Accounting policy
Freehold land is carried at historical cost. All other items of property, plant and equipment is stated at cost less
accumulated depreciation and accumulated impairment losses, if any. Historical costs include expenditure that is
directly attributable to the acquisition of the items.
In respect of its interests in jointly controlled assets, the Company recognises its share of the jointly controlled assets
in its Standalone Financial Statements, classifying the jointly controlled asset as per its nature.
Transition to Ind AS
On transition to Ind AS, the Company has elected to continue with the carrying value of all of its Property, plant and
equipment measured as per the previous GAAP and use that carrying value as the deemed cost of the Property, plant
and equipment.
Depreciation methods, estimated useful lives and residual value
Depreciation is calculated using the straight-line method to allocate the cost of the assets, net of their residual values,
over their estimated useful lives as follows:
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Leasehold improvements and Building constructed on leasehold land are depreciated over the shorter of their useful
life or the lease term, unless the entity expects to use the assets beyond the lease term.
Depreciation on Property, plant and equipment is provided on the straight-line method over the useful lives estimated
by the management, which are in line with those prescribed under Part C of Schedule II to the Companies Act, 2013,
and reflect the actual usage of the assets.
*For Solar Power Plant, where the useful life is not specifically prescribed under Schedule II, the same has been
determined based on technical evaluation carried out by the management, considering the nature of the asset,
expected period of use, and operating conditions.
The residual value is restricted to a maximum of 5% of the original cost of the assets
For other accounting policies relevant to Property, plant and equipment, Refer Note 47(j).
Notes:
1) Plant and machinery includes Company's share in common transmission infrastructure used in Radio business which
are jointly controlled assets as at March 31, 2026:
Gross block - ' 187.28 million (March 31, 2025: ' 187.28 million)
Net block - ' 34.46 million (March 31, 2025: ' 38.58 million)
2) For information on Property, plant and equipment pledged as security by the Company, Refer Note 18 and 46.
3) For assets given on lease Refer Note 36.
4) Refer Note 38 for disclosure of Contractual Commitments for acquisition of Property, plant and equipment.
5) Capital work-in-progress mainly comprises of Buildings, Buildings Constructed On Leasehold Land and Plant &
Machinery (March 31, 2025: Buildings and Plant & Machinery).
6) There is no capital-work-progress whose completion is overdue or has exceeded its cost as compared to its original
plan and there are no projects temporarily suspended. Hence, disclosure required as per schedule III has not been
presented.
7) For title deeds details Refer Note 45 (xiii) (a).
8) During the year, the Company has reclassified "Building on Leasehold Land" having a Gross Block of ' 1,350.89 million and
a Net Block of ' 1,127.36 million as on March 31, 2025, from "Leasehold Building - Right-of-Use Assets" to "Buildings
constructed on Leasehold Land - Property, Plant and Equipment". The reclassification has been carried out to align
the presentation with the requirements of Ind AS 16 - Property, Plant and Equipment and Division II of Schedule III
to the Companies Act, 2013, as the Company holds ownership of the said buildings, whether self-constructed or
acquired outright from third-party developers pursuant to duly executed sale deeds.
In line with Ind AS 1 - Presentation of Financial Statements, comparative figures for the previous year have been
regrouped / reclassified to conform to the current year's presentation. The reclassification is restricted to presentation
within non-current assets of the Balance Sheet and does not have any impact on the Profit or Loss, Other
Comprehensive Income, Total Equity, Cash Flows, or any key financial ratios disclosed by the Company.
4 (b) Right-of-use assetsAccounting policyAs a lessee
The Company leases various offices (Building), Land, Plant and machinery. Rental contracts are typically made for
fixed periods of 1 to 99 years but may have extension options.
Contracts may contain both lease and non-lease components. The Company allocates the consideration in the contract
to the lease and non-lease components based on their relative standalone prices. However, for leases of real estate for
which the Company is a lessee, it has elected not to separate lease and non-lease components and instead accounts
for these as a single lease component.
Lease terms are negotiated on an individual basis and contain wide range of different terms and conditions. The lease
arrangements do not impose any covenants other than the security interests in the leased assets that are held by the
lessor.
The lease payments that are not paid at the commencment date are discounted using the interest rate implicit in the
lease. If that rate cannot be readily determined, which is generally the case for leases in the Company, the lessee's
incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds
necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar
terms, security, and conditions.
To determine the incremental borrowing rate, the Company:
- where possible, uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases
held by Company, which does not have recent third-party financing, and
- makes adjustments specific to the lease, e.g., term, country, currency and security.
Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight¬
line basis. If the Company is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated
over the underlying asset's useful life.
Payments associated with short-term leases of equipment and all leases of low-value assets are recognised on a
straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less,
without a purchase option. Low-value assets comprise IT equipment and small items of office furniture.
For other accounting policies relevant to Leases Refer Note 47 (d).
(iii) Variable lease payments
The Company does not have any leases with variable lease payments.
(iv) Extension and termination options
Extension and termination options are included in a number of Property, plant and equipment lease across the
Company. These are used to maximise operational flexibility in terms of managing the assets used in the Company's
operations.
Critical judgement in determining the lease term
In determining the lease term, management considers all facts and circumstances that create an economic incentive
to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination
options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).
For leases of buildings, the following factors are normally the most relevant:
- If there are significant penalties to terminate (or not extend), the Company is typically reasonably certain to extend
(or not terminate).
- If any leasehold improvements are expected to have a significant remaining value, the Company is typically
reasonably certain to extend (or not terminate).
- Otherwise, the Company considers other factors including historical lease durations and the costs and business
disruption required to replace the leased asset.
Most extension options in building/office leases have not been included in the lease liability, because the Company
could replace the assets without significant cost or business disruption.
The lease term is reassessed if an option is actually exercised (or not exercised) or the Company becomes obliged
to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a
significant change in circumstances occurs, which affects this assessment, and that is within the control of the
lessee.
(v) For debt reconciliation Refer Note 18.5 Investment Properties
Accounting policy
Investment Properties consists of land and buildings (residential and commercial), are held for capital appreciation and
are not occupied by the Company. They are carried at cost including related transaction costs. 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.
Investment Properties are depreciated using straight line method to allocate cost of assets over their estimated useful
lives. Investment Properties generally have useful life of 30-60 years.
Estimation of fair value
The best evidence of fair value is current prices in an active market for similar properties. Where such information is
not available, the Company consider 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.
The fair values of Investment Properties have been determined by independent valuers and / or management's internal
assessment. The fair value was derived using the market comparable approach based on recent market prices without
any significant adjustments being made to the market observable data (fair value hierarchy is Level 2).
iv) For title deeds details Refer Note 45(xiii)(a).
6 Intangible assets (Including assets under development)Accounting policy
Intangible assets consist of One time license fees (entry fees and migration fees) paid to get the license for Radio
stations and Computer Software.
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible
assets are carried at cost less any accumulated amortisation and accumulated impairment losses, if any. Costs
associated with maintaining software programmes are recognised as and when expenses are incurred.
Financial Assets
Accounting Policy(i) Classification of financial Assets at amortised cost
The Company classifies its financial assets at amortised cost only if both of the following criteria are met:
- the asset is held within a business model whose objective is to collect the contractual cash flows, and
- the contractual terms give rise to cash flows that are solely payments of principal and interest.
Financial assets classified at amortised cost comprise trade receivables, deposits and other receivables.
(ii) Classification of financial Assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income (FVOCI) comprise:
- Equity securities (listed and unlisted) which are not held for trading, and for which the Company has irrevocably
elected at initial recognition to recognise changes in fair value through OCI rather than profit or loss. These are
strategic investments and the Company considers this classification to be more relevant.
- Debt securities where the contractual cash flows are solely principal and interest and objective of the
Company's business model is achieved both by collecting contractual cash flows and selling financial assets.
There are currently no debt securities which are carried at FVOCI.
Financial assets classified at FVOCI comprise investments in equity securities (listed and unlisted).
(iii) Classification of financial Assets at fair value through profit or loss
The Company classifies the following financial assets at Fair Value through Profit or Loss (FVTPL):
- debt investments (mutual funds) that do not qualify for measurement at either amortised cost or FVOCI
- equity investments held for trading, and
- equity investments for which the entity has not elected to recognise fair value gains and losses through OCI.
Financial assets classified at FVTPL comprise investments in mutual funds.
(iv) Investments in mutual funds and equity instruments
Investment in mutual funds and equity instruments are classified as fair value through profit or loss as they are not held
within a business model whose objective is to hold assets in order to collect contractual cash flows and the contractual
terms of such assets do not give rise on specified dates to cash flows that are solely payments of principal and interest
on the principal amount outstanding. 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 the statement of profit and loss. The Company makes such election on an instrument-by¬
instrument basis. The classification is made on initial recognition and is irrevocable. Dividends from such investments
are recognized in profit or loss as other income when the Company’s right to receive payments is established.
(v) Derivatives
Derivatives are only used for economic hedging purposes and not as speculative investments. However, where
derivatives do not meet the hedge accounting criteria, they are classified as "held for trading" for accounting purposes
and are accounted for at FVTPL. The Company uses forward currency contracts, to hedge its foreign currency risks.
