(xi) Provisions, contingent liabilities and contingent
assets

Provisions are recognised when the Company
has a present (legal or constructive) obligation
as a result of past events, for which it is probable
that an outflow of resources embodying
economic benefits will be required to settle
the obligation and a reliable estimate of the
amount can be made.

Provisions required to settle are reviewed
regularly and are adjusted where necessary
to reflect the current best estimates of the
obligation. Provisions are discounted to
their present values, where the time value of
money is material.

Contingent liability is disclosed unless the
likelihood of an outflow of resources is remote
and there is a possible obligation or a present
obligation that may, but probably will not,
require an outflow of resources.

Contingent asset is not recognised in the
standalone financial statements. However, it is
recognised only when an inflow of economic
benefits is probable.

(xii) Borrowing costs

Borrowing costs includes interest expense
on borrowings calculated using the EIR,
amortisation of ancillary costs incurred in
connection with the arrangement of borrowings
and exchange differences arising from foreign
currency borrowings to the extent they are
regarded as an adjustment to the interest cost.

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 ('qualifying asset') are capitalised as part
of the cost of the respective asset. All other
borrowing costs are expensed in the period in
which they occur.

EIR is a method of calculating the amortised
cost of a financial asset or a financial liability
and of allocating the interest income or
interest expense over the relevant period. EIR
is the rate that exactly discounts estimated
future cash payments or receipts through
the expected life of the financial instrument
or, when appropriate, a shorter period to the
net carrying amount of the financial asset
or financial liability. EIR calculation does not
include exchange differences.

The capitalisation of borrowing costs as part
of the cost of a qualifying asset commences
when expenditure for the asset is being
incurred, borrowing costs are being incurred
and activities that are necessary to prepare
the asset for its intended use or sale are in
progress. Capitalisation of borrowing costs
is suspended or ceases when substantially
all the activities necessary to prepare the
qualifying asset for its intended use or sale are
interrupted or completed.

(xiii)Inventories

Inventories are valued at the lower of cost and
net realisable value.

Cost of raw material comprises of cost of
purchase and other cost incurred in bringing
the inventory to their present condition and
location. Trade discounts, rebates and other
similar items are deducted in determining
the cost of purchase. Cost is determined on a
moving weighted average basis.

The cost of finished goods, intermediate
products and work-in-progress includes
cost of direct materials and labour and a
proportion of variable based on the actual use
of production facilities and apportionable fixed
overhead expenditure based on the normal
operating capacity.

In case of stock-in-trade, cost includes cost of
purchase and other costs incurred in bringing
the inventories to their present location and
condition. Cost is determined on a moving
weighted average basis.

Obsolete, slow moving and defective
inventories are identified from time to time
and, where necessary, a provision is made for
such inventories.

Net realisable value is the estimated selling
price in the ordinary course of business less
the estimated costs of completion and the
estimated costs necessary to make the sale.

Further, inventories contain stores and packing
materials. Adequate allowances are recognised
as a measure of consumption over their
expected life based on their usage.

Costs of conversion and other costs are
determined on the basis of standard cost
method adjusted for variances between
standard costs and actual costs, unless such
costs are specifically identifiable, in which case
they are included in the valuation at actuals.

(xiv)Income recognition

(a) Revenue recognition

Revenue towards satisfaction of a
performance obligation is measured at
the amount of transaction price (net
of variable consideration) allocated to
that performance obligation. Revenue is
recognised upon transfer of control of
promised products to customers in an
amount that reflects the consideration the
Company expects to receive in exchange
for those products. Revenue is measured
net of rebates, discounts and taxes. A
receivable is recognised by the Company
when control is transferred as this is
the point in time where consideration is
unconditional because only the passage
of time is required for the payment
to be received.

No element of financing is deemed to
be present since the Company does
not provide significant period of credit
to its customers.

The Company applies the revenue
recognition criteria to each component of
the revenue transaction as set out below:

Sale of products

Revenue from sale of products is recognised
when the Company satisfies performance
obligation by transferring promised goods
to the customer. Performance obligations
are satisfied at the point of time when the
customer obtains controls of the asset
which is generally on dispatch of goods. In
cases where performance obligations are

satisfied upon delivery based on the terms
of the contract, the revenue is recognised
upon such delivery.

