the use of an identified asset, the Company
assesses whether:

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

(ii) the Company has substantially all of the
economic benefits from the use of the asset
through the period of lease and;

(iii) the Company has the right to direct the use of
the asset.

As a lessee

The Company recognises a right-of-use
asset (“ROU") and a lease liability at the lease
commencement date. The ROU is initially
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 and an
estimate of costs to dismantle and remove the
underlying asset or to restore the underlying asset
or the site on which it is located, less any lease
incentives received.

Certain lease arrangements include the option to
extend or terminate the lease before the end of

the lease term. The right- of-use assets and lease
liabilities include these options when it is reasonably
certain that the option will be exercised.

The ROU is subsequently depreciated using the
straight-line method from the commencement
date to the end of the lease term.

The lease liability is initially measured at the
present value of the lease payments that are not
paid at the commencement date, discounted
using the interest rate implicit in the lease or,
if that rate cannot be readily determined, the
company's incremental borrowing rate. Generally,
the company uses its incremental borrowing rate
as the discount rate.

L ease payments included in the measurement
of the lease liability comprises fixed payments,
including in-substance fixed payments.

The lease liability is subsequently measured at
amortised cost using the effective interest method.
It is remeasured when there is a change in future
lease payments arising from a change in an index
or rate.

When the lease liability is remeasured in this way, a
corresponding adjustment is made to the carrying
amount of the ROU or is recorded in Statement of
Profit or Loss if the carrying amount of the ROU has
been reduced to zero.

Lease Liabilities have been presented in 'Financial
Liabilities' and the 'ROU' have been presented
separately in the Balance Sheet. Lease payments
have been classified as financing activities in the
Statement of Cash Flows.

Short-term leases:

The Company has elected not to recognise ROU
and lease liabilities for short term leases that have
a lease term of 12 months or lower. The Company
recognises the lease payments associated with
these leases as an expense over the lease term.
The related cash flows are classified as Operating
activities in the Statement of Cash Flows.

n) Employee Benefit Expense:

Defined benefit plan:

The Company has defined benefit plan for post¬
employment benefits, for all employees in the
form of Gratuity. The Company's liabilities under
Payment of Gratuity Act are determined on the
basis of independent actuarial valuation. The
liability in respect of gratuity is calculated using the
Projected Unit Credit Method and spread over the
period during which the benefit is expected to be
derived from employees' services.

Re-measurement, comprising actuarial gains
and losses, the effect of the changes to the asset
ceiling (if applicable) and the return on plan assets
(excluding net interest), is reflected immediately
in the Balance Sheet with a charge or credit
recognised in Other Comprehensive Income (oci)
in the period in which they occur. Remeasurement
recognised in OCI is reflected immediately in
retained earnings and will not be reclassified to
Statement of Profit and Loss. Past service cost is
recognised in the Statement of Profit and Loss in the
period of a plan amendment. Interest is calculated
by applying the discount rate at the beginning
of the period to the net defined benefit liability or
asset and is recognised in the Statement of Profit
and Loss.

The present value of the defined benefit plan
liability is calculated using a discount rate which
is determined by reference to market yields at the
end of the reporting period on government bonds.

The defined benefit obligation recognised in the
Balance Sheet represents the actual deficit or
surplus in the Company's defined benefit plan. Any
surplus resulting from this calculation is limited
to the present value of any economic benefits
available in the form of refunds from the plans or
reductions in future contributions to the plans.

Defined contribution plan:

Payments to defined contribution plans are
recognised as an expense when employees have
rendered service entitling them to the contributions.

The eligible employees of the Company are entitled
to receive benefits in respect of provident fund, for

which both the employees and the Company make
monthly contributions at a specified percentage of
the covered employees' salary. The contributions
as specified under the law are made to the
Government Provident Fund monthly.

Short-term employee benefits:

A liability is recognised for benefits accruing to
employees in respect of wages and salaries,
annual leave in the period the related service is
rendered. Liabilities recognised in respect of short¬
term employee benefits are measured at the
undiscounted amount of the benefits expected to
be paid in exchange for the related service.

