Note 2 : Material Accounting Policies

(a) Statement of Compliance :

These financial statements are the separate financial statements of the Company (also called standalone financial statements) and have
been prepared in accordance with Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act read with Rule 3 of
the Companies (Indian Accounting Standards), Rules, 2015 and relevant amendments and rules issued thereafter.

(b) Basis of Preparation and Presentation :

The Financial Statements have been prepared on the historical cost basis except for certain financial instruments that are measured at
fair values at the end of each reporting period.

(c) Current/Non-Current Classification :

Any asset or liability is classified as current if it satisfies any of the following conditions :

(i) the asset/liability is expected to be realised/settled in the Company's normal operating cycle;

(ii) the asset is intended for sale or consumption;

(iii) the asset/liability is held primarily for the purpose of trading;

(iv) the asset/liability is expected to be realised/settled within twelve months after the reporting period;

(v) the asset is cash and cash equivalent or other bank balances unless it is restricted from being exchanged or used to settle a liability
for at least twelve months after the reporting date;

(vi) in the case of a liability, the Company does not have an unconditional right to defer settlement of the liability for at least twelve
months after the reporting date;

(vii) All other assets and liabilities are classified as non-current.

For the purpose of current/non-current classification of assets and liabilities, the Company has ascertained its normal operating cycle
as twelve months.

(d) Use of Estimates :

The preparation of financial statements in conformity with the recognition and measurement principles of Ind AS requires management
of the Company to make judgments, estimates and assumptions that affect the application of accounting policies and the reported
amounts of assets and liabilities, disclosures of contingent assets and contingent liabilities as at the date of financial statements and the
reported amounts of income and expenses during the period. Actual results may differ from these estimates. Estimates and underlying
assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates
are revised and in future periods which are affected.

Key sources of estimation of uncertainty at the date of the financial statements, which may cause a material adjustment to the carrying
amounts of assets and liabilities within the next financial year, is in respect of impairment of property, plant and equipment, useful lives
of property, plant and equipment, provision, contingent liabilities.

Impairment of Property, Plant and Equipment :

Determining whether a ship is impaired requires an estimation of value in use and fair value less cost of disposal. The key estimates
made in the value in use calculation include discount rates, revenue (having regard to past trend), operating profit growth rates and
deployment of vessels. The discount rate is estimated using pre-tax rates that reflect current market assessments of the time value of
money. The fair values are estimated based on valuations provided by independent valuers considering latest transactions of similar
assets.

Useful lives and residual values of Property, Plant and Equipment :

Useful lives and residual values of property, plant and equipment are reviewed at each year end based on the best available information.
The lives are based on historical experience with similar assets as well as anticipation of future events. Residual value of Fleet is
estimated having regard to, inter alia, past trend of steel scrap prices.

Provisions and Contingent Liabilities :

The Company is a party to certain legal disputes, the outcomes of which cannot be assessed with a high degree of certainty. A provision
is recognised where, based on the legal views and advice, it is considered probable that an outflow of resources will be required to
settle a present obligation that can be measured reliably. Contingent liabilities are disclosed in Note 38 unless the possibility of a loss
arising is considered remote. Management applies its judgement in determining whether a provision should be recorded or contingent
liability should be disclosed.

(e) Property, Plant and Equipment :

Property, plant and equipment (PPE) are stated at acquisition cost less accumulated depreciation and accumulated impairment losses,
if any. Cost includes expenses related to acquisition, installation of the concerned assets and any attributable cost of bringing the asset
to the condition of its intended use.

The Company identifies and determines cost of each part of an item of property, plant and equipment separately, if the part has a cost
which is significant to the total cost of that item of property, plant and equipment and has a useful life that is materially different from
that of the remaining item. Borrowing costs attributable to the acquisition or construction of a qualifying asset are also capitalised as
part of the cost of the asset.

