3.13 Provisions, Contingent Liabilities and Contingent Assets

(i) Provisions:

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

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

Warranty Provisions: Product warranty expenses are
estimated by the management on the basis of technical
evaluation and past experience. Provision is made for
estimated liability in respect of warranty cost in the
period of recognition of revenue.

Provisions for liquidated damages claims (LDs) : The
Company provides for LD claims to the extent that it is
highly probable that a significant reversal in the amount
of cumulative revenue recognised will not occur when
the uncertainty associated with the variable consideration
is subsequently resolved. This requires an estimate of the
amount of LDs payable under a claim which involves a
number of management judgments and assumptions
regarding the amounts to be recognised.

(ii) Contingent Liabilities and Assets:

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

3.14 Foreign currency transactions and translation

The transactions in currencies other than the Company's
functional currency (foreign currencies) are recognised at the
rates of exchange prevailing at the dates of the transactions.
At the end of each reporting period, foreign currency
monetary items are translated using the closing rates. Non¬
monetary items including advances measured at historical
cost in a foreign currency are translated using the exchange
rate at the date of the transaction and are not translated. Non¬
monetary items measured at fair value that are denominated
in foreign currency are translated using the exchange rates at
the date when the fair value was measured.

Exchange differences on monetary items are recognised in
profit & loss in the period in which they arise.

3.15 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 other entity.

(A) Financial Assets:

(i) Initial recognition and measurement

All Financial Assets are recognized initially at
fair value plus, in the case of financial assets
not recorded at fair value through profit or loss
(FVTPL), transaction cost that are attributable to
the acquisition of the Financial Asset. However,
trade receivables that do not contain a significant
financing component are measured at transaction
price. Transaction costs directly attributable to
the acquisition of financial assets measured at
fair value through profit or loss are recognized
immediately in the Statement of Profit and Loss.

(ii) Subsequent measurement:

For subsequent measurement, the Company

classifies a financial asset in accordance with the

below criteria:

a. The Company's business model for managing
the financial asset and

b. The contractual cash flow characteristics of
the financial asset.

1) Financial assets measured at amortized cost:

A financial asset is measured at the amortized
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 in order
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.

After initial measurement, such Financial
Assets are subsequently measured at
amortised cost using the effective interest
rate (EIR) method. Amortised cost is
calculated by taking into account any
discount or premium on acquisition and fees
or cost that are an integral part of the EIR.
The EIR amortisation is included in finance
income in the profit or loss. The losses arising
from impairment are recognized in the profit
or loss. Apart from the same, any income
or expense arising from remeasurement of
financial assets measured at amortised cost,
in accordance with Ind AS 109, is recognized
in the Statement of Profit and Loss. This
category generally applies to trade and
other receivables.

2) Financial assets measured at 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.

All investments in equity instruments
classified under financial assets are initially
measured at Fair Value, the Company may,
on initial recognition, irrevocably elect to
measure the same either at FVTOCI or
FVTPL. The Company makes such election
on an instrument-by-instrument basis. Fair
value changes on an equity instrument
are recognised as other income in the
Statement of Profit and Loss unless the
Company has elected to measure such
instrument at FVTOCI.

3) Financial assets measured at FVTPL:

A financial asset is measured at FVTPL
unless it is measured at amortized cost or at
FVTOCI. This is a residual category applied
to all other investments of the Company
excluding investments in subsidiaries,
joint ventures and associate companies,
which are recorded at cost and tested for
impairment in case of any such indication
of impairment. Such financial assets are
subsequently measured at fair value at
each reporting date. Fair value changes are
recognized in the Statement of Profit and
Loss. Dividend income on the investments in
equity instruments are recognised as 'other
income' in the Statement of Profit and Loss.

(iii) Foreign exchange gains and losses

The fair value of financial assets denominated
in a foreign currency is determined in that
foreign currency and translated at the spot rate
at the end of each reporting period. For foreign
currency denominated financial assets measured
at amortised cost and FVTPL, the exchange
differences are recognised in profit or loss except
for those which are designated as hedging
instruments in a hedging relationship.

(iv) Derecognition

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

i. The contractual rights to cash flows from the
financial asset expires,

ii. The Company transfers its contractual
rights to receive cash flows of the financial
asset and has substantially transferred all
the risks and rewards of ownership of the
financial asset,

iii. The Company retains the contractual rights to
receive cash flows but assumes a contractual
obligation to pay the cash flows without
material delay to one or more recipients
under a 'pass-through' arrangement (thereby
substantially transferring all the risks and
rewards of ownership of the financial asset),

iv. The Company neither transfers nor
retains substantially all risk and rewards of
ownership and does not retain control over
the financial asset.

In cases where Company has neither transferred
nor retained substantially all of the risks and
rewards of the financial asset, but retains control
of the financial asset, the Company continues
to recognize such financial asset to the extent
of its continuing involvement in the financial
asset. In that case, the Company also recognizes
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. 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 other
comprehensive income and accumulated in equity
is recognised in profit or loss if such gain or loss
would have otherwise been recognised in the
Statement of Profit and Loss on disposal of that
financial asset.

(v) Impairment of financial assets

The Company recognises loss allowances for
expected credit losses on financial assets measured
at amortised cost. At each reporting date, the
Company assesses whether financial assets carried
at amortised cost credit - impaired.