Revenue towards satisfaction of a
performance obligation is measured at
the amount of transaction price (net of
variable consideration) allocated to that
performance obligation. The transaction
price of goods sold and services rendered
is net of variable consideration on account
of various discounts and schemes offered
by the Company as part of the contract.

Revenue (other than sale of products)

Revenue (other than sale of products) is
recognised to the extent that it is probable
that the economic benefits will flow to
the Company and the revenue can be
reliably measured.

(b) Other operating revenue

Other operating revenue includes export
incentives. Export incentives constituting
duty drawback, incentives under Remission
of Duties and Taxes on Exported Products
(RODTEP) and Duty-drawback Scheme
which are accounted for on accrual basis
where there is reasonable assurance
that the Company will comply with the
conditions attached to them and the export
benefits will be received. Export incentives
in the nature of government grants under
Export Promotion Capital Goods (EPCG),
are notified by Government of India and are
accounted for in the period of exports and
discharging other conditions attached to
the grant, and when there is no uncertainty
in its recognition.

(c) Interest income

Interest income is recorded on accrual
basis using the EIR method.

(d) Dividend

Dividend income is recognised when
the Company's right to receive dividend
is established, which is generally when
shareholders approve the dividend.

(e) Other income

Other income is recognised when
no significant uncertainty as to its
determination and realisation exists.

(xv) Taxes

Tax expense comprises current and deferred
tax. Current and deferred tax is recognised in
standalone statement of profit and loss except
to the extent that it relates to items recognised
directly in equity or OCI.

The current income-tax charge is calculated
on the basis of the tax laws enacted at the
balance sheet date. Management periodically
evaluates positions taken in tax returns with
respect to situations in which applicable
tax regulation is subject to interpretation. It
establishes provisions where appropriate on the
basis of amounts expected to be paid to the
tax authorities.

Deferred tax is provided in full, on temporary
differences arising between the tax base of
assets and liabilities and their carrying amounts
in the standalone financial statements. Deferred
tax is determined using tax rates (and laws) that
have been enacted or substantially enacted by
the end of the reporting period and are expected
to apply when the related deferred income tax
asset is realised, or the deferred tax liability
is settled. Deferred tax assets are recognised
for all deductible temporary differences and
unused tax losses only if it is probable that
future taxable amounts will be available to
utilise those temporary differences and losses.

Current tax assets and tax liabilities are offset
where the Company has a legally enforceable
right to offset and intends either to settle on
a net basis, or to realise the asset and settle
the liability simultaneously. Deferred tax assets
and liabilities are offset when there is a legally
enforceable right to offset current tax assets
and liabilities and when the deferred tax
balances relate to the same taxation authority.

(xvi) Earnings per share

Basic earnings per share is calculated by
dividing the Standalone net profit or loss for
the period attributable to equity shareholders
(after deducting attributable taxes) by the
weighted average number of equity shares of
the Company outstanding during the period.
The weighted average number of equity shares
outstanding during the period is adjusted for
events including a bonus issue or share split.

For the purpose of calculating diluted earnings
per share, the Standalone net profit or loss for
the period attributable to equity shareholders

government grant and recognised as income in
the standalone statement of profit and loss in
the proportion of export obligations that have
been discharged.

Export benefits available under prevalent
schemes are accrued in the period in which the
goods are exported and there is no uncertainty
in receiving the same.

(xx) Investments

Investments in equity instruments of subsidiaries
is carried at cost in accordance with Ind AS 27
'Separate Financial Statements'.

All investments in other equity instruments
falling under scope of Ind AS 109 'Financial
Instruments' are measured at fair value. The
debt portion of investment in preference shares
in measured at amortised cost.

Mutual funds which are held for trading
are classified as at FVTPL with all changes
recognised in the standalone statement of
profit and loss. The mutual funds are valued
using closing net asset value (NAV).

For all other equity investments, the Company
makes an irrevocable election to present in OCI,
the subsequent changes in the fair value. The
Company makes such election on an instrument-
by-instrument basis. The classification is
made on initial recognition and is irrevocable.
If the Company decides to classify an equity
instrument as at FVTOCI, then all fair value
changes on the instrument, excluding dividends
and impairment loss, are recognised in OCI.
There is no recycling of the amounts from the
OCI to the Standalone statement of profit and
loss, even on sale of the investment. However,
the Company may transfer the cumulative gain
or loss within categories of equity.

