(l) Provision & contingent liabilities
Provisions

A provision is recognized when the Company has a present legal or constructive obligation as a result of a past event, it is
probable (more likely than not) that an outflow of economic resources will be required to settle the obligation, and the
amount can be reliably estimated. Provisions are only recognized for obligations arising from specific events and are not
used for future operating losses.

Provisions are measured at the best estimate of the expenditure required to settle the present obligation at the reporting
date, taking into account the risks and uncertainties associated with the obligation. Where the effect of the time value of
money is material, the provision is discounted to its 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 obligation. The unwinding of the discount is
recognized as a finance cost in the Statement of Profit and Loss.

Provisions are reviewed at each reporting date and adjusted to reflect the current best estimate. If it is no longer probable
that an outflow of resources will be required, the provision is reversed. Increases in provisions due to the passage of time
(unwinding of discount) are recognized as finance costs.

Contingent Liabilities

Contingent liabilities are possible obligations arising from past events whose existence will be confirmed only by the
occurrence or non-occurrence of one or more uncertain future events not wholly within the Company's control. They are
also present obligations that either do not meet the probability criterion for recognition or cannot be measured reliably.
Contingent liabilities are not recognized but are disclosed in the notes to the financial statements, unless the possibility of
an outflow of resources is remote.

Contingent Assets

Contingent assets are possible assets arising from past events whose existence will be confirmed only by the occurrence
or non-occurrence of one or more uncertain future events not wholly within the Company's control. Contingent assets are
not recognized in the financial statements but are disclosed when an inflow of economic benefits is probable.

Provisions are presented as current or non-current liabilities in the balance sheet based on the expected timing of
settlement. Contingent liabilities and contingent assets, where applicable, are disclosed in the notes to the financial
statements.

(m) Revenue from contract with customers

Revenue is recognized when (or as) the Company satisfies a performance obligation by transferring promised goods or
services to a customer for an amount that reflects the consideration to which the Company expects to be entitled in
exchange for those goods or services.

Revenue is the transaction price the company expects to be entitled to. In determining the transaction price, the company
considers the effects of variable consideration, the existence of significant financing contracts, noncash consideration and
consideration payable to customers, if any.

Variable Consideration

Variable consideration, such as discounts, volume rebates, or price concessions, is estimated based on historical
experience and current contract terms, using the expected value method. These amounts are included in the transaction
price only to the extent that it is highly probable that a significant reversal will not occur. Provisions for expected discounts
or rebates are recognized as a reduction of revenue

Sale of Goods

Revenue from the sale of goods is recognized at a point in time when control of the goods is transferred to the customer,
typically upon delivery as per agreed delivery terms (e.g., FOB, CIF, or Ex-Works). Control is transferred when the
customer has the ability to direct the use of and obtain substantially all the economic benefits from the goods, and no
significant unfulfilled obligations remain. Revenue from sales of goods is net of taxes.

No element of financing component is recognized as the credit terms for sales (typically 30-60 days) are consistent with
market practices and do not constitute a significant financing arrangement.

Rendering of Services

Revenue from services is recognized over time as the services are performed, provided the performance creates an asset
with no alternative use and the Company has an enforceable right to payment for services rendered.

Foreign Currency Transactions

Revenue from contracts denominated in foreign currencies is translated into the functional currency (INR) at the
exchange rate on the date of the transaction or an average rate if it approximates the actual rate. Exchange differences
arising from settlement or remeasurement are recognized in the Statement of Profit and Loss as other income or expense.

Dividend Income

Dividend income from investments is recognized in the Statement of Profit and Loss when the Company's right to receive
payment is established, provided it is probable that economic benefits will flow to the Company and the amount can be
reliably measured.

Revenue is presented as a separate line item in the Statement of Profit and Loss, net of discounts, rebates, and taxes.
Contract Balances

- Trade Receivables: Recognized when the right to consideration becomes unconditional (i.e., only the passage of time
is required before payment is due), typically upon delivery of goods.

- Contract Assets: Recognized for conditional rights to consideration (e.g., unbilled revenue for customized products or
services where invoicing is contingent on milestones other than time), measured at the allocated transaction price
less any impairment losses.

- Contract Liabilities: Recognized when the Company receives consideration (e.g., advance payments) before satisfying
performance obligations. These are recognized as revenue when the related goods or services are transferred to the
customer.

Contract assets and contract liabilities are presented as current assets and liabilities, respectively, in the balance sheet,
unless they are expected to be settled beyond 12 months.

(n) Employee benefits

Short-Term Employee Benefits

Short-term employee benefits, such as wages, salaries, bonuses, and paid annual leave expected to be settled wholly
within 12 months after the period in which employees render the related services, are recognized as an expense at the
undiscounted amount in the Statement of Profit and Loss during the period the services are rendered.

Post-Employment Benefits

The Company operates defined benefit plans (e.g., gratuity) and defined contribution plans (e.g., provident fund,
superannuation fund, Employees' State Insurance, Employees' Pension Scheme).

