1 Material Accounting Policies:

1.1 Statement of compliance:

These financial statements comprising of Balance
Sheet, Statement of Profit and Loss including other
comprehensive income, Statement of Changes in
Equity and Statement of Cash Flows as at March 31,
2025 have been prepared in accordance with and
in compliance, in all material aspects, with Indian
Accounting Standards (Ind AS) notified under Section
133 of the Companies Act, 2013 (the "Act") read along
with Companies (Indian Accounting Standards) Rules,
as amended and other provisions of the Act.

The presentation of the Financial Statements is based
on Division II of Schedule III of the Act. The financial
statements are presented in Indian Rupee ("INR") and
all values are rounded to the nearest million as per the
requirement of Schedule III, except when otherwise
indicated.

1.2 Basis of Preparation of Financial Statements:

The financial statements have been prepared on the
historical cost basis and accrual basis except for the
followings:

• Financial assets and liabilities measured at
fair value or at amortised cost depending on
classification; (Refer note no 1.16 and 1.17 )

• Derivative financial instruments measured at fair
value; (Refer note no 1.18)

• Assets held for sale - measured at fair value less
cost to sell; (Refer note no 1.31)

• Employee's Defined benefit plans measured as
per actuarial valuation; (Refer note no 1.6 )

• Lease liability and Right-of-use assets - measured
at fair value; (Refer note no 1.4) and

• Share based payments - measured at fair value.
(Refer note no 1.7 )

Accounting policies have been consistently applied
except where a newly-issued accounting standard is
initially adopted or a revision to an existing accounting
standard requires a change in accounting policy.

Fair value is the price that would be received to sell
an asset or paid to transfer a liability in an orderly
transaction between market participants at the
measurement date, regardless of whether that price
is directly observable or estimated using another
valuation technique. In estimating the fair value of
an asset or a liability, the Company takes into account
the characteristics of the asset or liability if market
participants would take those characteristics into
account when pricing the asset or liability at the
measurement date. Fair value for measurement and/
or disclosure purposes in these financial statements is
determined on such a basis, except for measurements
that have some similarities to fair value but are not fair
value, such as net realizable value in Ind AS 2 or value
in use in Ind AS 36.

In addition, for financial reporting purposes, fair value
measurements are categorized into Level 1, 2, or 3
based on the degree to which the inputs to the fair value
measurements are observable and the significance of
the inputs to the fair value measurement in its entirety,
which are described as follows:

• Level 1 inputs are quoted prices (unadjusted) in
active markets for identical assets or liabilities
that the Company can access at the measurement
date;

• Level 2 inputs are inputs, other than quoted prices
included within Level 1, that are observable for
the asset or liability, either directly or indirectly;
and

• Level 3 inputs are unobservable inputs for the
asset or liability.

The principal accounting policies are set out below.

1.3 Revenue Recognition:

a) Revenue from contracts with customer

Revenue from sale of goods is recognised when
control of the products being sold is transferred
to the customer and when there are no longer
any unfulfilled obligations. The Performance
Obligations in our contracts are fulfilled at
the time of dispatch, delivery or upon formal
customer acceptance depending on terms with
customers.

Revenue is measured on the basis of transaction
price, which is the consideration, adjusted for
volume discounts, rebates, schemes allowances,
price concessions, incentives, amounts collected

on behalf of government and returns, if any, as
specified in the contracts with the customers.
Revenue is only recognised to the extent that it
is highly probable a significant reversal will not
occur.

b) Export incentives are recognized in the year
where there is a reasonable assurance that
the company will comply with the conditions
attaching to it and that the export incentive will
be received.

c) Other Income

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

Interest income from a financial asset is
recognized when it is probable that the
economic benefits will flow to the Company and
the amount of income can be measured reliably.
Interest income is accrued on a time basis, by
reference to the principal outstanding and at
the effective interest rate applicable, which is the
rate that exactly discounts esti mated futu re cash
receipts through the expected life of the financial
asset to that asset's net carrying amount on initial
recognition.

1.4 Lease

At inception of a contract, the Company assesses
whether a contract is, or contains, a lease. A contract
is, or contains, a lease if the contract conveys the right
to control the use of an identified asset for a period of
time in exchange for consideration.

