K. Provisions, contingent liabilities & contingent
assets
General

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.

Long-term provisions are determined by discounting
the expected future cash flows at a pre-tax rate that
reflects current market assessments of the time value
of money. Short term provisions are carried at their
redemption value and are not offset against receivables
from reimbursements.

Contingent liabilities

Contingent liabilities are disclosed when there is a
possible obligation arising from past events, the existence
of which will be confirmed only by the occurrence or non¬
occurrence of one or more uncertain future events not
wholly within the control of the Company or a present
obligation that arises from past events where it is either
not probable that an outflow of resources will be required
to settle or a reliable estimate of the amount cannot be
made.

Contingent assets

A contingent asset is not recognized unless it becomes

virtually certain that an inflow of economic benefits will
arise. When an inflow of economic benefits is probable,
contingent assets are disclosed in the Ind AS financial
statements.

Onerous contract

Provision for onerous contracts. i.e. contracts where the
expected unavoidable cost of meeting the obligations
under the contract exceed the economic benefits
expected to be received under it, are recognized when
it is probable that an outflow of resources embodying
economic benefits will be required to settle a present
obligation as a result of an obligating event based on a
reliable estimate of such obligation.

L. Cash and cash equivalents

Cash & Cash Equivalents in the comprise cash at
banks and cash on hand and short-term deposits with
an original maturity of three months or less, which are
subject to an insignificant risk of changes in value.

M. Cash flow statement

Cash flows are reported using the indirect method,
whereby net profit before tax is adjusted for the effects
of transactions of a non-cash nature and any deferrals
or accruals of past or future cash receipts or payments.
The standalone cash flows from operating, investing
and financing activities of the Company are segregated.
Certain arrangements entered with financiers have been
classified as borrowings by the Company. The Company
presents cash outflows to settle the liability arising from
financing activities in its statement of cash flows.

N. Share capital

Financial instruments issued by the Company are
classified as equity only to the extent that they do not
meet the definition of a financial liability or financial
asset. The Company's ordinary shares are classified as
equity instruments.

O. Income tax
Current tax

Current income tax assets and liabilities are measured
at the amount expected to be recovered from or paid
to the taxation authorities. The tax rates and tax laws
used to compute the amount are those that are enacted
or substantively enacted, at the reporting date in the
countries where the Company operates and generates
taxable income. Current income tax relating to items

recognized outside profit or loss is recognized outside
profit or loss (either in other comprehensive income
("OCI") or in equity). Current tax items are recognized
in correlation to the underlying transaction either in
OCI or directly in equity. Management periodically
evaluates positions taken in the tax returns with respect
to situations in which applicable tax regulations are
subject to interpretation and establishes provision where
appropriate

Deferred tax

Deferred tax is recognized on temporary differences
between the carrying amounts of assets and liabilities in
the Financial Statements and the corresponding tax bases
used in the computation of taxable profit under Income-
tax Act, 1961. Deferred tax liabilities are recognized for all
taxable temporary differences. Deferred tax assets are
recognized for all deductible temporary differences, the
carry forward of unused tax credits and any unused tax
losses. Deferred tax assets are recognized to the extent
that it is probable that taxable profit will be available
against which the deductible temporary differences, and
the carry forward of unused tax credits and unused tax
losses can be utilized. The carrying amount of deferred
tax assets is reviewed at each reporting date and reduced
to the extent that it is no longer probable that sufficient
taxable profit will be available to allow all or part of the
deferred tax asset to be utilised. Unrecognized deferred
tax assets are re-assessed at each reporting date and
are recognized to the extent that it has become probable
that future taxable profits will allow the deferred tax
asset to be recovered.

Deferred tax assets and liabilities are measured at the
tax rates that are expected to apply in the year when
the asset is realized or the liability is settled, based
on tax rates and tax laws that have been enacted or
substantively enacted at the reporting date.

Deferred tax relating to items recognized outside profit
or loss is recognized outside profit or loss (either in
other comprehensive income or in equity). Deferred tax
items are recognized in correlation to the underlying
transaction either in OCI or directly in equity.

Deferred tax assets and deferred tax liabilities are offset
if a legally enforceable right exists to set off current tax
assets against current tax liabilities and the deferred
taxes relate to the same taxable entity and the same
taxation authority.