They are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after
the end of the reporting period.
Further information about the derivatives used by the Company is provided in Note 47(v).
7 Investments in subsidiary
Accounting Policy
Investments in subsidiary are carried at cost and are tested for impairment in accordance with Ind AS 36 Impairment
of Assets. Cost comprises price paid to acquire investment and directly attributable cost.
A subsidiary is an entity controlled by the Company. Control exists when the Company has power over the entity, is
exposed, or has rights to variable returns from its involvement with the entity and has the ability to affect those returns
by using its power over the entity. Power is demonstrated through existing rights that give the ability to direct relevant
activities, those which significantly affect the entity’s returns.
Investments in subsidiaries are carried at cost. Cost comprises price paid to acquire investment and directly attributable
cost.
12 InventoriesAccounting policy
Inventories are valued at lower of cost and net realisable value. Cost of individual items of inventory are determined on
a weighted average basis. Volume rebates or discounts are taken into account while estimating the cost of inventory
if it is probable that they have been earned and will take effect.
For Company's other accounting policies relevant to inventories Refer Note 47(h).
Notes:
(a) For information on inventories pledged as security by the Company, Refer Note 18 and 46.
(b) Pursuant to the ongoing litigation between the vendor and the shipping line, the shipping line has withheld
the Delivery Order. Consequently, the Company is unable to take possession of the goods of ' 36.73 million
(March 31, 2025: ' 84.01 million) despite having the Bill of Entry in its name and paid the applicable customs
duties. Accordingly, these goods have been classified as "Goods in Transit" with the corresponding liability
reflected under Trade Payables.
13 Trade Receivables
Accounting policy
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of
business and reflects Company’s unconditional right to consideration (that is, payment is due only on the passage of
time).
Trade receivables are recognised initially at the transaction price as they do not contain significant financing
components. The Company holds the trade receivables with the objective of collecting the contractual cash flows and
therefore measures them subsequently at amortised cost using the effective interest method, less loss allowance.
For trade receivables and contract assets, the Company applies the simplified approach required by Ind AS 109, which
requires expected lifetime losses to be recognised from initial recognition of the receivables.
The receivable is "unbilled" because the Company has not yet issued an invoice; however, the balance has been
included under trade receivables (as opposed to contract assets) because it is an unconditional right to consideration.
Trade receivable are non-interest bearing and generally on terms of 0 - 90 days.
For information on trade receivables pledged as security by the Company, Refer Note 18 and 46.
Refer Note 42 for information on the Allowance Matrix and changes in ECL provisions.
For the purpose of presentation in the Standalone Statement of Cash Flows, cash and cash equivalents includes cash
on hand, deposits held at call with financial institutions/Banks, other short-term, highly liquid investments with original
maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an
insignificant risk of changes in value, and bank overdrafts.
Equity shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are
shown in equity as deduction, net of tax, from the proceeds.
(a) Terms / rights attached to each class of shares
Equity shares
The Company has only one class of equity shares having a par value of ' 10 per share. Each holder of equity shares
present at a meeting in person or by proxy is entitled to one vote per share.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of
the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity
shares held by shareholders.
(e) Shares reserved for issue under options
For details of shares reserved for issue under the Employee Stock Option Schemes ('ESOS') of the Company, Refer
Note 39.
(f) The Company during the preceding 5 years
i. Has not allotted shares pursuant to contracts without payment received in cash.
ii. Has not issued shares by way of bonus shares.
iii Has not bought back any shares.
i) Third Interim Dividend of ' 8 per fully paid Equity Share of face value of ' 10 each for the year ended March 31,
2024 was proposed and declared by the Board of Directors in their meeting dated May 22, 2024. The same has
been paid to all eligible shareholders as on the record date June 03, 2024 by the Company.
ii) During the previous year, the Board of Directors has proposed and declared First interim Dividend of ' 7 per fully
paid Equity Share of face value of ' 10 each, in their meeting dated July 16, 2024 The same has been paid to all
eligible shareholders as on the record date July 29, 2024 by the Company.
iii) During the previous year, the Board of Directors has proposed and declared Second Interim Dividend of ' 5 per
fully paid Equity Share of face value of ' 10 each in their meeting dated October 15, 2024. The same has been
paid to all eligible shareholders as on the record date October 25, 2024 by the Company.
iv) During the year, the Board of Directors has proposed and declared First interim Dividend of ' 5 per fully paid
Equity Share of face value of ' 10 each, in their meeting dated July 16, 2025 The same has been paid to all
eligible shareholders as on the record date July 23, 2025 by the Company.
v) During the year, the Board of Directors has proposed and declared Second Interim Dividend of ' 2 per fully paid
Equity Share of face value of ' 10 each in their meeting dated January 15, 2026. The same has been paid to all
eligible shareholders as on the record date January 22, 2026 by the Company.