The Company recognises a right-of-use asset and a
lease liability at the lease commencement date except
for leases with a term of twelve months or less (short¬
term leases) and low value leases. For these short-term
and low value leases, the lease payments associated
with these leases are recognized as an expense in the
Statement of Profit and Loss on a straight-line basis
over the lease term.

Lease term is a non-cancellable period together with
periods covered by an option to extend the lease if
the Company is reasonably certain to exercise that
option; and periods covered by an option to terminate
the lease if the Company is reasonably certain not to
exercise that option.

The right-of-use asset is initially measured at cost,
which comprises the initial amount of the lease
liability adjusted for any lease payments made at or

before the commencement date, plus any initial direct
costs incurred and an estimate of costs to dismantle
and remove the underlying asset or to restore the
underlying asset or the site on which it is located, less
any lease incentives received. The right-of-use asset
is subsequently depreciated using the straight-line
method from the commencement date to the end of
the lease term, unless the lease transfers ownership of
the underlying asset to the Company by the end of the
lease term or the cost of the right-of- use asset reflects
that the Company will exercise a purchase option. In
that case the right-of-use asset will be amortised over
the useful life of the underlying asset. In addition,
the right-of-use asset is periodically reduced by
impairment losses, if any, and adjusted for certain
remeasurements of the lease liability.

The lease liability is initially measured at the present
value of the lease payments to be paid over the
lease term at the commencement date, discounted
using the interest rate implicit in the lease or, if that
rate cannot be readily determined, the Company's
incremental borrowing rate. Generally, the Company
uses its incremental borrowing rate as the discount
rate. Subsequently, the lease liability is measured at
amortised cost using the effective interest method.

1.5 Foreign Currencies:

In preparing the financial statements of the Company,
transactions in currencies other than the Company's
functional currency (foreign currencies) are recognized
at the rates of exchange prevailing at the dates of the
transactions. At the end of each reporting period,
monetary items denominated in foreign currencies
are retranslated at the rates prevailing at that date.
Non-monetary items carried at fair value that are
denominated in foreign currencies are retranslated at
the rates prevailing at the date when the fair value was
determined. Non-monetary items that are measured
in terms of historical cost in a foreign currency are not
retranslated.

Exchange differences on monetary items are
recognized in profit or loss in the period in which they
arise.

1.6 Employee Benefits:

Short-term employee benefits

All employee benefits payable wholly within twelve
months of rendering the service are classified as
short-term employee benefits and are measured on
undiscounted basis. Benefits such as salaries, wages,
etc. and the expected cost of ex-gratia are recognised
in the period in which the employee renders the
related service. A liability is recognised for the amount
expected to be paid if the Company has a present

legal or constructive obligation to pay this amount as
a result of past service provided by the employee and
the obligation can be estimated reliably.

Post Employment benefits

Payments to defined contribution retirement
benefit plans are recognized as an expense when
employees have rendered service entitling them to
the contributions.

For defined benefit retirement plans, the cost of
providing benefits is determined using the projected
unit credit method, with actuarial valuations being
carried out at the end of each annual reporting
period. Remeasurement, comprising actuarial gains
and losses, the effect of the changes to the asset
ceiling (if applicable) and the return on plan assets
(excluding net interest), is reflected immediately in
the Balance Sheet with a charge or credit recognized
in Other Comprehensive Income in the period in which
they occur. Remeasurement recognized in Other
Comprehensive Income is reflected immediately in
retained earnings and is not reclassified to profit or loss.
Past service cost is recognized in profit or loss in the
period of a plan amendment. Net interest is calculated
by applying the discount rate at the beginning of the
period to the net defined benefit liability or asset.
Defined benefit costs are categorized as follows:

• Service cost (including current service cost,
past service cost, as well as gains and losses on
curtailments and settlements);

• Net interest expense or income; and

• Remeasurement

The Company presents the first two components of
defined benefit costs in profit or loss in the line item
'Employee benefits expense'. Curtailment gains and
losses are accounted for as past service costs.

The retirement benefit obligation recognized in the
Balance Sheet represents the actual deficit or surplus
in the Company's defined benefit plans. Any surplus
resulting from this calculation is limited to the present
value of any economic benefits available in the form
of refunds from the plans or reductions in future
contributions to the plans.