Loss allowances for trade receivables are always
measured at an amount equal to lifetime expected
credit losses. The Company follows a 'simplified
approach' for recognition of impairment loss
allowance on trade receivables. Under the simplified

approach, the Company is not required to track
changes in credit risk. Rather, it recognised impairment
loss allowance based on lifetime Expected credit losses
('ECL") together with appropriate Management's
estimate of credit loss at each reporting date, from
its initial recognition. The Company uses a provision
matrix to determine impairment loss allowance on
the group of trade receivables. The provision matrix
is based on its historically observed default rates
over the expected life of the trade receivable and is
adjusted for forward-looking estimates. At every
reporting date, the historical observed default rates
are updated and changes in the forward-looking
estimates are analysed. Measurement of expected
credit losses are a probability-weighted estimate
of credit losses. Credit losses are measured as the
present value of all cash shortfall (i.e. the difference
between the cash flows due to the Company in
accordance with the contract and the cash flows
that the Company expects to receive). Presentation
of allowance for expected credit losses in the balance
sheet Loss allowances for financial assets measured at
amortised cost are deducted from the gross carrying
amount of the assets.

Write off the gross carrying amount of a financial
asset is written off (either partially or in full) to the
extent that there is no realistic prospect of recovery.
This is generally the case when the Company
determines that the customer does not have
assets or sources of income that could generate
sufficient cash flows to repay the amounts subject
to the write-off. However, financial assets that are
written off could still be subject to enforcement
activities in order to comply with the Company's
procedures for recovery of amounts due.

(B) Financial Liabilities and equity instruments :

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 definitions of a financial liability
and an equity instrument.

(i) Equity instruments:

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 entity are recognised at the
proceeds received, net of direct issue costs.

a. Initial Recognition and Measurement

Financial liabilities are classified, at initial
recognition, as financial liabilities at fair
value through profit or loss or payables,
as appropriate.

On initial recognition, financial liabilities are
recognised at fair value. In case of financial
liabilities which are recognised at fair value
through profit and loss, its transaction costs
are recognised in the statement of profit and
loss. In other cases, the transaction costs are
attributed to the acquisition or issue of the
financial liabilities.

The Company's financial liabilities include
trade and other payables.

b. Subsequent measurement

Financial liabilities, including derivatives and
embedded derivatives, which are designated
for measurement at FVTPL are subsequently
measured at fair value. All other financial
liabilities such as deposits are measured at
amortised cost using EIR method.

For trade and other payables maturing within
one year from the Balance Sheet date, the
carrying amount that approximates the fair
value is used due to the short maturity of
these instruments.

c. Foreign exchange gains and losses

For financial liabilities that are denominated
in a foreign currency and are measured at
amortised cost at the end of each reporting
period, the foreign exchange gains and losses
are determined based on the amortised
cost of the instruments and are recognised
in profit or loss. The fair value of financial
liabilities denominated in a foreign currency
is determined in that foreign currency and
translated at the closing rate at the end of
the reporting period. For financial liabilities
that are measured as at FVTPL, the foreign
exchange component forms part of the fair
value gains or losses and is recognised in
Statement of Profit and Loss.

A financial liability is derecognized when the
obligation under the liability is discharged
or cancelled or expires. When an existing
financial liability is replaced by another from
the same lender on substantially different
terms, or the terms of an existing liability are
substantially modified, such an exchange or
modification is treated as the Derecognition
of the original liability and the recognition
of a new liability. The difference between
the carrying amount of the financial
liability derecognized and the consideration
paid is recognized in the Statement of
Profit and Loss.

(C) Offsetting

Financial assets and financial liabilities are offset and
the net amount presented in the balance sheet when,
and only when, the Company currently has a legally
enforceable right to set off the amounts and it intends
either to settle them on a net basis or to realise the asset
and settle the liability simultaneously.

3.16 Cash and cash equivalents

Cash and cash equivalent in the balance sheet and for the
purpose of standalone statement of cash flows comprise
cash on hand and balances with bank in current accounts
and short term deposits with an original maturity of 3 months
or less that are readily convertible to a known amount of cash
and subject to insignificant risk of change in value.

3.17 Earnings Per Share

Basic earnings per share is computed by dividing the net
profit for the period attributable to the equity shareholders
of the Company by the weighted average number of equity
shares outstanding during the period. The weighted average
number of equity shares outstanding during the period and
for all periods presented is adjusted for events, such as bonus
shares, other than the conversion of potential equity shares
that have changed the number of equity shares outstanding,
without a corresponding change in resources.

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

3.18 Statement of Cash Flows

Statement of Cash Flows is prepared segregating the cash
flows into operating, investing and financing activities. Cash
flows from operating activities is reported using indirect

method, adjusting the profit before tax excluding exceptional
items for the effects of:

(i) changes during the period in inventories and operating
receivables and payables;

(ii) non-cash items such as depreciation, provisions,
unrealised foreign currency gains and losses; and

(iii) all other items for which the cash effects are investing
or financing cash flows.

Cash and cash equivalents (including bank balances) shown
in the Statement of Cash Flows exclude items which are not
available for general use as at the date of Balance Sheet.

3.19 Commitments

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

(i) estimated amount of contracts remaining to be
executed on capital account and not provided for;

(ii) other non-cancellable commitments, if any, to the
extent they are considered material and relevant in the
opinion of management.

Other commitments related to sales/procurements made
in the normal course of business are not disclosed to avoid
excessive details.

3.20 Current and Non-current classification of assets and liabilities

All assets and liabilities have been classified as current or non-current
as per the Company's normal operating cycle and other criteria set
out in Schedule III to the Companies Act, 2013. The Company
has ascertained its operating cycle as 12 months for the purpose
of current or non-current classification of assets and liabilities.
Accordingly, all assets and liabilities have been classified as current
or non-current as per the Company's operating cycle and other
criteria set out in Ind AS-1 'Presentation of Standalone Standalone
financial statements' and Schedule III to the Companies Act, 2013 .

