(c) Provisions

Provisions are recognised when the Company has a
present legal or constructive obligation as a result of past
events, it is probable that an outflow of resources will be
required to settle the obligation and the amount can be
reliably estimated. Provisions are not recognised for future
operating losses.

Where there are a number of similar obligations, the
likelihood that an outflow will be required in settlement

is determined by considering the class of obligations as a
whole. A provision is recognised even if the likelihood of
an outflow with respect to any one item included in the
same class of obligations may be small.

Provisions are measured at the present value of
management's best estimate of the expenditure required
to settle the present obligation at the end of the reporting
period. The discount rate used to determine the present
value is a pre-tax rate that reflects current market
assessments of the time value of money and the risks
specific to the liability. The increase in the provision due
to the passage of time is recognised as interest expense.

(d) Dividends

Provision is made for the amount of any dividend
declared, being appropriately authorised and no longer
at the discretion of the entity, on or before the end of the
reporting period but not distributed at the end of the
reporting period.

(e) Foreign Currency Translation

i) Functional and presentation currency

Items included in the financial statements of the
Company are measured using the currency of the
primary economic environment in which the entity
operates ('the functional currency'). The financial
statements are presented in Indian Rupees ('),
which is the Company's functional and presentation
currency.

ii) Transactions and balances

Foreign currency transactions are translated into the
functional currency using the exchange rates at the
dates of the transactions. Foreign exchange gains
and losses resulting from the settlement of such
transactions and from the translation of monetary
assets and liabilities denominated in foreign
currencies at year end exchange rates are generally
recognised in profit or loss.

Foreign exchange differences regarded as an
adjustment to borrowing costs are presented in the
statement of profit and loss, within finance costs.
All other foreign exchange gains and losses are
presented in the statement of profit and loss on a net
basis within other gains/ (losses).

(f) Property, plant and equipment

Subsequent costs are included in the asset's carrying
amount or recognised as a separate asset, as appropriate,
only when it is probable that future economic benefits
associated with the item will flow to the Company and the
cost of the item can be measured reliably. The carrying
amount of any component accounted for as a separate

asset is derecognised when replaced. All other repairs
and maintenance are charged to profit or loss during the
reporting period in which they are incurred.

The assets' residual values and useful lives are reviewed,
and adjusted, if appropriate, at the end of each reporting
period.

An asset's carrying amount is written down immediately
to its recoverable amount if the asset's carrying amount is
greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing
the proceeds with the carrying amount and are recognised
within 'Other gains/ (losses) - net in the statement of profit
and loss.

Advances paid towards the acquisition of property, plant
and equipment outstanding at each balance sheet date
are classified as capital advances under non-current assets.

Transition to Ind AS

On transition to Ind AS, the company has elected to
continue with the carrying value of all its property, plant
and equipment, investment properties and intangible
assets measured as per the previous GAAP and use that
carrying value as deemed cost of the property, plant and
equipment, Investment properties and intangible assets.

(g) Leases

As a lessee:

The Company assesses, whether the contract is, or contains,
a lease. A contract is, or contains, a lease if the contract
involves:

• The use of an identified asset,

• The right to obtain substantially all the economic
benefits from use of the identified asset, and

• The right to direct the use of the identified asset.

The right of use assets are measured at cost comrising the
amount of the initial measurement of the lease liability, any
lease payments made at or before the commencement
date of the lease less any lease incentives received, any
initial direct costs and restoration costs.

(h) Intangible assets

Intangible assets are stated at historical cost less
accumulated amortisation and impairment losses. Historical
cost includes any directly attributable expenditure on
making the asset ready for its intended use.

Transition to Ind AS

On transition to Ind AS, the Company elected to continue
with the carrying value of all its intangible assets measured
as per the previous GAAP and use that carrying value as the
deemed cost of the intangible assets.

(i) Investment and other financial assets

i. Classification

The Company classifies its financial assets in the
following measurement categories:

• those to be measured subsequently at fair value
(either through other comprehensive income, or
through profit or loss), and

• those measured at amortised cost.

