3.19 Provisions, Contingent Liabilities and Contingent
Assets

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

The amount recognised 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).

Contingent assets are disclosed in the financial
statements by way of notes to accounts when an inflow
of economic benefits is probable.

Contingent liabilities are disclosed in the financial
statements by way of notes to accounts, unless
possibility of an outflow of resources embodying
economic benefit is remote.

3.20 Non-Current assets held for sale

Non-current assets (including disposal groups) are
classified as held for sale if their carrying amount will be
recovered principally through a sale transaction rather
than through continuing use and a sale is considered
highly probable.

Non-current assets classified as held for sale are
measured at lower of their carrying amount and fair
value less cost to sell. Non-current assets classified
as held for sale are not depreciated or amortised from
the date when they are classified as held for sale. While
designating the non-current assets as held for sale,
the liabilities (if any) directly associated with these
assets are identified and classified separately under
"Liabilities directly associated with assets classified as
held for sale”.

Non-current assets classified as held for sale and the
assets and liabilities of a disposal group classified as

held for sale are presented separately from the other
assets and liabilities in the Balance Sheet.

A discontinued operation is a component of the entity
that has been disposed off or is classified as held for
sale and:

• represents a separate major line of business or
geographical area of operations and;

• is part of a single co-ordinated plan to dispose of
such a line of business or area of operations.

The results of discontinued operations are presented
separately in the Statement of Profit and Loss.

3.21 Operating Segment

Operating segments reflect the company's management
structure and the way the financial information is
regularly reviewed by the company's Chief Operating
Decision Maker (CODM). The CODM considers the
business from both business and product perspective
based on the dominant source, nature of risks and
returns and the internal organisation and management
structure.

Ind AS 108 operating segment requires Management
to determine the reportable segments for the purpose
of disclosure in financial statements based on the
internal reporting reviewed by the CODM to assess
performance and allocate resource. The standard also
requires Management to make judgments with respect
to recognition of segments. Accordingly, the company
recognizes Generation of Power through Renewable
Sources as its sole segment.

3.22 Operating Cycle for current and non-current
classification

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 notes to these
financial statements. Based on the nature of products
and services and the time between the acquisition of
assets for processing and their realisation in cash and
cash equivalents, the company has ascertained its
operating cycle as 12 months for the purpose of current
and non-current classification of assets and liabilities.

4. Critical accounting assumptions

The preparation of Financial Statements in conformity
with Ind AS requires management to make judgements,

estimates and assumptions, that affect the application
of accounting policies and the reported amounts
of assets and liabilities, disclosures of contingent
liabilities at the date of the Financial Statements and
the reported amounts of revenue and expenses for the
years presented. Actual results may differ from these
estimates.

Estimates and underlying assumptions are reviewed on
an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimates are
revised and in any future periods affected.

In particular, information about significant areas
of estimation, uncertainty and critical judgments
in applying accounting policies that have the most
significant effect on the amounts recognized in the
Financial Statements pertain to:

4.1 Useful lives of Property, Plant and Equipment and
intangible assets

The company has estimated useful life of each class
of assets based on the nature of assets, the estimated
usage of the asset, the operating condition of the asset,
past history of replacement, anticipated technological
changes, etc. The Company reviews the carrying amount
of property, plant and equipment and intangible assets
at the end of each reporting period. This reassessment
may result in change in depreciation expense in future
periods.

Depreciation on property, plant and equipment is
provided pro-rata for the periods of use on the Straight
Line Method (SLM) on the basis of useful life of the
property, plant and equipment mandated by Part C of
Schedule II of the Companies Act, 2013 or the useful
life determined by the company based on technical
evaluation, whichever is lower, taking into account the
nature of the asset, the estimated usage of the asset,
the operating conditions of the asset, past history of
replacement, maintenance support, as per details given
below:

4.2 Impairment of tangible and intangible assets other
than goodwill

Property, plant and equipment and intangible assets are
tested for impairment when events occur or changes in
circumstances indicate that the recoverable amount of
the cash generating unit is less than its carrying value.
The recoverable amount of cash generating units is
higher of value-in-use and fair value less cost to sell.
The calculation involves use of significant estimates
and assumptions which includes turnover and earnings
multiples, growth rates and net margins used to
calculate projected future cash flows, risk-adjusted
discount rate, future economic and market conditions.

In assessing value in use, the estimated future cash
flows are discounted to their present value using a
pre-tax discount rate that reflects current market
assessments of the time value of money and the risks
specific to the asset for which the estimates of future
cash flows have not been adjusted.