3.21 Fair Value Measurement

Fair value is the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between market
participants at the measurement date, regardless of whether that
price is directly observable or estimated using another valuation
technique. In estimating the fair value of an asset or a liability, the
Company takes into account the characteristics of the asset or
liability if market participants would take those characteristics into
account when pricing the asset or liability at the measurement
date. Fair value for measurement and/or disclosure purposes in
these Standalone financial statements is determined on such a
basis, except for share-based payment transactions that are within
the scope of Ind AS 102 and measurements that have some

similarities to fair value but are not fair value, such as net realisable
value in Ind AS 2 or value in use in Ind AS 36.

In addition, for financial reporting purposes, fair value
measurements are categorised into Level 1, Level 2 or 3
based on the degree to which the inputs to the fair value
measurements are observable and the significance of the
inputs to the fair value measurements in its entirety which
are described as follows:

Level 1 — inputs are quoted (unadjusted) prices in active
markets for identical assets or liabilities that the entity can
access at the measurement date;

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 — inputs are unobservable inputs for the
assets or liability.

4 Critical Accounting Judgments, Assumptions and
Key Sources of Estimation Uncertainty

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

In the process of applying the Company's accounting policies,
management has made the following judgments, which have
the most significant effect on the amounts recognized in the
Standalone financial statements:

4.1 Useful lives of Property, Plant & Equipment (PPE)

The Company has adopted useful lives of PPE as described in
Note 3.1 above. The Company reviews the estimated useful
lives of PPE at the end of each reporting period.

4.2 Fair value measurements and valuation processes

The Company measures financial instruments at fair value in
accordance with the accounting policies mentioned above.
For assets and liabilities that are recognized in the Standalone
financial statements at fair value on a recurring basis, the
Company determines whether transfers have occurred
between levels in the hierarchy by re-assessing categorization
at the end of each reporting period and discloses the same.
Information about the valuation techniques and inputs used
in determining the fair values of various assets and liabilities
are disclosed in Note 41.

4.3 Impairment of Trade Receivables

The Company estimates the credit allowance as per practical
expedient based on historical credit loss experience based on
the ageing of receivables.

4.4 Impairment of Investments

At the end of each reporting period, the company reviews the
carrying amounts of its investments where there is indication
for impairment. If the recoverable amount is less than its
carrying amount, the impairment loss is accounted for.

4.5 Deferred Tax Assets

Deferred Tax Assets (DTA) are recognised for the unused tax
losses/ credits to the extent that it is probable that taxable
profit will be available against which the losses will be
utilised. Management judgement is required to determine
the amount of deferred tax assets that can be recognised,
based upon the likely timing and the level of future taxable
profits together with future tax planning strategies.

4.6 Defined Benefit Obligation (DBO)

Management's estimate of Defined Benefit Obligation (DBO)
is based on number of critical underlying assumptions such
as standard rates of inflation, medical cost trends, mortality,
discount rate and anticipation of future salary increases.
Variation in these assumptions may significantly impact the
Defined Benefit Obligation amount and the annual defined
benefit expenses.

4.7 Contingent Liabilities

In the normal course of business, Contingent Liabilities may
arise from litigation and other claims against the Company.
Potential liabilities that are possible but not probable of

crystallising or are very difficult to quantify reliably are treated
as contingent liabilities. Such liabilities are disclosed in the
Notes but are not recognised. Potential liabilities that are
remote are neither recognised nor disclosed as contingent
liability. The management decides whether the matters needs
to be classified as 'remote', 'possible' or 'probable' based on
expert advice, past judgements, experiences etc.

4.8 Accounting for revenue from contracts wherein
company satisfies performance obligation and
recognises revenue over time

For contracts wherein performance obligation are satisfied
over time, an entity recognises revenue over time by
measuring the progress towards complete satisfaction of
that performance obligation, in order to depict an entity's
performance in transferring control of goods or services
promised to a customer. This method requires estimates of
the total revenue and total costs of the contract, as well as
measurement of progress achieved to date as a proportion of
the total work to be performed. This involves determination
of margin to be recognised on the contract, which are
dependent on the total costs to complete contracts, that
is, the cost incurred till date and estimation of future cost
to complete the contract and price variations etc. This
estimation involves exercise of significant judgement by the
management in making cost forecasts considering future
activities to be carried out in the contract, and the related
assumptions etc. Experience reduces but does not eliminate
the risk that estimates may change significantly.

4.9 Warranty obligations

The estimated liability for product warranties is recorded
when products are sold. The Company's product warranty
obligations and estimations thereof are determined using
historical information of claims received up to the year end and
the management's estimate of further liability to be incurred
in this regard during the warranty period. Any changes in
such trends can materially affect warranty expenses.

4.10 Provisions for liquidated damages claims (LDs)

The Company provides for LD claims to the extent that it
is highly probable that a significant reversal in the amount
of cumulative revenue recognised will not occur when the
uncertainty associated with the variable consideration is
subsequently resolved. This requires an estimate of the
amount of LDs payable under a claim which involves a
number of management judgments and assumptions
regarding the amounts to be recognised based on delay in
completing obligation under each contract.

5 Recent Pronouncements

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 period ended 31st March, 2025, MCA has not notified
any new standards or amendments to the existing standards
applicable to the Company

(a) Inventories of Raw material is net of provision made for slow and non-moving inventories of H 786.96 Lakh (Previous Year H 60 Lakh)
which is included in Cost of materials consumed.