P. Borrowing Costs

Borrowing costs directly attributable to the acquisition,
construction or production of an asset that necessarily
takes a substantial period of time to get ready for its
intended use or sale are capitalized as part of the cost
of the asset. All other borrowing costs are expensed
in the period in which they occur. Borrowing costs
consist of interest and other costs that an entity incurs
in connection with the borrowing of funds. Borrowing
cost also includes exchange differences to the extent
regarded as an adjustment to the borrowing costs.

Q. Earnings per share

(i) Basic earnings per share

Basic Earnings Per Share ('EPS') is computed by dividing
the net profit attributable to the equity shareholders by
the weighted average number of equity share outstanding
during the year. The weighted average number of equity
shares outstanding during the year is adjusted for
treasury shares.

(ii) Diluted earnings per share

Diluted earnings per share is computed by dividing the
net profit by the weighted average number of equity
shares considered for deriving basic earnings per share
and also the weighted average number of equity shares
that could have been issued upon conversion of all
dilutive potential equity shares. Dilutive potential equity
shares are deemed converted as of the beginning of the
year, unless issued at a later date. In computing diluted
earnings per share, only potential equity shares that are
dilutive and that either reduces earnings per share or
increases loss per share are included.

R. Segment reporting

The Company has engaged in the business of providing
Engineering, Procurement and Construction (EPC) and
has only reportable segment in accordance with IND AS-
108 'Operating Segment'. The Statement relating to this
operating segment is reviewed regularly by the Board
of Directors to make decisions about resources to be
allocated and to assess its performance. The accounting
principles used in the preparation of the financial
statements are consistently applied to record revenue
and expenditure in the segment and are as set out in the
material accounting policies.

S. Employee benefits

i. Short term employee benefits

Employee benefits such as salaries, wages, short¬
term compensated absences, bonus, ex-gratia and

performance-linked rewards falling due wholly within
twelve months of rendering the service are classified as
short-term employee benefits and are expensed in the
period in which the employee renders the service

ii. Post-employment benefits

a) Provident fund

The Company's state governed provident fund scheme,
employee state insurance scheme and employee pension
scheme are defined contribution plans. The contribution
paid/payable under the schemes is recognized during the
period in which the employee renders the service. The
Company has no obligation, other than the contribution
payable to the provident fund. If the contribution payable
to the scheme for service received before the balance
sheet date exceeds the contribution already paid, the
deficit payable to the scheme is recognized as a liability
after deducting the contribution already paid. If the
contribution already paid exceeds the contribution due
for services received before the balance sheet date, then
excess is recognized as an asset to the extent that the
pre-payment will lead to, for example, a reduction in
future payment or a cash refund.

b) Defined benefits plan
Gratuity

The Company provides for gratuity, a defined benefit
plan (the 'Gratuity Plan") covering eligible employees
in accordance with the payment of gratuity Act, 1972.
Gratuity liability is a defined benefit obligation and is
provided on the basis of its actuarial valuation based on
the projected unit credit method made at each balance
sheet date.

Remeasurements, comprising of actuarial gains and
losses, the effect of the asset ceiling, excluding amounts
included in net interest on the net defined benefit liability
and the return on plan assets (excluding amounts
included in net interest on the net defined benefit
liability), are recognized immediately in the balance
sheet with a corresponding debit or credit to retained
earnings through OCI in the period in which they occur.
Remeasurements are not reclassified to profit or loss in
subsequent periods.

Short-term and other long-term employee benefits

The Company records all short-term obligation for

such compensated absences as well as performance
bonus on the basis of amount paid in the period during
which the services are rendered by the employees, all
such expenses are recognize in the period in which they
actually arise.

T. Foreign currency transactions and balances:

Transactions in foreign currencies are initially recorded
by the Company at its functional currency spot rates at
the date the transaction first qualifies for recognition.
However, for practical reasons, the Company uses an
average rate if the average approximates the actual rate
at the date of the transaction.