Other long - term employee benefits

The Company's net obligation in respect of long
- term employee benefits is the amount of future
benefit that employees have earned in return for
their service in the current and prior periods. That
benefit is discounted to determine its present
value. Remeasurement is recognised in Statement
of Profit and Loss in the period in which they arise.

Entitlements to annual privilege leave are recognized
when they accrue to employees. Privilege leave can
be availed or encashed subject to a restriction on
the maximum number of accumulation of leave.
The Company determines the liability for such
accumulated leaves using the projected unit credit
method with actuarial valuations being carried out
at each reporting date.

Employee Share based payments:

Equity- settled share-based payments to
employees are measured at the fair value of the
employee stock options at the grant date using an
appropriate valuation model.

The fair value determined at the grant date of the
equity-settled share-based payments is amortised
over the vesting period, based on the Company's
estimate of equity instruments that will eventually
vest, with a corresponding increase in equity.

At the end of each reporting period, the Company
revises its estimate of the number of equity
instruments expected to vest. The impact of

the revision of the original estimates, if any, is
recognised in the Statement of Profit and Loss such
that the cumulative expense reflects the revised
estimate, with a corresponding adjustment to the
equity-settled employee benefits reserve.

o) Income Taxes:

The tax expense for the period comprises current
and deferred tax. Tax is recognised in Statement of
Profit and Loss, except to the extent that it relates to
items recognised in the comprehensive income or
in equity. In which case, the tax is also recognised
in other comprehensive income or equity.

Current Tax:

Current Tax is measured on the basis of estimated
taxable income for the current accounting period
in accordance with the applicable tax rates and
the provisions of the Income-tax Act, 1961 and other
applicable tax laws.

Deferred Tax:

Deferred tax is recognised, on all temporary
differences at the reporting date between the tax
base of assets and liabilities and their carrying
amounts for financial reporting purpose.

Deferred tax liabilities and assets are measured
at the tax rates that are expected to be applied
to the temporary differences when they reverse,
based on tax rates (and tax laws) that have been
enacted or substantively enacted by the end of the
reporting date.

Current tax assets and current tax liabilities are
offset when there is a legally enforceable right to
set off the recognised amounts and there is an
intention to settle the asset and the liability on a net
basis. Deferred tax assets and deferred tax liabilities
are offset when there is a legally enforceable right
to set off current tax assets against current tax
liabilitie s; and the deferred tax assets and the
deferred tax liabilities relate to income taxes levied
by the same taxation authority.

A deferred tax asset is recognised to the extent
that it is probable that future taxable profits will be
available against which the temporary difference

can be utilized. The carrying amount of Deferred
tax liabilities and assets are reviewed at the end of
each reporting period date and are reduced to the
extent that it is no longer probable.

p) Foreign Currency Transactions:

Foreign currency transactions are recorded at
exchange rate prevailing on the date of the
transactions. Foreign currency denominated
monetary assets and liabilities are restated into
the functional currency using exchange rates
prevailing on the Balance Sheet date. Gains and
losses arising on settlement and restatement of
foreign currency denominated monetary assets
and liabilities are recognised in the statement of
profit and loss. Non- monetary items carried at fair
value that are denominated in foreign currencies
are translated at the rates prevailing at the date
when the fair value was determined.

Non-Monetary items that are measured in
terms of historical cost in a foreign currency are
translated using exchange rate as at the date of
initial transactions.

q) Earnings Per Share:

The Basic Earnings Per Share (“EPS") is computed
by dividing the net profit / (loss) after tax for the
year attributable to the equity shareholders by
the weighted average number of equity shares
outstanding during the year.

For the purpose of calculating diluted earnings
per share, net profit/loss after tax for the year
attributable to the equity shareholders is divided
by the weighted average number of equity shares
outstanding during the year adjusted for the effects
of all dilutive equity shares.

r) 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 & financial liabilities are recognised
when the Company becomes party to contractual
provisions of the relevant instruments.