(b) Inventories of Work-in-progress is net of the cost of inventories recognised as an expense of H 635.13 Lakh (Previous year H 46.05
Lakh) in respect of inventory valued at net realisable value.

(c) Inventories of Stores and spares (including consumables) is net of provision made for slow and non-moving inventories of H 66.79
Lakh (Previous Year Nil) which is included in Other Expenses.

(d) Entire Inventories are hypothecated against working capital facilities from banks, refer Note 22 (a) for security details.

(a) Trade receivables are non-interest bearing and are generally on terms of 30-90 days.

(b) The carrying amounts of the trade receivables include receivables of H Nil (Previous year H 96.88 Lakh) which are discounted by the
Company under letter of credit arrangement with the customers. Under this arrangement, the Company has transferred the relevant
receivables to the Bank in exchange for cash and is prevented from selling or pledging the receivables. However, the Company has
retained late payment and credit risk. The Company therefore continues to recognise the transferred assets in their entirety in its
balance sheet. The amount repayable under this agreement is presented as secured borrowing.

(c) Rights, preferences & restrictions attached to Equity Shares

i) The Company has only one class of equity shares having a per value of H 2 per share

ii) Each holder of equity shares is entitled to one vote per share.

iii) Any dividend declared by the company shall be paid to each holder of Equity shares in proportion to the number of shares

held to total equity shares outstanding as on that date. The dividend proposed by the Board of Directors is subject to the

approval of the shareholders in the ensuing Annual General Meeting and is accounted for in the year in which it is approved by
the shareholders.

iv) In the event of liquidation of the Company, the holders of Equity Shares shall be entitled to receive remaining assets of the

Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity Shares

held by the Shareholders.

(d) Dividend

(i) The final dividend on shares is recorded as a liability on the date of approval by the shareholders and interim dividends are
recorded as a liability on the date of declaration by the Company's Board of Directors.

(ii) The Board of Directors declared Interim Dividend @ 550% i.e. H 11/- (Rupees Eleven only) per equity share of face value of
H 2/- (Rupees Two only) each on August 8th, 2023 amounting to H 9,983.99 Lakh for FY 2023-24.

16. Equity Share Capital (Contd..)

(iii) The Board of Directors have recommended dividend of H 2 per equity share (i.e. 100% on face value of H 2 per equity share) for
the FY 2024-25 and is subject to approval of members at the ensuing Annual General Meeting .

(e) Equity shares movement during the period of five years immediately preceding the reporting date.

During FY 2021-22, 4,53,81,750 equity shares of H 2 each had been allotted on 25th February, 2022, as fully paid up bonus shares
in the ratio of 1:1, pursuant to a special resolution passed by members in their meeting held on 24th February, 2022.

(f) The Company completed an Initial Public Offer (“IPO") of 2,21,10,955 equity shares of face value of H 2 each at an issue price of
H 660 per equity share aggregating H 1,45,932.30 Lakh, through an offer for sale by existing shareholders. The equity shares of the
Company were listed on BSE Limited (“BSE") and National Stock Exchange of India Limited (“NSE") from December 21, 2023. The
funds raised from the IPO were remitted to the Selling Shareholders (net of offer expenses borne by the Selling Shareholders) as the
IPO was entirely an offer for sale by the Selling Shareholders.

Nature and purpose of reserves:

(i) General Reserve

The General Reserve is a free reserve which is used from time to time to transfer profits from Other Equity for appropriation purposes.
As the General Reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive
income, items included in the general reserve will not be reclassified subsequently to statement of profit and loss.

Under the erstwhile Companies Act, 1956, general reserve created through an annual transfer of net income at a specified percentage
in accordance with applicable regulations. The purpose of these transfer was to ensure that if a dividend distribution in a given year
is more than 10% of the paid up capital of the Company for that year, then the total dividend distribution is less than the total
distributable amount as per the results for that year.

Consequent to the introduction of the Companies Act, 2013, the requirement to mandatorily transfer a specified percentage of the
net profit to general reserve has been withdrawn. However, the amount previously transferred to the general reserve can be utilised
only in accordance with the specific requirements of the Companies Act, 2013.

(ii) Share Based Payment Reserve

The Company has employee stock option plan under which the Company has granted Stock options to employees, key managerial
personnel and director of the Company. Refer note 50 for further details.

(iii) Retained Earnings

Retained earning are the net profit that the Company has earned / incurred till date, less any transfer to general reserves, dividends
or other distributions paid to shareholders. Retained earnings also includes re-measurement loss / (gain) on defined benefit plans net
of taxes that will not be reclassified to the statement of profit and loss.

33. Exceptional Items (Contd..)

Note :

During the year, the Company's USA subsidiary, i.e. Cryogenic Vessels Alternatives Inc, USA" (CVA) (which had been voluntary wound up/
liquidated in the earlier years) has entered into a settlement agreement dated 7th October 2024 in respect of past years claims which was
filed on a CVA's customer in USA. The said settlement pertains to certain trade related dispute of earlier years. Pursuant to such agreement,
CVA Inc was guaranteed settlement amount of US$ 850,013 (H 717.25 lakh) (net of legal fees and expenses accrue to the legal firm) which
was received by the Company. CVA Inc was wound up by the Company in the earlier years, in financial year 2019-20, as it had incurred
business losses including on account of operational customer claims. The losses incurred by the CVA Inc were borne by the Company by
way of write off of outstanding values of loans and investments in equity and preference shares of CVA Inc which were fully provided in
financial year 2018-19.

Accordingly, the settlement receipts during the year have been recognised as income in the books and is classified as Exceptional items in
the Financial statement for the year ended 31st March, 2025. Further, as per the aforesaid Settlement agreement, CVA is also entitled to
additional receipts of up to US$ 1,000,000 which is dependent on happening/non-happening of defined future events.