The classification depends on the entity's
business model for managing the financial
assets and the contractual terms of cash flows.
For assets measured at fair value, gains and losses
will either be recorded in profit or loss or other
comprehensive income. For investments in equity
instruments, this will depend on whether the Company
has made an irrevocable election at the time of initial
recognition to account for the equity investment at
fair value through other comprehensive income.
The Company reclassifies debt investments when and
only when its business model for managing those
assets changes.

ii. Recognition

Regular way purchases and sales of financial assets
are recognised on trade-date, the date on which the
Company commits to purchase or sell the financial
asset.

iii. Measurement

At initial recognition, the Company measures a financial
asset (excluding trade receivables which do not contain
significant financing component) at its fair value plus, in
the case of a financial asset not at fair value through profit
or loss, transaction costs that are directly attributable to
the acquisition of the financial asset. Transaction costs
of financial assets carried at fair value through profit or
loss are expensed in profit or loss.

For debt instruments, subsequent measurement
depends on the Company's business model for
managing the asset and the cash flow characteristics
of the asset. There are three measurement categories
into which the Company classifies its debt instruments:

• Amortised cost: Assets that are held for collection
of contractual cash flows where those cash flows
represent solely payments of principal and
interest are measured at amortised cost. A gain
or loss on a debt investment that is subsequently
measured at amortised cost and is not part of a
hedging relationship is recognised in profit or
loss when the asset is derecognised or impaired.
Interest income from these financial assets is
included in finance income using the effective
interest rate method.

• Fair value through other comprehensive income
(FVOCI): Assets that are held for collection
of contractual cash flows and for selling the
financial assets, where the assets' cash flows
represent solely payments of principal and
interest, are measured at fair value through
other comprehensive income (FVOCI).
Movements in the carrying amount are taken
through OCI, except for the recognition of
impairment gains or losses, interest revenue and
foreign exchange gains and losses which are
recognised in profit or loss. When the financial
asset is derecognised, the cumulative gain or
loss previously recognised in OCI is reclassified
from equity to profit or loss and recognised in
other gains/ (losses). Interest income from these
financial assets is included in other income using
the effective interest rate method.

• Fair value through profit or loss: Assets that
do not meet the criteria for amortised cost or
FVOCI are measured at fair value through profit
or loss. A gain or loss on a debt investment that
is subsequently measured at fair value through
profit or loss and is not part of a hedging
relationship is recognised in profit or loss and
presented net in the statement of profit and loss
within other gains/(losses) in the period in which
it arises. Interest income from these financial
assets is included in other income.

For equity instruments, the Company measures
all equity investments at fair value. Where the
Company's management has elected to present
fair value gains and losses on equity investments in
other comprehensive income, there is no subsequent
reclassification of fair value gains and losses to
profit or loss. Dividends from such investments are
recognised in profit or loss as other income when the
Company's right to receive payments is established.

Changes in the fair value of financial assets at fair value
through profit or loss are recognised in other gains/
(losses) in the statement of profit and loss. Impairment
losses (and reversal of impairment losses) on equity
investments measured at FVOCI are not reported
separately from other changes in fair value.

iv. Impairment of financial assets

The Company assesses on a forward-looking basis
the expected credit losses associated with its
assets carried at amortised cost and FVOCI debt
instruments. The impairment methodology applied
depends on whether there has been a significant
increase in credit risk. Note 22 details how the
Company determines whether there has been a
significant increase in credit risk.

v. Derecognition of financial assets

A financial asset is derecognised only when:

• the Company has transferred the rights to
receive cash flows from the financial asset or

• retains the contractual rights to receive the
cash flows of the financial asset, but assumes a
contractual obligation to pay the cash flows to
one or more recipients.

Where the entity has transferred an asset, the
Company evaluates whether it has transferred
substantially all risks and rewards of ownership of
the financial asset. In such cases, the financial asset is
derecognised. Where the entity has not transferred
substantially all risks and rewards of ownership of the
financial asset, the financial asset is not derecognised.

