(L) Provisions:

Provisions are recognized when the Company has a
present obligation (legal and constructive) as a result of
a past event, for which it is probable that a Cash Outflow
will be required and a reliable estimate can be made of
the amount of the obligation.

(M) Lease:

The Company has adopted Ind AS 116. It has resulted
into recognition of Lease Assets Right to Use with a
corresponding Lease Liability in the Balance Sheet.

The Company, as a lessee, recognises a right to use
asset and a lease liability for its leasing arrangements,
if the contract conveys the right to control the use of an
identified asset.

The contract conveys the right to control the use of an
identified asset, if it involves the use of an identified
asset and the Company has substantially all of the
economic benefits from use of the asset and has right
to direct the use of the identified asset. The cost of the
right to use asset shall comprise of the amount of the
initial measurement of the lease liability adjusted for any
lease payments made at or before the commencement
date plus any initial direct costs incurred. The right to
use assets is subsequently measured at cost less any
accumulated depreciation, accumulated impairment
losses, if any and adjusted for any remeasurement of the
lease liability. The right-of-use assets are depreciated
using the straight-line method from the commencement

date over the shorter of lease term or useful life of right-
of-use asset.

The Company measures the lease liability at the present
value of the future lease payments. The lease payments
are discounted using the interest rate implicit in the
lease, if that rate can be readily determined. If that
rate cannot be readily determined, the Company uses
incremental borrowing rate.

For short-term and low value leases, the Company
recognises the lease payments as an operating expense.

(N) Employee Benefits:

(a) Employee Benefits:

All employee benefits such as salaries, wages,
short-term compensated absences, expected cost
of bonus, etc. are recognised in the period in which
the employee renders the related services.

(b) Post-Employment Benefits:

(i) Defined Contribution Plan:

The Company makes defined contributions to
Employee Provident Fund, Employee Pension
Fund, Employee Deposit Linked Insurance,
and perannuation Schemes. The contribution
paid/payable under these schemes is
recognised during the period in which the
employee renders the related services which
are recognised in the Statement of Profit and
Loss on accrual basis during the period in
which the employee renders the services.

(ii) Defined Benefit Plan:

The gratuity liability of the company is funded
through a Group Gratuity Scheme with Life
Insurance Corporation of India (LIC) under
which the annual contribution is paid to
LIC. The Company's liability under Payment
of Gratuity Act is determined on the basis
of actuarial valuation made at the end of
each financial year using the projected unit
credit method. The obligation is measured
at the present value of the estimated future
cash flows using a discount rate based on
the market yield on government securities
where the terms of government securities
are consistent with the estimated terms of
the defined benefit obligations at the Balance
Sheet date. The Company recognizes the net
obligation of a defined benefit plan in its

Balance Sheet as an asset or liability. Gains
and losses through re-measurements of
the net defined benefit liability / (asset) are
recognized in other comprehensive income
and are not reclassified to profit or loss in
subsequent periods.

(c) Share Based Payment:

The grant date fair value of options granted to
employees is recognized as an employee expense,
with a corresponding increase in equity, over the
period that the employees become unconditionally
entitled to the options. The expense is recorded
for each separately vesting portion of the award
as if the award was, in substance, multiple
awards. The increase in Other Equity recognized in
connection with share based payment transaction
is presented as a separate component in equity
under "Employee Share Based Payment Reserve”.
The amount recognized as an expense is adjusted
to reflect the actual number of stock options
that vest.

(O) Foreign Currency Transactions:

Items included in the Standalone Financial Statements
of the Company are measured using the currency of the
primary economic environment in which the Company
operates (functional currency). The Standalone
Financial Statements of the Company are presented in
Indian currency ('), which is also the functional currency
of the Company.

Foreign currency transactions are recorded on initial
recognition in the functional currency, using the exchange
rate as applicable in the period of such transaction.
Exchange differences that arise on settlement of
monetary items or on reporting of monetary items at
each reporting period are appropriately dealt in the
financial statements in accordance with the applicable
Indian Accounting standards.

(P) Income Taxes:

Income tax expense comprises of current tax expense
and deferred tax expenses.

Current and deferred taxes are recognized in Statement
of Profit and Loss, except when they relate to items
that are recognized in other comprehensive income or
directly in equity, in which case, the current and deferred
tax are also recognized in other comprehensive income
or directly in equity, respectively.

Current Income Tax:

Current tax is the amount of tax payable on the taxable
income for the year as determined in accordance with
the provisions of the Income Tax Act of the respective
jurisdiction. The current tax is calculated using tax rates
that have been enacted or substantively enacted, at the
reporting date.

Deferred Tax :

Deferred tax is recognised on temporary differences
between the carrying amounts of assets and liabilities
in the company's financial statements and the
corresponding tax bases used in computation of taxable
profit and quantified using the tax rates and laws enacted
or substantively enacted as on the Balance Sheet date.

