m) Provisions and contingencies

Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events and
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 recognized 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 recognized 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 recognized as interest expense.

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 within 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 the obligation or a reliable estimate of the amount cannot be made. A Contingent asset
is disclosed, where an inflow of economic benefits is probable.

n) Investment in subsidiaries and joint ventures

Investments in subsidiary companies and joint venture companies are carried at cost less accumulated impairment losses, if
any. Where an indication of impairment exists, the carrying amount of the investment is assessed and written down immediately
to its recoverable amount. On disposal of investments in subsidiary companies and joint venture companies, the difference
between net disposal proceeds and the carrying amounts are recognised in the Standalone Statement of Profit and Loss.

o) 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
Standalone Statement of Profit and 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 the cash flows.

For assets measured at fair value, gains and losses will either be recorded in the Standalone Statement of Profit and
Loss or other comprehensive income.

(ii) Recognition and derecognition

Regular way purchases and sales of financial assets are recognized on trade-date, being the date on which the
Company commits to purchase or sale the financial asset. Financial assets are derecognized when the rights to receive
cash flows from the financial assets have expired or have been transferred and the group has transferred substantially
all the risks and rewards of ownership.

(iii) Measurement

At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not
at fair value through the Standalone Statement of Profit and Loss, transaction costs that are directly attributable to the
acquisition of the financial asset. Transaction costs of financial assets carried at fair value through the Profit or Loss are
expensed in the Statement of Standalone Profit and Loss.

(a) Debt Instruments:

Subsequent measurement of debt instruments depends on the Company business model for managing the
assets and cash flows characteristic. There are three measurement categories into which the Company classifies
its debt instruments.

Amortised Cost: Assets that are held for the collection of contractual cash flow where those cash flows
represent solely payments of principal and interest are measured at amortised cost. Interest income from
these financial assets is included in finance income using the effective interest rate method. Any gain or
loss arising on derecognition is recognized directly in the Standalone Statement of Profit and Loss and
presented as separate line item in other expenses. Impairment losses are presented as separate line item in
the Standalone Statement of Profit and Loss.

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). The Company does not
have debt instrument measured under this category.

Fair Value through profit and loss: Assets that do not meet the criteria for amortised cost or FVOCI are measured
as fair value through profit and loss. A gain or loss on a debt investment that is subsequently measured at fair
value through profit and loss is recognized in the Standalone Statement of Profit and Loss. Interest income
from these financial assets is included in other income. Debt instrument under this category comprises of
investments in mutual funds that do not qualify for measurement at either at amortised cost or FVOCI.

(b) Equity instruments

The Company subsequently measures all equity investments other than investment in subsidiary companies and
joint venture 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 following the derecognition of the investment. Dividends from such investments are
recognized in Standalone Statement of Profit and 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 recognized in the Statement
of Standalone 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. The impairment methodology applied depends on whether there has been a significant increase in
credit risk. Note 43 details how the Company determines whether there has been a significant increase in credit risk.

(v) Income recognition

Interest income:

Interest income from financial assets at fair value through profit or loss is disclosed as interest income within other
income. Interest income on financial assets at amortised cost is calculated using the effective interest method is
recognized in the Standalone Statement of Profit and Loss as part of other income.

I nterest income is calculated by applying the effective interest rate to the gross carrying amount of a financial
asset except for financial assets that subsequently become credit-impaired. For credit-impaired financial assets
the effective interest rate is applied to the net carrying amount of the financial asset (after deduction of the
loss allowance).

Dividend:

Dividends are recognized in the Standalone Statement of Profit and 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.

p) Exceptional items

If the management believes that losses are material and is relevant to an understanding of the entity’s financial performance,
it discloses the same as an exceptional item.

3. CRITICAL ESTIMATES AND JUDGEMENTS

The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual
results. Management also needs to exercise judgement in applying the company’s accounting policies.

This note provides an overview of the areas that involved a higher degree of judgement or complexity, 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 estimates and judgements is included in relevant notes together with information about

the basis of calculation for each affected line item in the financial statements. In addition, this note also explains where there have
been actual adjustments this year as a result of changes to previous estimates.