Where the entity has neither transferred a financial
asset nor retains substantially all risks and rewards
of ownership of the financial asset, the financial
asset is derecognised if the Company has not
retained control of the financial asset. Where the
Company retains control of the financial asset, the
asset is continued to be recognised to the extent of
continuing involvement in the financial asset.

Offsetting financial instruments

Financial assets and liabilities are offset and the net
amount is reported in the balance sheet where there
is a legally enforceable right to offset the recognised
amounts and there is an intention to settle on a
net basis or realise the asset and settle the liability
simultaneously. The legally enforceable right must
not be contingent on future events and must be
enforceable in the normal course of business and in
the event of default, insolvency or bankruptcy of the
Company or the counterparty.

(j) Cash and cash equivalents and other bank balances

For the purpose of presentation in the statement of cash
flows, cash and cash equivalents includes cash on hand,
deposits held at call with banks, other short-term, highly
liquid investments with original maturities of three months
or less that are readily convertible to known amounts
of cash and which are subject to an insignificant risk of
changes in value.

Other Bank Balances consist of term deposits with banks,
which have original maturities of more than three months.
Such assets are recognised and measured at amortised
cost (including directly attributable transaction costs)
using effective interest rate method, less impairment
losses, if any.

(k) Equity

Equity shares are classified as equity. Incremental costs
directly attributable to the issue of new shares or options
are shown in equity as a deduction, net of tax, from the
proceeds.

(l) Borrowings

Borrowings are initially recognised at fair value, net of
transaction costs incurred. Borrowings are subsequently
measured at amortised cost. Any difference between the
proceeds (net of transaction costs) and the redemption
amount is recognised in profit or loss over the period of the
borrowings using the effective interest rate method. Fees
paid on the establishment of loan facilities are recognised as
transaction costs of the loan to the extent that it is probable
that some or all of the facility will be drawn down. In this
case, the fee is deferred until the draw down occurs. To the
extent there is no evidence that it is probable that some or
all of the facility will be drawn down, the fee is capitalised
as a prepayment for liquidity services and amortised over
the period of the facility to which it relates.

Borrowings are removed from the balance sheet when
the obligation specified in the contract is discharged,
cancelled or expired. The difference between the carrying
amount of a financial liability that has been extinguished
or transferred to another party and the consideration paid,
including any non-cash assets transferred or liabilities
assumed, is recognised in profit or loss as other gains/
(losses).

Where the terms of a financial liability are renegotiated
and the entity issues equity instruments to a creditor
to extinguish all or part of the liability, a gain or loss is
recognised in profit or loss, which is measured as the
difference between the carrying amount of the financial
liability and the fair value of the equity instruments issued.

Borrowings are classified as current liabilities unless the
Company has an unconditional right to defer settlement
of the liability for at least 12 months after the reporting
period. Where there is a breach of a material provision of
a long-term loan arrangement on or before the end of the
reporting period with the effect that the liability becomes
payable on demand on the reporting date, the entity does
not classify the liability as current, if the lender agreed,
after the reporting period and before the approval of the
financial statements for issue, not to demand payment as
a consequence of the breach.

(m) Trade and Other Payables

These amounts represent liabilities for goods and services
provided to the Company prior to the end of financial
year which are unpaid. The amounts are unsecured and

are usually paid within due dates. Trade and other payables
are presented as current liabilities unless payment is not
due within 12 months after the reporting period. They are
recognised initially at their fair value and subsequently
measured at amortised cost using the effective interest
method.

(n) Employee benefit obligations

(i) Short-term obligations

Liabilities for wages and salaries, including non¬
monetary benefits that are expected to be settled
wholly within 12 months after the end of the period
in which the employees render the related service are
recognised in respect of employees' services up to
the end of the reporting period and are measured at
the amounts expected to be paid when the liabilities
are settled. The liabilities are presented as current
employee benefit obligations in the balance sheet.