35. Disclosures under Ind AS 115 Revenue from Contracts with Customers

The Company is in the business of manufacture of cryogenic liquid storage and transport tanks and related products and earns revenue
from sale of products and rendering of related services. Revenue is recognized when control of the goods and services are transferred to
the customer at an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and
services. Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf
of third parties. In determining the transaction price for the sale of products, the company considers the effects of variable consideration,
the existence of significant financing components, non-cash consideration, and consideration payable to the customer (if any).

35. Disclosures under Ind AS 115 Revenue from Contracts with Customers (Contd..)

Generally, Company enters into contract with customers,

a. On delivered basis

b. On EX-Factory basis.

c. On FOB, CIF, DDP and DDU basis depending on terms of contract in case of Export sales.

For maintaining uninterrupted supply of products, Company generally collect a partial advance from the customers against which
orders for sale of products are received by the customers. Based on these orders, supply is maintained by the Company and revenue
is recognised when the goods are delivered to the customer by adjusting the advance from customers.

Information about major customers

The Company has a diversified customer base and the company's significant revenues derived from two customers (including one
related party) is approximately 26.08% (Previous Year 12.66%). The total revenue from such entities is amounting to H 33,813.48
Lakh in FY 24-25 (Previous Year H 13,764.25 Lakh).

Contract Assets :

A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Company performs
by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is
recognised for the earned consideration that is conditional. Contract assets are subject to impairment assessment.

Contract Liability :

A contract liability is the obligation to transfer goods or services to a customer for which the Company has received consideration
from the customer. Contract liabilities are recognised as revenue when the Company performs obligations under the contract.

36. Lease

As Lessee

Nature of Leasing Activities

The Company's lease asset classes primarily consist of lease for Land and Office Building.

There are no sale and lease back transactions and lease agreements entered by the Company do not contain any material restrictions
or covenants imposed by the lessor upto the current reporting year.

Details of some significant leases (including in substance leases) are as under;

1. - The company has entered into non cancellable operating leases for office premises, guest house, record room etc.

2. - The company has entered into non cancellable operating leases for land

3. - The Company has taken certain assets (including lands,office,residential premises) on Lease which are cancellable by giving

appropriate notice as per the respective agreements.

4. Additions in Right to use assets is H 83.29 Lakh during FY 2024-25.

Additions in Right to use assets includes is H 389.51 Lakh during FY 2023-24 relating to Leased assets of Building.

5. In line with para 58 of the this standard, maturity analysis of Lease Liabilities applying paragraphs 39 and B11 of Ind AS 107 have been

shown separately from the maturity analysis of other financial liabilities under Liquidity Risk of Note 42: Financial Instruments & Risk Factors

6. The weighted average incremental borrowing rate 7.60 % for leased land, 7.90% for leased building and 8.43% for additions
to leased building has been applied to lease liabilities recognised in the balance sheet at the date of initial application.

7. Details of items of future cash outflows which the Company is exposed as lessee but are not reflected in the measurement of
lease liabilities are as under;

(i) Variable Lease Payments

Variable lease payments that depend on an index or a rate are to be included in the measurement of lease liability
although not paid at the commencement date. As per general industry practice, the Company incurs various variable lease
payments which are not based any index or rate (variable based on kms covered or % of sales etc.) and are recognized in
profit or loss and not included in the measurement of lease liability. Details of some of the arrangements entered by the
Company which contain variable lease payments are as under

Transport arrangement based on number of kilometres covered for dedicated vehicles with different contractors for
transportation of employees from office to factory premises.

(ii) Extension and Termination Options

The Company lease arrangements includes extension options only to provide operational flexibility. Company assesses
at every lease commencement whether it is reasonably certain to exercise the extension options and further reassesses
whether it is reasonably certain to exercise the options if there is a significant event or significant change in circumstances
within its control. However, where Company has the sole discretion to extend the contract such lease term is included for
the purpose of calculation of lease liabilities.

37. Earning per share

The amount considered in ascertaining the Company's earnings per share constitutes the net profit after tax. The number of shares used in
computing basic earnings per share is the weighted average number of shares outstanding during the year. The number of shares used in
computing diluted earnings per share comprises the weighted average number of shares considered for deriving basic earnings per share
and also the weighted average number of shares which could have been issued on conversion of all dilutive potential shares.

38. Employee Benefit Plans
A Defined Contribution Plans

The Company contributes to the Government managed provident & pension fund for all qualifying employees.

The Company has recognised an amount of H 394.21 Lakh (PY H 335.76 Lakh) for provident fund contribution and H 106.3 Lakh
(PY H 96.76 Lakh) for superannuation contribution in the Statement of Profit and Loss and included in Note29, for the year ended
31st March 2025.

B Defined Benefit Plans

The Company provides for gratuity benefit under a defined benefit retirement scheme (the “Gratuity Scheme") as laid out by the
Payment of Gratuity Act, 1972 of India covering eligible employees. The Gratuity Scheme provides for a lump sum payment to
employees who have completed at least five years of service with the Company, based on salary and tenure of employment. Liabilities
with regard to the gratuity scheme are determined by actuarial valuation carried out using the Projected Unit Credit Method by an
independent actuary. The Gratuity liability is funded by payment to the trust established with Life Insurance Corporation of India.

Following risks are associated with the plan :

A. Actuarial Risk : The risk of higher-than-expected benefit costs due to:

Adverse Salary Growth : Faster obligation growth from higher salary hikes.

