r) Provisions

A provision is recognized when the Company has a present obligation as a result of past event, it is probable
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 the obligation. If the effect of the time value of money is material,
provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the
liability. These estimates are reviewed at each reporting date and adjusted to reflect the current best
estimates. The expense relating to a provision is presented in the statement of profit and loss.

s) Financial Instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or
equity instrument of another entity.

Financial Assets

Initial recognition and measurement

All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair
value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset.

Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in three categories:

? Debt instruments at amortized cost

? Debt instruments at fair value through profit or loss (FVTPL)

? Equity instruments at fair value through other comprehensive income (FVTOCI)

Debt instruments at amortized cost

A ‘debt instrument’ is measured at the amortized cost if both the following conditions are met:

? The asset is held within a business model whose objective is to hold assets for collecting contractual
cash flows, and

? Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal
and interest (SPPI) on the principal amount outstanding.

After initial measurement, such financial assets are subsequently measured at amortized cost using the
effective interest rate (EIR) method. Amortized cost is calculated by taking into account any discount or
premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included
in finance income in the profit or loss. The losses arising from impairment are recognised in the profit or loss.

Debt instrument at FVTPL

Financial assets are classified as at FVTPL when the financial asset is held for trading or it is designated as at
FVTPL.

Debt instruments included within the FVTPL category are measured at fair value with all changes recognized
in the Statement of Profit and loss account.

In addition, the Company may elect to classify a debt instrument, which otherwise meets amortized cost or
FVTOCI criteria, as at FVTPL. However, the Company doesn’t have any debt instruments that qualify for
FVTOCI classification.

Equity investments

All equity investments in the scope of Ind AS 109 are measured at fair value. Equity instruments which are held
for trading are classified as FVTPL. For all other equity instruments, the Company decides to classify the
same either as at FVTOCI or FVTPL. However, there are no such instruments that have been classified
through FVTOCI, and all equity instruments are routed through FVTPL.

Equity instruments included within the FVTPL category are measured at fair value with all changes recognized
in the P&L.

Equity investment in Subsidiary and Joint Venture

Investment in subsidiary and joint venture is carried at cost less accumulated impairment loss in the separate
financial statements as permitted under Ind AS 27.

Derecognition

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is
primarily derecognized (i.e. removed from the Company’s balance sheet) when:

? The rights to receive cash flows from the asset have expired, or

? The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to
pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement;
and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the
Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has
transferred control of the asset.

Impairment of financial assets

In accordance with Ind AS 109, the Company applies expected credit loss (ECL) model for measurement and
recognition of impairment loss on the following financial assets and credit risk exposure:

? Financial assets that are debt instruments, and are measured at amortized cost e.g. debt securities, deposits,
trade receivables and bank balance

? Trade receivables or any contractual right to receive cash or another financial asset that result from
transactions that are within the scope of Ind AS 115.

The Company follows ‘simplified approach’ for recognition of impairment loss allowance on Trade receivables.

The application of simplified approach does not require the Company to track changes in credit risk. Rather, it
recognizes impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial
recognition.

For recognition of impairment loss on other financial assets and risk exposure, the Company determines
whether there has been a significant increase in the credit risk since initial recognition. If credit risk
has not increased significantly, 12-month ECL is used to provide for impairment loss. However, if credit risk has
increased significantly, lifetime ECL is used. If, in a subsequent period, credit quality of the instrument
improves such that there is no longer a significant increase in credit risk since initial recognition, then the entity
reverts to recognizing impairment loss allowance based on 12-month ECL. Lifetime ECL are the expected
credit losses resulting from all possible default events over the expected life of a financial instrument. The 12-
month ECL is a portion of the lifetime ECL which results from default events that are possible within 12 months
after the reporting date.