Deferred tax liabilities are recognised for all taxable
temporary differences at the reporting date between
the tax base of assets and liabilities and their carrying
amounts for financial reporting purposes. Deferred
tax assets are recognised for all taxable temporary
differences to the extent that is probable that taxable
profits will be available against which those deductible
temporary differences can be utilised.

The carrying amount of deferred tax assets is reviewed
at the end of each reporting period and reduced to the
extent that it is no longer probable that sufficient taxable
profits will be available to allow all or part of the assets
are to be recovered. Unrecognized deferred tax assets
are reassessed at the end of each reporting period and
are recognized to the extent that it has become probable
that future taxable profits will be available against which
the deferred tax assets to be recovered.

The measurement of deferred tax liabilities and assets
reflects the tax consequences that would follow from
the manner in which the company expects, at the end
of reporting period, to recover or settle the carrying
amount of its assets and liabilities.

Deferred tax assets and deferred tax liabilities are offset
when there is a legally enforceable right to set-off the
recognised amounts and there is an intention to settle
the asset and the liability on a net basis.

Minimum Alternate Tax (MAT) :

MAT credit is recognised as an asset only when and to
the extent it is reasonably certain that the Company will
pay normal income tax during the specified period. Such
asset is reviewed at each Balance Sheet date and the
carrying amount of the MAT credit asset is written down
to the extent there is no longer a convincing evidence to
the effect that the Company will pay normal income tax
during the specified period.

(Q) Borrowing Costs:

Borrowing costs, general or specific, that are attributable
to the acquisition or construction of qualifying assets is
capitalized as part of such assets. A qualifying asset is
one that necessarily takes substantial period of time to
get ready for intended use. All other borrowing costs are
charged to the Statement of Profit and Loss.

(R) Contingent Liabilities:

Contingent Liability is:

(a) a possible obligation that arises from past events
and whose existence will be confirmed only by
the occurrence or non-occurrence of one or more
uncertain future events not wholly within the
control of the entity; or

(b) a present obligation that arises from past events
but is not recognised because:

(i) it is not probable that an outflow of resources
embodying economic benefits will be required
to settle the obligation; or

(ii) the amount of the obligation cannot be
measured with sufficient reliability

(i) Working Capital Loans availed from Scheduled Banks, are secured by way of Pari Passu first charge by hypothecation of
Raw Materials, Stock-In-Process, Semi-Finished Goods, Finished Goods, Packing Materials and Stores and Spares, Bills
Receivables and Book Debts and all other moveable, both present and future. Also by way of hypothecation of all moveable
plant & machinery, machinery spares, tools and accessories and other movables, both present and future (except book
debts & inventories) wherever situated, ranking second to the charge held by ECB/Other Term Lenders.

(ii) In respect of working capital borrowings from banks timely stock statements are submitted to the banks and there
are no material discrepancies noted in comparison with the books of accounts. Such on material differences are
arrising on account of different methodology & classification requirements by the banks vis-a-vis the ones addopted in
financial statements.

40. DERIVATIVES & FORWARD CONTRACT INSTRUMENTS:

(A) The Company uses Forward Exchange Contract to hedge against its Foreign Exchange exposures relating to underlying
transactions and firm commitments. The Company does not enter into any derivatives instruments for Trading or
Speculative purposes.

During the Year Company had hedged in aggregate an amount of 591.15 Crs (previous year 487.47 Crs) out of its annual
trade related operations (Exports & Imports) aggregating to 6,714.80Crs (previous year 5,062.44 Crs).

The Company had hedged its currency risks to the tune of 31.42 Crs (previous year 248.25 Crs), in respect of its long
term Foreign Currency Loans/Borrowings. Relating to the same, the Company had also swapped its floating interest rate
borrowing of 367.52 Crs (previous year 269.22 Crs) into a fixed rate loan through an interest rate swap.

(B) Net foreign exchange loss arriving out of export and import activities of the Company of 3.69 Crs (previous year gain of
6.24 Crs) is included in Profit & Loss Account.

Company had entered into forward contracts to hedge its medium and long term exports contracts. Mark to Market gain
on such contracts to the tune of 0.99 Crs (including gain of 2.31 Crs for contracts of more than one year) is recognised
in the Profit & Loss Account. Company had further provided for Revaluation loss on long term borrowing (ECBs) to the
extent of 23.23 Crs as at 31^st March, 2025 and have recognised the same in the Profit & Loss Account.

42. 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. 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. To maintain or adjust the capital structure, the Company may adjust the dividend
payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a
gearing ratio, which is net debt divided by total capital plus net debt. Net Debt is calculated as loans and borrowings less
cash & marketable securities.

43. FINANCIAL RISK MANAGEMENT:

The Company's principal financial liabilities comprise 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 loans, trade and other
receivables, and cash and cash equivalents that derive directly from its operations.

The Company is exposed to credit risk, market risk and liquidity risk. The Company's senior management oversees the
management of these risks.

I. Credit Risk

The company is exposed to credit risk from its operating activities (primarily for trade receivables) and from its financing
activities (deposits with banks and other financial instruments).