Monetary assets and liabilities denominated in foreign
currency are translated into the functional currency at
the exchange rate at the reporting date. Non-monetary
assets and liabilities that are measured at the fair value
in a foreign currency are translated into the functional
currency at the exchange rate when the fair value was
determined. Non-monetary assets and liabilities that
are measured based on historical cost in a foreign
currency are translated at the exchange rate at the date
of transaction.

U. Leases
Identifying leases

The Company assesses at contract inception whether a
contract is or contains a lease. That is, if the contract
conveys the right to control the use of an identified asset
for a period of time in exchange for consideration. Lease
contracts entered by the Company majorly pertains for
premises and equipment taken on lease to conduct its
business in the ordinary course.

Company as a lessee

The Company had adopted Ind AS 116 "Leases" using the
modified retrospective approach by applying the standard
to all leases existing at the date of initial application. The
Company also elected to use the recognition exemption
for lease contracts that, at the commencement date,
have a lease term of twelve months or less and do not
contain a purchase option ("short-term leases") and
lease contracts for which the underlying asset is of low
value other than land. ("low value assets"). The Company
recognizes lease liabilities to make lease payments and
right-of-use assets representing the right to use the
underlying assets.

Right-of-use assets

The Company recognizes right-of-use assets at the
commencement date of the lease (i.e., the date the
underlying asset is available for use). Right-of-use
assets are measured at cost, less any accumulated
depreciation and impairment losses, and adjusted for
any remeasurement of lease liabilities. The cost of right-
of-use assets includes the amount of lease liabilities
recognised, initial direct costs incurred, and lease
payments made at or before the commencement date
less any lease incentives received. Right-of-use assets
are depreciated on a straight-line basis over the shorter
of the lease term and the estimated useful lives of the
assets.

The right-of-use assets are also subject to impairment.
Refer to the accounting policies in "Impairment of non¬
financial assets”.

Lease liabilities

At the commencement date of the lease, the Company
recognizes lease liabilities measured at the present
value of lease payments to be made over the lease term.
The lease payments include fixed payments (including
in substance fixed payments) less any lease incentives
receivable, variable lease payments that depend on
an index or a rate, and amounts expected to be paid
under residual value guarantees. The lease payments
also include the exercise price of a purchase option
reasonably certain to be exercised by the Company and
payments of penalties for terminating the lease, if the
lease term reflects the Company exercising the option to
terminate. Variable lease payments that do not depend
on an index or a rate are recognized as expenses (unless
they are incurred to produce inventories) in the period in
which the event or condition that triggers the payment
occurs.

In calculating the present value of lease payments,
the Company uses its incremental borrowing rate at
the lease commencement date because the interest
rate implicit in the lease is not readily determinable.
After the commencement date, the amount of lease
liabilities is increased to reflect the accretion of interest
and reduced for the lease payments made. In addition,
the carrying amount of lease liabilities is remeasured
if there is a modification, a change in the lease term, a
change in the lease payments (e.g., changes to future
payments resulting from a change in an index or rate

used to determine such lease payments) or a change in
the assessment of an option to purchase the underlying
asset.

Short-term leases and leases of low-value assets

The Company has applied the short-term lease
recognition exemption to its short-term leases (i.e., those
leases that have a lease term of 12 months or less from
the commencement date and do not contain a purchase
option) and low-value assets recognition exemption.

V. Share-based payments

Senior executives and employees of the Company receive
remuneration in the form of share-based payments,
whereby they render services as consideration for
equity instruments (equity-settled transactions). The
cost of equity-settled transactions is determined by the
fair value at the date when the grant is made using an
appropriate valuation model.

The fair value determined at the grant date of the equity-
settled share-based payments is expensed on a straight¬
line basis over the vesting period, based on the Company's
estimate of equity instruments that will eventually vest,
with a corresponding increase in equity. At the end of
each reporting year, the Company revises its estimate of
the number of equity instruments expected to vest. The
impact of the revision of the original estimates, if any,
is recognized in standalone statement of profit and loss
such that the cumulative expense reflects the revised
estimate, with a corresponding adjustment to the equity
settled employee benefits reserve.