Variability in Mortality Rates : Earlier gratuity payouts due to higher mortality, accelerating cash flow and causing actuarial gains/
losses based on assumed salary growth and discount rates (no vesting for death benefits).

Variability in Withdrawal Rates : Earlier gratuity payouts from higher withdrawals, with the impact depending on vesting
at resignation.

B. Investment Risk:

For insured funded plans, the insurer's asset valuation may not equal the fair value of the backing assets. This means the present
value of assets doesn't change with future discount rates, potentially causing large swings in net liability or funded status if the
discount rate changes significantly between valuations.

C. Liquidity Risk:

High-earning, long-tenured, or senior employees accumulating substantial benefits pose a liquidity risk. Their resignation or
retirement can strain company cash flows due to significant payouts.

38. Employee Benefit Plans (Contd..)

D. Market Risk:

Market risk encompasses risks arising from financial market volatility. A key actuarial assumption significantly affected by this
is the discount rate, which reflects the time value of money. Higher discount rates lower the Defined Benefit Obligation, and
vice versa. Since this rate is tied to corporate/government bond yields, liability valuation is sensitive to yield fluctuations at the
valuation date.

E. Legislative Risk:

Legislative risk involves potential increases in plan liabilities or decreases in assets due to changes in laws or regulations. For
instance, amendments to the Payment of Gratuity Act could mandate higher benefits, immediately increasing the present value
of the Defined Benefit Obligation in the year the amendment takes effect.

39. Segment Information

The Company is having only one reportable business segment in accordance with Ind AS 108 on “Operating segment" i.e., Cryogenic
tanks - comprising of cryogenic tank for LNG, Disposable Cylinders, Cryolines, etc.

Information reported to the chief operating decision maker (CODM) for the purpose of resource allocation and assessment of segment
performance focuses on single business segment of Cryogenic tanks -comprising of cryogenic tank for LNG, disposable cylinder, Cryolines
etc. Hence the Company is having only one reportable business segment under Ind AS 108 on “Operating segment".

Geographical Information:

As per Ind AS 108, Revenue from operations and Non-Current Assets are disaggregated into geographical areas as under:
A. Revenue from operation disaggregated by geographical locations:

Segment revenue from operation represents revenue generated from “manufacturing of tanks" which is attributable to the Company's country
of domicile i.e. India and external customers outside India. Revenue from operations is disaggregated into geographical areas as under:

40. Capital Management

The Company manages its capital structure with a view that it will be able to continue as going concern while maximising the return to
stakeholders through the optimization of the debt and equity balance.

The capital structure of Company consists of net (surplus) ( borrowings as detailed in Note 22 offset by cash and bank balance detailed in
Note 14, Note 15, Note 10 & Investment in Mutual Funds detailed in Note 8C) and total equity of the Company.

Note :

(a) Fair value of financial assets and liabilities measured at amortised cost is not materially different from its carrying value. Further,
impact of time value of money is not significant for the financial instruments classified as current. Accordingly, the fair value has not
been disclosed separately.

(b) Trade Receivables, Cash and Cash equivalents, Other bank balance, Other financial assets, Borrowings (including through bonds),
Trade Payables and Other Current Financial Liabilities: Fair values approximate their carrying amounts largely due to fixed maturities
of these instruments.

The Company's corporate finance function provides services to the business, coordinates access to financial market, monitors and manages
the financial risks relating to the operations of the Company through internal risk reports which analyse exposures by degree and magnitude
of the risk. These risks include market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk.

The Company's principal financial liabilities comprise borrowings,lease, trade and other payables. The main purpose of these financial
liabilities is to finance the Company's operations, routine and capital expenditure. The Company's principal financial assets include loans,
investment in mutual funds, advances, trade and other receivables and cash and cash equivalents that derive directly from its operations.

Market Risk

Market risk is the risk that the value of an asset will fluctuate as a result of changes in market variables such as interest rates, foreign
exchange rates and equity prices, whether those changes are caused by factors specific to the individual investment or its issuer or factors
affecting all investments traded in the market.

Market risk is managed on the basis of pre-determined asset allocations across various asset categories, diversification of assets in terms of
geographical distribution and industry concentration, a continuous appraisal of market conditions and trends and management's estimate
of long and short term changes in fair value.

The Board of Directors oversee the risk management activities for managing each of these risks which are summarised below :

Interest Rate Risk Management

Interest rate risk refers to the possibility that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rate. The Company is exposed to interest rate risk because it borrows funds at both fixed and floating interest rates.
In order to balance the Company's position with regards to interest expense and to manage the interest rate risk, treasury performs a
comprehensive interest rate risk management.

In case of fluctuation in interest rates by 50 basis points and all other variable held constant, the Group's Profit or loss before tax for the
year would increase / decrease as follows:

The Company operates internationally with transactions entered into several currencies. Consequently the Company is exposed to foreign
exchange risk towards honouring of export/ import commitments.

The Company is subject to the risk that changes in foreign currency values impact the Company exports revenue, imports of material/
capital goods and services and exchange rate exposures are managed within approved policy parameter

Foreign exchange transactions are covered within limits placed on the amount of uncovered exposure, if any, at any point in time. The aim
of the Company's approach to management of currency risk is to leave the Company with no material residual risk.

Other price risk is the risk that the fair value of a financial instrument will fluctuate due to changes in market traded price. Other price
risk arises from financial assets such as investments in equity instruments and mutual funds. The company is exposed to equity price risks
arising from equity investments. Equity investments in subsidiaries and other Companies are held for strategic rather than trading purposes.
The Company does not actively trade these investments. The Company is also exposed to price risk arising from investments in debt mutual
funds, but these being debt instruments, the exposure to risk of changes in market rates is minimal.