Termination benefits

A liability for a termination benefit is recognized at the
earlier of when the Company can no longer withdraw
the offer of the termination benefit and when the
Company recognizes any related restructuring costs.

Other long-term employee benefits

Liabilities recognized in respect of other long-term
employee benefits such as compensated absences are

measured at the present value of the estimated future
cash outflows expected to be made by the Company
in respect of services provided by employees up to the
reporting date. These are determined actuarially using
the projected unit credit method.

1.7 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.

The fair value determined at the grant date of the
equity-settled share based payments is expensed on
a straight line basis over the vesting period, based on
the Company's estimate of equity instruments that
will eventually vest, with a corresponding increase
in equity. At the end of each reporting period, the
Company revises its estimate of the number of
equity instruments expected to vest. The impact
of the revision of the original estimates, if any, is
recognised in Statement of Profit and Loss such that
the cumulative expense reflects the revised estimate,
with a corresponding adjustment to the Employee
Stock Options Outstanding Account.

The dilutive effect of outstanding options is reflected
as additional share dilution in the computation of
diluted earnings per share.

1.8 Taxation:

Income tax expense represents the sum of the current
tax and deferred tax.

Current tax

The current tax payable is based on taxable profit
for the year. Taxable profit differs from 'profit before
tax' as reported in the Statement of Profit and Loss
because of items of income or expense that are taxable
or deductible in other years and items that are never
taxable or deductible. The Company's current tax is
calculated using tax rates that have been enacted by
the end of the reporting period.

Deferred tax

Deferred tax is recognized on temporary differences
between the carrying amounts of assets and liabilities
in the financial statements and the corresponding
tax bases used in the computation of taxable profit.
Deferred tax liabilities are generally recognized for
all taxable temporary differences. Deferred tax assets
are generally recognized for all deductible temporary
differences to the extent that it is probable that taxable
profits will be available against which those deductible
temporary differences can be utilized. Such deferred
tax assets and liabilities are not recognized if the
temporary difference arises from the initial recognition

of assets and liabilities in a transaction that affects
neither the taxable profit nor the accounting profit.

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 asset to be recovered.

Deferred tax liabilities and assets are measured at the
tax rates that are expected to apply in the period in
which the liability is settled or the asset realized, based
on tax rates (and tax laws) that have been enacted or
substantively enacted by the end of the reporting
period.

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 the reporting period, to recover or settle the
carrying amount of its assets and liabilities.

Current and deferred tax for the year

Current and deferred tax are recognized in profit
or 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.

1.9 Property, plant and equipment:

Property, plant and equipment held for use in the
production or supply of goods or services, or for
administrative purposes, are stated in the Balance
Sheet at cost less accumulated depreciation and
accumulated impairment losses.

When parts of an item of property, plant and equipment
have different useful lives, they are accounted for as
separate items (major components) of property, plant
and equipment

Subsequent costs are included in the carrying
amount of asset or recognised as a separate asset,
as appropriate, only when it is probable that future
economic benefits associated with the item will
flow to the Company and the cost of the item can be
measured reliably. All other repairs and maintenance
expenses are charged to the Statement of Profit and
Loss during the period in which they are incurred.

The Company had applied for the one-time transition
exemption of considering the carrying cost on the
transition date i.e., 1st April, 2016 as the deemed cost
under Ind AS.

Property, plant and equipment which are not ready
for intended use as on the date of Balance Sheet are
disclosed as 'Capital work-in-progress'.

Depreciation Methods, Estimated Useful Lives and
Residual Value

Depreciation is recognized so as to write off the cost
of assets (other than freehold land) less their residual
values over their useful lives prescribed in Schedule
II to the Companies Act, 2013, using the straight-line
method. The estimated useful lives, residual values
and depreciation method are reviewed at the end of
each reporting period, with the effect of any changes
in estimate accounted for on a prospective basis.

An item of property, plant and equipment is
derecognized upon disposal or when no future
economic benefits are expected to arise from the
continued use of the asset. Any gain or loss arising
on the disposal or retirement of an item of property,
plant and equipment is determined as the difference
between the sales proceeds and the carrying amount
of the asset and is recognized in profit or loss.

Freehold land is not depreciated.

For certain class of assets, based on the technical
evaluation and assessment, the Company believes that
the useful lives adopted by it best represent the period
over which an asset is expected to be available for use.
Accordingly, for these assets, the useful lives estimated
by the Company are different from those prescribed in
the Schedule II.