Service and non-market performance conditions are not
taken into account when determining the grant date fair
value of options, but the likelihood of the conditions being
met is assessed as part of the Company best estimate of
the number of equity instruments that will ultimately vest.
Market performance conditions are reflected within the
grant date fair value. Any other conditions attached to an
options, but without an associated service requirement,
are considered to be non-vesting conditions. Non-vesting
conditions are reflected in the fair value of an option and
lead to an immediate expensing of an option unless there
are also service and/or performance conditions.

No expense is recognized for options that do not
ultimately vest because non-market performance
and/or service conditions have not been met. Where
options include a market or non-vesting condition,

the transactions are treated as vested irrespective of
whether the market or non-vesting condition is satisfied,
provided that all other performance and/or service
conditions are satisfied. When the terms of an equity-
settled options are modified, the minimum expense
recognized is the grant date fair value of the unmodified
option, provided the original vesting terms of the option
are met. An additional expense, measured as at the date
of modification, is recognized for any modification that
increases the total fair value of the share-based payment
transaction, or is otherwise beneficial to the employee.
Where an option is cancelled by the entity or by the
counterparty, any remaining element of the fair value
of the option is expensed immediately through profit or
loss.

When the terms of an equity-settled award are modified,
the minimum expense recognized is the grant date fair
value of the unmodified award, provided the original
vesting terms of the award are met. An additional
expense, measured as at the date of modification, is
recognized for any modification that increases the total
fair value of the share-based payment transaction, or is
otherwise beneficial to the employee. Where an award
is cancelled by the Company or by the counterparty,
any remaining element of the fair value of the award is
expensed immediately through profit or loss.

The dilutive effect of outstanding options is reflected as
additional share dilution in the computation of diluted
earnings per share.

W. Significant management judgement in applying
accounting policies

When preparing the standalone financial statement,
management makes a number of judgements,
estimates and assumptions about the recognition and
measurement of assets, liabilities, income and expenses

Income tax and deferred tax assets

The Company uses estimates and judgements based
on the relevant rulings in the areas of allocation of
revenue, costs, allowances and disallowances which is
exercised while determining the provision for income
tax. A deferred tax asset is recognized to the extent that
it is probable that future taxable profit will be available
against which the deductible temporary differences and
tax losses can be utilized. Accordingly, the Company
exercises its judgement to reassess the carrying amount
of deferred tax assets at the end of each reporting period.

Useful lives of depreciable assets

The Company reviews the useful life of property, plant
and equipment at the end of each reporting period. This
reassessment may result in change in depreciation
expense in future periods.

Actuarial valuation

The determination of Company's liability towards
defined benefit obligation to employees is made through
independent actuarial valuation including determination
of amounts to be recognized in the Statement of Profit
and Loss and in other comprehensive income. Such
valuation depend upon assumptions determined after
taking into account discount rate, salary growth rate,
expected rate of return, mortality and attrition rate.
Statement about such valuation is provided in notes to
the standalone financial statement.

Impairment of non-financial assets

In assessing impairment, management estimates the
recoverable amount of each asset or cash-generating
units based on expected future cash flows and uses an
interest rate to discount them. Estimation uncertainty
relates to assumptions about future operating results
and the determination of a suitable discount rate.

Contingencies

Management judgement is required for estimating
the possible outflow of resources, if any, in respect of
contingencies/ claim/ litigation against Company as it is
not possible to predict the outcome of pending matters
with accuracy.

Share-based payments

Estimating fair value for share-based payment
transactions requires determination of the most
appropriate valuation model, which is dependent on
the terms and conditions of the grant. This estimation
requires determination of the most appropriate inputs
to the valuation model including the expected life of the
share option, volatility and dividend yield and making
assumptions about them. The Black Scholes valuation
model has been used by the Management for share
based payment transactions.

Revenue recognition

For performance obligation satisfied over time, the
revenue recognition is done by measuring the progress

towards complete satisfaction of performance obligation.
The progress is measured in terms of a proportion of
actual cost incurred to-date, to the total estimated cost
attributable to the performance obligation.

X. Recent accounting pronouncements and changes
in accounting standards

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. During the year ended
March 31, 2025, MCA has notified Ind AS 117 - Insurance
Contracts and amendments to Ind As 116 - Leases,

* The Company has increased its authorised share capital from ' 10.00 millions to ' 450.00 millions after the approval from th

shareholders in the meeting held on August 22, 2024.

