q) 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, it is probable than not that an outflow
of resources embodying economic benefits will be
required to settle the obligation and a reliable estimate
can be made of the amount of obligation
Provisions are reviewed at each balance sheet date
and adjusted to reflect the current best estimate. If it is
no longer probable that an outflow of resources would
be required to settle the obligation, the provision is
reversed.

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 the
obligation or a reliable estimate of the amount cannot
be made.

Contingent assets are possible assets that arises from
past events and whose existence will be confirmed
only by the occurrence or non-occurrence of one or
more uncertain future events not wholly within the
control of the company.
s) Segment reporting

Operating segments are reported in a manner
consistent with the internal reporting provided to the
chief operating decision maker (CODM).The CODM
is considered to be the Board of Directors who is
responsible for allocating resources, assessing
performance of the operating segments and makes
strategic decisions.

Nature and purpose of reserves

1. Capital reserve

Capital reserve is created on waiver of Preference dividend to 5.46% Non convertible cumulative redeemable preference
shareholders. No distributions are permitted.

2. Securities Premium

The amount received in excess of face value of the equity shares is recognised in Securities Premium.

3. General reserve

The Company had transferred certain percentage of retained earnings to general reserve as per the provisions under the
Companies Act, 1956.

4. Retained earnings

Retained earnings are the accumulated profits / (losses) earned by the Company till date which includes revaluation reserve
on account of revaluation of helicopters on transition to Ind AS amounting to Rs. 790.25 Lakhs (Previous year: Rs. 1006.53
Lakhs). The revaluation reserve forming part of retained earnings is not available for distribution to shareholders as dividend.

5. Effective portion of cah flow hedges

The cash flow hedging reserve represents the cumulative portion of gains or losses arising on changes in fair value of designated
portion of hedging instruments entered into for cash flow hedges. The cumulative gain or loss arising on changes in fair value
of the designated portion of the hedging instruments that are recognised and accumulated under the heading effective portion
of cash flow hedges will be reclassified to Statement of Profit and Loss only when the hedged transaction affects the profit or
loss.

Note

# Income Tax demands contested by the Company pertain to demands arising consequent to disallowances during assessment
for various assessment years from AY 2014-15 to AY 2017-18. The Company has contested these demands at Appellate /CIT
appeal level. The Company is confident that they would succeed on appeal.

## Service Tax demands contested by the Company pertain to April-2013 to June-2017. The Company has contested these
demands at CESTAT /Commissioner appeal level. The Company is confident that they would succeed on appeal.

### Goods and Services Tax demands contested by the Company pertain to July 2017 to March 2023. The Company has
contested these demands at Commissioner appeal level. The Company is confident that they would succeed on appeal.

Transfer Pricing

The Company's International transactions with related parties are at arm's length as per the independent accountants report for
the year ended 31st March, 2024. Management believes that the Company's international transactions with related parties post
31st March, 2024 continue to be at arm's length and that the transfer pricing legislation will not have any impact on these financial
statements, particularly on amount of tax expenses and that of provision of taxation. Management is in the process of obtaining the
transfer pricing study / report for the year ended 31st March, 2025.

Note - 35

Corporate Social Responsibility

The Company has met the criteria as specified under sub-section (1) of section 135 of the Companies Act, 2013 read with the
Companies (Corporate Social Responsibility Policy) Rules, 2014, however, in the absence of average net profits in the immediately
three preceding years, there is no requirement for the Company to spend any amount under sub-section (5) of section 135 of the
Act.

Note - 36
Employee benefit

The Company contributes to the following employee benefit plans in India.

(i) Contribution to Defined contribution plan:

The contribution to the Provident fund and Employees State Insurance Corporation (ESIC) Fund are made to the government
administered funds and there are no future obligations beyond making such contribution. Under the plan, the Company has
contributed Rs.116.8 Lakhs (Previous year: Rs.98.01 Lakhs).

(ii) Other long term employment benefits
a) Compensated absences

Leave encashment is payable to the eligible employees of the company at the time of death / resignation / retirement or
on attaining superannuation age. Eligible employees can carry forward leave with a maximum accumulation of thirty (30)
days. All leave balances in excess of thirty (30) days at the end of the calendar year are compulsorily encashed on the
basis of basic salary last drawn.

The sick leave is not encashable and can be accumulated till 90 days for employees other than pilots. Further any leave
in excess of 90 days will lapse at the end of the year.

D. Risk management framework

The Company's business activities expose it to a variety of financial risks, namely market risk, credit risk and liquidity risk Market
risk comprise of currency risk and interest rate risk. The Company's primary risk management focus is to minimize 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 analyze the risks faced by the Company, to set appropriate risk limits and controls,
and to monitor such risks and compliance with the same. Risk assessment and management policies and processes are
reviewed regularly to reflect changes in market conditions and the Company's activities. The Board of Directors and the Audit
Committee is responsible for overseeing the Company's risk assessment and management policies and processes.

i. 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. The company is exposed to credit risk from its operating activities (Trade receivables) and from
its financing activities including deposits with banks and financials institutions and finanical instruments.