Initial Recognition and Measurement:

All financial assets and liabilities are initially
recognised at fair value. Transaction costs that are
directly attributable to the acquisition or issue of
financial assets and financial liabilities, which are
not at fair value through profit or loss, are adjusted
to the fair value of the financial assets or financial
liabilities on initial recognition. Transaction costs
directly attributable to acquisition or issue of
financial assets or financial liabilities at fair value
through profit or loss are charged to the Statement
of Profit and Loss over the tenure of the financial
assets or financial liabilities.

Classification and Subsequent Measurement:
Financial Assets

• Financial assets carried at Amortised Cost:

A financial asset shall be classified and
measured at amortised cost if it is held within a
business model whose objective is to hold the
asset in order to collect contractual cash flows
and 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. In case
of financial assets classified and measured at
amortised cost, any interest income, foreign
exchange gains or losses and impairment are
recognised in the Statement of Profit and Loss.

• Financial assets at Fair Value through Other
Comprehensive Income (FVTOCI):

A financial asset shall be classified and
measured at FVTOCI if it is held within a
business model whose objective is achieved
by both collecting contractual cash flows and
selling financial assets and 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.

• Financial assets at Fair Value through profit or
loss (FVTPL):

A financial asset shall be classified and
measured at fair value through profit or loss
unless it is measured at amortised co st or at
fair value through OCI.

All recognised financial assets are
subsequently measured in their entirety at
either amortised cost or fair value, depending
on the classification of the financial assets.

For financial assets at FVTPL, net gains or losses,
including any interest or dividend income, are
recognised in the Statement of Profit and Loss.

Classification and Subsequent Measurement:
Financial Liabilities:

Financial liabilities are classified as either financial
liabilities at FVTPL or 'other financial liabilities'.

• Financial Liabilities at FVTPL:

Financial liabilities are classified as at FVTPL
when the financial liability is held for trading
or are designated upon initial recognition
at FVTPL. Gains or losses, including interest
expenses on liabilities held for trading are
recognised in the Statement of profit or loss.

• Other Financial Liabilities:

Other Financial liabilities (including
borrowings and trade and other payables)
are subsequently measured at amortised cost
using the effective interest method.

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

Impairment of financial assets:

In accordance with Ind AS 109, the Company uses
'Expected Credit Loss' (ecl) model, for evaluating
impairment of financial assets other than those
measured at fair value through profit and loss
(fvtpl).

I n case of trade receivables Company applies
'simplified approach' which requires expected
lifetime losses to be recognised from initial
recognition of the receivables. The application of
simplified approach does not require the Company
to track changes in credit risk. The Company
calculates the expected credit losses on trade
receivables using a provision matrix on the basis of
its historical credit loss experience.

For other assets, the Company uses 12-month
ECL to provide for impairment loss where there
is no significant increase in credit risk. If there is
significant increase in credit risk lifetime ECL is used.

Derecognition of Financial Instruments:

The Company derecognises a financial asset
when the contractual rights to the cash flows
from the financial asset expire or when it transfers
the financial asset and the transfer qualifies for
derecognition under Ind AS 109.

On derecognition of a financial asset, the difference
between the asset's carrying amount and the
sum of the consideration received and receivable
and the cumulative gain or loss that had been
recognised in OCI and accumulated in equity is
recognised in the Statement of Profit and Loss.

A financial liability (or a part of a financial liability) is
derecognised from the Company's Balance Sheet
when the obligation specified in the contract is
discharged or cancelled or expires. The difference
between the carrying amount of the financial
liability de-recognised and the consideration paid
and payable is recognised in the Statement of
Profit and Loss.

) Cash and Cash Equivalents:

Cash and Cash Equivalents in the Balance Sheet
comprise cash at bank and in hand and short¬
term deposits that are readily convertible into cash
which are subject to insignificant risk of changes
in value and are held for the purpose of meeting
short- term cash commitments.

t) Financial Liabilities & Equity Instruments:

• Classification as Debt or Equity

Debt and equity instruments issued by the
Company are classified as either financial
liabilities or as equity in accordance with the
substance of the contractual arrangements
and the definition of financial liability and an
equity instrument.