(xxi) Operating segments

Operating segments are reported in a manner
consistent with the internal reporting provided
to the Board of Directors, who are considered
as chief operating decision maker ('CODM').

(xxii) Exceptional items

When items of income and expense within
profit or loss from ordinary activities are of such
size, nature or incidence that their disclosure
is relevant to assist users in understanding the

financial performance achieved and in making
projections of future financial performance, the
nature and amount of such material items are
disclosed separately as exceptional items.

(xxiii) Events after the reporting date

Where events occurring after the balance
sheet date provide evidence of conditions that
existed at the end of the reporting period, the
impact of such events is adjusted within the
standalone financial statements. Where the
events are indicative of conditions that arose
after the reporting period, the amounts are
not adjusted, but are disclosed if those non¬
adjusting events are material.

2.5 Recent accounting pronouncements:

Ministry of Corporate Affairs ('MCA') notifies new
standards or amendments to the existing standards
under Companies (Indian Accounting Standards)
Rules as issued from time to time. For the year
ended March 31, 2025, MCA has notified Ind AS 117,
'Insurance Contracts' and amendments to Ind AS 116,
'Leases', relating to sale and leaseback transactions,
applicable with effect from 1 April 2024. The Company
has reviewed the new pronouncements and based on
its evaluation has determined that it does not have
any impact in its standalone financial statements.

2.6 New and amended standards issued but not
effective

Amendments to Ind AS 21, 'The Effects of Changes in
Foreign Exchange Rates'

The amendments to Ind AS 21 specify how an entity
should assess whether a currency is exchangeable
and how it should determine a spot exchange rate
when exchangeability is lacking. The amendments
also require disclosure of information that enables
users of financial statements to understand how
the currency not being exchangeable into the
other currency affects, or is expected to affect, the
entity's financial performance, financial position
and cash flows.

The amendments are effective for annual reporting
periods beginning on or after 01 April 2025. When
applying the amendments, an entity cannot restate
comparative information.

The Company does not expect any material impact
on the standalone financial statements.

d. The Company has not issued any bonus shares, neither the Company has bought back any of its shares, nor
any shares have been issued pursuant to contract without payment bein received in cash during the five years
immediately preeceeding March 31, 2025.

e. Shares reserved for issue under options

Information relating to the Employee Stock Option Plan, 2021 ('ESOP 2021') of the Company, including details of
options issued, exercised and lapsed during the year and the options outstanding at the end of the reporting year,
is set out under note 45.

The effect of 260,922 potential equity shares outstanding arising from ESOP 2021 outstanding as at March 31, 2025
(March 31, 2024: 278,501) is anti-dilutive and thus these shares are not considered in determining diluted EPS.

Note 31 : Employee benefits

a) Defined benefit plan - gratuity

The Company operates one post-employment defined benefit plan i.e., gratuity. The plan (unfunded) is governed
by the Payment of Gratuity Act, 1972 wherein employee who has completed continuous service of five years or
more is eligible for gratuity on death, resignation, retirement or permanent disablement at 15 days salary (last
drawn salary) for each completed year of service.

The following tables summarise the components of net benefit expense recognised in the standalone statement of
profit and loss, standalone other comprehensive income and the amounts recognised in the standalone balance sheet.

These assumptions were developed by the management with the assistance of independent actuary. Discount
rate is determined close to each year end by reference to government bonds of relevant economic markets and
that have terms to maturity approximating to the terms of the related obligation. Other assumptions are based
on management's historical experience. The estimate of salary growth rate considered in actuarial valuation take
into account the inflation, seniority, promotion and other relevant factors such as supply and demand in the
employment market.

The Company has certain defined contribution plans. Contributions are made to recognised provident fund
administered by the government of India for employees @ 12.00% p.a. of their basic salary subject to mandatory
maximum amount as per the regulations. The contribution of the Company is limited to the amount contributed
and it has no further contractual obligation.

1. The remuneration to the KMP and relatives of KMP does not include the provision made for gratuity, as
gratuity for the Company is determined on an actuarial basis for the Company as a whole.