The areas involving critical estimates or judgements are:

Estimation of current tax expense and current tax payable [Refer note:38]

Estimated fair value of unlisted equity securities. [Refer note:43.2]

Useful lives of property, plant and equipment and intangible assets. [Refer note:5A & 7]

Estimation of Defined benefits plan [Refer note:42]

Estimation of contingent liabilities [Refer note:47]

Impairment of trade receivables [Refer note:43.5]

Impairment assessment of CRAMS [ Refer note: 53]

Estimates and judgements 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.

4. ROUNDING OF AMOUNTS

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

The company obtains independent valuations for its investment properties at least annually. The best evidence of fair value
is current prices in an active market for similar properties. Where such information is not available, the company considers
information from a variety of sources including:

• current prices in an active market for properties of different nature or recent prices of similar properties in less active
markets, adjusted to reflect those differences.

• discounted cash flow projections based on reliable estimates of future cash flows.

• capitalised income projections based upon a property’s estimated net market income, and a capitalisation rate derived
from an analysis of market evidence.

The fair values of investment properties have been determined by independent valuer. The valuation is based on market
research, market trend and comparable values as considered appropriate. All resulting fair value estimates for investment
properties are included in level 3.

(b) Terms / rights attached to equity shares:

The Company has only one class of equity shares having a par value of ' 2.00 per share. Each equity shareholder is entitled
to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board
of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting, except in case of interim
dividend. In the event of liquidation the equity shareholders are eligible to receive the remaining assets of the company in
proportion to the number of and amounts paid on the shares held.

(c) I nformation relating to Employee Stock Option Plan, including details of options issued, exercised and lapsed during the
financial year and options outstanding at the end of the reporting period, is set out in note 44.

(iii) Risk exposure to defined benefit plans

The plans typically expose the Company to actuarial risks such as: investment risk, interest rate risk, longevity risk
and salary risk.

Investment risk: The present value of the defined benefit plan liability is calculated using a discount rate which is
determined by reference to market yields at the end of the reporting period on Indian government securities; if the
return on plan asset is below this rate, it will create a plan deficit.

Interest risk: A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by
an increase in the return on the plan’s debt investments.

Longevity risk: The present value of the defined benefit plan liability is calculated by reference to the best estimate of
the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan
participants will increase the plan’s liability.

Salary risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan
participants. As such, an increase in the salary of the plan participants will increase the plan’s liability.

The most recent actuarial valuation of the plan assets and the present value of the defined benefit obligation were
carried out at March 31, 2025. The present value of the defined benefit obligation, and the related current service cost
and past service cost, were measured using the projected unit credit method.

42.3 Other Long term Employee Benefits:

The liability for Compensated absences as determined by Independent actuary as at the balance sheet date is ' 19.22
crores (March 31, 2024: ' 21.48 crores).

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity
instruments and mutual funds that have quoted price. The fair value of all equity instruments which are traded on
the stock exchanges is valued using the closing price as at the reporting period. The mutual funds are valued using
the closing NAV.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates.
If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on the observable market data, the instrument is
included in Level 3.

(iii) Valuation technique used to determine fair value

1. The fair value of the quoted investments is determined using quoted bid prices in an active market.

2. The fair value of the unquoted investments is determined using the inputs other than quoted prices included in level
1 that are observable for assets and liabilities.

3. Company has made investments in 'Ask Real Estate Special Situation Fund'. The Fund invests primarily in special
purpose vehicles and holding companies of special purpose vehicles that undertake residential and mixed use real
estate developments with a significant residential component. The Valuation methodology used shall depend on the
type of property and market conditions and stage of development reached in the invested project. The suitability of
a particular method of valuation is decided based on the below criteria:

43.2 Fair value measurements (contd.)

- For undeveloped properties: Sales/Market Comparison Method benchmarked by Discounted Cash Flow Method

- For semi developed properties / properties under development: Weighted average of Discounted Cash Flow
Method and Replacement Cost Method

- For completed properties, leased property or ready for sale properties: Capitalization of Rental Method or Market
Comparison Method

(iv) Fair value of Financial assets and liabilities measured at amortised cost

The carrying amounts of cash and cash equivalents, trade receivables, receivables from related parties, trade payables
and other financial liabilitites are considered to be the same as their fair values due to their short-term nature. Fair value
of security deposits approximates the carrying value.