Defined Benefit Plans

The liability or asset recognized in the balance sheet for defined benefit plans, such as gratuity, is the present value of the
defined benefit obligation (DBO) at the reporting date less the fair value of plan assets, if any. The DBO is calculated
annually by independent actuaries using the projected unit credit method. The present value of the DBO is determined by
discounting estimated future cash outflows using market yields on government bonds at the reporting date, with terms
approximating the duration of the obligation.

Net interest cost, calculated by applying the discount rate to the net balance of the DBO and fair value of plan assets, is
recognized as an employee benefit expense in the Statement of Profit and Loss. Remeasurements, including actuarial
gains/losses from experience adjustments and changes in actuarial assumptions, are recognized directly in other
comprehensive income (OCI) and included in retained earnings in the statement of changes in equity. These
remeasurements are not reclassified to profit or loss in subsequent periods.

Defined Contribution Plans

Contributions to defined contribution plans, such as provident fund, superannuation fund, and state plans (e.g.,
Employees' State Insurance, Employees' Pension Scheme), are recognized as an expense in the Statement of Profit and
Loss when employees render the related services. The Company has no further payment obligations beyond these
contributions.

Other employee benefits

The liabilities for earned leave is determined on the basis of accumulated leave to the credit of the employees as at the
year end charged to the statement of profit and loss as per the Company's rules .

(o) Share Based Payments

Equity-settled share based payments to employees and others providing similar services are measured at the fair value of
the equity instruments at the grant date. Details regarding the determination of the fair value of equity settled share
based payments transactions are set out in Note 32.

Measurement and disclosure of the Employee Share based payment plan is done in accordance with Securities and
Exchange Board of India (Share Based Employee Benefits) regulations, 2014 and the guidance note on accounting for
Employee Share based Payments, issued by ICAI.

(p) Foreign Currency translation

Functional and Presentation Currency

The financial statements are presented in Indian Rupee (INR), which is the Company's functional and presentation
currency.

Transactions and Balances

Foreign currency transactions are initially recorded in the functional currency (INR) using the exchange rate prevailing at
the date of the transaction.. Exchange differences arising on settlement or translation of monetary items are recognized in
the Statement of Profit and Loss, except for exchange differences on foreign currency borrowings directly attributable to
the acquisition or construction of qualifying assets, which are capitalized as part of the asset cost, per Ind AS 23.

Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency closing rate at
the reporting date. Non-monetary items measured at historical cost in a foreign currency are translated using the
exchange rate at the date of the transaction and are not retranslated. Non-monetary items measured at fair value in a

foreign currency are translated using the exchange rate at the date when the fair value is determined, with exchange
differences recognized in the same manner as the fair value gain or loss.

(q) Non current assets held for sale

Non-current assets or disposal groups comprising of assets and liabilities are classified as 'held for sale' when all of the
following criteria's are met:

i) decision has been made to sell.

ii) the assets are available for immediate sale in its present condition.

iii) the assets are being actively marketed and

iv) sale has been agreed or is expected to be concluded within 12 months of the Balance Sheet date.

A disposal group is classified as a discontinued operation if it represents a separate major line of business or geographical
area of operations or is part of a single coordinated plan to dispose of such a line or area.

Non-current assets and disposal groups classified as 'held for sale' are measured at the lower of its carrying value and fair
value less costs to sell. Non-current assets held for sale are not depreciated or amortized. Any impairment loss is
recognized in the Statement of Profit and Loss.

Non-current assets and disposal groups held for sale are presented in the balance sheet, separately from other assets and
liabilities. The results of discontinued operations, if any, are presented separately in the Statement of Profit and Loss.

(r) Tax Expenses

The tax expense for the period comprises current and deferred tax. Tax is recognised in Statement of Profit and Loss,
except to the extent that it relates to items recognised in the other comprehensive income or directly in equity. In which
case, the tax is also recognised in other comprehensive income or equity respectively.

Current tax

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation
authorities, based on tax rates and laws that are enacted or substantively enacted at the reporting date.

Deferred tax

Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial
statements and their corresponding tax bases used for taxation purposes. Deferred tax liabilities are recognized for all
taxable temporary differences. Deferred tax assets are recognized for deductible temporary differences, unused tax
losses, and tax credits to the extent it is probable that future taxable profits will be available to utilize them.

Deferred tax assets and liabilities are measured at the tax rates expected to apply in the period when the asset is realized
or the liability is settled, based on tax rates and laws enacted or substantively enacted at the reporting date. The carrying
amounts of deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no longer probable
that sufficient taxable profits will be available.

(s) Earning Per share
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,

The weighted average number of shares is adjusted for events such as bonus issues, share splits, or consolidations that
change the number of shares without a corresponding change in resources.

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-tax effect of interest and other financing costs associated with dilutive potential equity shares (e.g., share
options, convertible instruments); and

- The weighted average number of additional equity shares that would be outstanding assuming the conversion of all
dilutive potential equity shares.