2. For personal guarantees and securities given by related parties, refer note 16.

3. All the related party transactions are made on terms equivalent to those that prevail in an arm's
length transactions.

4. The loan and security deposit receivable from subsidiary company are unsecured and are non-current in
nature. Trade and other receivables are unsecured and are current in nature. Employee related payables
are unsecured and due to be paid over next 12 months. All the related payables balances are due to be
settled in cash.

5. The Company has given guarantee for the term loan facilities availed by one of the subsidiary companies, as
detailed under note 44(iii)

6. There are no commitments with any related party, during the year and as at year end, except for 5 above.

Note 33 : Financial instruments

i) Fair values hierarchy

The following explains the judgements and estimates made in determining the fair values of the financial instruments
that are recognised and measured at fair value. To provide an indication about the reliability of the inputs used in
determining fair value, the Company has classified its financial instruments into the three levels prescribed under
Ind AS 113, 'Fair Value Measurements'.

Level 1: Quoted prices (unadjusted) in active markets for financial instruments.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly or indirectly.

Level 3: Inputs for the assets or liabilities that are based on observable market data (unobservable inputs).

ii) Valuation techniques used to determine fair value

The fair value of the financial assets and liabilities are included at the amount that would be received to sell an

asset and paid to transfer a liability in an orderly transaction between market participants. The following methods

were used to estimate the fair values:

- Investment in preference shares : Fair value is calculated using a discounted cash flow model with
market assumptions.

- Other non-current financial assets and liabilities: Fair value is calculated using a discounted cash flow model
with market assumptions, unless the carrying value is considered to be approximate to their fair value.

- Trade receivables, cash and cash equivalents, bank balances other than cash and cash equivalents, loans,
other current financial assets, trade payables and other current financial liabilities: Approximate their carrying
amounts largely due to the short-term maturities of these instruments.

- Borrowings taken by the Company are as per the Company's credit and liquidity risk assessment and

there is no comparable instrument having the similar terms and conditions with related security being pledged
and hence the carrying value of the borrowings represents the best estimate of its fair value.

- Derivative financial assets and liabilities: The Company enters into derivative contracts with various
counterparties, principally financial institutions with investment grade credit ratings. Forward foreign currency
contracts are determined using forward exchange rates at the reporting date.

Fair value of assets and liabilities which are measured at amortised cost for which fair value are disclosed:

a) The carrying value of trade receivables, cash and cash equivalents, loans, other bank balances and other
financial assets recorded at amortised cost, is considered to be a reasonable approximation of fair value.

b) The carrying value of borrowings, trade payables and other financial liabilities recorded at amortised cost
is considered to be a reasonable approximation of their respective fair value.

Note 34 : Financial risk management (Contd..)

ii) Financial risk management

The Company's activities expose it to a variety of financial risks namely market risk, credit risk
and liquidity risk. The Company's primary risk management focus is to minimise potential adverse
effects of market risk on its financial performance. The Company's risk management assessment
and policies and processes are established to identify and analyse the risks faced by the Company,
to set appropriate risk limits and controls, and to monitor such risks and compliance with the same.

The risk assessment, management policies and processes are reviewed regularly to reflect changes in market
conditions and the Company's activities. The Board of Directors and the relevant Committee is responsible for
overseeing the Company's risk assessment and management policies and processes. The Company's financial
risk management policy is set by the management.

a) 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, and arises principally from the Company's receivables
from customers. Credit risk arises from cash and cash equivalents, deposits with banks and financial
institutions, financial guarantee contracts as well as credit exposure to clients, including outstanding
accounts receivable. The maximum exposure to credit risk is equal to the carrying value of the financial
assets. The objective of managing counterparty credit risk is to prevent losses in financial assets. The
Company assesses the credit quality of the counterparties, taking into account their financial position,
past experience and other factors. The Company establishes an allowance for impairment that represents
its expected credit losses in respect of trade and other receivables. The management uses a simplified
approach for the purpose of computation of allowance for expected credit loss for trade receivables.

The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer.
The demographics of the customer, including the default risk of the industry and country, in which the customer
operates, also has an influence on credit risk assessment. Credit risk is managed through credit approvals,
establishing credit limits, continuously monitoring the credit worthiness of customers. Also, forward-looking
information is also incorporated into expected credit losses, including the use of macroeconomic information.