ECL is the difference between all contractual cash flows that are due to the Company in accordance with the
contract and all the cash flows that the entity expects to receive (i.e., all cash shortfalls), discounted at the
original EIR. When estimating the cash flows, an entity is required to consider:

? All contractual terms of the financial instrument (including prepayment, extension, call and similar options)
over the expected life of the financial instrument. However, in rare cases when the expected life of the
financial instrument cannot be estimated reliably, then the entity is required to use the remaining contractual
term of the financial instrument

? Cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual
terms.

As a practical expedient, the Company uses a provision matrix to determine impairment loss allowance on
portfolio of its trade receivables. The provision matrix is based on its historically observed default rates over the
expected life of the trade receivables and is adjusted for forward-looking estimates. At every reporting date, the
historically observed default rates are updated and changes in the forward-looking estimates are analyzed.

ECL impairment loss allowance (or reversal) recognized during the period is recognized as income/
expense in the statement of profit and loss (P&L). This amount is reflected under the head ‘Other Expenses’ in
the P&L. The balance sheet presentation for various financial instruments is described below:

? Financial assets measured as at amortized cost: ECL is presented as an allowance, i.e., as an integral part of
the measurement of those assets in the balance sheet. The allowance reduces the net carrying amount. Until
the asset meets write-off criteria, the Company does not reduce impairment allowance from the gross carrying
amount.

For assessing increase in credit risk and impairment loss, the Company combines financial instruments on the
basis of shared credit risk characteristics with the objective of facilitating an analysis that is designed to enable
significant increases in credit risk to be identified on a timely basis.

Financial Liabilities

Initial recognition and measurement

The Company’s financial liabilities include deposits, trade and other payables. These are recognized
initially at amortized cost net of directly attributable transaction costs.

Subsequent measurement

After initial recognition, they are subsequently measured at amortized cost using the EIR method. Gains and
Losses are recognised in profit or loss when the liabilities are derecognized as well as through the EIR
amortization process.

The EIR amortization is included as finance costs in the statement of profit and loss.

Derecognition

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires.
Financial guarantee contracts

Financial guarantee contracts issued by the Company are those contracts that require a payment to be made

to reimburse the holder for a loss it incurs because the specified debtor fails to make a payment when due in
accordance with the terms of a debt instrument. Financial guarantee contracts are recognised initially as a
liability at fair value, adjusted for transaction costs that are directly attributable to the issuance of the
guarantee. Subsequently, the liability is measured at the higher of the amount of loss allowance determined as
per impairment requirements of Ind AS 109 and the amount recognised less cumulative amortisation.

Reclassification of financial assets

The Company determines classification of financial assets and liabilities on initial recognition. After initial
recognition, no reclassification is made for financial assets which are equity instruments and financial
liabilities. For financial assets which are debt instruments, a reclassification is made only if there is a
change in the business model for managing those assets. Changes to the business model are expected to be
infrequent.

Offsetting of financial instruments

Financial assets and financial liabilities are offset, and the net amount is reported in the balance sheet if there is
a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net
basis, to realize the assets and settle the liabilities simultaneously.

t) Contingent Liabilities

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by
the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company
or a present obligation that is not recognized because it is not probable that an outflow of resources will be
required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a
liability that cannot be recognized because it cannot be measured reliably. The Company does not
recognize a contingent liability but discloses its existence in the Standalone Financial Statements.

u) Government Grants

Government grants are recognised where there is reasonable assurance that the grant will be received and all
attached conditions will be complied with. When the grant relates to an asset, it is recognised as income in
equal amounts over the expected useful life of the related asset.