(t) Cash Flow statement

The cash flow statement is prepared using the indirect method, whereby profit before tax is adjusted for:

- Non-cash transactions (e.g., depreciation, provisions, unrealized foreign exchange gains/losses);

- Deferrals or accruals of past or future operating cash receipts or payments; and

- Items of income or expense associated with investing or financing cash flows.

Cash flows are classified into operating, investing, and financing activities, reflecting the Company's principal revenue-
producing activities, asset acquisitions/disposals, and capital/debt transactions, respectively.

34 - Segment reporting

As per Ind AS 108- "Operating Segment", segment information has been provided under the Notes to Consolidated Financial Statements

35 - Financial Risk Management

Financial risk management objectives and policies

The Company's financial risk management is an integral part of how to plan and execute its business strategies. The Company's financial risk
management policy is set by the Managing Board.

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial
instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity
prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial
instruments including investments and deposits, foreign currency receivables, payables and loans and borrowings.

Market Risk- Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in market
interest rates. In order to optimize the Company's position with regards to interest income and interest expenses and to manage the interest
rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating
rate financial instruments in its total portfolio

Credit risk arises from the possibility that the counter party may not be able to settle their obligattons as agreed. To manage this, the Company
periodically assess financial reliability of customers, taking into account the financial conditton, current economic trends, and analysis of historical
bad debts and ageing of accounts receivable. Individual risk limits are set accordingly.

The Company considers the probability of default upon inittal recognitton of asset and whether there has been a significant increase in credit risk on
an ongoing basis through each reporttng period. To assess whether there is a significant increase in credit risk the Company compares the risk of
default occurring on asset as at the reporttng date with the risk of default as at the date of inittal recognitton. It considers reasonable and supporttve
forward-looking informatton such as:

i) Actual or expected significant adverse changes in business

ii) Actual or expected significant changes in the operattng results of the counterparty

iii) Financial or economic condittons that are expected to cause a significant change to the counterparty's ability to meet its obligattons

iv) Significant increase in credit risk on other financial instruments of the same counterparty
Liquidity Risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligattons on ttme, or at a reasonable price. The Company's
treasury department is responsible for liquidity, funding as well as settlement management. In additton, processes and policies related such risk are
overseen by senior management. Management monitors the Company's net liquidity positton through rolling forecasts on the basis of expected cash
flows.

38 - Fair Value Measurement

The fair values of the financial assets and liabilifies are included at the amount at which the instrument could be exchanged in a current

transacfion between willing parfies, other than in a forced or liquidafion sale.

The following methods and assumpfions were used to esfimate the fair values:

• Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilifies, short term
loans from banks and other financial insfitufions approximate their carrying amounts largely due to short term maturifies of these
instruments.

• Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates
and individual credit worthiness of the counterparty. Based on this evaluafion, allowances are taken to account for expected losses of
these receivables. Accordingly, fair value of such instruments is not materially different from their carrying amounts.

The Financial Instruments are categorized in two level based on the inputs used to arrive at fair value measurement as described below

Level 1: This level includes those financial instruments which are measured by reference to quoted (unadjusted) prices in acfive markets for
idenfical assets or liabilifies.

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or
indirectly.

Level 3: Techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

39 - Leases

The company's lease asset class primarily consists of lease of buildings. These leases were classified as operafing lease under Ind AS 17 .

Under Ind AS , the nature of expenses in respect of operafing lease has changed from lease rent to depreciation cost and finance cost for the
right-to-us assets and for interest accrued on lease liability respecfively.

41 - (a) No proceeding has been initiated or pending against the Company for holding any Benami property under the Benami Transactions

(Prohibition) Act, 1988, as amended, and rules made thereunder.

(b) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

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

(d) There were no transactions relating to previously unrecorded income that have been surrendered and disclosed as income during
the year in the tax assessments under the Income Tax Act, 1961.

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

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

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

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

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

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

43. Event occurring after balance sheet date

The Board of Directors has recommended Equity dividend of Rs 2.50 (Previous year Rs 2.00 ) on face value of Rs 1.00 per share, for the financial
year 2024-25.

44. The figures for the corresponding previous year have been regrouped/reclassified wherever necessary, to make the comparable

45. Approval of Financial Statements

The financial statements were approved for issue by the Board of Directors on May 27,2025

As per our report of even date For and on behalf of the Board

For K P M R & Co For Khandelwal Jain & Co Bharat Kumar Vageria Raghupathy Thyagrajan

Chartered Accountants Chartered Accountants Managing Director & CFO Whole Time Director

(Registration No. 104497W ) (Registration No. . 105049W ) DIN: 00183629 DIN : 00183305

Neeraj K Matalia Bhupendra Karkhanis Manoj Kumar Mewara

Partner Partner Company Secretary

Membership No. 128462 Membership No. 108336

Place: Mumbai
Date : May 27, 2025