Credit Risk Management

Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. Credit risk arises primarily
from financial assets such as trade receivables, investment in mutual funds, balances with banks, loans and other receivables. To manage
this, the company periodically assesses the financial reliability of customers, taking into account the financial condition, current economic
trends, and analysis of historical bad debts and ageing of account receivables. 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 default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. The
company considers reasonable and supportive forward-looking information.

Financial assets are written off when there is no reasonable expectation of recovery, such as debtor failing to engage in a repayment plan
with the company.

a) Trade receivables

Credit risk arising from trade receivables is managed in accordance with the Company's established policy, procedures and
control relating to customer credit risk management. The average credit period on sales of products is approximately 72 days. The
concentration of credit risk is limited due to the fact that the customer base is large and diverse. All trade receivables are reviewed
and assessed for default on a quarterly basis.

The Company's concentration of risk with respect to trade receivables is low, as its customer's base is widely spread across the length
and breadth of the country. The Company has assessed and evaluated the expected credit loss for the current year to be H 93.73 Lakh
(Previous year H 90 Lakh).

No significant changes in estimation techniques or assumptions were made during the reporting period.

b) Other financial assets

Credit risk arising from investment in mutual funds, financial instruments and other balances with banks is limited and there is no
collateral held against these because the counterparties are banks and recognised financial institutions with high credit ratings
assigned by the various credit rating agencies.

Liquidity Risk Management

Liquidity risk is defined as the risk that the company will not be able to settle or meet its obligations on time or at a reasonable price.
The Company's treasury function is responsible for maintenance of liquidity , continuity of funding as well as timely settlement of
debts. In addition, policies related to mitigation of risks are overseen by senior management. Management monitors the Company's
net liquidity position on the basis of expected cash flows vis-a-vis debt service fulfilment obligation.

Ultimate responsibility for liquidity risk management rests with the committee of Board of Directors for operations, which has
established an appropriate liquidity risk management framework for the management of the Company's short, medium and long¬
term funding and liquidity management requirements. The Company manages liquidity risk by maintaining adequate reserves,
banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the
maturity profiles of financial assets and liabilities.

Maturity profile of financial liabilities

The table below provides details regarding the remaining contractual maturities of non-derivative financial liabilities at the reporting
date based on contractual undiscounted payments.

44. Related Party Transactions : (Contd..)

Notes:

1 For details relating to ESOPs granted to KMPs/Dirextors, refer Note 50.

2 The above information is excluding taxes and duties except outstanding balances at the year end.

3 Terms and conditions of transactions with related parties

(i) All related party transactions entered during the year were in ordinary course of business and are on an arm's length basis.

(ii) There is no allowance account for impaired receivables in relation to any outstanding balances and no expense has been
recognised in respect of impaired receivables due from related party.

(iii) All Outstanding balances are unsecured, considered good and are repayable/receivable in cash.

Note:-

1) The bank guarantees/corporate guarantees are issued by bank/the Company as per Contracts/Tenders documents against sale
of project and product. Also Bank guarantees are issued to some Vendors towards purchase of goods.

2) The above figures for contingent liabilities do not include amounts towards penalties that may devolve on the Company in the

event of an adverse outcome as the same is subjective and not capable of being presently quantified.

3) Disputed Excise duty/ Service tax demands H 296.72 Lakh (PY H 282.78 Lakh) :-

The company has received various demands including show cause notice regarding various issues on account of
excise duty and service tax. In cases of confirmed demand orders , the company had filed appeals at appropriate levels.

The above excise and service tax demands incudes H 296.72 Lakh (PY H 282.78 Lakh) in respect of matters where the company

has already received a decision in Appellate proceedings in its favour on a similar matter. Amount paid against above liabilities
and carried as “"Duty paid under protest"" under Other Assets in Note no 11 is H 1.40 Lakh (PY H 1.40 Lakh)"

4) For disputed Income tax matter, disallowance/addition made by AO on account of Standby Letter of Credit (SBLC) charges for
the SBLC provided to Associated Entities, based on the decisions of the Appellate authorities and the interepretations of other
relevant provisions of the Income tax Act, 1961, the Company had been legally advised that the demand raised is likely to be
either deleted or substantially reduced. However, conservatively provision of an amount of H 97.72 Lakh is carried in the books
since 31st March, 2024, hence, contingent liability is considered Nil as on 31st March, 2025.

5) The Company has received notice under section 133(6) of the Income tax Act dated 8th August, 2023, for A.Y. 2018-19
seeking explanation regarding deduction claimed by the Company on account of loss on account of non-recoverability of
amount paid on behalf of CVA Inc amounting to H 5,200 lakh. As mentioned in the notice, the assessing officer has asked the
Company to justify such claim of deduction. Based on this the company filed its reply on 18th August , 2023. Subsequently
Income tax Department has issued notice under section 148 of Income tax Act for re-assessment on 28th February, 2024.
The company has challenged this notice under section 148 by filling writ petition with Gujarat High Court as per the advice
received from senior counsel. On 16th April, 2024, the Honourable Gujarat High Court has passed order of ad interim relief
to the company by mentioning that no order can be passed by the Assessing Officer and next hearing of the case has been
adjoruned till 10th June, 2025

6) Claims against Company which are not settled and which are assesed as Remote are not disclosed.
b) Capital Commitments

Estimated amounts of contracts remaining to be executed on capital account and not provided for (net of advances) H 797.68 Lakh

(PY : H 6,386.39 Lakh).

