2.15 Provisions, contingent liabilities and contingent
assets

Provisions are recognised when the Company has
a present obligation (legal or constructive) as a
result of a 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.
When the Company expects some or all of a provision
to be reimbursed, the reimbursement is recognised as
a separate asset, but only when the reimbursement is
virtually certain. The expense relating to a provision
is presented in the statement of profit and loss net of
any reimbursement.

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. When discounting is used, the
increase in the provision due to the passage of time is
recognised as a finance cost.

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 with in the
control of the Company or a present obligation
that arises from past events where it is either
not probable that an outflow of resources will be
required to settle or reliable estimate of the amount
cannot be made. Therefore, in order to determine
the amount to be recognised as a liability or to be
disclosed as a contingent liability, in each case, is
inherently subjective, and needs careful evaluation
and judgement to be applied by the management.
In case of provision for litigations, the judgements
involved are with respect to the potential exposure
of each litigation and the likelihood and/or timing
of cash outflows from the Company, and requires
interpretation of laws and past legal rulings.

Possible inflows of economic benefits to the Company
that do not yet meet the recognition criteria of an
asset are considered contingent assets.

2.16 Earnings per share (EPS)

Basic earnings per share is calculated by dividing
the profit or loss for the period attributable to
equity shareholders of the Company by the weighted
average number of equity shares outstanding during
the year.

C iluted earnings per share are computed and
disclosed after adjusting the effects of all dilutive
potential equity shares, if any, except when the
results will be anti-dilutive.

2.17 Dividend

The Company recognises a liability to make cash
or non-cash distributions to equity holders of the
Company 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. A corresponding amount is recognised
directly in equity.

2.18 Significant accounting judgements, estimates
and assumptions

Che preparation of the Company's financial
statements in conformity with the Indian Accounting
Standards requires management to make
judgements, estimates and assumptions that affect
the reported amounts of revenues, expenses, assets
and liabilities, and the accompanying disclosures
(including contingent liabilities). The management
believes that the estimates used in preparation of
the financial statements are prudent and reasonable.
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.

A. Judgement

I n 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 financial statements:

i) Determining the lease term of contracts
with renewal and termination options -
Company as lessee

Che Company determines the lease
term as the non-cancellable term of the
lease, together with any periods covered
by an option to extend the lease if it is
reasonably certain to be exercised, or any
periods covered by an option to terminate
the lease, if it is reasonably certain not to
be exercised.

Cor the lease contracts that includes
extension and termination options. The
Company applies judgement in evaluating
whether it is reasonably certain whether
or not to exercise the option to renew or
terminate the lease. That is, it considers all
relevant factors that create an economic
incentive for itto exercise eitherthe renewal
or termination. After the commencement
date, the Company reassesses the lease
term if there is a significant event or
change in circumstances that is within its
control and affects its ability to exercise or
not to exercise the option to renew or to
terminate (e.g., construction of significant
leasehold improvements or significant

customisation to the leased asset).

Leases - estimating the incremental
borrowing rate

The Company cannot readily determine the
interest rate implicit in the lease, therefore, it
uses its incremental borrowing rate (IBR) to
measure lease liabilities. The IBR is the rate of
interest that the Company would have to pay to
borrow over a similar term, and with a similar
security, the funds necessary to obtain an asset
of a similar value to the right-of-use asset in
a similar economic environment. The IBR
therefore reflects what the Company 'would
have to pay', which requires estimation when
no observable rates are available or when they
need to be adjusted to reflect the terms and
conditions of the lease. The Company estimates
the IBR using observable inputs (such as market
interest rates) when available and is required to
make certain entity-specific estimates (such as
the subsidiary's stand-alone credit rating).

ii) Revenue from contracts with customers

The Company applied the following judgements
that significantly affect the determination of the
amount and timing of revenue from contracts
with customers:

Determining method to estimate variable
consideration and assessing the constraint

Certain contracts for the sale of books include
cash discounts and turnover discounts and a
right to return the goods that give rise to variable
consideration. In estimating the variable
consideration, the Company is required to use
either the expected value method or the most
likely amount method based on which method
better predicts the amount of consideration to
which it will be entitled.