(ii) Other long-term employee benefit obligations

The liabilities for earned leave are not expected to be
settled wholly within 12 months after the end of the
period in which the employees render the related
service and they are calculated annually by the
actuaries. They are therefore measured as the present
value of expected future payments to be made in
respect of services provided by employees up to the
end of the reporting period using the projected unit
credit method. The benefits are discounted using the
appropriate market yields at the end of the reporting
period that have terms approximating to the terms of
the related obligation. Remeasurements as a result
of experience adjustments and changes in actuarial
assumptions are recognised in profit or loss.

(iii) Post-employment obligations

The Company operates the following post¬
employment schemes:

(a) Defined benefit plan such as gratuity

(b) Defined contribution plans such as provident
fund.

Gratuity obligations

The liability or asset recognised in the balance sheet in
respect of defined benefit gratuity plan is the present
value of the defined benefit obligation at the end of
the reporting period less the fair value of plan assets.
The defined benefit obligation is calculated annually
by actuaries using the projected unit credit method.

The present value of the defined benefit obligation
is determined by discounting the estimated future
cash outflows by reference to market yields at the
end of the reporting period on government bonds
that have terms approximating to the terms of the
related obligation.

The net interest cost is calculated by applying the
discount rate to the net balance of the defined
benefit obligation and the fair value of plan assets.
This cost is included in employee benefits expense
in the statement of profit and loss.

Remeasurement gains and losses arising from
experience adjustments and changes in actuarial
assumptions are recognised in the period in which
they occur, directly in other comprehensive income.
They are included in retained earnings in the
statement of changes in equity and in the balance
sheet.

Changes in the present value of the defined benefit
obligation resulting from plan amendments or
curtailments are recognised immediately in profit or
loss as past service cost.

Defined contribution plans

The Company's contributions to employee
provident fund, employee state insurance fund and
employees' pension scheme, are accounted for as
defined contribution plans and the contributions are
recognised as employee benefits expense when
they are due. The Company deposits these amounts
with the fund administered and managed by the
provident fund/employee state insurance authorities.
The Company has no further payment obligations
once the contributions have been paid.

(iv) Termination benefits

Termination benefits are payable when employment
is terminated by the Company before the normal
retirement date, or when an employee accepts
voluntary redundancy in exchange for these benefits.
The Company recognises termination benefits
at the earlier of the following dates: (a) when the
Company can no longer withdraw the offer of those
benefits; and (b) when the entity recognises costs for
a restructuring that is within the scope of Ind AS 37
and involves the payment of termination benefits.
In the case of an offer made to encourage voluntary
redundancy, the termination benefits are measured
based on the number of employees expected to
accept the offer. Benefits falling due more than 12
months after the end of the reporting period are
discounted to present value.

(o) Income tax

The income tax expense or credit for the period is the tax
payable on the current period's taxable income based
on the applicable income tax rate adjusted by changes in
deferred tax assets and liabilities attributable to temporary
differences and to unused tax losses.

The current income tax charge is calculated on the basis
of the tax laws enacted or substantively 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
and considers whether it is probable that a taxation
authority will accept an uncertain tax treatment. The
Company measures its tax balances either based on the
most likely amount or the expected value, depending
on which method provides a better prediction of the
resolution of the uncertainty.

Deferred income tax is provided in full, using the liability
method, on temporary differences arising between
the tax bases of assets and liabilities and their carrying
amounts in the financial statements. Deferred income
tax is not accounted for if it arises from initial recognition
of an asset or liability in a transaction that affects neither
accounting profit nor taxable profit (tax loss). Deferred
income tax is determined using tax rates (and laws) that
have been enacted or substantively 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 income 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.

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. Current tax assets and tax liabilities
are offset where the entity 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.

Tax expense comprises current and deferred tax. Current
and deferred tax is recognised in profit or loss, except
to the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case,
the tax is also recognised in other comprehensive income
or directly in equity, respectively.