43.3 Financial risk management objectives

The Company’s activities exposes it to a variety of financial risks including market risk, credit risk and liquidity risk. The
Company’s primary risk management focus is to minimize potential adverse effects of financial risks on its financial
performance. The Company’s risk management assessment and policies and processes are established to identify and
analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor such risks and compliance
with the same. Risk assessment and management policies and processes are reviewed regularly to reflect changes in
market conditions and the Company’s activities. The Company does not enter into or trade financial instruments, including
derivative financial instruments, for speculative purposes.

43.4 Market Risks

The Company's activities expose it primarily to the financial risks of changes in foreign currency exchange rates and other
price risk. The Company enters into derivative financial instruments to manage its exposure to foreign currency risk including
forward foreign exchange contracts.

a. Foreign exchange risk

(i) Exposure to foreign exchange risk:

The Company has international operations and is exposed to foreign exchange risk arising from foreign currency
transactions. Foreign exchange risk arises from future commercial transactions and recognised financial assets
and liabilities denominated in a currency that is not the functional currency of the entity in the Company. The risk
also includes highly probable foreign currency cash flows.

The Company has exposure arising out of export, import and other transactions other than functional risks. The
Company hedges its foreign exchange risk using foreign exchange forward contracts. The same is within the
guidelines laid down by Risk Management Policy of the Company.

(ii) Foreign exchange risk management:

To manage the foreign exchange risk arising from recognized assets and liabilities, Company use spot
transactions, foreign exchange forward contracts, according to the Company's foreign exchange risk policy.
Company's treasury is responsible for managing the net position in each foreign currency and for putting in
place the appropriate hedging actions. The Company’s foreign exchange risk management policy is to selectively
hedge net transaction exposures in major foreign currencies.

c. Other price risks

The Company is mainly exposed to the price risk due to its investments in equity instruments. The price risk arises due
to uncertainties about the future market values of these investments. Equity price risk is related to the change in market
reference price of the investments in equity securities. In general, these securities are not held for trading purposes.
These investments are subject to changes in the market price of securities.

In order to manage its price risk arising from investments in equity instruments, the Company maintains its portfolio in
accordance with the framework set by the Investment policy. Any new investment or divestment must be approved by
the Board of Directors, Chief Financial Officer and Management Committee.

43.4 Market Risks (contd.)

Price Risk Sensitivity Analysis:

As an estimation of the approximate impact of price risk, with respect to investments in equity instruments, the Company
has calculated the impact as follows:

For equity instruments, a 10% increase in equity prices would have led to approximately an additional ' 0.19 crores gain
in Standalone Statement of Profit and Loss (March 31, 2024: ' 0.27 crores). A 10% decrease in equity prices would have
led to an equal but opposite effect.

43.5 Credit risk

(i) Exposures to credit risk

The Company is exposed to credit risk, which is the risk that counterparty will default on its contractual obligation resulting
in a financial loss to the Company. The credit risk arises from its operating activities (i.e. primarily trade receivables),
from its investing activities including deposits with banks and financial institutions and other financial instruments.

(ii) Credit risk management

a) Trade receivable

The maximum exposure to the credit risk at the reporting date is primarily from trade receivables amounting to
' 442.28 crores (March 31, 2024 : ' 320.09 crores).

Trade receivables are typically unsecured and are derived from revenue earned from customer. Credit risk has
always been managed by the Company through credit approvals, establishing credit limits and continuously
monitoring the creditworthiness of customers to which the Company grants credit terms in the normal
course of business.

The Company uses a provision matrix to compute the expected credit loss allowance for trade receivables. The
provision matrix takes into account a continuing credit evaluation of the Company customers’ financial condition;
ageing of trade accounts receivable and the Company's historical loss experience.

Trade receivables are written off when there is no reasonable expectation of recovery. The allowance for lifetime
expected credit loss on customer balances as at March 31, 2025 was ' 7.62 crores (March 31, 2024'4.95 crores).

b) Cash and Cash Equivalents

Credit risk on cash and cash equivalents is limited as Company generally invest in deposits with banks and
financial institutions with high credit ratings assigned by international and domestic credit rating agencies.

c) Investment in Mutual Funds

Credit risk on investments in mutual fund is limited as Company invested in mutual funds issued by the financial
institutions with high credit ratings assigned by credit rating agencies.