B efore including any amount of variable
consideration in the transaction price, the
Company considers whether the amount of
variable consideration is constrained. The
Company determined that the estimates of
variable consideration are not constrained
based on its historical experience, business
forecast and the current economic conditions.
In addition, the uncertainty on the variable

consideration will be resolved within a short
time frame.

B. 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 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.

i) Deferred tax assets

Deferred tax assets are recognised to the extent
it is probable that future taxable profits will
be available against which they can be used.
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.

ii) Defined employee benefits plans

The cost of the defined employee benefits
obligations 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.

The parameter most subject to change is the
discount rate. In determining the appropriate
discount rate, the management considers the
interest rates of government bonds with term
that correspond with the expected term of the
defined benefit obligation.

The mortality rate is based on publicly available
mortality tables. Those mortality tables tend
to change only at interval in response to
demographic changes. Future salary increases

are based on expected future inflation rates for
the respective countries.

Further details about defined employee benefit
plans are given in note 40.

iii) Provision for expected credit losses of trade
receivables

T he Company uses a provision matrix to
calculate ECLs for trade receivables. The
provision rates are based on days past due for
groupings of various customer segments that
have similar loss patterns (i.e., by geography,
product type, customer type and rating, and
coverage by letters of credit and other forms of
credit insurance).

The provision matrix is initially based on the
Company's historical observed default rates.
The Company will calibrate the matrix to
adjust the historical credit loss experience with
forward-looking information. For instance,
if forecast economic conditions (i.e., gross
domestic product) are expected to deteriorate
over the next year which can lead to an increased
number of defaults in the manufacturing sector,
the historical default rates are adjusted. At
every reporting date, the historical observed
default rates are updated and changes in the
forward-looking estimates are analysed.

The assessment of the correlation between
historical observed default rates, forecast
economic conditions and ECLs is a significant
estimate. The amount of ECLs is sensitive
to changes in circumstances and of forecast
economic conditions. The Company’s historical
credit loss experience and forecast of economic
conditions may also not be representative of
customer’s actual default in the future. For
details of allowance for expected credit loss,
please refer note 15.

iv) Impairment of financial and non-financial
assets

The impairment provisions for financial assets
are based on assumptions about risk of default
and expected cash loss rates. The Company
uses judgement in making these assumptions
and selecting the inputs to the impairment
calculation, based on Company’s past history,
existing market conditions as well as forward-

looking estimates at the end of each reporting
period.

The carrying amounts of the Company’s non¬
financial assets, other than deferred tax assets,
are reviewed at the end of each reporting period
to determine whether there is any indication of
impairment. If any such indication exists, then
the asset's recoverable amount is estimated.

The recoverable amount of an asset or cash¬
generating unit ('CGU') is the greater of its
value in use and its fair value less costs to sell.
In assessing value in use, the estimated future
cash flows are discounted to their present
value using a pre-tax discount rate that reflects
current market assessments of the time value of
money and the risks specific to the asset or CGU.
For the purpose of impairment testing, assets
that cannot be tested individually are grouped
together into the smallest group of assets that
generates cash inflows from continuing use that
are largely independent of the cash inflows of
other assets or groups of assets ('CGU').

Market related information and estimates are
used to determine the recoverable amount.
Key assumptions on which management has
based its determination of recoverable amount
include estimated long term growth rates,
weighted average cost of capital and estimated
operating margins. Cash flow projections take
into account past experience and represent
management's best estimate about future
developments.

v) Useful lives of depreciable/amortisable
assets

Management reviews the estimated useful
lives and residual value of property, plant and
equipment and intangibles at the end of each
reporting period. Factors such as changes in
the expected level of usage could significantly
impact the economic useful lives and the
residual values of these assets. Consequently,
the future depreciation charge could be revised
and may have an impact on the profit of the
future years.

2.19 Segment reporting

Operating segments are reported in a manner

consistent with the internal reporting provided

to the chief operating decision maker. The
Company's Managing Director assesses the financial
performance and position of the Company, and makes
strategic decision and has been identified as the chief
operating decision maker. The Company's primary
business segment is reflected based on principal
business activities carried on by the Company. As
per Indian Accounting Standard 108, Operating
Segments, as notified under the Companies (Indian
Accounting Standards) Rules, 2015, the Company
operates in one reportable business segment i.e.,
publishing of books. The geographical information
analyses the Company's revenue and trade
receivables from such revenue in India and other
countries. The Company primarily operates in India.
Refer note 49 for segment reporting.