At each Balance Sheet date, consideration is given
to determine whether there is any indication of
impairment of the carrying amount of the company's
assets. If any indication exists, estimation is made for
the asset's recoverable amount, which is the greater of
the net selling price and the value in use. An impairment
loss, if any, is recognized whenever the carrying amount
of an asset exceeds the recoverable amount.

I mpairment losses of continuing operations, including
impairment on inventories, if any, are recognized in the
statement of profit and loss.

4.3 Application of interpretation for Service Concession
Arrangements (SCA)

Management has assessed applicability of Appendix A
of Indian Accounting Standards 11. Service Concession
Arrangements for the power purchase agreement
which the company has entered into. In assessing the

applicability of SCA, the management has exercised
significant judgement in relation to the underlying
ownership of the assets, the attached risks and
rewards of ownership, residual interest and the fact
that secondary lease periods are not at nominal lease
rentals etc. in concluding that the arrangements don't
meet the criteria for recognition as service concession
arrangements.

4.4 Determining whether an arrangement contain leases
and classification of leases

The company enters into service / hiring arrangements
for various assets / services. The determination of lease
and classification of the service / hiring arrangement
as a finance lease or operating lease is based on an
assessment of several factors, including, but not limited
to, transfer of ownership of leased asset at end of
lease term, lessee's option to purchase and estimated
certainty of exercise of such option, proportion of lease
term to the asset's economic life, proportion of present
value of minimum lease payments to fair value of leased

asset and extent of specialized nature of the leased
asset.

4.5 Employee Benefits - Defined benefit obligation (DBO)

Management's estimate of the DBO is based on a
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 DBO amount and the annual
defined benefit expenses.

4.6 Events after the reporting period

Adjusting events are events that provide further
evidence of conditions that existed at the end of the
reporting period. The financial statements are adjusted
for such events before authorization for issue.

Non-adjusting events are events that are indicative
of conditions that arose after the end of the reporting
period. Non-adjusting events after the reporting date
are not accounted, but disclosed if material.

Notes :

6.1 Considering accumulated losses in one of the subsidiaries viz. Beta Wind Farm Private Limited, the company has tested the
Investments of Rs. 57,334 lakhs in Equity instruments and Loan of Rs. 34,196 lakhs for impairment/credit losses during the
year. Such testing which was carried out by an independent valuer on the basis of net present value of projected cash flows
of the subsidiary and approved by the management of the company did not reveal any losses. The impairment testing shall
be reviewed by the company on an annual basis or at shorter intervals if the situation so warrants. Further, during the year,
the company tested the Plant and Equipment of its operating subsidiaries for impairment. Such testing conducted by an
independent technical expert and approved by the management did not result in any impairment losses.

6.2 The amount of Rs. 53,599 lakhs (As at March 31, 2024 Rs. 53,599 lakhs) is shown as Investment in deemed equity in respect
of subsidiaries towards fair value of interest free/ subsidized loans, guarantees extended and investments in 6% Cumulative
Redeemable Preference shares.

6.3 The company had invested Rs. 86,423 Lakhs in Cumulative Redeemable Preference Shares issued by its subsidiary, Beta
Wind Farm Private Limited (Beta). In accordance with Ind AS 109, "Financial Instruments" the said investments in Preference
shares has been treated as a loan given by the company and accordingly is carried at amortised cost. The difference between
the amount invested and the net present value is accounted as Investment in nature of Equity.

Notes:

7.1 The company had invested Rs. 86,423 Lakhs (including premium of Rs. 40,937 Lakhs) in 45,48,59,455 6% Cumulative
Redeemable Preference Shares issued by its subsidiary, Beta Wind Farm Private Limited (Beta). In accordance with Ind AS
109, "Financial Instruments", the said investments in Preference shares has been treated as a loan given by the company and
accordingly is carried at amortised cost. The amount of Rs. 52,227 lakhs being the difference between the amount invested
and the net present value of Rs. 34,196 lakhs is accounted as investment in nature of equity. The Net Present value of
Rs. 34,196 lakhs is treated as loan to Beta. In view of accumulated losses of Beta, considering the provisions of Companies
Act, 2013 and the agreement Beta has entered into with its lender, no dividend has been declared by Beta so far and hence on
a prudent basis, no income has been accrued on this amount.

16.5 Aggregate Number and Class of Shares- allotted as Fully paid up Bonus shares (or) issued for consideration other than cash
(or) shares bought back for the Period of 5 Years Immediately Preceding the Balance Sheet Date - Nil.

16.6 Shares reserved for issue under options and contracts or commitments for the sale of shares or disinvestment, including the
terms and amounts - Nil.