• Equity Instrument

An equity instrument is any contract that
evidences a residual interest in the assets of
an entity after deducting all of its liabilities.
Equity instruments issued by a Company are
recognised at the proceeds received.

• Derivative financial instruments:

The Company enters into derivative financial
instruments viz. foreign exchange forward
contracts to manage its exposure to foreign
exchange rate risks. The Company does
not hold derivative financial instruments for
speculative purposes.

Derivatives are initially recognised at fair value
at the date the derivative contracts are entered
into and are subsequently remeasured to their
fair value at the end of each reporting period.
The resulting gain or loss is recognised in profit
or loss.

u) Segment Reporting - Identification of
Segments:

An operating segment is a component of the
Company that engages in business activities from
which it may earn revenues and incur expenses,
whose operating results are regularly reviewed
by the company's Chief Operating Decision Maker
(“CODM") to make decisions for which discrete
financial information is available.

Based on the management approach as defined
in Ind AS 108, the CODM evaluates the Company's
performance and allocates resources based on
an analysis of various performance indicators by
business segments and geographic segments.

v) Cash Flow Statement

Cash flows are reported using the indirect method,
whereby the net profit before tax is adjusted for the
effects of transactions of a non-cash nature, any
deferrals or accruals of past or future operating
cash receipts or payments and item of income or
expenses associated with investing or financing
cash flows. The cash flows from operating,
investing and financing activities of the Company
are segregated.

NOTE 1 (B): CRITICAL ACCOUNTING JUDGEMENTS
AND KEY SOURCES OF ESTIMATION UNCERTAINTY:

The preparation of the financial statements in conformity
with Ind AS requires management to make judgments,
estimates and assumptions that affect the application
of accounting policies and the reported amounts of
assets, liabilities, Revenue and expenses. 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 periods.

Estimates and underlying assumptions are reviewed on
an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimates are
revised and in any future periods affected. In particular,
information about significant areas of estimation,
uncertainty and critical judgments in applying
accounting policies that have the most significant effect
on the amounts recognised in the financial statements
are included in the following notes:

i. Useful Lives of Property, Plant & Equipment:

The Company uses its technical expertise along
with historical and industrial trends for determining
the economic life of an asset. The useful life is
reviewed by the management periodically and
revised, if appropriate. In case of a revision, the
unamortised depreciable amount is charged over
the remaining useful life of the asset.

ii. Defined Benefit Plans:

The cost of the defined benefit plans gratuity and
the present value of the gratuity obligation are
based on actuarial valuation using the projected
unit credit method. 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.

iii. 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 Discounted
Cash Flow 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.

iv. Expected Credit Losses on Financial Assets:

The impairment provisions of financial assets
are based on assumptions about risk of default
and expected timing of collection. The Company
uses judgment in making these assumptions and
selecting the inputs to the impairment calculation,
based on the Company's past history, customer's
creditworthiness, existing market conditions as well
as forward looking estimates at the end of each
reporting period.

v. Classification of Lease Ind AS 116:

Ind AS 116 Leases requires a lessee to determine the
lease term as the non-cancellable period of a lease
adjusted with any option to extend or terminate
the lease, if the use of such option is reasonably
certain. The Company makes an assessment on
the expected lease term on lease by lease basis
and thereby assesses whether it is reasonably
certain that any options to extend or terminate the
contract will be exercised. In evaluating the lease
term, the Company considers factors such as any
significant leasehold improvements undertaken
over the lease term, costs relating to the termination
of lease and the importance of the underlying

lease to the Company's operations taking into
account the location of the underlying asset and
the availability of the suitable alternatives. The
lease term in future periods is reassessed to ensure
that the lease term reflects the current economic
circumstances. The discount rate is generally
based on the incremental borrowing rate specific
to the lease being evaluated or for a portfolio of
leases with similar characteristics.

vi. Recognition and measurement of deferred tax
assets and liabilities:

Deferred tax assets and liabilities are recognised
for deductible temporary differences and unused
tax losses for which there is probability of utilisation
against the future taxable profit. The Company
uses judgement to determine the amount of
deferred tax liability / asset that can be recognised,
based upon the likely timing and the level of future
taxable profits and business developments.

vii. Income Taxes:

The Company calculates income tax expense
based on reported income and estimated
exemptions / deduction likely available to the
Company. The Company is continuing with higher
income tax rate option, based on the available
outstanding MAT credit entitlement to the
Company. However, the Company has applied the
lower income tax rates on the deferred tax assets
/ liabilities to the extent these are expected to
realised or settled in the future when the Company
may be subject to lower tax rate based on the
future financials projections.

viii. Revenue and Cost recognition from
Engineering, Procurement and Construction
('EPC') contracts:

During the year, the Company has recognised
revenue and cost from the EPC contracts. Due
to the nature of the contracts, recognition of
revenue and cost involves usage of percentage
of completion method which is determined based
on the proportion of contract costs incurred for
work performed to date relative to the estimated
total contract costs, which involves significant
judgments, identification of contractual cost and
obligations and the Company's rights to receive
payments for performance completed till date.

ix. Share Based Payments:

The Company measures the cost of equity-
settled transactions and cash settled transactions
with employees using either Black-Scholes
model to determine the fair value of the liability
incurred on the grant date. 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 39.

NOTE 36: CONTINGENT LIABILITIES (iND AS 37)

A. Claims against the Company not acknowledged as debt : Nil

The group does not have any pending litigations and proceedings as at March 31, 2025 (March 31, 2024 - Nil)

B. Guarantees :

The Company has issued Corporate Guarantee on behalf of Waaree PV Technologies Private Limited (Now merged
with the Company)in favour of IREDA for the term loan of INR 3,698.00 lakhs (March 31, 2024 : 3,698.00 Lakhs) for 10
MW Solar PV Power Project at Polagam Taluk, Karaikal District, Pondicherry.

NOTE 37 : CAPITAL COMMITMENT

Estimated amount of contracts remaining to be executed on capital account not provided for (net of advances)
g 154.15 Lakhs. (March 31, 2024 g 72.39 Lakhs).

NOTE 38 : EMPLOYEE BENEFITS (IND AS 19)

[a] Defined Benefit Plans:

Gratuity

The gratuity payable to employees is based on the employee's service and last drawn salary at the time
of leaving the services of the Company and is in accordance with the rules of the Company for payment
of gratuity.

Inherent Risk

The plan is defined in nature which is sponsored by the Company and hence it underwrites all the risks pertaining
to the plan. In particular, this exposes the Company to actuarial risk such as adverse salary growth, change in
demographic experience, inadequate return on underlying plan assets. This may result in an increase in cost
of providing these benefits to the employees in future. Since the benefits are lump sum in nature, the plan is
not subject to any longevity risk.

NOTE 38 : EMPLOYEE BENEFITS (iND AS 19) (Contd.)

Discount rate:

The Discount rate is based on the prevailing market rates of Indian government securities for the estimated
term of obligation.

Salary Escalation Rate:

The estimates of future salary are considered taking into account inflation, seniority, promotion and other
relevant factors.

Asset Liability matching strategy

The money contributed by the Company to the Gratuity fund to finance the liabilities of the plan has to
be invested.

The trustees of the plan have outsourced the investment management of the fund to Insurance Company. The
Insurance Company in turn manages these funds as per the mandate provided to them by the trustees and
the asset allocation which is within the permissible limits prescribed in the insurance regulations. Due to the
restrictions in the type of investments that can be held by the fund, it is not possible to explicitly follow an asset
liability matching strategy.

There is no compulsion on the part of the Company to fully prefund the liability of the Plan. The Company's
philosophy is to fund these benefits based on its own liquidity and the level of underfunding of the plan.

The Company's expected contribution during next year is g 37.52 Lakh (March 31, 2024 g 29.21 Lakh).

[b] Other Long term Employee Benefits

Amount recognized as expense and included in Note 29 for other long-term employee benefits (Compensated
Absences) March 31,2025 is g 143.96 Lakhs (March 31, 2024 is g 42.57 Lakhs).