Terms/rights attached to equity shares

i) The Company has only one class of equity shares, having a par value of ' 5/- per share. Accordingly, all equity shares

rank equally with regard to dividends and share in the Company's residual assets. Each shareholder is eligible to one

vote per share held. The equity shareholders are entitled to receive dividend as declared from time to time.

ii) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining
assets of the Company in proportion to number of equity shares held by shareholders, after the distribution of all
preferential amounts.

iii) The aggregate number of equity shares allotted as fully paid up by way of bonus shares in immediately preceding five
years ended March 31,2025 are 7,03,09,400.

iv) The Company has not allotted any fully paid up shares pursuant to contract without payment being received in cash.

v) The Company has not bought back any shares during the period of five years immediately preceding the current year

end.

a) The Board of directors of the Company in their meeting held on April 17, 2024 and April 22, 2024, has approved a Private
Placement of 16,874 and 14,673 equity shares at a issue price of '15,625/- and ' 17068.70 per equity shares respectively.
Further these shares have been allotted in two tranches on April 17, 2024 (16,874 shares) and April 22, 2024 (14,673
shares).

b) The Board of Directors, at their meeting held on August 19, 2024, recommended for the sub-division of equity shares of
the Company from existing face value of INR. 10/- each into face value of INR. 5/- each (i.e. split of 1 equity share of INR.
10/- each into 2 equity shares of INR. 5/- each), and the same has been approved by the shareholders in the extraordinary
general meeting of the Company held on August 22, 2024.

c) On August 19, 2024, the board proposed the issue of bonus shares of 7,03,09,400 equity shares of '5/- each in the
proportion of 1:100 , i.e. 100 (One Hundred) bonus equity shares of ' 5/- each for every 1 (one) fully paid-up Equity Share
of ' 5/- each held by the existing shareholders of Company and the same has been approved in extra ordinary general
meeting held on August 22, 2024. Further the bonus shares have been allotted by the Company on September 13, 2024.

d) The Board of directors of the Company in their meeting held on November 07, 2024, has proposed a Private Placement
of 31,24,548 equity shares at a issue price of ' 352.05 per equity shares and the same has been approved in extra
ordinary general meeting held on November 09, 2024 . Further these shares have been allotted on November 21, 2024.
The proceeds from the private placement were raised to meet the Company's working capital requirements, business
expenses, support for its business plans, and for general corporate purposes. Pending utilization, the funds have been
temporarily invested in fixed deposits with banks.

* Security premium: Securities premium is used to record the premium on issue of shares. The reserve is utilised in accordance
with the provisions of Section 52 of the Companies Act, 2013.

** Retained earnings: Retained earning are profit/loss that the Company has earned till date less transfer to other reserve,
dividend or other distribution or transaction with shareholders.

*** Remeasurements of net defined benefit plans: Differences between the interest income on plan assets and the return
actually achieved, and any changes in the liabilities over the year due to changes in actuarial assumptions or experience
adjustments within the plans, are recognised in other comprehensive income and are adj

**** Share based payment reserve: The share options outstanding account is used to record the value of equity-settled share-
based payment transactions with employees of Company. The amounts recorded in share options outstanding account are
transferred to securities premium upon exercise of stock options and restricted stock unit options by employees.

Notes:

(i) Security details of cash credit and working capital demand loan as follows:

a) Exclusive charge on immovable property owned by Pioneer Eserve Private Limited " Commercial Cyber Space Ground,
3rd, 4th, 5th and 10th floor, Opp. Symbiosis University, Urban Estate, beside Nokia Tower, Noida One, Cyber Park,
Gautam Buddha Nagar, Noida 201309, Uttar Pradesh.

b) First charge in favor of the bank by way of Hypothecation of the company's entire stocks of raw materials, WIP, semi
finished and finished goods, consumable stores spares including book debts, blll whether dorumentary or clean,
outstanding monies, receivables, both present and future, in a form and manner satisfactory to the bank and as
rectified in CAM.

c) Unconditional and irrevocable personal guarantee by Directors- Sushil Kumar Jain, Kartik Teltia, Rishabh Jain,
Mangal Chand Teltia, Anandi Teltia (relative of Director), and corporate guarantee by Pioneer Eserve Private Limited
and Pioneer Facor IT Infradevelopers Private Limited. The loans are repayable on demand and carry interest rate in
the range of 7.00% to 9.10% p.a.

d) Cash margin of 25% in the form of FDR with Lien or HDFC Bank Ltd marked on it for the Bank Guarantees/LC.