16.7 During the year, 2,69,23,077 Equity shares (Previous year - 7,47,20,198 Equity shares) were allotted to M/s. Janati Bio Power
Private Limited (JBPL), one of the promoters of the company under Right Issue of equity shares. Further, JBPL informed the
Stock Exchanges under Regulation 31 of the SEBI (Substantial Acquisition of shares and Takeover) Regulations, 2011 that
2,95,00,000 Equity Shares (Previous year - 2,50,00,000 Equity shares) of the Company has been invoked by SPV Finserve
Private Limited (formerly SPV Resorts Private Limited) (Previous year - M/s. Axis Trustee Services limited) out of 2,95,00,000
shares (Previous year- 4,00,00,000 Shares) pledged for a loan taken by one of the associates of JBPL, not being the
company or its subsidiaries. Further, JBPL disposed 50,00,000 Equity shares held in the company in open market during the
previous year.

Considering the part subscription to the aforementioned rights issue and the said invocation, the shareholding of JBPL in the
company has come down from 29.42% as at March 31, 2024 to 24.38% as at March 31, 2025.

16.8 During the year, the company increased the authorized share capital from Rs. 1,60,000 Lakhs consisting Rs. 1,30,000 Lakhs
(divided into 1,30,00,00,000 equity shares of Rs. 10 each) and Rs. 30,000 Lakhs (divided into 30,00,00,000 preference shares
of Rs. 10 each) to Rs. 2,50,000 Lakhs consisting Rs. 2,20,000 Lakhs (divided into 2,20,00,00,000 equity shares of Rs. 10 each)
and Rs. 30,000 Lakhs (divided into 30,00,00,000 preference shares of Rs. 10 each).

16.9 Pursuant to letters each dated June 28, 2023, issued by BSE Limited and National Stock Exchange of India Limited, SEPC
Limited was classified as the public shareholder of the Company and therefore SEPC Limited ceased to be a Promoter and
related party.

16.10 Issue of Shares under Rights Issue

The Company had issued 19,23,07,692 equity shares of face value Rs. 10 with a premium of Rs. 3 per share (Previous year
- 23,00,00,000 equity shares of face value of Rs. 10/- each) on right basis ('Rights Equity Shares') to the Eligible Equity
Shareholders. The issue was fully subscribed and Rs. 25,000 lakhs (Previous year - Rs. 23,000 lakhs), were received from the
concerned allottees and accordingly shares were allotted. The details of utilization of issue proceeds are provided in Notes
44 and 45.

34.1 In earlier years, Amrit Environmental Technologies Private Limited (AETPL) one of the subsidiaries, defaulted in repayment
of term loan obligations availed from IL&FS Financial Services Limited (IL&FS). As the company provided a corporate
guarantee against this loan availed by AETPL, IL&FS moved The Hon'ble National Company Law Tribunal against the
company. The Company submitted a One-Time Settlement (OTS) proposal for Rs. 3,000 lakhs which was approved by The
Hon'ble National Company Law Tribunal, Mumbai on June 4, 2024. Pursuant to the approval, the Company, IL&FS and AETPL
have entered into a settlement agreement dated June 13, 2024 for repaying the settled amount of Rs. 3,000 lakhs to IL&FS in
stipulated installments. The company has recognized a provision of Rs. 3,000 lakhs under discontinued operations towards
its obligations of the corporate guarantee for repayment of the loan during the year. The company paid the entire dues of Rs,
3,000 lakhs to IL&FS during the year.

34.2 During the previous year, the secured loans availed by Clarion Wind Farm Private Limited, one of the step down subsidiaries
of the company and Gamma Green Power Private Limited, one of the subsidiaries of the company were refinanced and the
corporate guarantees extended for the loans availed by these subsidiaries to erstwhile lenders amounting to Rs. 14,000 lakhs
were replaced with corporate guarantees of Rs. 8,327 lakhs.

34.3 As per the directions of the adjudicating authority, an amount of Rs. 16 lakhs has been paid under protest. (Refer Note 10)

Notes:

(i) The loans shall be repaid in one or more installments not later than March 31, 2027 or such other time as the parties may
mutually agree upon from time to time.

(ii) As at March 31, 2025 and March 31, 2024, there are no parties, firms or companies in which directors are interested as defined
under Section 184(2) of the Companies Act, 2013.

(iii) The above disclosure has been made based on the actual transaction value without considering the fair valuation, based on
the approval given by the Audit Committee.

Note 39 (a) : Financial Instruments

(I) Capital Management

The Company manages its capital to ensure that it is able to continue as a going concern while maximising the return to the
stakeholders through the optimisation of the debt and equity balance. The capital structure of the Company consists of Debt
and total equity. The Company is not subject to any externally imposed capital requirement. In order to maintain the capital
structure in consistent with others in the industry , the Company monitors capital on the basis of the following gearing ratio.