[c] Defined Contribution Plans

Amount recognised as an expense and included in Note 29 under the head “Contribution to Provident and
other Funds" of Statement of Profit and Loss for March 31,2025 is g 88.84 Lakhs (March 31, 2024 is g 49.28 Lakhs).

The weighted average remaining contractual life for the share options outstanding as at March 31, 2025 was 2.78 years (March
31, 2024 : 3 years).

(c) Fair Valuation:

5,463** share options were granted during the period (54,050** share options were granted during the year
ended March 31,2024) Weighted Average Fair value of the options granted during the period is g 492** (March
31, 2024 g 191.60** per share)

The fair value of option has been done by an independent firm of Chartered Accountants on the date of grant
using the Black-Scholes Model.

The Key assumptions in the Black-Scholes Model for calculating fair value as on the date of grant are as under:

1 Risk Free Rate: 6.55% (Tranche I), 7.3% (Tranche II), 7.49% (Tranche III), 7.24% (Tranche IV)

2 Option Life: Weighted Average 2.78 Years.

3 Expected Volatility*: 40% p.a.

4 Expected Growth in Dividend: 0% Dividend.

*Expected volatility on the company's stock price on Bombay Stock Exchange based on data commensurate with the expected
life of the options up to the date of grant.

**The Board at its meeting held on 20-01-2024 approved sub-division of equity shares of the Company with existing face
value of g 10/- (Ten) per share each fully paid up into 5 (five) each fully paid up shares of face value of g 2/- (Two) per share,
consequential amendment to the Memorandum of Association of the Company is approved by Shareholders through Postal
Ballot on 01-03-2024. Previous year figures have been restated accordingly.

NOTE 40 : SEGMENT REPORTING

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating
Decision Maker (“CODM") of the Company. The CODM, who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the Chief Finance Officer of the Company.

Reportable Segments in view of requirements of Ind AS 108 are provided in Consolidated Financial Statements.

Based on the recommendation of the Nomination, Remuneration and Compensation Committee, all decisions
relating to the remuneration of the Directors are taken by the Board of Directors of the Company, in accordance
with shareholder's approval, wherever necessary.

Terms and Conditions of transactions with Related Parties:

The transactions with the related parties are made in the normal course of business and on the terms equivalent
to those that prevails in arm's length transactions. Outstanding balances at the year-end are unsecured.

For the year ended March 31, 2025, the Company has not recorded any impairment of receivables relating to
amounts owned by related parties. This assessment is undertaken each financial year through examining the
financial position of the related party and the market in which the related parties operates.

NOTE 42 B: FAIR VALUE MEASUREMENTS (iND AS 113):

The fair values of the financial assets and liabilities are included at the amount at which the instrument could
be exchanged in an orderly transaction in the principal (or most advantageous) market at measurement date
under the current market condition regardless of whether that price is directly observable or estimated using other
valuation techniques.

The Company has established the following fair value hierarchy that categorizes the values into 3 levels. The inputs
to valuation techniques used to measure fair value of financial instruments are:

Level 1: This hierarchy uses quoted (unadjusted) prices in active markets for identical assets or liabilities. The fair
value of all bonds which are traded in the stock exchanges is valued using the closing price or dealer quotations
as at the reporting date.

Level 2: The fair value of financial instruments that are not traded in an active market (For example traded bonds,
over the counter derivatives) is determined using valuation techniques which maximize the use of observable
market data and rely as little as possible on company specific estimates. The mutual fund units are valued using the
closing Net Asset Value. If all significant inputs required to fair value an instrument are observable, the instrument
is included in Level 2.

The management assessed that cash and bank balances, trade receivables, loans, trade payables, cash credits,
commercial papers and other financial assets and liabilities approximate their carrying amounts largely due to the
short-term maturities of these instruments.

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

(a) The fair values of the quoted investments/units of mutual fund schemes are based on market price/net asset
value at the reporting date.

