r) Provisions, contingent liabilities and contingent assets

i. Provisions are recognised when there is a present legal or constructive obligation as a result of past events and it is probable
that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions
are not recognised for future operating losses.

Provisions are measured at the present value of management's best estimate of the expenditure required to settle the
present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax
rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase
in the provision due to the passage of time is recognised as interest expense.

ii. A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the
occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present
obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the
obligation or the amount of the obligation cannot be measured with sufficient reliability. The Company does not recognize
a contingent liability but discloses its existence in the financial statements.

iii. A contingent asset is a possible asset that arises from past events and whose existence 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.
Contingent assets are not recognized in the financial statements. However, contingent assets are assessed continuously
and if it is virtually certain that an inflow of economic benefits will arise, the assets and the related income are recognised
in the period in which the change occurs.

s) Contributed equity

Equity shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in
equity as a deduction, net of tax, from the proceeds.

t) Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at bank and on hand and short-term deposit with original
maturity upto three months, which are subject to insignificant risk of changes in value.

For the purpose of presentation in the statement of cash flows, cash and cash equivalents consists of cash and short-term
deposit, as defined above, net of outstanding bank overdraft but including other short-term, highly liquid investments with
original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an
insignificant risk of changes in value.

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

- In the principal market for the asset or liability, or

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

The principal or the most advantageous market must be accessible by the Company. The fair value of an asset or a liability is
measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market
participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market
participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market
participant that would use the asset in its highest and best use.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available
to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All
assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value
hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

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

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e.
as prices) or indirectly (i.e. derived from prices).

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

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

At each reporting date, the management analyses the movements in the values of assets and liabilities which are required to
be remeasured or re-assessed as per the Company's accounting policies. For this analysis, the Management verifies the major
inputs applied in the latest valuation by agreeing the information in the valuation computation to contracts and other relevant
documents. The Management also compares the change in the fair value of each asset and liability with relevant external
sources to determine whether the change is reasonable.

v) Rounding off

All amounts disclosed in the standalone financial statements and notes have been rounded off to the nearest million as per the
requirements of Schedule III, unless otherwise stated. Any amount appearing in financial statements as Rs. ‘0' represents amount
less than Rs. 500,000.

iii) Recent pronouncements

The Ministry of Corporate Affairs (MCA) notifies new standard or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to time. As on the date of release of these standalone financial
statements, MCA has notified an amendment to Ind AS 21 regarding lack of exchangeability between currencies, which is
applicable for reporting period beginning on or after 01 April 2025. Such amendment to existing standard has not been
adopted early by the Company.

New and amended standards notified by MCA:

Amendments to Ind AS 116 - The amendment to Ind AS 116 addresses the measurement of lease liabilities in sale and
leaseback transactions, ensuring that seller-lessees do not recognize any gain or loss related to the retained right-of-use
asset.

Ind AS 117 - Ind AS 117 shall be applicable to entities having (a) insurance contracts, including reinsurance contracts, it
issues; (b) reinsurance contracts it holds; and (c) investment contracts with discretionary participation features it issues,
provided the entity also issues insurance contracts.

MCA has also notified the Companies (Indian Accounting Standards) Third Amendment Rules, 2024, to provide relief to the
insurers or insurance companies. Additionally, Ind AS 104 has been reissued for use by the insurers or insurance companies.

The above new and amended standards had no material impact on the Company's standalone financial statements.

3. SIGNIFICANT ESTIMATES, JUDGEMENTS AND ASSUMPTIONS

The preparation of financial statements in conformity with Ind AS requires the management to make estimates, assumptions
and exercise judgement in applying the accounting policies that affect the reported amount of assets, liabilities and disclosure of
contingent liabilities at the date of financial statements and the reported amounts of income and expenses during the year. The
Management believes that these estimates are prudent and reasonable and are based on the Management's best knowledge of
current events and actions. Actual results could differ from these estimates and differences between actual results and estimates are
recognised in the periods in which the results are known or materialised. This note provides an overview of the areas that involves
a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to estimates and
assumptions turning out to be different than those originally assessed.

A. Defined benefit obligation

The cost of post-employment and other long term benefits is determined using actuarial valuations. An actuarial valuation
involves making various assumptions that may differ from actual developments in the future. These include determination of
discount rates, expected rate of return on assets, 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.

B. Fair value of financial instruments

The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. In
applying the valuation techniques, management makes maximum use of market inputs and uses estimates and assumptions
that are, as far as possible, consistent with observable data that market participants would use in pricing the instrument. Where
applicable data is not observable, management uses its best estimate about the assumptions that market participants would
make. These estimates may vary from the actual prices that would be achieved in an arm's length transaction at the reporting
date.