*The overall sanctioned facility of working capital demand loan including cash credit is ' 490.00 millions. The Company has

available ' 119.82 millions of undrawn committed borrowing facilities under this facility.

34.2 The details of corporate social responsibility as prescribed under Section 135 of the Companies Act, 2013 are
as follows:

As per Section 135 of the Companies Act, 2013, Company, meeting the applicability threshold, needs to spend at least 2% of its
average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. A CSR
committee has been formed by the Company as per the Act. The funds were primarily allocated to a corpus and utilized through
the year on these activities which are specified in ScheduleVII of the Companies Act, 2013:

NOTE 36 : Disclosure pursuant to IND AS - 19 - Employee benefits expense

(A) Defined contribution plans

The Company makes contributions, determined as a specified percentage of employees salaries, in respect of
qualifying employees towards provident fund, which is a defined contribution plan. The Company has no further
obligations towards specified contributions. The contributions are charged to the standalone statement of profit and loss
account as and when they accrue. The Company recognised ' 3.42 million (March 31, 2024: 0.23 million) for provident fund
and other funds contributions in the standalone statement of profit and loss. The contributions payable to these plans by
the Company are at rates specified in the rules of the schemes.

(B) Post employment benefit plans: The Company has the following defined benefit plans.

Gratuity: In accordance with the applicable laws, the Company provides for gratuity, a defined benefit retirement plan
("The Gratuity Plan”) covering eligible employees. The gratuity plan provides for a lump sum payment to vested employees
on retirement, death, incapacitation or termination of employment that are based on last drawn salary and tenure of
employment. Liabilities with regard to the gratuity plan are determined by actuarial valuation on the reporting date.

Other transactions

Refer note 20(i) for personal guarantee given by the directors against loans availed by the Company.

Refer note 44 for corporate guarantee given by the Company against loans availed by subsidiary Company.

NOTE 38 : Financial instruments

This section gives an overview of the significance of financial instruments for the Company and provides additional information
on balance sheet items that contain financial instruments.

The details of material accounting policies, including the criteria for recognition, the basis of measurement and the basis on
which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity instrument
are disclosed in the standalone financial statements.

(a) Financial assets and liabilities

The following table shows the carrying amounts and fair values of financial assets and financial liabilities. It does not include fair
value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable
approximation of fair value.

NOTE 38.2 : Financial instruments - Fair values and risk management

The Chief Operating Decision Maker (CODM) being the Board of Directors (Board) has overall responsibility for the establishment
and oversight of the Company risk management framework. Board of Directors regularly reviews the changes in the market
conditions, management policies and procedures and the adequacy of risk management framework in relation to the risks
faced by the Company. The framework seeks to identify, asses and mitigate financial risk in order to minimize potential adverse
effects on the Company's financial performance.

In the course of its business, the Company is exposed primarily to fluctuations in foreign currency exchange rates, interest
rates, equity prices, liquidity and credit risk, which may adversely impact the fair value of its financial instruments.

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

1) Credit risk

2) Liquidity risk

3) Market risk

This note presents information about the Company's exposure to each of the above risks, the Company's objectives, policies and
processes for measuring and managing risk, and the Company's management of capital.

1) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading
to a financial loss. Credit risk encompasses of both, the direct risk of default and the risk of deterioration of creditworthiness
as well as concentration of risks. Credit risk is controlled by analysing credit limits and creditworthiness of customers on a
continuous basis to whom the credit has been granted after obtaining necessary approvals for credit. Financial instruments
that are subject to concentrations of credit risk principally consist of trade receivables, investments, cash and cash equivalents,
bank deposits and other financial assets.