When the Company receives grants of non-monetary assets, the asset and the grant are recorded at fair value
amounts and depreciated / released to profit or loss over the expected useful life in a pattern of consumption of
the benefit of the underlying asset.

v) Segment Reporting

Based on internal reporting provided to the Chief operating decision maker, the Company’s operations
predominantly related to Media and Entertainment and, accordingly, this is the only operating segment. The
management committee reviews and monitors the operating results of the business segment for the purpose
of making decisions about resource allocation and performance assessment using profit or loss and return on
capital employed.

w) Dividend

The Company recognises a liability to pay dividend to equity holders when the distribution is authorised, and
the distribution is no longer at the discretion of the Company. As per the corporate laws in India, a distribution is
authorised when it is approved by the shareholders / board of directors as may be applicable read along
with the relevant provisions of the Companies Act, 2013. A corresponding amount is recognised directly
in equity.

x) Exceptional Items

An item of income or expense which by its size, type or incidence is such that its disclosure improves the
understanding of the performance of the Company, such income or expense is classified as an exceptional
item and accordingly, disclosed as such in the Standalone Financial Statements.

y) New and amended standards

(i) Ind AS 116 - Lease Liability in Sale and Leaseback

The Ministry of Corporate Affairs has notified the Companies (Indian Accounting Standards) Second
Amendment Rules, 2024, which amend Ind AS 116, Leases, with respect to Lease Liability in a Sale and
Leaseback.

The amendment specifies the requirements that a seller-lessee uses in measuring the lease liability arising in
a sale and leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or
loss that relates to the right of use it retains.

The amendment is effective for annual reporting periods beginning on or after 1 April 2024 and must be applied
retrospectively to sale and leaseback transactions entered into after the date of initial application of
Ind AS 116. The amendment does not have impact on the Company’s Standalone Financial Statements.

(ii) Ind AS 117 - Insurance Contracts

The Ministry of Corporate Affairs (MCA) notified the Ind AS 117, Insurance Contracts, vide notification
dated 12 August 2024, under the Companies (Indian Accounting Standards) Amendment Rules, 2024,
which is effective from annual reporting periods beginning on or after 1 April 2024. Ind AS 117 Insurance
Contracts is a comprehensive new accounting standard for insurance contracts covering recognition and
measurement, presentation and disclosure. Ind AS 117 replaces Ind AS 104 Insurance Contracts.

The application of Ind AS 117 had no impact on the Standalone Financial Statements as the Company has
not entered any contracts in the nature of insurance contracts covered under Ind AS 117.

z) Significant accounting judgements, estimates and assumptions

The preparation of the Company’s Standalone Financial Statements requires management to make
judgements, estimates and assumptions that affect the reported amounts of revenues, expenses,
assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities.
Uncertainty about these assumptions and estimates could result in outcomes that require a material
adjustment to the carrying amount of assets or liabilities affected in future periods.

Judgements

In the process of applying the Company’s accounting policies, management has made the following
judgements, which have the most significant effect on the amounts recognised in the Standalone Financial
Statements:

Amortisation of intangible assets

Acquired Satellite Rights for the broadcast of feature films and other long-form programming such as multi¬
episode television serials are stated at cost.

The Management has estimated the useful life of film broadcasting rights (satellite rights) taken into
consideration of pattern of the expected future economic benefits and prevailing industry practices.
Accordingly cost of such rights are amortised over a period of four years, from the date of first telecast of the
film, in a graded manner.

The cost related to program broadcasting rights / multi episodes series are amortized based on the telecasted
episodes.

Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting
date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year, are described below. The Company based its assumptions and
estimates on parameters available when the Standalone Financial Statements were prepared. Existing
circumstances and assumptions about future developments, however, may change due to market
changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in
the assumptions when they occur.

Provision for taxes

The Company's tax expense for the year is the sum of the total current and deferred tax charges. The
calculation of the total tax expense necessarily involves a degree of estimation and judgement in respect of
certain items. A deferred tax asset is recognised when it has become probable that future taxable profit will
allow the deferred tax asset to be recovered. Significant management judgement is required to determine the
amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future
taxable profits together with future tax planning strategies.

Provision for expected credit losses of trade receivables and contract assets

The Company uses a provision matrix to calculate ECLs for trade receivables. Please refer note 2 (s) above
to refer the significant estimates and assumptions made by the Management. The information about
the ECLs on the Company’s trade receivables is disclosed in Note 38.