Capital Work-in-progress and Capital Advances :

Cost of assets not ready for intended use as on the Balance Sheet date, is shown as capital work-in-progress. Advances given towards
acquisition of fixed assets outstanding at each Balance Sheet date are disclosed as Other Non-Current Assets.

Depreciation on Property, Plant and Equipment :

(i) Depreciation is recognised on Straight-Line Method basis so as to write off the original cost of the asset less its estimated residual
value over the estimated useful life. The estimated useful life of the assets is as under :

(ii) Estimated useful life of the Fleet and Ownership Flats and Buildings is considered from the year of built. Estimated useful life in case
of all other assets is considered from the date of acquisition by the Company.

(iii) The estimated useful lives and residual values are reviewed at the end of each reporting period based on the conditions of the
vessels, market conditions and other regulatory requirements, with the effect of any changes in estimate being accounted for on a
prospective basis.

(iv) Dry-docking costs are capitalised as a separate component of vessels and amortised on a straight-line basis over the period until
the next scheduled dry-docking. For tanker and bulker vessels up to 15 years of age, and gas carriers of any age, dry-docking is
generally performed every 5 years, with an Intermediate In-Water Survey (IWS) conducted between 2 to 3 years after the preceding
dry-docking. For tanker and bulker vessels that are more than 15 years old, dry-docking is generally undertaken at intervals ranging
from 3 to 5 years, depending on operational convenience and regulatory requirements.

The estimated amortisation period for dry-docking costs is reviewed at each reporting date and, where necessary, revised
prospectively to reflect changes in the expected timing of the next dry-docking.

Derecognition :

An item of Property, plant and equipment is derecognised 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 recognised in the Statement of
Profit and Loss.

(f) Intangible Assets :

Intangible assets are stated at acquisition cost less accumulated amortisation and accumulated impairment losses, if any. An intangible
asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses on
derecognition measured at difference between net disposal proceeds and the carrying amount of the asset, are recognised in the
Statement of Profit and Loss.

Amortisation :

Intangible assets with finite lives are amortised on a Straight-Line basis over the estimated useful economic life. The amortisation
expense on intangible assets with finite lives is recognised in the Statement of Profit and Loss. The estimated useful life of intangible
assets is mentioned below :

The amortisation period and the amortisation method for an intangible asset with finite useful life are reviewed at the end of each
financial year. If any of these expectations differ from previous estimates, such change is accounted for as a change in an accounting
estimate.

[g) Asset classified as held for sale :

An item of Property, plant and equipment is classified as asset held for sale at the time when the Management is committed to sell/
dispose off the asset as per Memorandum of Agreement entered into with the customer and the asset is expected to be sold/disposed
off within one year from the date of classification.

Assets classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell.

[h) Impairment :

The carrying amounts of the Company's property, plant and equipment and intangible assets are reviewed at the end of each reporting
period to determine whether there is any indication of impairment. If any such indication exists, the asset's recoverable amounts are
estimated in order to determine the extent of impairment loss, if any. An impairment loss is recognised whenever the carrying amount of
an asset or its cash generating unit (CGU) exceeds its recoverable amount. The impairment loss, if any, is recognised in the Statement
of Profit and Loss in the period in which impairment takes place.

Assessment of recoverable amount of the vessels is based on higher of fair value less cost to sell and its value in use calculations, with
each vessel being regarded as one cash generating unit. Value in use is the present value of estimated future cash flows expected to
arise from the continuing use of a vessel and from its disposal at the end of its useful life. For calculating present value, future cash flows
are discounted using a pre-tax discount rate that reflects current market rates and the risk specific to the vessel. Fair value less cost
to sell is the best estimate of the amount obtainable from the sale of a vessel in an arm's length transaction between knowledgeable,
willing parties, less the cost of disposal based on independent third-party broker valuations.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable
amount, however subject to the increased carrying amount not exceeding the carrying amount that would have been determined (net of
amortisation or depreciation) had no impairment loss been recognised for the asset in prior accounting periods.