In respect of trade receivables, the Company is not exposed to any significant credit risk exposure to any
single counterparty or any company of counterparties having similar characteristics. Trade receivables
consist of a large number of customers in various geographical areas. The Company has limited history
of customer default, and considers the credit quality of trade receivables for evaluation of allowance for
expected credit loss.

The credit risk on liquid funds such as balance in current and deposit accounts with banks is limited
because the counterparties are banks with high credit-ratings.

b) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they
become due. The Company manages its liquidity risk by ensuring, as far as possible, that it will always
have sufficient liquidity to meet its liabilities when due.

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-term, medium-term and long-term funding and liquidity management requirements. The Company
manages liquidity risk by maintaining adequate reserves, banking facilities and committed borrowing
facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity
profiles of financial assets and liabilities and by monitoring rolling forecasts of its liquidity requirements
to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its
undrawn committed borrowing facilities at all times so that the Company does not breach borrowing
limits or covenants (where applicable) on any of its borrowing facilities.

c) 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 and commodity
prices) 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 and all short
term and long-term debt. Market risk comprises three types of risk: interest rate risk, foreign exchange
risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by
market risk include loans and borrowings, deposits, trade payables, trade receivables, loans, investments,
derivative financial instruments and other financial instruments. The Company is exposed to market risk
primarily related to foreign exchange rate risk, interest rate risk and the market value of its investments.
Thus, the Company's exposure to market risk is a function of investing and borrowing activities.

(i) Foreign exchange risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate
because of changes in foreign exchange rates. The Company's foreign exchange risk arises from
its foreign currency borrowings, trade receivables and trade payables denominated in foreign
currencies. The results of the Company's operations can be affected as the Indian Rupees ('INR') is
volatile against foreign currencies. The Company enters into derivative financial instruments such
as foreign exchange forward contracts to mitigate the risk of changes in exchange rates on foreign
currency exposures and also inherent hedging as it is engaged in the export of manufactured
products. The Company has a treasury team which monitors the foreign exchange fluctuations on a
continuous basis and advises the management of any material adverse effect on the Company.

Foreign currency sensitivity analysis:

The following tables demonstrate the sensitivity to a reasonably possible change in different foreign
exchange rates with INR, with all other variables held constant. The impact on the Company's
standalone profit before tax is due to changes in the fair value of monetary assets and liabilities
including non-designated foreign currency derivatives. The Company's exposure to foreign currency
changes for all other currencies is not material.

(ii) Interest rate risk

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

The Company's investments in bank deposits are for short durations, and therefore do not expose
the Company to significant interest rates risk.

b. Interest rate sensitivity:

The sensitivity analysis below have been determined based on exposure to interest rates for
borrowings at the end of the reporting year and the stipulated change taking place at the
beginning of the year and held constant throughout the reporting year in case of borrowings
that have floating rates.

If the interest rates had been 50 basis points higher or lower and all the other variables were
held constant, the effect on interest expense for the respective year and consequent effect on
Company's standalone profit or loss before tax in that year would have been as below:

The assumed movement in basis points for the interest rate sensitivity analysis is based on the
currently observable market environment.

(iii) Price risk

The Company is mainly exposed to the price risk due to its investment in mutual funds. The price risk
arises due to uncertainties about the future market values of these investments. The Company has
laid policies and guidelines which it adheres to in order to minimise price risk arising from investments
in mutual funds. However, the Company did not have any such investments as at the year end.

Note 34 : Financial risk management (Contd..)

B) Derivative financial instruments (designated as derivative instrument):

The Company holds derivative financial instrument i.e., foreign currency forward contracts to mitigate the risk of
changes in exchange rate on foreign currency exposure. The counterparty for these contracts is generally a bank
or a financial institution. These derivative financial instruments are valued based on inputs which are directly or
indirectly observable in the marketplace.

Note 35 : Capital management

The Company's objective while managing capital is to safeguard its ability to continue as a going concern, maintain an
optimal and efficient capital structure and reduce the cost of capital.