Defined benefit plans (gratuity benefits)

The cost of the defined benefit gratuity plan and other post-employment leave encashment benefit and the
present value of the gratuity obligation are determined using actuarial valuations. An actuarial valuation
involves making various assumptions that may differ from actual developments in the future. These include
the determination of the discount rate, future salary increases and mortality rates. Due to the
complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to
changes in these assumptions. All assumptions are reviewed at each reporting date.

aa) Events after the reporting period

If the Company receives information after the reporting period, but prior to the date of approved for issue, about
conditions that existed at the end of the reporting period, it will assess whether the information affects the
amounts that it recognises in its Standalone Financial Statements. The Company will adjust the amounts
recognised in its Standalone Financial Statements to reflect any adjusting events after the reporting period and
update the disclosures that relate to those conditions in light of the new information. For non-adjusting events
after the reporting period, the Company will not change the amounts recognised in its Standalone Financial
Statements but will disclose the nature of the non-adjusting event and an estimate of its financial effect, or a
statement that such an estimate cannot be made, if applicable.

bb)Standards issued, but not yet effective

The new and amended standards and interpretations that are issued, but not yet effective, up to the date of
issuance of the Company’s financial statements are disclosed below. The Company will adopt this new and
amended standard, when it becomes effective.

Lack of exchangeability - Amendments to Ind AS 21

The Ministry of Corporate Affairs notified amendments to Ind AS 21 The Effects of Changes in Foreign
Exchange Rates to 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 its 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 1 April 2025. When applying
the amendments, an entity cannot restate comparative information.

The amendments are not expected to have a material impact on the Company’s financial statements.

(ii) Terms/Rights attached to Equity Shares

The Company has one class of equity shares having a face value of Rs.5.00 each. Each shareholder is eligible for one
vote per share held. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board
of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended March 31,2025, the Board of Directors have declared interim dividends of Rs.15 per share in
aggregate at their respective Board meetings (March 31,2024: Rs.16.75/- share)

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of
the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The
distribution will be in proportion to the number of equity shares held by the shareholders.

Information about the Company's performance obligations are summarised below:

The performance obligation for Income from Advertisement and Sale of Broadcast Slots is satisfied upon telecast /
airing of the commercial. The performance obligation for Income from Subscription is satisfied upon the rendering of
services over the period of subscription in accordance with the terms of the agreement. The performance obligation
for Income from Cricket franchise is satisfied upon rendering of services as per the terms of the agreement with the
cricket boards, sponsors and conclusion of the matches for which tickets are sold. The performance obligation for
Income from Movie distribution is satisfied upon rendering of services as per the terms of contract entered into with
distributors and digital streaming platforms. The payment for the above is generally due within 30-90 days.

Note 30. Employee Benefit Plans

A) Defined Contribution Plans

i) Contribution to Provident Fund: Contributions towards Employees Provident Fund made to the Regional /
Employee Provident Fund are recognised as expenses in the year in which the services are rendered.

ii) Contribution to Employee State Insurance: Contributions to Employees State Insurance Scheme are
recognised as expense in the year in which the services are rendered.

B) Defined Benefit Plan - Gratuity

The Company has a defined benefit Gratuity plan. Every employee who has completed five years or more of service
gets a gratuity on cessation of employment at 15 days salary (last drawn salary) for each completed year of service.
The fund has the form of a trust and it is governed by the Board of Trustees. The Board of Trustees are responsible for
the administration of the plan assets and for the definition of the investment strategy. Each year, the Board of Trustees
reviews the level of funding in the gratuity plan. Such a review includes the asset-liability matching strategy and
investment risk management policy. The Board of Trustees aim to keep annual contributions relatively stable at a level
such that no plan deficits (based on valuation performed) will arise.

The scheme is funded with an insurance company (LIC) in the form of a qualifying insurance policy.

The following tables summarize the components of net benefit expense recognised in the Statement of Profit and
Loss and the funded status and amounts recognised in the Balance Sheet for the Gratuity plan.