43.6 Liquidity risk

Liquidity risk is the risk that the Company will face in meeting its obligations associated with its financial liabilities. The
Company’s approach to managing liquidity is to ensure that it will have sufficient funds to meet its liabilities when due
without incurring unacceptable losses.

(i) Liquidity risk tables

The Company maintained a cautious liquidity strategy, with a positive cash balance throughout the year ended March
31, 2025 and March 31, 2024. Cash flow from operating activities provides the funds to service the financial liabilities
on a day-to-day basis.

The Company regularly monitors the rolling forecasts to ensure it has sufficient cash on an on-going basis to meet
operational needs. Any short term surplus cash generated, over and above the amount required for working capital
management and other operational requirements, is retained as cash and cash equivalents (to the extent required) and
any excess is invested in interest bearing term deposits and other highly marketable liquid investments with appropriate
maturities to optimise the cash returns on investments while ensuring sufficient liquidity to meet its liabilities.

44. SHARE BASED PAYMENTS

Details of the employee share based plan of the Company

Employee stock option scheme 2007 (“ESOS 2007”) - The Shareholders of the Company at their Annual General Meeting held
on July 20, 2007 had approved the issue of Stock Options to eligible employees and directors, including the Managing Director(s)
and the Whole Time Director(s) but excluding the promoters or persons belonging to the promoter group of the Company to the
extent maximum of 5% of issued and paid up share capital of the Company from time to time. Each option is exercisable into one
fully paid-up Equity Shares of ' 2.00 each of the Company. These options are to be issued in one or more tranches and on such
terms and conditions (including exercise price, vesting period, exercise period etc.) as may be determined by the Nomination and
Remuneration Committee (NRC) in accordance with the provisions of the ESOS 2007, SEBI Regulations and in compliance with
other applicable laws and regulations. The stock options granted under ESOS 2007 shall be capable of being exercisable on
vesting within 10 years from grant date.

Employee stock option scheme 2017 (“ESOS 2017”) - The Shareholders of the Company at their Annual General Meeting
held on June 29, 2017 had approved the issue of Stock Options to eligible employees and directors, including the Managing
Director(s) and the Whole Time Director(s) but excluding the promoters or persons belonging to the promoter group of the
Company and its subsidiary companies to the extent maximum of 5% of issued and paid up share capital of the Company from
time to time. Each option is exercisable into one fully paid-up Equity Shares of ' 2.00 each of the Company. These options are
to be issued in one or more tranches and on such terms and conditions (including exercise price, vesting period, exercise period
etc.) as may be determined by the Nomination and Remuneration Committee (NRC) in accordance with the provisions of the ESOS
2017, SEBI Regulations and in compliance with other applicable laws and regulations. The stock options granted under ESOS
2017 shall be capable of being exercisable on vesting within 10 years from grant date.

The expected life of the stock is based on historical data and current expectations and is not necessarily indicative of
exercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility over a period
similar to the life of the options is indicative of future trends, which may also not necessarily be the actual outcome.

(v) Expenses arising from employee share based payment transaction recognised in the Standalone Statement of Profit and
Loss as part of employee benefit expense for the year ended March 31, 2025 is ' 11.51 crores (March 31, 2024: ' 1.47
crores). Also refer note 34.

Terms and Conditions:

1. Sales

The sales to related parties are in the ordinary course of business. Sales transactions are based on prevailing price
lists. For the year ended March 31, 2025, the Company has not recorded any loss allowances for trade receivables from
related parties.

2. Purchases

The purchases from related parties are in the ordinary course of business. Purchase transactions are based on normal
commercial terms and conditions and at market rates.