C. Share-based payments

Estimating fair value for share-based payment requires determination of the most appropriate valuation model, which is
dependent on the terms and conditions of the grant. The estimate also requires determination of the most appropriate inputs
to the valuation model including the expected life of the option, volatility and dividend yield and making assumptions about
them.

D. Impairment of Goodwill

I mpairment exists when the carrying value of an asset or cash generating unit (CGU) exceeds its recoverable amount, which
is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based
on available data from binding sales transactions, conducted at arm's length, for similar assets or observable market prices less
incremental costs for disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived
from the budget for the future years and do not include restructuring activities that the Company is not yet committed to or
significant future investments that will enhance the asset's performance of the CGU being tested. The recoverable amount is
sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate. These
budgets and forecast calculations generally cover a period of five years. For longer periods, a long-term growth rate is calculated
and applied to project future cash flows after the fifth year.

E. Impairment of financial assets

The impairment provisions for financial assets disclosed are based on assumptions about risk of default and expected loss rates.
The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on
the Company's past history, existing market conditions as well as forward looking estimates at the end of each reporting period.
The Company reviews carrying value of its investments when there is indication for impairment.

F. Impairment of non-financial assets

At each reporting date, the Company reviews the carrying amounts of its non-financial assets (other than biological assets,
investment property, inventories, contract assets and deferred tax assets) to determine whether there is any indication of
impairment. If any such indication exists, then the asset's recoverable amount is estimated.

G. Taxes

The Company periodically assesses its liabilities and contingencies related to income taxes for all years open to scrutiny based
on latest information available. The Company records its best estimates of the tax liability in the current tax provision. The
management believes that they have adequately provided for the probable outcome of these matters.

Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available
against which the losses can be utilised. Significant 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.

H. Decommissioning liability/ site restoration cost

The Company makes an estimate with respect to the site restoration costs to be incurred in future which are escalated for
inflation and discounted at a discount rate that reflects current market assessment of the time value of money and the risks.
The site restoration activities would be in the future, the exact requirements that may have to be met when the occurrence
of removal events are uncertain. The estimate is made such that the amount of provision reflects the present value of the
expenditures expected to be incurred to settle the obligation. The timing and the future expenditures are reviewed at the end
of each reporting period.

I. Equity investments held through OCI

Management applies judgement in determining whether the Company has joint control or exercises significant influence in
an equity investment in which the Company holds more than 20% stake but does not hold a controlling stake. In applying
the judgement, the Company determines whether it has ability to direct the relevant activities of the investee, whether it has
right of representation on the Board of the investee, whether the decisions about the relevant activities of the investee require
unanimous consent of both the parties, whether it has the power to participate in the financial and operating policy decisions
of the investee Basis these factors, the Company determines whether it exercises significant influence or control on decisions of
the investee.

J. Contingencies

In the normal course of business, contingent liabilities may arise from litigation and other claims against the Company.

Significant judgement is made when evaluating, among other factors, the probability of unfavorable outcome and the ability to
make a reasonable estimate of the amount of potential loss.

K. Leases

I nd AS 116 requires lessees 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 a 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 the lease and the importance of
the underlying asset to the Company's operations and the availability of suitable alternatives. The lease term in future periods
is reassessed to ensure that the lease term reflects the current economic circumstances. After considering current and future
economic conditions, the Company has concluded that no changes are required to lease period relating to the existing lease
contracts. The Company uses its incremental borrowing rate to measure lease liabilities.

L. Government Grant

The Company has accrued income for Government grant related to assets in the ratio of fulfilment of obligations associated with
the grant received. Key assumptions involved pertain to estimation on reasonability of compliance with the conditions attached
to grants and benefits availed from Government scheme.

M. Useful life and residual value of property, plant and equipment (PPE) and intangible assets

Useful lives of PPE and intangible assets are based on the life prescribed in Schedule II to the Companies Act, 2013. In cases,
where the useful lives are different from that prescribed in Schedule II, they are based on technical evaluation (internal and/or
external), taking into account the nature of the asset, the estimated usage of the asset, the operating conditions of the asset, past
history of replacement, anticipated technological changes, manufacturers' warranties and maintenance support. Assumptions
also need to be made, when it is assessed, whether an asset may be capitalized and which components of the cost of the asset
may be capitalized.

f) Employees Stock Option Scheme (ESOPS):

During year ended 31 March 2021, the Company had instituted an EPL Employee Stock Option Scheme 2020 ("the Scheme") as
approved by the Board of Directors for issuance of stock options to the eligible employees of the Company and of its subsidiaries,
other than promoters or person belonging to promoter group.