2.20 Business combination

Business combination between entities under
common control are accounted at historical cost. The
difference between the consideration paid/received
and the carrying amount of assets and liabilities
transferred is recorded in the capital reserve, a
component of other equity.

Business combination arising from transfers of
interest in entities that are under common control
are accounted for as if the acquisition had occurred
at the beginning of the earliest comparative period
presented or, if later, at the date that common control
was established; for this purpose, comparatives are
revised.

2.21 Accounting Standards (Ind AS) and
interpretations effective during the year

a) Amendments to Ind AS 116 - Lease liability
in a sale and leaseback
The amendments require an entity to recognise
lease liability including variable lease payments
which are not linked to index or a rate in a way
it does not result into gain on right of use asset
it retains.

The above mentioned amendments do not have
a material impact on the financial statements.

2.22 Recent accounting pronouncements which are
not yet effective

(a) Introduction of Ind AS 117

MCA notified Ind AS 117, a comprehensive
standard that prescribe, recognition,
measurement and disclosure requirements,
to avoid diversities in practice for accounting
insurance contracts and it applies to all
companies i.e., to all "insurance contracts"
regardless of the issuer. However, Ind AS 117
is not applicable to the entities which are
insurance companies registered with IRDAI.

The Company has reviewed the new
pronouncements and based on its evaluation
has determined that these amendments do not
have a significant impact on the Company's
standalone financial statements.

b. Terms/rights attached to equity shares

The Company has only one class of equity shares having par value of ' 5 per share (31 March 2024: ' 5 per share). Each
holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. 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. The distribution will be in proportion to the number of equity
shares held by the shareholders.

c. The Company has not issued any shares pursuant to a contract without payment being received in cash in the current
year and preceding five years. There has not been any buy-back of shares in the current year and preceding five years. The
Company has not issued any bonus shares during the year.

Nature and purpose of reserves:

Capital reserve

Capital reserve represents reserve created on cancellation of forfeited equity shares and on account of business combinations
under common control.

General reserve

General Reserve represents amount apportioned out of retained earnings.

Securities premium

Securities premium comprises of the premium on issue of shares. The reserve is utilised in accordance with the specific
provision of the Companies Act, 2013.

Retained earnings

Retained earnings refer to the net profit/(loss) retained by the Company for its core business activities. Also includes re¬
measurement gains on defined benefit plans.

Employee stock options outstanding

Employee stock options have been issued under Equity Settled ESOP Scheme 2012 (Scheme 2012), Equity Settled ESOP
Scheme 2018 (Scheme 2018) and Equity Settled ESOP Scheme 2023 (Scheme 2023) to the eligible employees and subsequent
to that various grants were issued. The reserve has been created for the various ESOP grants issued by the Company thereafter.

Notes:

a. Cash credit from State Bank of India is secured by way of first pari passu charge (along with HDFC and Indian Bank) on the entire existing
and future current assets and movable property, plant and equipment of the Company (excluding assets which are specifically charged
to other lenders), personal guarantee of Mr. Himanshu Gupta and Mr. Dinesh Kumar Jhunjhnuwala, Directors of the Company. The loan
carry interest rate of 9.85% to 10.10% p.a. (31 March 2024: 10.10% to 11.15% p.a.).

The Company has further availed cash credit/dropline overdraft from RBL Bank, secured by way of subservient charge on the entire
existing and future current assets and movable property, plant and equipment of the Company (excluding assets which are specifically
charged to other lenders), charge on immovable property of the Company situated at plot no. 40/2 A, site no. IV, UPSIDC industrial estate,
Sahibabad and personal guarantee of Mr. Himanshu Gupta and Mr. Dinesh Kumar Jhunjhnuwala, Directors of the Company. These loans
carry interest rate of 9.75% p.a. (31 March 2024: 9.75% p.a).