Information on approved scheme of amalgamation

The National Company Law Tribunal, Division Bench, Chennai, approved the Composite Scheme of Arrangement
("the SAFL Scheme") for the amalgamation between South Asia FM Limited (Joint Venture of the Company,
hereinafter referred to as "Amalgamated Company") and its Joint Ventures / Associate Companies (together referred
to as "Amalgamating Companies") under Sections 230 and 232 of the Companies Act, 2013, on December 9, 2024,
and the said order was communicated to the amalgamated company and amalgamating companies on December 17,
2024. The SAFL Scheme became effective on February 1,2025, post fulfilling the conditions precedent in Clause 36.1
of the Scheme, which, inter alia, included obtaining relevant approvals by the Ministry of Information & Broadcasting to
transfer Phase III license of amalgamating companies in the name of the amalgamated company and the subsequent
filing of the SAFL Scheme with the Registrar of Companies.

Terms & Conditions of Transactions with Related Parties

The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm’s length
transactions. Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash.
For the years ended March 31, 2025 and March 31, 2024, the company has not recorded any impairment of
receivables relating to amounts owed by related parties . This assessment is undertaken each financial year through
examining the financial position of the related parties and the market in which the related parties operate.

Note 36. Description of valuation techniques used and key inputs to valuation on investment in
Tax free and Taxable Bonds:

The valuation for tax free and taxable bonds are based on valuations performed by an accredited independent valuer.
The valuer is a specialist in valuing these types of Bonds. The valuation model used is in accordance with a method
recommended by the International Valuation Standards.

The Company has disclosed fair value of the tax free and taxable bonds using IMaCS standard methodology which
captures the market condition as on the given day of valuation on a "T 1" basis.

The Company has no restrictions on the disposal of its tax free bonds.

Significant Unobservable Inputs:

The Independent Valuer has made a detailed study based on standard methodology for scrip-level valuation and has
considered the available primary market and secondary market trades for valuation of bonds on the reporting date.
Outlier trades if any, are identified and excluded. Widespread Polling is also considered with market participants to
understand the movement in the levels. In the case of liquid instruments, the valuation is arrived at based on the value
of bonds with similar maturity issued by similar issuers or securities are linked to a benchmark and a spread-over
benchmark is arrived at and the same is carried forward.

Note 37. Fair Value disclosure on Investment Properties:

The Company’s Investment properties consist of office premises / commercial properties let out on lease.

As at March 31,2025 and March 31,2024, the fair values of the properties are Rs.130.20 crores and Rs.116.61 crores
respectively.

These valuations are based on valuations performed by a Registered Valuer as defined under Rule 2 of Companies
(Registered Valuers and Valuation) Rules, 2017. The valuation model used is in accordance with a method
recommended by the International Valuation Standards.

The Company has no restrictions on the disposal of its Investment properties and no contractual obligations to
purchase, construct or develop Investment properties or for repairs, maintenance and enhancements.

Description of valuation techniques used and key inputs to valuation on Investment Properties:

The Company has fair valued the office premises and commercial property let out on lease using Market Approach
method.

Significant Unobservable Inputs:

The Independent Valuer has made a detailed study of prevailing market rate for the land and commercial buildings in
the areas wherein the office premises property is being let out by the Company. This has been adjusted for amenities,
depreciation and other leasehold improvements made by the Company to the respective properties.

Note 38. Financial Risk Management Objectives and Policies

The Company's principal financial liabilities, include trade and other payables. The Company has various financial
assets such as trade receivables and cash and short-term deposits, which arise directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees
the management of these risks. The Company’s senior management ensures that the Company’s financial risk
activities are governed by appropriate policies and procedures and that financial risks are identified, measured and
managed in accordance with the Company’s policies and risk objectives. The Board of Directors reviews and agrees
policies for managing each of these risks, which are summarised below.