During the year ended 31 March 2021, pursuant to the said Scheme 2020, 3,836,089 stock options convertible into 3,377,134 equity
shares of Rs. 2 each at an exercise price of Rs 161 per share and 458,955 equity shares of Rs 2 each at an exercise price of Rs. 268
per share were granted to eligible employees, being the market price as defined in the Securities and Exchange Board of India
(Share Based Employee Benefits) Regulation, 2014 (SEBI Regulation). During the year ended 31 March 2022, 1,526,718 stock options
convertible into equivalent equity shares of Rs 2 each at an exercise price of Rs 161 per share were granted to eligible employee.
During the year ended 31 March 2023, 108,226 stock options convertible into equivalent equity shares of Rs 2 each at an exercise
price of Rs 161 per share were granted to eligible employee. During the previous year, further 1,095,474 stock options convertible into
equivalent equity shares of Rs 2 each at an exercise price of Rs 161 per share were granted to eligible employee. Subject to terms and
conditions of the Scheme, the said options will vest in a phased manner in every year during the next five years, as per the provisions
of the Scheme. During the current year, further 590,908 stock options convertible into equivalent equity shares of Rs 2 each at an
exercise price of Rs 161 per share were granted to eligible employee. Subject to terms and conditions of the Scheme, the said options
will vest in a phased manner in every year during the next five years, as per the provisions of the Scheme.

Refer note 42 for additional information related to the Scheme.

g) There are no shares bought back or shares issued for consideration other than cash during five years preceding 31 March 2025.

h) Forfeited equity shares consist of 35,725 partly paid up equity shares and 21,395 fully paid up bonus shares forfeited during earlier
year. The amount of Rs. 0.1 million in relation to the forfeiture will be transferred to reserves upon cancellation of these shares.

ii) Fair value hierarchy

a) Financial Instrument measured at Fair Value

The fair values of the financial assets and liabilities are the amount 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.

This section explains the judgements and estimates made in determining the fair values of the financial instruments that
are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed
in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the
Company has classified its financial instruments into three levels prescribed under the Indian Accounting Standards. An
explanation for each level is given below.

Level 1: Level 1 hierarchy includes financial instruments measured using closing net asset value.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If
all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. Instruments
in the level 2 category for the Company include foreign exchange forward contracts.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in this
level. Instrument in the level 3 category for the company includes investment in others. The fair value is determined using
discounted cashflow method where the significant observable input used is risk adjusted discount rate. Instruments in the
level 3 category for the Company include investment in equity shares of others.

b) Financial Instrument measured at Amortised cost

The carrying amount of financial assets and financial liabilities measured at amortised cost in the Financial Statements are
a reasonable approximation of their fair values since the Company does not anticipate that the carrying amounts would
be significantly different from the values that would eventually be received or settled in short term.

v) Valuation techniques used to determine fair value:

The fair value of mutual funds is determined using unquoted price available from the mutual fund house; the fair value of foreign
exchange forward contracts is determined using forward exchange rates as quoted by the bank; and the fair value of investment
in others is determined either by involving a valuation expert who in turn uses discounted cashflow method using risk adjusted
discount rate at the valuation date or by reference to the price at which equity transaction has been undertaken in the investee

Cnmranu nosr tr> tho halanro choot rlato

Credit risk is the risk of financial loss to the Company if a customer or counter party to a financial instrument fails to meet its
contractual obligations.

The Company is exposed to credit risk from its operating activities (primarily trade receivables), lease rental deposits, deposits
with banks and other financial instruments. Credit risk arises from the possibility that counter party may not be able to settle their
obligations as agreed.

i) Trade receivables

The Company extends credit to customers (including related parties) in the normal course of business. The Company
considers factors such as financial conditions / market practices, credit track record in the market, analysis of historical
bad debts and past dealings for extension of credit to customers. Individual credit limits are set accordingly. The Company
monitors the payment track record of the customers and ageing of receivables. Outstanding customer receivables are
regularly monitored. The Company considers the concentration of risk with respect to trade receivables as low, as its
customers are located in several jurisdictions and industries and operate in largely independent markets. The Company
takes advances and security deposits from some of its customers, which mitigate the credit risk to an extent.

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the
Company's income or the value of its holdings of financial instruments. The objective of market risk management is to manage
and control market risk exposures within acceptable parameters, while optimising the return. The sensitivity analysis excludes
the impact of movements in market variables on the carrying value of post-employment benefit obligations provisions and on
the non-financial assets and liabilities. The sensitivity of the relevant profit and loss item is the effect of the assumed changes in
respective market risks.