Cash credit from Indian Bank, secured by way of first pari passu charge along with HDFC Bank and SBI on the entire existing and future
current assets and fixed assets of the Company (excluding assets which are specifically charged to other lenders), personal guarantee of
Mr. Himanshu Gupta and Mr. Dinesh Kumar Jhunjhnuwala, Directors of the Company. These loans carry interest rate of 8.70% p.a. (31
March 2024: 8.70% to 10.65% p.a).

b. Working capital demand loan/cash credit from HDFC Bank and from State Bank of India have been availed during the previous year.
These loan carries interest rate of 7.12% to 9.58% p.a (31 March 2024: 7.73% to 10.40% p.a). The loan is secured by way of first pari
passu charge along with HDFC Bank and Indian Bank on the entire existing and future current assets and movable property, plant and
equipment of the Company (excluding assets which are specifically charged to other lenders) and personal guarantee of Mr. Himanshu
Gupta and Mr. Dinesh Kumar Jhunjhnuwala, Directors of the Company.

39 The National Curriculum Framework for School Education (NCF-SE) was released by the Hon'ble Union Minister of Education,
Skill Development and Entrepreneurship in August, 2023. This is the first ever integrated Curriculum Framework for children
between ages 3-18 years in India. It is a direct outcome of the 5 3 3 4 curricular and pedagogical structure that National
Education Policy (NEP) 2020 has come out with for School Education. This is in follow-up to the NCF of the Foundational Stage
(NCF-FS) which was released in October 2022. The management believes that since the New Curriculum has been announced
after a gap of 18 years, it would substantially reduce the second-hand book market, and which would spur strong volume
growth. Further, management believes that there is no material impact on the inventory of the Company.

40 Employee benefits

a. Defined contribution plan

An amount of ' 35.27 million (31 March 2024 : ' 31.85 million) for the year has been recognised as an expense in respect
of the Company's contributions towards Provident Fund, an amount of ' 0.13 million (31 March 2024 : ' 0.49 million)
for the year has been recognised as an expense in respect of Company’s contributions towards Employee State Insurance
and an amount of ' 1.50 million (31 March 2024 : ' 1.74 million) for the year has been recognised as an expense in
respect of the Company’s contributions towards National Pension Scheme, which are deposited with the government
authorities/funds approved by the government authorities and have been included under employee benefit expenses in
the Statement of Profit and Loss.

b. Gratuity

The Company has a defined benefit gratuity plan governed by the Payment of Gratuity Act, 1972. Under the Gratuity Act,
employees are entitled to specific benefit at the time of retirement or termination of the employment on completion of
five years or death while in employement. The level of benefit provided depends on the member’s length of service and
salary at the time of retirement/termination age.

Under the Company's gratuity plan, every employee who has completed at least five years of service gets a gratuity on
departure at 15 days of last drawn salary for each completed year of service or part thereof in excess of six months subject
to a maximum of ' 3.00 million. The scheme is funded with two insurance companies in the form of qualifying insurance
policies.

The following tables summarize the components of net benefit expense recognised in the profit and loss account and
amounts recognised in the balance sheet for Gratuity Plan.

The sensitivity analyses above have been determined based on a method that extrapolates the impact on defined benefit
obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period.

The above defined benefit plan exposes the Company to following risks:

Investment risk:

For funded plans that rely on insurers for managing the assets, the value of assets certified by the insurer may not be the
fair value of instruments backing the liability. In such cases, the present value of the assets is independent of the future
discount rate. This can result in wide fluctuations in the net liability or the funded status if there are significant changes
in the discount rate during the inter-valuation period.

Market risk (interest risk):

Market risk is a collective term for risks that are related to the changes and fluctuations of the financial markets. The
discount rate reflects the time value of money. An increase in discount rate leads to decrease in defined benefit obligation
of the plan benefits & vice versa. This assumption depends on the yields on the corporate/government bonds and hence
the valuation of liability is exposed to fluctuations in the yields as at the valuation date.

Longevity risk:

The impact of longevity risk will depend on whether the benefits are paid before retirement age or after. Typically for the
benefits paid on or before the retirement age, the longevity risk is not very material.