(b) The fair value of the remaining financial instruments is determined using discounted cash flow analysis. The
discount rates used is based on management estimates.

NOTE 43: FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (iND AS 107):

The Company's principal financial liabilities comprise of borrowings, trade and other payables. The main purpose
of these financial liabilities is to finance and support the Company's operations. The Company's principal financial
assets include Investments, Loans and Other receivables, Cash and Cash Equivalents and Other Bank Balances that
directly derive from its operations.

The Company is exposed to Market Risk, Credit Risk and Liquidity Risk. The Company's senior management oversees
the management of these risks. The Company's senior management ensures 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.

A. Market Risk

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change
in the price of a financial instrument.

The value of a financial instrument may change as a result of changes in the interest rates, foreign currency
exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market
risk is attributable to all market risk sensitive financial instruments including investments and deposits, foreign
currency receivables, payables and borrowings.

1. Foreign Currency Risk

Foreign currency risk is the risk of impact related to fair value or future cash flows of an exposure in foreign
currency, which fluctuate due to changes in foreign exchange rates. The Company's exposure to the risk
of changes in foreign exchange rates relates primarily to the foreign currency receivable and payables.

B. Credit Risk

Credit risk arises when a customer or counterparty does 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 / investing activities, including deposits with
banks/financial institutions and mutual fund investments.

1. Trade Receivables

Trade receivables are consisting of a large number of customers. The Company has credit evaluation
policy for each customer and based on the evaluation credit limit of each customer is defined.

Gross Trade receivable as on March 31, 2025 g 49,716.13 lakh [March 31, 2024(restated) g 37,212.02 lakh ]

Total Exposure to a single customer is 28.66% of the total trade receivables (March 31, 2024 - 33%)

The Company measures the expected credit loss of trade receivables based on historical trend, industry
practices and the business environment in which the entity operates. The Company uses a provision
matrix to compute the expected credit loss allowance for trade receivables. The provision matrix takes
into account available external and internal credit risk factors such as credit ratings from credit rating
agencies, financial condition, ageing of accounts receivable and the Company's historical experience
for customers.

As per policy, Receivables are classified into different buckets based on the overdue year ranging from
0-90 Days, 90-180 Days, 180-360 Days, 360-540 Days, 540-720 Days, 720-1092 Days and more than three
years. There are different provisioning rates for each bucket based on average default rates for all ranging
year mentioned above. However there will be fixed 100 percent provision of past due if it is more than three
years and 50 percent provision of past due if it is more than 720 days.

NOTE 43 : FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (iND AS 107): (Contd.)

2. Investments, Cash and Cash Equivalent and Deposits with Banks

Credit Risk on cash and cash equivalent, deposits with the banks / financial institutions is generally low as
the said deposits have been made with the banks / financial institutions who have been assigned high
credit rating by international and domestic rating agencies.

Investments of surplus funds are made only based on Investment Policy of the Company.

C. Liquidity Risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time
or at reasonable price. Prudent liquidity risk management implies maintaining sufficient cash and marketable
securities and the availability of funding through an adequate amount of credit facilities to meet obligations
when due. Senior management of the Company is responsible for liquidity, funding as well as settlement
management. Management monitors the Company's liquidity position through rolling forecasts on the basis
of expected cash flows.

NOTE 44 : CAPITAL MANAGEMENT (IND AS 1)

The Company's objectives when managing capital are to :

(a) maximise shareholder value and provide benefits to other stakeholders and

(b) maintain an optimal capital structure to reduce the cost of capital.

For the purposes of the Company's capital management, capital includes issued capital, share premium and all
other equity reserves attributable to the equity holders.

NOTE 50 : MERGER NOTE

The National Company Law Tribunal (“NCLT"), Mumbai Bench has by their order dated 21/03/2024, further revised
by Corrigendum order on 24/05/2024, approved the Scheme of Amalgamation (“Scheme") of between Sangam
Rooftop Solar Private Limited (Transferor Company 01), Waaree PV Technologies Private Limited (Transferor
Company 02), and Waasang Solar Private Limited (Transferor Company 03), all wholly owned subsidiaries of the
Company, with the Company. The Appointed date of the Scheme is 01/04/2022. The said scheme has been made
effective from 11/06/2024. Consequently, the above mentioned wholly owned subsidiaries of the Company stand
dissolved without winding up.