3. Loan / Security deposit to wholly owned subsidiary

Company had given interest free loan to Sulakshna Securities Limited (SSL) pursuant to the sanctioned scheme of
rehabilitation. Amount lying as at March 31, 2025 is Nil (March 31, 2024:Nil). Under Ind AS 109 ' Financial Instruments'
the same has been fair valued. Accordingly, ' 8.16 crores (March 31, 2024: ' 8.16 crores) has been disclosed as
Investment in equity of SSL and ' Nil (March 31, 2024: Nil) as loans to SSL as at March 31, 2025.

view of the continuing uncertain circumstances, the receipts and payments under the contracts, transferred to the Company
pursuant to the sanctioned scheme of Mafatlal Industries Limited, continue to be carried forward and necessary adjustments
would be made on the status of the project becoming clearer. (Refer note 12 and note 25)

50. EXCEPTIONAL ITEM:

Exceptional item for the year ended March 31, 2025 : Nil, (March 31, 2024 : ' 52.13 crores) comprises gain on account of sale
of surplus unused colony land situated at Surat (Gujarat).

51. The Board of Directors has recommended final dividend of ' 7.00 per share on the face value of ' 2.00 each (350%), subject
to approval by the Members at the forthcoming Annual General Meeting of the Company.

53. The Company had made a strategic investment in its wholly owned subsidiary Manchester Organics Limited (MOL), in the
U.K. MOL has been an integral part of the overall Contract Research and Manufacturing Services (CRAMS) operations and
strategy of the Company. Based on management assessment, the investments in MOL and identified property, plant and
equipment located at Dewas Unit has been considered as one Cash Generating Unit (CGU).

The Company tests impairment on the aforesaid assets on an annual basis. The recoverable amount of the CGU is determined
based on value-in-use calculations which require the use of assumptions. The Management has assessed the impairment
of its CGU by reviewing the business forecasts and assumptions and believes that any reasonable possible change in the
key assumptions would not cause the aggregate carrying amount to exceed the aggregate recoverable amount of the cash
- generating unit.

ii Borrowing secured against current assets

The Company has borrowings from banks on the basis of security of current assets. The quarterly returns or statements
of current assets filed by the company with banks are in agreement with the books of accounts.

iii Wilful defaulter

The Company has not been declared wilful defaulter by any bank or financial institution or any lender.

iv Relationship with struck off companies

The Company has no transactions with the companies struck off under Companies Act, 2013 or Companies Act, 1956.

v Compliance with number of layers of companies

The Company has complied with the number of layers prescribed under the Companies Act, 2013.

vi Compliance with approved scheme(s) of arrangements

The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous
financial year.

vii Utilisation of borrowed funds and share premium

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

The Company has 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 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

viii Undisclosed Income

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments
under the Income Tax Act, 1961, that has not been recorded in the books of account.

ix Details of crypto currency or virtual currency

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

x Valuation of PP&E, intangible asset and investment property

The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or
both during the current or previous year.

xi Title deeds of immovable properties not held in name of the company

The title deeds of all the immovable properties (other than properties where the Company is the lessee and the lease
agreements are duly executed in favour of the lessee), as disclosed in notes 5A and 6 to the financial statements, are
held in the name of the Company.

xii Registration of charges or satisfaction with Registrar of Companies

There are no charges or satisfaction which are yet to be registered with the Registrar of Companies beyond the
statutory period.

xiii Utilisation of borrowings availed from banks and financial institutions

The company has used the borrowings from banks and financial institutions for the purpose for which it was taken at
the balance sheet date.

57 SUMMARY OF OTHER ACCOUNTING POLICES:

This note provides a list of other accounting policies adopted in the preparation of these standalone financial statements to the
extent they have not already been disclosed in Note 2. These policies have been consistently applied to all the years presented,
unless otherwise stated.

Basis of Preparation:

a) Current and non-current classification

All assets and liabilities have been classified as current or non-current as per the Company’s normal operating cycle and
other criteria set out in the Division II of Schedule III to the Companies Act, 2013. Based on the nature of products and the
time between acquisition of assets for processing and their realisation in cash and cash equivalents, the Company has
ascertained its operating cycle as 12 months for the purpose of current and non-current classification of assets and liabilities

b) Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating
Decision Maker (CODM) which consists of Chairman and Managing Director. The CODM assess the financial performance
and position of the Company and makes strategic decisions. See Note 39 for segment information presented.

c) Government Grants

Government grants are recognized at their fair value where there is a reasonable assurance that the grant will be received
and the Company will comply with all attached conditions.

Government grants relating to the purchase of property, plant and equipment are included in liabilities as deferred income
and are credited to the Standalone Statement of Profit and Loss in a systematic basis over the expected life of the related
assets and presented within other income.