(III) Financial Risk Management Framework

The Company manages financial risk relating to the operations through internal risk reports which analyse exposure by degree
and magnitude of risk. These risks include market risk (including currency risk, interest rate risk and other price risk), credit
risk and liquidity risk. The Company has formulated policies approved by the Audit Committee which provides principles on
foreign exchange risk, interest rate risk , credit risk , the use of financial derivatives and non derivative financial instruments
and the investment in excess of liquidity. Compliance with policies and exposure limits is reviewed by the management on a
continuous basis.

The Company does not enter into or trade financial instruments including derivative financial instruments for speculative
purpose.

(IV) Market Risk

The Company's activities exposes it primarily to the financial risk of change in foreign currency exchange rates and interest
rates. The Company enters into derivative instruments to manage its exposure to foreign currency risk and interest rate risk
including forward foreign exchange contracts to hedge the exchange rate risk arising on account of borrowings (including

interest payable)

(VII) Management of Credit Risk

Credit risk is the risk of financial loss to the company if a customer or counterparty to a financial instrument fails to meet its
contractual obligations.

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. All trade receivables are reviewed and assessed for default at each
reporting period. The allowance for lifetime expected credit loss on trade receivables for the years ended March 31, 2025 and
March 31, 2024, is Rs. Nil and Rs. 243 lakhs respectively. Refer note 3.15 for accounting treatement for Trade receivables,
note 11.2 for ageing of Trade receivables and note 11.3 for reconciliation for allowance of credit loss on Trade receivables.

Loans and other financial Assets

Credit risk related to cash and cash equivalents and bank deposits is managed by only accepting highly rated banks and
diversifying bank deposits. Risks relating to other financial assets measured at amortized cost including loans, its related
interest receivables and other financial assets are managed by monitoring the recoverability of such amounts continuously,
while at the same time internal control system in place ensures that the amounts are within defined limits. The allowance for
lifetime expected credit loss on loans and related interest receivables for the years ended March 31, 2025 and March 31, 2024,
are Rs. 9,674 lakhs and Rs. 9,652 lakhs respectively.

The company's maximum exposure to credit risk as at March 31, 2025 and March 31, 2024 is the carrying value of each class
of financial assets.

(VIII) Liquidity Risk Management

Ultimate responsibility for liquidity risk management rests with the board of directors, 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.

Liquidity and Interest Risk Tables

The following tables detail the Company's remaining contractual maturity for its non-derivative financial liabilities with
agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based
on the earliest date on which the Company can be required to pay. The tables include both interest and principal cash flows.

Note:

40.1 The Company accounts for costs incurred by the Related parties based on the actual invoices/debit notes raised and accruals
as confirmed by such related parties. The Related parties have confirmed to the Management that as at March 31, 2025, there
are no further amounts payable to/receivable from them, other than as disclosed above.

Note 41 : Leases

With the exception of short term leases and leases of low-value underlying assets, each lease is reflected on the balance
sheet as a right-of-use asset and a lease liability. The company classifies its right-of-use assets in a consistent manner under
its property, plant and equipment within the same line item as if they were owned by company.

Rental expense recorded for short-term leases, under Ind AS 116, during the year ended March 31, 2025 is Rs.3 lakhs.
(previous year- Rs. 3 lakhs)

* Pending utilization, Rs. 14,347 lakhs are placed as fixed deposits with banks. (Also refer note 44.1)

44.1. During the year ended March 31, 2025, the company issued 19,23,07,692 Equity Shares of Rs. 10 each at a price of Rs. 13 per
equity share aggregating to Rs. 25,000 lakhs through a Rights issue and the allotment is made on September 20, 2024.
Consequently, the paid-up Equity share Capital has increased to Rs. 1,17,303 lakhs. The Equity Shares of the Company were
listed and admitted for trading on BSE Limited (BSE) and The National Stock Exchange of India Limited (NSE) with effect from
September 27, 2024.

Till March 31, 2025, the company utilized Rs. 10,653 lakhs towards the objects of the issue and issue expenses. Pending
utilization, Rs. 14,347 lakhs are placed in the fixed deposits with banks.

44.2. The Letter of offer dated August 06, 2024, specifies that -

"If the actual utilisation towards any of the Objects, as set out above, is lower than the proposed deployment, such balance
shall be used towards the general corporate purposes, provided that the total amount to be utilized towards general corporate
purposes does not exceed 25% of the Gross Proceeds, in accordance with the SEBIICDR Regulations."
"In case of any difference between the estimated issue related expenses and actual expenses incurred, the shortfall or excess
shall be adjusted with the amount allocated towards general corporate purposes."