Useful lives of tangible assets

Estimated useful lives of the tangible assets are as
follows:

Buildings 30-60 years

Plant and Machinery 20 years

Furniture and Fixtures 10 years

Vehicles 8-10 years

Office Equipments and Computers 1-5 years

Capital work in progress is stated at cost less
accumulated impairment loss, if any.

1.10 Intangible Assets other than Goodwill:

Intangible assets acquired separately

Intangible assets with finite useful lives that are
acquired separately are carried at cost less accumulated
amortization and accumulated impairment losses.
Amortization is recognized on a straight-line basis over
their estimated useful lives. The estimated useful life
and amortization method are reviewed at the end of
each reporting period, with the effect of any changes
in estimate being accounted for on a prospective
basis. Intangible assets with indefinite useful lives
that are acquired separately are carried at cost less
accumulated impairment losses.

De-recognition of intangible assets

An intangible asset is derecognized on disposal, or
when no future economic benefits are expected
from use or disposal. Gains or losses arising from de¬
recognition of an intangible asset, measured as the
difference between the net disposal proceeds and the
carrying amount of the asset are recognized in profit
or loss when the asset is derecognized.

Useful lives of intangible assets

Estimated useful lives of the intangible assets are as
follows:

Intangible assets are amortized on a straight-line
basis over their technically assessed useful lives, as
mentioned below:

Software 5 years

License/Membership Fees 10 years

Website 5 years

1.11 Impairment of tangible and intangible assets other
than goodwill:

At the end of each reporting period, the Company
reviews the carrying amounts of its tangible and
intangible assets to determine whether there is
any indication that those assets have suffered an
impairment loss. If any such indication exists, the
recoverable amount of the asset is estimated in order
to determine the extent of the impairment loss (if any).
When it is not possible to estimate the recoverable
amount of an individual asset, the Company estimates
the recoverable amount of the cash-generating unit
to which the asset belongs. When a reasonable
and consistent basis of allocation can be identified,
corporate assets are also allocated to individual cash¬
generating units, or otherwise they are allocated to the
smallest company of cash-generating units for which
a reasonable and consistent allocation basis can be
identified.

Intangible assets with indefinite useful lives and
intangible assets not yet available for use are tested
for impairment at least annually, and whenever there
is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less
costs of disposal and value in use. In assessing value
in use, the estimated future cash flows are discounted
to their present value using a pre-tax discount rate
that reflects current market assessments of the time
value of money and the risks specific to the asset for
which the estimates of future cash flows have not been
adjusted.

If the recoverable amount of an asset (or cash¬
generating unit) is estimated to be less than its carrying

amount, the carrying amount of the asset (or cash¬
generating unit) is reduced to its recoverable amount.
An impairment loss is recognised immediately in profit
or loss.

When an impairment loss subsequently reverses, the
carrying amount of the asset (or a cash-generating
unit) is increased to the revised estimate of its
recoverable amount, but so that the increased carrying
amount does not exceed the carrying amount that
would have been determined had no impairment loss
been recognized for the asset (or cash-generating
unit) in prior years. A reversal of an impairment loss is
recognized immediately in profit or loss.

1.12 Inventories:

Raw materials, work-in-progress, finished goods,
packing materials, stores, spares, components,
consumables and stock-in-trade are carried at the
lower of cost and net realizable value after providing
for obsolescence, if any. The comparison of cost and
net realizable value is made on an item-by item basis.

In determining the cost of raw materials, packing
materials, stock-in-trade, stores, spares, components
and consumables, First-in-First-Out (FIFO) method
is used. Cost of inventory comprises all costs of
purchase, duties, taxes (other than those subsequently
recoverable from tax authorities) and all other costs
incurred in bringing the inventory to their present
location and condition.

Cost of finished goods and work-in-progress includes
the cost of raw materials, packing materials, an
appropriate share of fixed and variable production
overheads as applicable and other costs incurred in
bringing the inventories to their present location and
condition.

Finished goods and work in progress: cost includes
cost of direct materials and labour and a proportion
of manufacturing overheads based on the normal
operating capacity, but excluding borrowing costs.
Cost is determined on weighted average basis.

Materials in transit are valued at cost-to-date.