Government grants relating to income are deferred and recognized in the Standalone Statement of Profit and Loss over the
period necessary to match them with the costs that they are intended to compensate and presented within other income.

d) Leases

Company’s material accounting policies about Leases as a lessee are explained in Note 2(c).

As a lessor

Lease income from operating leases where the Company is a lessor is recognized in income on a straight-line basis over the
lease term. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying
asset and recognized as expense over the lease term on the same basis as lease income. The respective leased assets are
included in the balance sheet based on their nature.

e) Property, Plant and Equipment

Company’s material accounting policies about Property, Plant and Equipment are explained in Note 2(g).

All other repairs and maintenance expenses (Subsequent costs) of which it is not probable that future economic benefits
associated with the item will flow to the Company are charged to the Standalone Statement of Profit and Loss during
the period in which they are incurred. Gains or losses arising on retirement or disposal of assets are recognized in the
Standalone Statement of Profit and Loss.

f) Intangible assets

Computer Software are stated at cost, less accumulated amortization and impairments, if any.

They are amortised over a period of 3 years on straight-line basis.

The estimated amortisation method, useful life and residual value are reviewed at the end of each reporting period, with
effect of any changes in the estimate being accounted for on a prospective basis.

Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the
Standalone Statement of Profit and Loss.

g) Investment Properties

Company’s material accounting policies about Investment Properties are explained in Note 2(h).

Subsequent expenditure is capitalised to the asset’s carrying amount only when it is probable that future economic benefits
associated with the expenditure will flow to the Company and the cost of the item can be measured reliably. All other repairs
and maintenance costs are expensed when incurred. When part of an investment property is replaced, the carrying amount
of the replaced part is derecognized.

h) Impairment of assets

The carrying amount of assets are reviewed at each Balance Sheet date to assess if there is any indication of impairment
based on internal/external factors. For the purposes of assessing impairment, the smallest identifiable group of assets that
generates cash inflows from continuing use that are largely independent of the cash inflows from other assets or group of
assets, is considered as a cash generating unit. An impairment loss on such assessment will be recognised wherever the
carrying amount of an asset/cash generating unit exceeds its recoverable amount. The recoverable amount of the assets/
cash generating unit is fair value less costs of disposal or value in use, whichever is higher.

Investment in subsidiaries, property, plant and equipment, intangible assets and other assets are tested for impairment at
least annually and when event occur or changes in circumstances indicate that the recoverable amount of the asset or cash
generating units to which these pertain is less than its carrying value.

i) Foreign currency transactions

(i) Functional and presentation currency

I tems included in the financial statements of the Company are measured using the currency of the primary economic
environment in which the Company operates (‘the functional currency’). The financial statements of the Company are
presented in Indian Rupees (T), which is the functional and presentation currency of the Company.

(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 recognized in
the Standalone Statement of Profit and Loss. Non-monetary items that are measured at fair value in a foreign currency are
translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and
liabilities carried at fair value are reported as part of the fair value gain or loss.

j) Borrowings

Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at
amortised cost.

Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged,
cancelled or expired.

k) Borrowing Cost

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. All other borrowing costs are expensed in the period in which they are incurred.

l) Contributed equity

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

m) Earnings 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 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.

n) Research and development expenses

Revenue expenditure pertaining to research is charged to the Standalone Statement of Profit and Loss. Development costs
of products are also charged to the Standalone Statement of Profit and Loss unless a product’s technical feasibility has
been established, in which case such expenditure is capitalised. The amount capitalised comprises expenditure that can
be directly attributed or allocated on a reasonable and consistent basis for creating, producing and making the asset ready
for its intended use. Property, plant & equipments utilised for research and development are capitalised and depreciated in
accordance with the policies stated for property, plant & equipment.

As per our report of even date

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

Firm Registration No. 012754N/N500016

Nitin Khatri Vishad P. Mafatlal Nitin G. Kulkarni

Partner Chairman Managing Director

Membership No. 110282 DIN:00011350 DIN:03042587

Niraj B. Mankad Anish P. Ganatra

Company Secretary Chief Financial Officer

Mumbai Mumbai

Date : May 09, 2025 Date : May 09, 2025