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 has an influence on credit risk assessment. Credit
risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of
customers to which the Company grants credit terms in the normal course of business.

Balance with banks and Term deposit

The Company holds Balances with banks and term deposit(excluding interest) with credit worthy banks and financial
institustions of Rs. 1,246.52 Lakhs as at 31st March, 2025 & Rs. 1,730.70 Lakhs as at 31st March, 2024.The credit
worthiness of such banks and financial institutions is evaluated by the management on an ongoing basis and is considered
to be good.

ii) 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, under both normal and stressed conditions, without incurring unacceptable losses or risk to the
Company's reputation.

The Company has obtained fund and non-fund based working capital lines from various banks. The Company also
constantly monitors, as and when required, funding options available in the debt and capital markets with a view to
maintain financial flexibility.

Exposure to liquidity risk

The following are the remaining contractual maturities of financial liabilities at the reporting date. The cashflow amounts
are gross and undiscounted, and include estimated interest payments.

iii. 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 and 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 and interest rate risk.

a) Currency risk

The fluctuation in foreign currency exchange rates may have potential impact on the statement of Profit and Loss
and equity, where any transaction references more than one currency or where assets/liabilities are denominated in
a currency other than the functional currency of the entity.

The Company, as per its risk management policy, uses foreign exchange and other derivative instruments primarily
to hedge foreign exchange exposure. The Company does not use derivative financial instruments for trading or
speculative purposes.

Note - 40

Hedge accounting

The Company is exposed to the risk of foreign currency exchange fluctuation with respect to it's foreign lease payments in USD
and EUR. To mitigate this risk, the Company as a risk management strategy has hedged the risk in foreign currency exchange
fluctuation by entering into Sales Contracts with it's local Customers in USD and EUR. These contracts contain an embedded
derivative which helps the Company to hedge it's risk. The Company has designated the Embedded Derivatives as Cash Flow
Hedges to mitigate the risk of foreign currency exposure on it's future lease payments. With effect from July 1, 2024, the hedging
relationship has been amended to mitigate the risk of foreign currency exposure against future External Commercial Borrowings
repayments in USD and highly probable future maintenance, repairs and overhaul ('MRO') expenses in USD and EUR in addition
to lease payments. These contracts have a maturity of more than 12 months from the reporting date.

The Company determines the existence of an economic relationship between the hedging instrument and hedged item based on
the currency, amount and timing of its forecasted cash flows. Hedge effectiveness is determined at the inception of the hedge
relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between
the hedged item and hedging instrument, including whether the hedging instrument is expected to offset changes in cash flows of
hedged items.

If the hedge ratio for risk management purposes is no longer optimal but the risk management objective remains unchanged and
the hedge continues to qualify for hedge accounting, the hedge relationship will be rebalanced by adjusting either the volume of
the hedging instrument or the volume of the hedged item so that the hedge ratio aligns with the ratio used for risk management
purposes. Any hedge ineffectiveness is calculated and accounted for in the Statement of Profit and Loss at the time of the hedge
relationship rebalancing. The Company offsets a financial asset and a financial liability when it currently has a legally enforceable
right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realize the asset and settle
the liability simultaneously

The primary objective of the Company's capital management is to ensure that it maintains an efficient capital structure and healthy
capital ratios to support its business and maximize shareholder value. The Company makes adjustments to its capital structure
based on economic conditions or its business requirements. The funding requirements are met through a mixture of equity and
borrowings. The Company's policy is to use short-term and long-term borrowings to meet anticipated funding requirements.

The Company monitors capital using the metric of Net Debt to Equity. Net Debt is defined as borrowings less cash and cash
equivalents and fixed deposits.

1. The Company does not have any benami property, where any proceeding has been initiated or pending against the Company
for holding any benami property.

2. The Company has not granted Loans or Advances in the nature of loans to promoters, directors, KMPs and the related parties
(as defined under Companies Act, 2013), either severally or jointly with any other person during the year.

3. The Company has borrowings from banks on the basis of security of current assets during the current year to whom quarterly
statements of current assets were filed by the Company, which are in agreement with the books of accounts.

4. The Company has not been declared as wilful defaulter by any lender who has the powers to declare a company as wilful
defaulter at any time during the financial year or after the end of the reporting period but before the date when financial
statements are approved.

5. The Company does not have any transactions with companies struck off under section 248 of The companies act, 2013 or
section 560 of The companies act, 2013 during the year.

6. The Company does not have any charges or satisfaction which is yet to be registered with the Registrar of Companies beyond
the statutory period.

7. The Company has complied 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.

8. The Company has used the borrowings from banks and financial institutions for the specific purpose for which they were
obtained.

9. The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), 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.

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

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

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

11. 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.

12. The Company has not traded or invested in Crypto currency or Virtual currency during the financial year.

13. The Company does not have any approved scheme of Arrangement during the year.

Note - 44

Previous year's figures have been regrouped / reclassified wherever necessary to conform to current year's classification.