(p) Revenue from operations

Revenue is measured based on the consideration
specified in a contract with a customer and excludes
amount collected on behalf of third parties. The Company
recognises revenue in the accounting period in which the
services are rendered.

(q) Other Income

The effective interest rate is the rate that exactly discounts
estimated future cash receipts through the expected
life of the financial asset to the gross carrying amount of
a financial asset. When calculating the effective interest
rate, the Company estimates the expected cash flows

by considering all the contractual terms of the financial
instrument (for example, prepayment and extension) but
does not consider the expected credit losses.

Dividends: Dividends are recognised in profit or loss only
when the right to receive payment is established, it is
probable that the economic benefits associated with the
dividend will flow to the Company, and the amount of the
dividend can be measured reliably.

(r) Borrowing costs

General and specific borrowing costs that are directly
attributable to the acquisition, construction or production
of a qualifying asset are capitalised during the period of
time that is required to complete and prepare the asset for
its intended use or sale. Qualifying assets are assets that
necessarily take a substantial period of time to get ready
for their intended use or sale. Other borrowing costs are
expensed in the period in which they are incurred.

(s) Impairment of financial asset

Assets are tested for impairment whenever events or
changes in circumstances indicate that the carrying amount
may not be recoverable. An impairment loss is recognised
for the amount by which the asset's carrying amount
exceeds its recoverable amount. The recoverable amount
is the higher of an asset's fair value less costs of disposal
and value in use. For the purposes of assessing impairment,
assets are grouped at the lowest levels for which there
are separately identifiable cash inflows which are largely
independent of the cash inflows from other assets or
groups of assets (cash-generating units). Non-financial
assets other than goodwill that suffered an impairment
are reviewed for possible reversal of the impairment at the
end of each reporting period.

(t) Earning per share

(i) Basic earnings per share

Basic earnings per share is calculated by dividing
the profit attributable to owners of the Company
by the weighted average number of equity shares
outstanding during the financial year, adjusted for
bonus elements in equity shares, if any, issued during
the year.

(ii) Diluted earnings per share

Diluted earnings per share adjusts the figures used in
the determination of basic earnings per share to take
into account the after income tax effect of interest
and other financing costs associated with dilutive
potential equity shares and the weighted average
number of additional equity shares that would have
been outstanding assuming the conversion of all
dilutive potential equity shares.

(u) Segment information

Operating segments are reported in a manner consistent
with the internal reporting provided to the chief operating
decision maker viz. the Board of Directors, who are
responsible for making strategic decisions and assessing
the financial performance and position of the Company.

Note 34 Segment information

The Company is primarily engaged in the business of operating
private FM radio stations in India, which constitutes single
reportable segment.

There is no single external customer from whom the Company
derives 10% or more revenue.

Note 35 Legal Matter

A petition under sections 241, 242 and 244 of the Companies
Act, 2013 was filed with the National Company Law Tribunal
('NCLT'), Allahabad on July 10, 2023, by Mr. Mahendra Mohan
Gupta (Non-Executive Chairman and Promoter of Jagran
Prakashan Limited, the Holding Company) and Mr. Shailesh
Gupta (Whole-Time Director and member of the Promoter
Group of the Holding Company and Non-Executive Director
of the Company) in their individual capacities, against the
other Promoters and members of the Promoter Group of the
Holding Company. The litigation is currently pending at NCLT
and several submissions have been made by all parties to the
NCLT. As of this date, the Company does not expect any impact
of this matter on its financial position as at March 31, 2025 and
its future operations.

For Price Waterhouse Chartered Accountants LLP For and on behalf of the Board of Directors

Firm Registration Number: 012754N/N500016

Amit Peswani Madhukar Kamath Shailesh Gupta

Partner Chairman Director

Membership Number: 501213 DIN: 00230316 DIN: 00192466

Place: Mumbai
Date: May 20, 2025

Ashit Kukian Prashant Domadia Arpita Kapoor

Chief Executive Officer Chief Financial Officer Company Secretary
Place: Mumbai Place: Mumbai

Date: May 20, 2025 Date: May 20, 2025