Market Risk

Market Risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes
in market prices. Market Risk comprises two types of risks: Currency risk and other price risk, such as Equity price risk.
The value of financial instruments may change as a result of changes in the foreign currency exchange rates,
equity price fluctuation, liquidity and other market changes. Future-specific market movements cannot be normally
predicted with reasonable accuracy. Financial instruments affected by Market Risk include investment in equity
instruments etc..

Foreign Currency Risk

Foreign Currency Risk is the risk that the fair value of future cash flows of an exposure will fluctuate because of
changes in foreign exchange rates. The Company’s exposure to the risk of changes in foreign exchange rates relates
primarily to the Company’s operating activities. The impact of foreign exchange rate fluctuations is evaluated by
assessing its exposure to exchange rates risks. Exposure to foreign exchange fluctuation risks is with monetary
receivables / payables denominated in USD, GBP, ZAR and SGD.

Credit Risk

Credit Risk is the risk of financial loss to the Company if a customer or counterparty fails to meet its contractual
obligations and arises principally from the Company’s receivables, deposits given, investments made and balances at
bank. 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.

The maximum exposure to the Credit Risk is equal to the carrying amount of financial assets as of March 31,2025 and
March 31, 2024 respectively. On account of adoption of Ind AS 109 on ‘Financial Instruments’, the Company uses
'Expected Credit Loss' model to assess the impairment loss or gain.

The allowance for lifetime expected credit loss on trade receivables for the years ended March 31,2025 and 2024,
was Rs.143.15 Crores and Rs.171.10 Crores respectively. The reconciliation of allowance for doubtful trade
receivables is as follows:

For the purpose of the Company’s capital management, 'Capital' includes issued equity capital, securities premium
and all other equity reserves attributable to the equity holders of the Company. The primary objective of the
Company’s capital management is to maximise the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and
the requirements of the financial covenants. The Company’s policy for capital management aims to enhance capital
efficiency by the long-term improvement of its value through business growth, while maintaining a sound financial
structure. Indicators for monitoring the capital management include total equity attributable to owners of the Company
and ROCE (ratio of Profit before taxes to total equity attributable to owners of the Company).

The Company has used accounting software for maintaining its books of account which has a feature of recording
audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the
software. Further, there are no instances of audit trail feature being tampered with. Additionally, the audit trail of prior
year has been preserved as per the statutory requirements for record retention.

Note 45. Impairment of investments in Joint Venture - Exceptional Item

During the year ended March 31,2025, considering the business environment of the Joint Venture (South Asia FM
Limited) and other economic factors, the Company identified an indicator for impairment of its investment in the Joint
Venture. The Company's evaluation involved comparing the carrying value of its investment with its recoverable
amount which was determined basis the expected future cash flows expected to be generated.

The future cash flows considered key assumptions such as revenue growth, margins, etc. with due consideration for
potential risks given the current economic environment. The discount rates used were based on weighted average
cost of capital and reflects market assessment of the risk specific to the asset as well as time value of money. The
recoverable amount estimates were based on judgements, estimates, assumptions and market data as on the
reporting date and ignored subsequent change in the economic and market conditions.

The future cash flows were discounted using the post tax nominal discount rate of 17.70% derived from the post tax
weighted average cost of capital, including risk premium.

Accordingly, the Company determined the recoverable amount for its investment to be 375.82 crores and recorded an
impairment provision of Rs. 73.52 crores.

Note 46. Approval of Financial Statements

The Standalone Financial Statements were reviewed and recommended by the Audit Committee and have been
approved by the Board of Directors at their meeting held on May 30, 2025.

As per our report of even date

For S.R. Batliboi & Associates LLP On behalf of the Board of Directors

Chartered Accountants For Sun TV Network Limited

ICAI Firm Regn. No: 101049W/E300004

per Aravind K Kalanithi Maran Mahesh Kumar Rajaraman

Partner Chairman Managing Director

Membership No: 221268 DIN: 00113886 DIN: 05263229

Place : Chennai R. Ravi V C Unnikrishnan

Date : May 30, 2025 Company Secretary Chief Financial Officer

M.No.A13804