The management assesses the Company's capital requirements in order to maintain an efficient overall financing
structure. The Company manages the capital structure and makes adjustments to it in the light of changes in the
economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital
structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue
new shares, or sell assets to reduce debt. The Company is not subject to externally imposed capital requirements.

The Company has complied with debt covenants as per the terms of the borrowing facility arrangements. The Company
manages its capital requirements by overseeing the gearing ratio.

As per section 135 of the Act, and rules therein, the Company is required to spend at least 2% of its average net profits
computed in accordance with section 198 of the Act for three immediately preceding financial years towards CSR
activities. The Company has formulated a CSR committee as per the Act. The funds are utilised on the activities which
are specified in Schedule VII to the Act. Details of CSR expenditure are as follows:

1. It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above
pending resolution of the respective proceedings.

2. The amounts disclosed above represent the best possible estimates arrived at on the basis of available
information and does not include penalty, if any.

3. The Company is contesting all of the above demands and the management believes that its positions are
likely to be upheld at the appellate stage. The management believes that the ultimate outcome of these
proceedings are not expected to have a material impact on the Company's standalone financial statements
and hence no provision has been made in this regard.

4. An amount of H 16 lakhs (March 31, 2024: H 16 lakhs) has been paid under protest towards income-tax matters.
ii) Commitments

Commitments as at the reporting date amounts to H 297 lakhs (March 31, 2024: H 1,850 lakhs), in addition to the

commitment towards export obligation stated under note 39, 'Government grants'.

Notes:

Government grants relating to PPE pertain to duty saved on import of capital goods and spares under the Export
Promotion Capital Goods scheme. Under this scheme, the Company is committed to export prescribed times of the
duty saved on import of capital goods over a specified period of time. In case such commitments are not met, the
Company would be required to pay the duty saved along with interest to the regulatory authorities.

The primary conditions attached to the aforementioned grant is the fulfilment of export obligations, and thus, the grant
is recognised in the standalone statement of profit and loss to the extent such obligations have been fulfilled.

Pending export obligations attached to above grant as at March 31, 2025 amounts to H 2,353 lakhs (March 31,
2024: H 619 lakhs).

Note 40 : Segment reporting

(a) Operating segment

Ind AS 108, 'Operating Segments' establishes standards for the way that business enterprises report information
about operating segments and related disclosures about revenue, geographic areas and major customers. Based
on the management approach as defined in Ind AS 108, the Chief Operating Decision Maker ('CODM') monitors and
reviews the operating results of the Company as one segment i.e., 'Yarn manufacturing'. Since the entire business
falls within a single operational segment, these standalone financial statements are reflecting the information
required by Ind AS 108.

Note 41 : Revenue from operations

The performance obligation of the Company is satisfied at a point in time.

(a) Performance obligation

Revenue from sale of products and stock-in-trade

Revenue from sale of products and stock-in-trade is recognised when the Company satisfies performance
obligation by transferring promised goods to the customer. Performance obligations are satisfied at the point of
time when the customer obtains controls of the goods which is generally on dispatch of products or on delivery
of products in case of domestic sales, and on delivery in case of export sales.

The aggregate amount of transaction price allocated to the performance obligations (yet to be completed) for
the year is H 739 lakhs (March 31, 2024: H685 lakhs). This balance represents the advance received from customers
(gross) against sale of products. The management expects to further bill and collect the remaining balance of total
consideration within next 12 months. These balances will be recognised as revenue in subsequent year as per the
policy of the Company.

(g) Revenue from sale of products and stock-in-trade does not includes any significant financing component.
Customers are required to pay interest if the payment is made after the contractual due date.

(h) Refer note 40(b) for geographical disaggregation of revenue.

(i) The Company does not have any significant obligations for returns or refunds.

The Company's leased assets primarily consists of leases for staff quarters and offices, having varied lease terms with
non-cancellable period not exceeding 12 months. Therefore, the lease payments related to such arrangements are
charged to the standalone statement of profit and loss under the head 'Rent' included in other expenses.

iii) Guarantees

Guarantees given by the Company in respect of loans obtained by one of its subsidiary companies and outstanding
as at year end amounts to H 99,069 lakhs (March 31, 2024: H 16,441 lakhs).