(i) Trade & other receivables:

The Company has an established process to evaluate the credit worthiness of its customers to minimise potential credit risk.
Credit evaluations are performed by the Company before agreements to render services are entered into with prospective
customers. Outstanding customer receivables are regularly monitored. One customer of the Company individually accounted
for more than 70% of the outstanding trade receivable as at March 31,2025 (March 31, 2024: One customer).

The Company's major customers includes public sector undertakings.Accordingly, the Company's customer credit risk is low.
The Company's average project execution cycle is around 12 to 24 months. General payment terms include monthly progress
payments and certain retention money to be released at the end of the project. For private customers, the Company evaluates
the creditworthiness based on publicly available financial information and the Company's historical experiences. The Company's
exposure to its counterparties are continuously reviewed and monitored by the Chief Operating Decision Maker (CODM) being
the Board of Directors (Board). Credit period varies as per the contractual terms with the customers. Company doesn't have
significant financing component in the contracts with customers.

2) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are proposed to be settled by delivering cash or other financial asset. The Company's financial planning has
ensured, as far as possible, that there is sufficient liquidity to meet the liabilities whenever due, under both normal and stressed
conditions, without incurring unacceptable losses or risking damage to the Company's reputation.

The Company regularly monitors the rolling forecasts to ensure it has sufficient cash on an on-going basis to meet operational
needs. Any short-term surplus cash generated, over and above the amount required for working capital management and
other operational requirements, is retained as cash and cash equivalents (to the extent required) and any excess is invested
in interest bearing term deposits with appropriate maturities to optimise the cash returns on investments while ensuring
sufficient liquidity to meet its liabilities."

Maturity profile of financial liabilities

The following table details the Company's remaining contractual maturity for its 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 principal cash flows along with interest. To the extent that
interest flows are floating rate, the undiscounted amount is derived from interest rate curves at the end of the reporting period.
The contractual maturity is based on the earliest date on which the Company may be required to pay.

3) Market risk

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from adverse changes in market
rates and prices (such as interest rates, foreign currency exchange rates) or in the price of market risk-sensitive instruments
as a result of such adverse changes in market rates and prices. Market risk is attributable to all market risk-sensitive financial
instruments, all foreign currency receivables and payables and all short term and long-term debt. The Company is exposed to
market risk primarily related to foreign exchange rate risk, interest rate risk and the fair market value of its investments. Thus,
the Company's exposure to market risk is a function of investing and borrowing activities and revenue generating and operating
activities in foreign currencies.

a) Interest rate risk

Interest rate risk is the risk that the future Standalone cash flows of a financial instrument will fluctuate because of changes in
market interest rates. The Company exposure to the risk of changes in market interest rates relates primarily to its long-term
debt obligations with floating interest rates.

b) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate due to changes in foreign
exchange rates. The functional currency of the Company is Indian Rupees and its revenue is generated from operations in India.
The Company does not enter into any derivative instruments for trading or speculative purposes. The Company borrowings are
all in Indian rupees. The impact of foreign currency risk on the Company is not material.

c) Price risk

The Company is mainly exposed to the price risk due to its investment in liquid mutual funds and equity investments. However,
Company's equity investments are held for strategic rather than trading purposes.

There are no mutual funds as on March 31,2025.

NOTE 39 : Capital management

The Company manages its capital structure in a manner to ensure that it will be able to continue as a going concern while
optimising the return to stakeholders through the appropriate debt and equity balance.

The capital structure of the Company consists of debt, cash and cash equivalents and equity attributable to equity shareholders
of the Company which comprises issued share capital (including premium) and accumulated reserves disclosed in the statement
of changes in equity.

The Company's management reviews the capital structure of the Company on an annual basis. As part of this review, the
management considers the cost of capital and the risks associated with each class of capital. The Company's plan is to ensure
that the gearing ratio (debt equity ratio) is well within the limit. No changes were made in the objectives, policies or process for
managing its capital during the year ended March 31,2025. The group reviews it's dividend policy from time to time.

NOTE 42 : Segment reporting

Operating segments are defined as components of an enterprise for which discrete financial information is available that is
evaluated regularly by the chief operating decision maker, in deciding how to allocate resources and assessing performance.