Actuarial risk:

Salary increase assumption

Actual salary increase that are higher than the assumed salary escalation, will result in increase to the obligation at a rate
that is higher than expected.

Attrition/withdrawal assumption

If actual withdrawal rates are higher than assumed withdrawal rates, the benefits will be paid earlier than expected.
Similarly if the actual withdrawal rates are lower than assumed, the benefits will be paid later than expected. The impact
of this will depend on the demography of the company and the financials assumptions.

Regulatory risk:

Any changes to the current Regulations by the Government, will increase (in most cases) or decrease the obligation which
is not anticapated. Sometimes, the increase is many fold which will impact the financials quite significantly.

43 Employee stock option plans

The Company provides share-based payment schemes to its employees. During the year ended 31 March 2025, Equity Settled
ESOP Scheme 2012 (Scheme 2012), Equity Settled ESOP Scheme 2018 (Scheme 2018) and ESOP Scheme 2023 (the "ESOP
2023") were in existence. The relevant details of the schemes and the grant are as below.

Equity Settled ESOP Scheme 2012 (Scheme 2012) :

On 30 June 2012, the board of directors approved the Equity Settled ESOP Scheme 2012 (Scheme 2012) for issue of stock
options to the eligible employees. According to Scheme 2012, two types of options were granted by the Company to the
eligible employees viz Growth and Thankyou option and were entitled to 2,194 and 292 options respectively. The options were
subject to satisfaction of the prescribed vesting conditions, viz., continuing employment with the Company. However in case of
Growth options, in addition to this the board may also specify the certain corporate, individual or a combination performance
parameters subject to which the option would vest.

Equity Settled ESOP Scheme 2018 (Scheme 2018) :

Equity Settled ESOP Scheme 2018 (Scheme 2018) was approved by shareholders on 25 September 2018, for issue of stock
options to the eligible employees. According to Scheme 2018, eligible employees will be granted 190,000 options. The options
were subject to satisfaction of the prescribed vesting conditions, viz., continuing employment with the Company.

Equity Settled ESOP Scheme 2023 (Scheme 2023) :

Equity Settled ESOP Scheme 2023 (Scheme 2023) was approved by shareholders on 26 September 2023, for issue of stock
options to the eligible employees. According to Scheme 2023, eligible employees will be granted 300,000 options. The options
were subject to satisfaction of the prescribed vesting conditions, viz., continuing employment with the Company.

Each vest has been considered as a separate grant with weights assigned to each vesting as per the vesting schedule. The minimum
life of a stock option is the minimum period before which the options cannot be exercised and the maximum life is the period
after which the options cannot be exercised. The expected life has been calculated as an average of minimum and maximum life.
The volatility for periods corresponding to the respective expected lives of the different vests, prior to the grant date has been
considered. The daily volatility of the Company's stock price on stock exchanges over these years has been considered.

4 Financial Instruments:- Financial risk management objectives and policies

The Company’s principal financial liabilities, comprises of loans and borrowings, trade and other payables. The main purpose of
these financial liabilities is to finance the Company's operations. The Company's principal financial assets include investments
in equity shares, advances to related party, trade and other receivables, security deposits, cash and short-term deposits that
are derived 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 and advises on financial risks and the appropriate financial risk governance framework for the
Company. The board provides assurance to the shareholders 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.

The sensitivity analyses in the following sections relate to the position as at 31 March 2025 and 31 March 2024.
The sensitivity analyses have been prepared on the basis that the amount of net debt, the ratio of floating to fixed interest
rates ofthe debt and the proportion of financial instruments in foreign currencies are all constant in place at 31 March 2025.
The analyses exclude the impact of movements in market variables on: the carrying values of employee benefits provisions.
The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks.

a. 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 debt obligations with variable interest rates.

d. Commodity risk

Commodity price risk arises due to fluctuation in prices of papers. The Company has risk management framework
aimed at prudently managing the risk arising from volatility in the commodity prices. The Company's commodity risk is
managed centrally through well established control processes. Further the selling price of finished goods fluctuates due
to fluctuation in price of papers and the Company expects that the net impact of such fluctuation would not be material.