Credit risk is the risk that a customer or counterparty to a financial instrument fails to perform or pay the amounts due
causing financial loss to the company. Credit risk arises from company's activities in investments, dealing in derivatives
and outstanding receivables from customers.

The company has a prudent and conservative process for managing its credit risk arising in the course of its business
activities. Sales made to customers on credit are generally secured through Letters of Credit, Bank Guarantees, Parent
Company Guarantees, advance payments and factoring & forfaiting without recourse to AIL.

Credit Risk Management

To manage the credit risk, the Company follows an adequate credit control policy and also has an external credit
insurance cover wherein the customers are required to make an advance payment before procurement of goods. Thus,
the requirement of assessing the impairment loss on trade receivables does not materially arise, since the collectability
risk is mitigated.

Bank balances are held with only high rated banks and majority of other security deposits are placed majorly with
government/statutory agencies.

II. Liquidity Risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a
reasonable price. For the Company, liquidity risk arises from obligations on account of financial liabilities such as trade
payables and other financial liabilities.

(a) Liquidity Risk Management

The Company's corporate treasury department is responsible for liquidity and funding as well as settlement. In
addition, processes and policies related to such risks are overseen by senior management. Management monitors
the Company's net liquidity position through rolling forecasts on the basis of expected cash flows.

III. 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 three types of risk: interest rate risk, currency risk and other price risk, such as
equity price risk and commodity risk.

Foreign Currency Risk

Foreign currency risk is the risk that the Fair Value or Future Cash Flows of an exposure will fluctuate because of changes
in foreign currency rates. Exposures can arise on account of the various assets and liabilities which are denominated in
currencies other than Indian Rupee

The Company's exposure to the risk of changes in foreign exchange rates relates primarily to the Company's operating
activities in exports and imports which is majorly in US dollars.

Hence, to combat the foreign currency exposure, the Company follows a policy wherein the net sales are hedged by
forward Contract.

Notes for Ratio:

a. During the year some vendor payment terms have been revised upwards and also one of the key RM is being sourced at credit of over
90 days resulting in the increase in payable days.

b. Revision in payment terms for major vendors and optimising the current assets resulted in the reduction of Net Working Capital (NWC).
Further the company resorted to certain short term borrowings to finance part of its long term working capital needs, which resulted
into increase in borrowings. As a result of these, the NWC (including Short term borrowings) turned negative at the end of FY25.

c. Finance costs for the year increased substaintailly on account of interest rate increase and also impact of rupee depreciation (revaluatoin
loss) on long term foreign currency loans. Further depreciation for the year also increased due to commissioning of various ongoing
projects. As a result of these increases in the Finance costs and Depreciation, despite increase in EBIDTA, the Net profit for the year was
lower as compared to previous year.

45. OTHER DISCLOSURES:

(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against
the Company for holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 and rules
made thereunder.

(ii) The Company do not have any transactions with companies struck off. under section 248 of Companies Act, 2013
or section 560 of Companies Act, 1956.

(iii) The Company do not have any charges or satisfaction which is 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(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall:

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

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

(vi) The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with
the understanding (whether recorded in writing or otherwise) that the Group 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 such 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 uses SAP ECC & ensures an audit trail, providing standard functionality and logging of all data changes in
the system. This functionality and audit trail feature in SAP ECC has been operational throughout the year. The SAP ECC
environment is appropriately governed, and only authorized users can make postings while interacting with the system
through the application layer. Normal/regular users are not granted direct database or super user level access that would
allow them to make changes to financial documents directly after they have been posted through the application.

In the event of an unauthorized change by a super user, these can be detected through an investigative approach and/or
using services provided by SAP as part of their financial data quality check service, which validates the consistency of
financials based on client request. Therefore, while the database does not currently have the concurrent real-time audit
trail feature due to technical constraints, the tracking of changes can be accomplished through a focused inquiry process.

(ix) Events after the reporting period

Events after the reporting period are those events, favourable and unfavourable, that occur between the end of the
reporting period and the date when the financial statements are approved by the Board of Directors in case of a company,
and, by the corresponding approving authority in case of any other entity for issue. Two types of events can be identified:

(a) those that provide evidence of conditions that existed at the end of the reporting period (adjusting events after the
reporting period); and

(b) those that are indicative of conditions that arose after the reporting period (non-adjusting events after the
reporting period).

As on May 8, 2025 there were no material subsequent events to be recognized or reported that are not already disclosed.
46. The figures of previous year have been regrouped and rearranged wherever necessary.

As per our report of even date

For Gokhale & Sathe For and on behalf of the Board

Chartered Accountants
FRN: 103264W

Rajendra V. Gogri Rashesh C. Gogri Suyog K. Kotecha

Chairman and Managing Director Vice Chairman and Managing Director CEO and Executive Director
DIN: 00061003 DIN: 00066291 DIN: 10634964

Uday Girjapure

Partner

M.No. 161776 Chetan Gandhi Raj Sarraf

Place: Mumbai Chief Financial Officer Company Secretary

Date: May 8, 2025 ICAI M.No. 111481 ICSI M.No. A15526