Nature and purpose of reserves:a) Share application money pending allotment
Share application money pending allotment represents amount received from employees who has exercised employee
stock options scheme (ESOS) for which shares are pending allotment as on balance sheet date.
b) Capital Redemption Reserve:
As per the Companies Act, 2013, capital redemption reserve is created when Company purchases its own shares out
of free reserves or securities premium. A sum equal to the nominal value of shares so purchased is transferred to
capital redemption reserve.
c) Securities Premium Reserve:
Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised in accordance
with the provisions of the Act.
d) Stock option outstanding account:
The stock options outstanding account is used to recognise the grant date fair value of options issued to employees
under Employee stock option plan.
e) General Reserve:
General reserve is a free reserve and is available for distribution as dividend, issue of bonus shares, buy back of the
Company's securities. It was created by transfer of amounts out of distributable profit.
f) FVOCI - Equity Instruments
The Company has elected to recognise changes in the fair value of certain investments in equity securities in other
comprehensive income. These changes are accumulated within the FVOCI equity instruments reserve within equity.
The Company transfers amounts from this reserve to retained earnings when the relevant equity securities are
derecognised.
g) Retained Earnings
Amount of retained earnings represents accumulated profit and losses of the Company as on reporting date. Such
profits and losses are after adjustments of payment of dividend and transfer to any reserves as statutorily required.
(a) Cash credit facilities:
Cash credit facilities from banks were secured by first pari-passu charge on the entire current assets and second pari-
passu charge on the entire movable fixed assets of the Company with other consortium bankers. During the year the
Company has not used the facility. Refer Note 46 for details of assets pledged as security.
(b) Buyer's credit facilities:
(i) Secured buyer's credit facilities from banks are secured by first charge on the current assets and second charge
on movable fixed assets of the Company with other consortium bankers. Interest rates for buyers' credit are
multiline rates during the year ranging between 1.34 % p.a. to 1.53 % p.a. (March 31, 2025: between 1.01% p.a.
to 1.44% p.a.). They are repayable within 90 days to 180 days. Refer Note 46 for details of assets pledged as
security.
(ii) Interest rates for unsecured buyer's credits are multiline rates during the year ranging between 1.33 % p.a. to 1.46
% p.a. (March 31, 2025: between 1.00% p.a. to 1.48% p.a.). They are repayable within 90 days to 180 days.
Additional disclosure as per Micro, Small and Medium Enterprises Development (MSMED) Act, 2006
Details of dues to Micro and Small Enterprises as per Micro, Small and Medium Enterprises Development Act, 2006
On the basis of the information and records available with the Management, the following disclosures are made for the
amounts due to the Micro, Small and Medium enterprises (MSMED Act), who have registered with the competent authorities:
* Includes interest accrued but not due on borrowing ' 0.82 million (March 31, 2025: ' 1.84 million)
**While the Company entered into other foreign exchange forward contracts with the intention of reducing the foreign
exchange risk on import purchases, these other contracts are not designated in hedge relationships and are
measured at fair value through profit or loss.
@ Employee related payables includes ' Nil (March 31,2025 : 0.02 million) salary payable to relatives of key managerial
personnel, Refer Note 35.
# No amounts are due and outstanding to be credited to Investor Education and Protection Fund.
22 TaxationCritical accounting Judgement and key sources of estimation of taxes uncertainties and valuation:
The Company calculates income tax expense based on reported income. Deferred income tax expense is calculated
based on the differences between the carrying value of assets and liabilities for financial reporting purposes and
their respective tax basis that are considered temporary in nature. Valuation of deferred tax assets dependent on
management's assessment of future recoverability of the deferred tax benefit. Expected recoverability may result from
expected taxable income in the future, planned transactions or planned tax optimizing measures. Economic conditions
may change and lead to different conclusion regarding recoverability.
The Company is subject to tax assessments and ongoing proceedings, which are pending before various Tax Appellate
Authorities. Management periodically evaluates the positions taken in tax returns with respect to above matters,
including unresolved tax disputes, which involves interpretation of applicable tax regulations and judicial precedents.
Current tax liability and tax asset balances are presented, after recognising as appropriate, provision for taxes payable
and contingent basis management's assessment of outcome of such ongoing proceedings and amounts that may
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