Provisions and contingent liabilities

Provisions are recognized when the Company has a present, legal or constructive obligation as a result of
a past event and it is probable that an outflow of resources will be required to settle the obligation, and a
reliable estimate of the amount of the obligation can be made. Provisions are determined based on the
best estimate required to settle the obligation at the Balance Sheet date. Provisions are reviewed at each
Balance Sheet date and adjusted to reflect current best estimates.

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 recognized
as interest expense.

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 financial statements. A disclosure
for a contingent liability is made where there is a possible obligation arising out of past events, the
existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain
future events not wholly within the control of the Company or a present obligation arising out of a past
event where it is either not probable that an outflow of resources will be required to settle or a reliable
estimate of the amount cannot be made.

(t) Paid-up 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.

(u) Dividends

The Company recognizes a liability to make cash or non-cash distributions to equity holders of the Company
when distribution is authorized and the distribution is no longer at the discretion of the Company. As per
the corporate laws in India, a distribution is authorized when it is approved by the shareholders. A
corresponding amount is recognized directly in equity.

(v) Earnings per share

(i) Basic Earnings per Share

Basic earnings per share is calculated by dividing the net profit for the period attributable to equity
shareholders by the weighted average number of equity shares outstanding during the financial
year. Earnings considered in ascertaining the company's earnings per share is the net profit for the
period after deducting any attributable tax thereto for the period. The weighted average number of
equity shares outstanding during the period and for all periods presented is adjusted for events, such
as bonus shares, other than the conversion of potential equity shares that have changed the number
of equity shares outstanding, without a corresponding change in resources.

(ii) Diluted Earnings per Share

For the purpose of calculating diluted earnings per share, the net profit or loss for the period
attributable to equity shareholders and the weighted average number of shares outstanding during
the period is adjusted for the effects of all dilutive potential equity shares.

(w) Rounding of amounts:

All amounts disclosed in these separate financial statements and notes have been rounded off to the
nearest millions as per the requirement of Schedule III, unless otherwise stated.

1B. Standards issued but not yet effective]

The Ministry of Corporate Affairs (MCA) on 31 March 2023, vide Notification dated 31 March 2023 has issued
Companies (Indian Accounting Standard) Amendment Rules, 2022 in consultation with the National Financial
Reporting Authority (NFRA).

The notification states that these rules shall be applicable from 1 April 2023 and would thus be applicable for
the financial year ending 31 March 2024.

The amendments to Ind AS are intended to keep the Ind AS aligned with the amendments made in IFRS.

1. Amendments to Ind AS 1, "Presentation of Financial Statements"

The amendments require companies to disclose their material accounting policies rather than their significant
accounting policies. Accounting policy information, together with other information, is material when it
can reasonably be expected to influence decisions of primary users of general purpose financial statements.

2. Amendments to Ind AS 8, "Accounting Policies, Changes in Accounting Estimates and Errors"

The amendments will help entities to distinguish between accounting policies and accounting estimates.
The definition of a change in accounting estimates has been replaced with a definition of accounting
estimates. Under the new definition, accounting estimates are "monetary amounts in financial statements
that are subject to measurement uncertainty". Entities develop accounting estimates if accounting policies
require items in financial statements to be measured in a way that involves measurement uncertainty.

3. Amendments to 12, "Income Taxes"

The amendments clarify how companies account for deferred tax on transactions such as leases and
decommissioning obligations. The amendments narrowed the scope of the initial recognition exemption
so that it does not apply to transactions that, on initial recognition, give rise to equal taxable and deductible
temporary differences.

No significant impact on financial statements of the Company are expected as a result of these amendments.

2. Significant accounting judgements, estimates and assumptions

The preparation of the Company's separate financial statements requires management to make judgments,
estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and
the accompanying disclosures, and the disclosure of contingent liabilities. This note provides an overview of the
areas that involve a higher degree of judgments or complexities and of items which are more likely to be
materially adjusted due to estimates and assumptions turning out to be different than those originally assessed.
Detailed information about each of these judgments, estimates and assumptions is mentioned below.

Judgments, estimates and assumptions are continually evaluated. They are based on historical experience and
other factors, including expectations of future events that may have a financial impact on the company and that
are believed to be reasonable under the circumstances.

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.

1. Fair value measurement of unquoted financial instruments

When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be
measured based on quoted prices in active markets, their fair value is measured using valuation techniques.
The inputs to these models are taken from observable markets where possible, but where this is not
feasible, a degree of judgement is required in establishing fair values. Judgements include considerations
of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could
affect the reported fair value of financial instruments. See Note 30 for further disclosures.

2. Deferred Tax

At each balance sheet date, the Company assesses whether the realization of future tax benefits is
sufficiently probable to recognize deferred tax assets. This assessment requires the use of significant
estimates with respect to assessment of future taxable income. The recorded amount of total deferred
tax asset could change if estimates of projected future taxable income or if changes in current tax regulations
are enacted.