49. Additional Informations as per Schedule III:-

(a) The Company has borrowings from banks on the basis of security of current assets. The quarterly returns or statements of current
assets filed by the Company with banks are in agreement with the books of accounts.

(b) The Company has no transactions with the struck off companies under Companies Act, 2013.

(c) no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of
funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries") with the understanding,
whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the Company
(Ultimate Beneficiaries).

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

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

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

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

(f) The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

(g) 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.

(h) No proceedings has been initiated on or are pending against the Company for holding benami property under the Benami Transactions
(Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

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

(j) The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.

(k) The Company has complied with the number of layers prescribed under the Companies Act, 2013.

50. Share-Based payments

The Nomination and Remuneration Committee (NRC) of the Company at their meeting held on 8th August 2023 and 7th February 2025
granted 3,64,895 and 7,593 stock options, respectively, to the employees of the Company vide letter dated 1st August 2023 and 9th
February 2025. Each stock option converts into one equity share of the Holding Company on exercise. The options are granted at an
exercise price of H 2/- per option. The options granted under the plan will vest with employees at the end of third year from the grant date.
The Exercise Period in respect of a Vested Option will be subject to a maximum period of 4 (Four) years commencing from the date of
Vesting. The fair value of the stock options is estimated at the grant date using a Black and Scholes model, taking into account the terms
and conditions upon which the share options were granted. There are no cash settlement alternatives. The Company does not have a past
practice of cash settlement of these options.

Terms of ESOP scheme :

Pursuant to the applicable requirements of the erstwhile Securities and Exchange Board of India (Employee Stock Option Scheme and
Employee Stock Purchase Scheme) Guidelines, 1999 (“the SEBI guidelines"), the Company had framed and “INOX Employee Stock Option
Plan 2022" to attract, retain, motivate and reward its employees and to enable them to participate in the growth, development and
success of the Company.

Each stock option converts into one equity share of the Company on exercise. The options are granted at an exercise price of H 2/- per
option. The options granted under the plan has been vested/will vest in a phased manner as per grant letter. The Exercise Period in respect
of a Vested Option will be subject to a maximum period of 4 (Four) years commencing from the date of final vesting. The compensation
costs of stock options granted to employees are accounted using the fair value method classified as Employee benefits expense.

The Company recorded an employee compensation cost in the Statement of Profit and Loss. The expected life of the share options is based
on historical data and current expectations and is not necessarily indicative of exercise patterns that may occur. The expected volatility
reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may
not necessarily be the actual outcome.

51 The Company has used accounting software Horizon ERP for maintaining its books of account which has a feature of recording audit

trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software, except that:

a. audit trail feature is not enabled during the year for certain changes made using privileged/ administrative access rights to the
Horizon ERP application and the underlying SQL database.

b. audit trail feature is not enabled at the database level insofar as it relates to Horizon ERP accounting software

Additionally, the audit trail of prior year has been preserved by the Company as per the statutory requirements for record
retention to the extent it was enabled and recorded in the respective years.

52. Events after reporting date

There are no events which requires any adjustment or disclosures in the financial statements.

53 Fig ures relating to previous periods/year have been regrouped wherever necessary to confirm to the figures of the current period/year.

Following are the material regrouping details for the comparative period:

a) Provision for Liquidated damages has been disclosed as component of Provisions in Note 20, comparative year H 1,379.17 Lakhs
earlier grouped as net of Trade Receivables have been regrouped.

b) Margin Money Bank Deposits which are renewed on maturity are classified as non-current in Note 10. Comparative year
deposits amounting to H 259 Lakhs have also been re-classified for the purpose comparative presentation.

c) Accrued expenses have been included under Trade payables in Note 23, earlier grouped as component of Other financial liability
amounting to H 4,758 Lakhs as at 31st March, 2024 have been regrouped.

d) Income from Sale of Power has been disclosed as component of Revenue from Operations - Other operating income in Note
25, comparative period income which was netted from Power and Fuel cost under Other expenses have been re-classified. The
amounts are not material.

e) Carriage and freight inward has been included as component of Cost of materials consumed in Note 27, earlier grouped under
Other expenses. Comparative period amount of H 886.23 Lakhs for the year ended 31st March, 2024 have been regrouped.

Apart from the above, Contracts assets, Contract liabilities and Right of Use assets have been disclosed as separate line item

on the face of Balance sheet, earlier included as components of Other financial assets, Other liabilities and Property, Plant and

Equipment respectively.

53 (Contd..)

The above changes do not impact recognition and measurement of items in the financial statements, and, consequentially, there is
no impact on total equity and profit for the current or any of the earlier periods. Nor there is any material impact on presentation of
cash flow statement. Considering the nature of changes, the management believes that they do not have any material impact on the
balance sheet at the beginning of the comparative period.

54 The Financial Statements have been approved for issue in accordance with a resolution of the Board of Directors passed in its meeting
held on 15th May, 2025.

The accompanying notes form an integral part of these standalone financial statements
As per our report of even date attached

For S R B C & CO LLP For and on behalf of the Board of Directors of

Chartered Accountants INOX India Limited

Firm Registration Number - 324982E/E300003

per Santosh Agarwal Pavan Kumar Jain Deepak Acharya

Partner Chairman and Non-executive director Chief Executive Officer

Membership No.: 093669 DIN : 00030098

Place: Ahmedabad Place : Mumbai Place: Vadodara

Date: 15th May, 2025 Date : 15th May, 2025 Date : 15th May, 2025

Pavan Logar Jaymeen Patel

Chief Financial Officer Company Secretary

AC S-38601

Place: Vadodara Place: Vadodara

Date : 15th May, 2025 Date : 15th May, 2025