Ba. Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss. The Company is not exposed to any significant credit risk from its operating activities (primarily
trade receivables), including deposits with banks and financial institutions, foreign exchange transactions and other
financial instruments.

c. Treasury related credit risk

Credit risk on cash and cash equivalents and other deposits with the banks is limited as the Company generally invest
in deposits with banks with high credit ratings assigned by external credit rating agencies , accordinglt the Compny
consideres that the related credit risk is low. Impairment on these items is measured on 12- month expected credit loss
basis.

Significant Increase in Credit Risk (SICR)

The Company considers a financial instrument to have experienced a significant increase in credit risk when on any
financial instrument if the payment is more than 30 days past due on its contractual payments.

C. Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its
financial liabilities that are settled by delivering cash or another financial asset. The Company's objective is to maintain a
balance between continuity of funding and flexibility through the use of bank overdrafts, and bank loans. The Company’s
approach to managing liquidity to ensure , as far as possible, that it will have sufficient liquidity to meet its liability when
they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to
the Company’s reputation. The Company closely monitors its liquidity position and deploys a robust cash management
system. The Company manages liquidity risk by maintaining adequate reserves, borrowing liabilities, by continuously
monitoring forecast and actual cash flows, profile of financial assets and liabilities. It maintain adequate sources of
financing including loans from banks at an optimised cost. The table below provides the details regarding contractual
maturities of financial liabilities.

45 Capital management

For the purpose of the Company's capital management, capital includes issued equity capital 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 seeks to maintain a balance between the higher returns that might be possible with higher levels of borrowings
and the advantages and security afforded by a sound capital position. The primary objective of the Company's capital
management is to maximise the shareholder value.

The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company's
policy is to keep the gearing ratio less than 30%. The Company measures underlying net debt as total liabilities, comprising
interest bearing loans and borrowings, excluding any dues to subsidiaries or group companies less cash and cash equivalents.
For the purpose of capital management, total capital includes issued equity capital, share premium and all other reserves
attributable to the equity holders of the Company, as applicable.

The following assumptions/ methods were used to estimate the fair values:

i) The fair values of trade receivables, cash and cash equivalents, other current financial assets, trade payable and other
current financial liabilities are considered to be same as their carrying values due to their short term nature.

ii) Fair value of quoted financial instruments is based on quoted market price at the reporting date.

iii) The carrying amount of other items carried at amortized cost are reasonable approximation of their fair value.

iv) The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged
in a current transaction between willing parties, other than in a forced or liquidation sale. The fair values of the quoted
notes and bonds are based on price quotations at the reporting date.

47 The Board of Directors of the Company have approved the payment of interim dividend of INR 4.00 (80%) per equity share of
INR 5.00/- each for the financial year ended 31 March 2025. The record date for the purpose of payment of interim dividend
is fixed as 30 May 2025. The Board of Directors of the Company had recommended a dividend of INR 3.00/- (60%) per equity
share of INR 5.00/- each for the financial year ended 31 March 2024 which was subsequently approved by the shareholders in
the Annual General Meeting held on 20 September 2024 and paid thereof.

49 Segment reporting
Basis of segmentation:

The Company's primary business segment is reflected based on principal business activities carried on by the Company.The
Managing Director has been identified as being the Chief Operating Decision Maker (‘CODM’) and evaluates the Company’s
performance and allocates resources based on analysis of the various performance indicators of the Company as a single unit.
As per Indian Accounting Standard 108, Operating Segments, as notified under the Companies (Indian Accounting Standards)
Rules, 2015, the Company operates in one reportable business segment i.e., publishing of books.

Geographical information:

The geographical information analyses the Company's revenue and trade receivables from such revenue in India and other
countries. In presenting the geographical information, segment revenue and receivables has been based on the geographical
location of the customer.