Since the amalgamated entities are under common control, the accounting of the said amalgamation has been
done applying Pooling of Interest method as prescribed in Appendix C of Ind AS 103 'Business Combinations'. While
applying Pooling of Interest method, the Company has recorded all assets, liabilities and reserves attributable to
the wholly owned subsidiaries at their carrying values as appearing in the consolidated financial statements of the
Company. Consequently, the previous year figures have been restated considering that the amalgamation has
taken place from the beginning of the preceding period i.e. 01/04/2021 as required under Appendix C of Ind AS 103.

Below is the summary of identified assets and liabilities acquired and restatement of previous year figures:

1) The assets, liabilities and reserves of Transferor 1, Transferor 2 and Transferor 3 have been incorporated in
the financial statements at the carrying values as appearing in the consolidated financial statements of
the Company.

2) Inter-Company balances and transactions have been eliminated and resultant adjustment of g (1,186) lakhs
has been adjusted in retained earnings for March 31, 2024.

NOTE 52

In FY 2022-23 & FY 2023-24, the Company was in the process of executing solar power projects at multiple sites
for its customer. However due to cancellation of LOA from a customer, it was decided by the company to use this
assets for own IPP asset portfolio. While executing solar projects, the Input Tax Credit (itc) on purchase was availed
by the company. During the month of February 2025, the GST investigation team visited the office premises of the
Company. Basis the discussion with the GST authorities, Company was informed that GST claimed on above projects
cannot be claimed as Input credit and the same is to be capitalized as part of cost of project. Consequently, the
company paid GST liability for g 1111.65 Lacs along with applicable interest of g 401.88 Lacs. The amount paid as
GST g 1111.65 Lacs has been capitalized during the year and the interest amount of 401.88 Lacs has been has been
disclosed as an exceptional item in the financial statement. It is pertinent to note that as of the date of the meeting,
the Company has not received any formal order from GST Department for the above.

NOTE 53 : OTHER STATUTORY INFORMATION

(i) As at March 31, 2025 there is no untilised amounts in respect of any issue of securities and long term borrowings
from banks and financial institutions. The borrowed funds have been utilised for the specific purpose for which
the funds were raised.

NOTE 53 : OTHER STATUTORY INFORMATION (Contd.)

(ii) The Company do not have any charges or satisfaction, which is yet to be registered with Registrar of Companies
beyond the statutory period.

(iii) The Company is in compliance with the number of layers prescribed under clause (87) of section 2 of the
Companies Act read with the Companies (Restriction on number of Layers) Rules, 2017.

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

(v) The Company have 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 have 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 on behalf of the Ultimate Beneficiaries

(vii) The Company have not any such transactions 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) The Company has neither traded nor invested in crypto currency or virtual currency during the year.

(ix) The Company is not declared as wilful defaulter by any bank or financial Institution or other lender.

(x) The Company does not have any transaction with struck off company during the year.

NOTE 54 :

Previous year figures have been regrouped / reclassified wherever necessary to correspond with current year
classification / disclosure.

As per our Report of even date attached

For KKC & Associates LLP For and on behalf of the Board of Directors

Chartered Accountants Waaree Renewable Technologies Limited

(Formerly Khimji Kunverji & Co LLP)

Firm Reg No.: 105146W/W-100621

Sd/- Sd/- Sd/- Sd/- Sd/-

Divesh Shah Pujan Doshi Hitesh Mehta Manmohan Sharma Heema Shah

Partner Managing Director Director Chief Financial Officer Company Secretary

ICAI Membership No.: 168237 (DIN 07063863) (DIN 00207506) (ACS 52919)

Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai

Date: April 16, 2025 Date: April 16, 2025 Date: April 16, 2025 Date: April 16, 2025 Date: April 16, 2025