Note 45 : Share-based payments

Equity settled share-based payments

The members of the Company had approved the Employee Stock Option Plan, 2021 ('ESOP 2021') at the Annual
General Meeting held on 25 November 2021. The plan envisaged the grant of options to eligible employees. The holder
of each option is eligible for one fully paid up equity share of the Company. According to the scheme, the employees
selected by the Nomination and Remuneration Committee from time to time will be entitled to options, subject to
satisfaction of the prescribed vesting conditions.

Volatility : Volatility is a measure of the amount by which a price has fluctuated or is expected to fluctuate during the year.

Risk free rate : The risk free rate being considered for the calculation is the interest rate applicable for a maturity equal
to the expected life of the options based on zero coupon yield curve for government securities.

Expected life of the options : Expected life of the options is the period for which the Company expects the options to
be live. The minimum life of stock options is the minimum period before which the options cannot be exercised and
the maximum life of the option is the maximum period after which the options cannot be exercised. The Company has
calculated expected life as the average of the minimum and the maximum life of the options.

Dividend yield : Expected dividend yield has been calculated by dividing the last declared dividend per share by the
share price as on the date of grant.

Note 46 : Audit trail

The Ministry of Corporate Affairs (MCA) has prescribed a 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
cannot be disabled.

The Company has used an accounting software for maintaining all accounting records which has a feature of recording
audit trail (edit log) facility and such feature was enabled at the application level. The database of the said software is
operated by a third-party software service provider and the availability of audit trail (edit logs) are not covered in the
'Independent Service Auditor's Assurance Report on the design and operation of controls' ('Type 2 report' issued in
accordance with ISAE 3402, Assurance Reports on Controls at a Service Organisation) at database level.

The audit trail has been preserved by the Company as per the statutory requirements for record retention other than
the period from 1 July 2023 to March 31, 2024.

Note 47 : Other statutory information

A The Company has not advanced or loaned or invested funds to any person or any 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 a 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.

B The Company has not received any fund from any person or any 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 a or
on behalf of the Funding Party (Ultimate Beneficiaries); or

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

C The Company does not have any transactions and outstanding balances during the current as well previous year
with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

D The Company is not holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of
1988) and rules made thereunder. Further, no proceedings have been initiated or pending against the Company for
holding any benami property under the Act and rules mentioned above.

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

F The Company does not have any transaction which is not recorded in the books of account 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).

G The Company has not traded or invested in crypto currency or virtual currency during the current year
and previous year.

H The Company has complied with the number of layers prescribed under section 2(87) of the Act.

I The Company have not revalued its PPE and intangible assets during the current year and previous year.

J The Company covered under the Act has not entered into any scheme of arrangement in terms of section 230 to

237 of the Act during the current year and previous year.

K The Company has not granted any loan or advance in the nature of loan, during the current year, to promoters,
directors, KMPs or other related parties, either severally or jointly with any other person, that is repayable on
demand or without specifying any terms or period of repayment. Also, no such loan or advance in nature of loan
is outstanding as at the reporting date.

L There are no charges or satisfaction which are yet to be registered with Registrar of Companies during
the current year.

Note 48 : Initial public offer of the Company

During the year ended March 31, 2025, the Company has completed the Initial Public Offering ('IPO') of 17,133,956
equity shares of face value of H10 each at an issue price of H 321 per equity share (including share premium of H 311
per equity share), comprising of offer for sale of 4,672,897 equity shares by selling shareholders and fresh issue of
12,461,059 equity shares. The equity shares of the Company were listed both on the National Stock Exchange of India
Limited and BSE Limited on 27 December 2024.

Note 49 : Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the
current year classifications / disclosures. However, the impact of such regroupings / reclassifications is not material to
the standalone financial statements.

This is the notes to the standalone financial statements
including material accounting policy information and
other explanatory information 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's Registration No. : 001076N/N500013

Rajni Mundra Paresh Dattani Ajaykumar Dattani

Partner Chairman and Managing Director Joint Managing Director

Membership No. 058644 DIN : 00163591 DIN : 00163739

Sanjay Shah Jude D'souza

Chief Financial Officer Company Secretary and

Compliance Officer
Membership No. 44812

Place: Mumbai Place: Mumbai

Date: May 26, 2025 Date: May 26, 2025