The Company is primarily engaged in the business of engineering, procurement and construction (EPC) relating to solar power
project. Information reported to and evaluated regularly by the chief operating decision maker (CODM) for the purposes of
resource allocation and assessing performance focuses on the business as a whole and accordingly, in the context of Operating
Segment as defined under the Indian Accounting Standard 108, there is single reportable segment.

Other information

Revenue from three customer of the Company represents 93.86% (March 31,2024: 93.52%) of the Company's total revenue.
Geographical information

All non-current assets of the Company are located in India.

(i) Disputed demand for Income tax includes a dispute of '7.71 millions for financial year 2022- 23 between the Company and
income tax department for which the Company has filed appeals with respective authorities. The Company also believes
that the above issues, when finally settled are not likely to have any significant impact on the financial position of the
Company.

(ii) The Company had provided a corporate guarantee to the bank for financing extended to joint venture, subsidiary and
related party. In the event that the joint venture, subsidiary and related party fails to meet its repayment obligations of
loan, the Company will be required to fulfill the loan obligations. However, corporate guarantee was issued based on the
joint venture, subsidiary's and related party creditworthiness and its strong repayment history, with no prior defaults.
Therefore, the Company has not recognised a liability in relation to this corporate guarantee given to joint venture and
related party. The impact of corporate guarantee commission is not material to the Company.

During the year ended March 31, 2025, the Company has reclassified following comparatives. These reclassifications are

primarily to conform to the current years classification, which does not have any impact on the statement of profit and loss or

on the statement of changes in equity:

NOTE 48 : Other Statutory Information

(i) The Company do not have any immovable property which is not held in the name of Company.

(ii) The Company has not provided any loan or advances to specified persons

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

(iv) The Company is not declared wilful defaulter by any bank or any financial institution.

(v) The Company does not have any transactions with struck-off companies.

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

(vii) The Company have not received any fund from any person or entity, 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,

(viii) The Company has not advanced or loaned or invested funds to any other person or entity, including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf
of the Company (ultimate beneficiaries); or

(b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

(ix) The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or
any other relevant provisions of the income tax Act, 1961).

(x) The Company has not traded or invested in crypto currency or virtual currency during the financial year.

(xi) The Company has complied with the number of layers for its in downstream companies prescribed under clause (87) of
section 2 of the Companies Act, 2013 read with the Companies (Restriction on number of Layers) Rules, 2017.

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

(xiii) The Company had sanctioned working capital limits in excess of ' five crores in aggregate from banks and/or financial
institutions in the previous years on the basis of security of current assets of the Company. The quarterly returns/
statements filed by the Company with such banks and financial institutions are generally in agreement with the unaudited
books of accounts of the Company except given as below* -

NOTE 49 : Subsequent Events No adjusting or significant non adjusting events that may require a disclosure have
occurred between the reporting date and date of authorization of these standalone financial statements.

NOTE 50 The Company has used an accounting software for maintaining its books of account for the financial year
ended March 31, 2025 which has a feature of recording audit trail (edit log) facility and the same has been operating for all
relevant transactions recorded in the software except for the period April 01 ,2024 to April 28, 2024 and at the database.
Additionally, the audit trail has been preserved by the Company as per the statutory requirements for record retention from the
date of implemntation of audit trail.

Summary of basis of preparation and material accounting policies 2

The accompanying notes are an integral part of these standalone financial statements

As per our report of even date

S S Kothari Mehta & Co. LLP DARPN and Company ^{For and on behalf of the Board}

Chartered Accountants Chartered Accountants ^{Solarworld Energy S}°^luti°^{ns Limited}

Firm's Registration Firm's Registration (Formerly known as Solarworld Energy Solutions Private

No.000756N/N500441 No.016790C Limited)

Sunil Wahal Pankaj Gupta Rishabh Jain Kartik Teltia

Membership No. 087294 Membership No. 418438 Whole Time Director Managing Director

Partner Partner DIN: 05115384 DIN: 06610105

Place: New Delhi Place: New Delhi Place: Noida Place: Noida

Date: July 04, 2025 Date: July 04, 2025 Date: July 04, 2025 Date: July 04, 2025

Mukut Goyal Varsha Bharti

Chief Financial Officer Company Secretary

Place: Noida Membership No: A37545

Date: July 04, 2025 Place: Noida

Date: July 04, 2025