Accordingly, the allocation towards Object 4 has been revised to ' 469 lakhs, with ' 31 lakhs reallocated to General Corporate
Purposes (GCP). The actual issue-related expenses amounted to ' 291 lakhs, compared to ' 193 lakhs estimated in the
Letter of Offer. The additional expenditure of ' 98 lakhs was met from the GCP allocation, in accordance with the terms of
the Letter of Offer.

44.3.One of the objects of the aforementioned Rights issue is to develop a 19.8 MW AC solar capacity through Delta Renewable
Energy Private Limited, Subsidiary company. The Board of Directors in the meeting held on December 02, 2024, reviewed
and approved the capacity revision to 25.00 MW AC as against the proposed 19.8 MW AC, without additional capital outlay.
Further, the board also approved the change in EPC contractor and the location of project from Vellore/Ranipet district to
Theni district in the state of Tamil Nadu.

Note 45 : Rights Issue of Equity shares 2023 and utilization of funds

During the previous year, the company raised equity share capital of Rs. 23,000 lakhs through issue of 23,00,00,000 Equity
shares on rights basis to eligible shareholders of the company at face value of Rs. 10/-. The details of utilization of issue
proceeds as at March 31, 2025 are given below.

45.1. The Company had availed a term loan from Yes Bank Limited for an amount aggregating to ' 5,000 lakhs which was repayable
in 39 quarterly installments commencing from December 2016 and ending on June 2026. In the Draft Letter of Offer, The
Company had disclosed that it proposed to utilize an aggregate amount of ' 1,500 lakhs from the Net Proceeds towards
full or partial re-payment or prepayment of the secured loans availed by the company from Yes Bank Limited. However,
on July 28, 2023, the company has repaid the entire amount outstanding against the secured loan availed from Yes Bank
Limited aggregating to ' 1,349.08 lakhs. The repayment of the loan has been made through an unsecured loan of ' 1,500 lakhs
which was availed from Gamma Green Power Private Limited, one of the Subsidiaries of the company. Therefore, a portion
of the proceeds of the Issue has been utilised towards repayment of unsecured loan amounting to ' 1,500 lakhs availed from
Gamma Green Power Private Limited.

45.2 The entire proceeds from the rights issue were initially proposed to be utilized during the financial year 2023-24. However,
an amount of '2,033 lakhs remained unutilized as at March 31, 2024 and were placed as fixed deposits with the banks. During
the year, the shareholders of the company approved the extension for deployment of these unutilized funds. Accordingly, the
utilization has been completed as per the objects of the issue during the year without any deviations.

Note 46 : Utilisation of Borrowed funds for FY 2024-25

(a) Details of transaction where the Company has received or given fund from or to entities (Funding Party/ Intermediary,
as the case may be) with the understanding that the Company/ the other receiving entity shall directly or indirectly lend
or invest in other entities.

(b) There are no such transactions during the FY 2023-24
Note 47 : Other Statutory information:

(a) The Company has not entered into transactions with companies struck off under section 248 of the Companies Act,
2013 or section 560 of Companies Act, 1956 during the year under consideration.

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

(c) The company has neither received nor given any fund from or to any person(s) or entity(ies), including foreign entities
(Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall (Other than
transactions referred under Note 46):

(i) 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

(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(d) The company is in compliance with the number of layers prescribed under clause (87) of section 2 of the Companies Act,
2013 read with the Companies (Restriction on number of Layers) Rules, 2017 (as amended).

Note 48 : The figures for previous year have been regrouped wherever necessary to conform to the classification of the
current year.

Note 49 : The Board of Directors of the Company has reviewed the realisable value of all the current assets and has confirmed
that the value of such assets in the ordinary course of business will not be less than the value at which these are
recognized in the financial statements. In addition, the Board has also confirmed the carrying value of the non-current
assets including long-term investments in the financial statements. The Board, duly taking into account all the relevant
disclosures made, has approved these financial statements in its meeting held on April 30, 2025.

In terms of our report attached For and on behalf of the Board of Directors

For G.D. Apte & Co.,

Chartered Accountants

Firm Registration Number: 100 515W

T. Shivaraman R. Ganapathi

Managing Director Director

DIN: 01312018 DIN: 00103623

Umesh S. Abhyankar

Partner J. Kotteswari M. Kirithika

Membership Number: 113 053 Chief Financial Officer Company Secretary

Place : Pune Place : Chennai

Date: April 30, 2025 Date: April 30, 2025