The Company's activities expose it to risks on account of changes in foreign currency exchange rates and interest rates. The
Company uses derivative financial instruments such as foreign exchange forward contracts of varying maturity depending upon
the underlying contract as a risk management strategy to manage its exposures to foreign exchange fluctuations and interest
rate.

i Foreign currency risk

Currency risk is the risk that the fair value or future cash flows fluctuate because of changes in market prices. The Company
is exposed to foreign exchange risk on their receivables, payables and foreign currency loans which are mainly held in the
United State Dollar (""USD""), the Japanese Yen (""JPY""), the Pound Sterling (""GBP""), the Euro ("EUR"), the Swiss Franc (""CHF"")
and Chinese Yuan (""CNY""). Consequently, the Company is exposed primarily to the risk that the exchange rate of the Indian
Rupee ("INR") relative to the USD, the JPY, the GBP, the EUR, the CHF, and the CNY may change in a manner that has a material
effect on the reported values of the Company's assets and liabilities that are denominated in these foreign currencies.

The Company evaluates exchange rate exposure arising from foreign currency transactions and follows established risk
management policies, including minimising cross currency transactions, using natural hedge and the use of derivatives
like foreign exchange forward contracts to minimise the impact to results of the exchange rate movements. The unhedged
exposures are maintained and kept to minimum feasible.

42 SHARE-BASED PAYMENTS

Employee stock option plan 2020

a) During year ended 31 March 2021, the Holding Company had instituted an EPL Employee Stock Option Scheme 2020 (Scheme
2020) as approved by the Board of Directors for issuance of stock options to the eligible employees of the Holding Company and
of its subsidiaries, other than the promoters or person belonging to promoter group.

During year ended 31 March 2021, pursuant to the said Scheme 2020, 3,836,089 stock options convertible into 3,377,134 equity
shares of Rs. 2 each at an exercise price of Rs. 161 per share and 458,955 equity shares of Rs. 2 each at an exercise price of Rs.
268 per share were granted to eligible employees, being the market price as defined in the Securities and Exchange Board of
India (Share Based Employee Benefits) Regulation, 2014 (SEBI Regulation). During year ended 31 March 2022, 1,526,718 stock
options convertible into equivalent equity shares of Rs. 2 each at an exercise price of Rs. 161 per share were granted to eligible
employee. During the year ended 31 March 2023, 108,226 stock options convertible into equivalent equity shares of Rs. 2 each
at an exercise price of Rs. 161 per share were granted to eligible employee. During the previous year, 1,095,474 stock options
convertible into equivalent equity shares of Rs. 2 each at an exercise price of Rs. 161 per share were granted to eligible employee.
During the current year, further 590,908 stock options convertible into equivalent equity shares of Rs. 2 each at an exercise price
of Rs. 161 per share were granted to eligible employee.

43 EMPLOYEE BENEFIT OBLIGATION

The disclosures of employee benefits as defined in the Ind AS 19 - Employee Benefits are given below:

a. The Company makes annual contributions to the employees' gratuity fund scheme, a funded defined benefit plan which is
managed by the Life Insurance Corporation of India and HDFC Bank. The gratuity benefit plan is governed by the Payment of
Gratuity Act, 1972. Under the Gratuity Act, employees are entitled to specific benefit at the time of retirement or termination
of the employment on completion of five years or death while in employment. The level of benefit provided depends on the
member's length of service and salary at the time of retirement/termination age. The present value of obligation is determined
based on actuarial valuation using the projected unit credit method, which recognizes each period of service as giving rise to
additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

63 Ministry of Corporate Affairs (MCA) introduced requirement for companies under the proviso to Rule 3(1) of the Companies (Accounts)
Rules, 2014 inserted by the Companies (Accounts) Amendment Rules, 2021 requiring companies, which uses accounting software
for maintaining its books of account, shall use only such accounting software which has a feature of recording audit trail of each and
every transaction, creating an edit log of each change made in the books of account along with the date when such changes were
made and ensuring that the audit trail is not disabled.

The Company has used an accounting software - SAP for maintaining its standalone 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 at an application level. However, the audit trail feature was not enabled at database level during the year. Further, the
Company has complied with the retention of the audit trail records as statutorily required and the audit trail feature is not tampered
with in respect of accounting software, where such feature is enabled.

64 Subsequent to the year ended 31 March 2025, the Company has made investment amounting to Rs. 38 million in a newly incorporated
wholly owned subsidiary named EPL Packaging (Thailand) Co., Ltd.

These are notes to the standalone financial statements referred to in our report of even date.

For Walker Chandiok & Co LLP For and on behalf of the Board of Directors

Chartered Accountants

Firm Registration No. 001076N / N500013

Rakesh R. Agarwal Anand Kripalu Sharmila Abhay Karve

Partner Managing Director and Director

Membership No.: 109632 Chief Executive Officer (DIN - 05018751)

(DIN - 00118324)

Deepak Goyal Onkar Ghangurde

Chief Financial Officer Company Secretary

(Membership No.: ACS 30636)

Place: Mumbai Place: Mumbai

Date: 08 May 2025 Date: 08 May 2025