Notes:

a In respect of Assessment Year 2015-16, a disallowance under section 36(1)(va) read with section 2(24)(x) of the Income Tax Act, a
demand has been raised on account of disallowance of payment made towards employee's contribution to Provident Fund after the
due date of payment but before the due date of filling return and disallowance of unexplained expenditure u/s 69 C of the Income
Tax Act. The matter is pending with CIT (A). The amount involved is ' 0.72 million (31 March 2024: ' 0.72 million).

b In respect of Assessment Year 2018-19, a demand order for the payment of additional tax liability due to application of lower tax
rate ( 25% instead of 30%) had been received. The matter is pending with CIT (A). The amount involved is ' 1.92 million (31 March
2024: ' 1.92 million).

c In respect of Assessment Year 2018-19, a disallowance under sections 40(a)(ia), provision for bad debts u/s 36(1)(vii), 69 & 69C
on account of unexplained investment, & depreciation claimed thereon of the Income-tax Act respectively. The matter is pending
with CIT (A). The amount involved is ' 83.99 million (31 March 2024: ' 73.18 million).

d In respect of Assessment Year 2020-21, a disallowance under sections 36(1)(va) and 69 & 69C on account of unexplained
investment, & depreciation claimed thereon of the Income-tax Act respectively. The matter is pending with CIT (A). The amount
involved is ' 79.31 million (31 March 2024: ' 79.31 million).

e In respect of Financial Year 2017-18, the Company has filed appeal before Commissioner Appeals against the order passed by the
department for availment of excess ITC in GSTR 3B as compared to table 8A of GSTR 9, further reversal of ITC on non-business
transaction and exempt supplies, and ineligibility of ITC on purchase of Electrical items. The amount involved is ' 4.82 million (31
March 2024: NIL).

f During the year 2015-16, the Company received notice under Indian Stamp Act, 1899 for non-payment of stamp duty on transfer of
property on amalgamation and demerger held in the financial year 2011-12. The district registrar contented that order of Hon'ble
High Court for amalgamation and demerger does not grants exemption in respect of payment of stamp duty.

During the year 2017-18, the Company has also received a demand notice from the Sub-Registrar under section 80A of the
Registration Act, 1908 wherein the authority has directed the Company to pay additional registration fee of ' 0.03 million
(31 March 2024: 0.03 million) and stamp duty of ' 27.01 million (31 March 2024: 27.01 million). Persuant to the department's
order, It is estimated that the Company shall be liable to pay stamp duty and registration fees of a maximum of ' 27.10 million and
' 0.03 million respectively based on the value of the immovable assets as may be calculated by the department. The determination of
whether value is to be the value as specified in the order or market value remains uncertain. The company is awaiting adjudications
of the stamp duty by the Registrar to ascertain liability net of the amount already paid.

As per the legal opinion obtained, management is of the view that no liability would accrue on the Company on account of such
case. Accordingly, no provision has been made in the books of account for the same.

g The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are
required and disclosed as contingent liabilities where applicable, in its standalone financial statements. The Company also believes
that the above issues, when finally settled, are not likely to have any significant impact on the financial position of the Company. The
Company does not expect any reimbursements in respect of the above contingent liabilities.

58 Other statutory information

(i) No proceedings have been initiated or are pending against the Company for holding any benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

(ii) The Company does not have transactions with companies struck-off from Register of Companies.

(iii) There are no charges or satisfaction yet to be registered with ROC beyond the statutory period.

(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

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

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

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

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

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

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

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

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

59 The Ministry of Corporate Affairs (MCA) has prescribed a new 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 change were made and ensuring that the audit trail cannot be disabled.
During the current year, the audit trail (edit logs) feature for any direct changes made at the database level was not enabled for
the accounting software used for maintenance of books of account. However, the audit trail (edit log) at the application level
for the accounting software were operating for all relevant transactions recorded in the software. Furthermore, the audit trail
has been preserved by the Company as per the statutory requirements for record retention.

The accompanying notes are an integral part of the standalone financial statements.

As per our report of even date

For Walker Chandiok & Co LLP For and on behalf of the Board of Directors of

Chartered Accountants S Chand And Company Limited

Firm Registration No.: 001076N/N500013

Sd/- Sd/- Sd/- Sd/- Sd/-

Rahul Kool Himanshu Gupta Savita Gupta Saurabh Mittal Jagdeep Singh

Partner Managing Director Director Chief Financial Officer Company Secretary

Membership No.: 425393 DIN: 00054015 DIN: 00053988

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

Date : 23 May 2025 Date : 23 May 2025 Date : 23 May 2025 Date : 23 May 2025 Date : 23 May 2025