(i) Investments in Subsidiaries :

Non-current Investments in equity shares in subsidiaries 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 to its recoverable amount. On
disposal of investments in subsidiaries, the difference between net disposal proceeds and the carrying amounts are recognised in the
Statement of Profit and Loss.

Non-current Investments in preference shares of subsidiary is measured at amortised cost as it is held within a business model whose
objective is to hold this investment in order to collect the contractual cash flows and the contractual cash flows are solely payment of
principal and interest on the principal amount outstanding.

(j) Inventories :

Inventories of fuel oil (includes returnable fuel oil from charterer as per terms of the time charter agreement), stores and spares at
warehouse are carried at lower of cost and net realisable value. Stores and spares delivered on board the vessels are charged to
Statement of Profit and Loss. Cost is ascertained on first-in-first-out basis. Net realisable value represents the estimated selling price
for inventories less all costs necessary to make the sale or expected amount to be realised from use as estimated by the management,
as applicable.

(k) Borrowing Costs :

Borrowing costs include interest, ancillary cost incurred in connection with the arrangement of borrowings and exchange differences
arising from foreign currency borrowings availed on or after April 01, 2016, to the extent they are regarded as an adjustment to the
interest cost. Borrowing costs that are directly attributable to the acquisition/construction of the qualifying assets are capitalised as part
of the cost of the asset, upto the date of acquisition/completion of construction. Other borrowing costs are recognised in the Statement
of Profit and Loss in the period in which they are incurred.

(l) Revenue Recognition :

Revenue is recognised upon transfer of control of promised services to customers at an amount that reflects the consideration which
the Company expects to receive in exchange for those services.

The Company earns revenue from time and voyage charter.

Time Charter hire earnings are accrued on time proportion basis except where the charter party agreements have not been renewed/
finalised, in which case it is recognised on provisional basis.

Revenue from voyage charters is recognised as income, by reference to the voyage progress on load-to-discharge basis, which has been
assessed by management to be an appropriate measure of progress towards complete satisfaction of the performance obligations over
time under Ind AS 115. Judgement is involved in estimating days to reach the load port and discharge port destinations impacting the
calculation of income to be accrued for incomplete voyage. Management uses its judgement in estimating the total number of days of a
voyage based on historical trends, the operating capability of the vessel (speed and fuel consumption) and the distance of the trade route.

Demurrage revenue is recognised as the performance obligations under the contract is satisfied.

Pool revenue is recognised as the performance obligation is satisfied over time in accordance with the pooling agreement. Training fees
included in other operating income are accounted on accrual basis.

Revenue is measured based on the consideration to which the Company expects to be entitled in contract with customer.
The consideration is determined based on the price specified in the contract, net of address commission. Revenue excludes any taxes
or duties collected on behalf of the Government which are levied on sales such as Goods and Services tax.

There is no significant financing component in any transaction.

(m) Expenses :

(i) Fuel oil is charged to the Statement of Profit and Loss on consumption basis.

(ii) Stores and spares delivered on board the ships are charged to the Statement of Profit and Loss.

(iii) Expenses on account of general average claims/damages to ships are charged to the Statement of Profit and Loss in the year in
which they are incurred. Claims against the underwriters are accounted for on acceptance of average adjustment by the adjustors.

(n) Leases :

Company as a Lessee

The Company's lease asset classes primarily consist of leases for office premises, warehouse and equipment rental. The Company
assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the
right to control the use of an identified asset for a period in exchange for consideration. To assess whether a contract conveys the right
to control the use of an identified asset, the Company assesses whether : (1) the contract involves the use of an identified asset (2) the
Company has substantially all of the economic benefits from use of the asset through the period of the lease and (3) the Company has
the right to direct the use of the asset.

At the date of commencement of the lease, the Company recognises a right-of-use asset ("ROU") and a corresponding lease liability for
all lease arrangements in which it is a lessee, 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 Company recognises the lease payments as an operating expense on a straight¬
line basis over the term of the lease.

Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease
liabilities includes these options when it is reasonably certain that they will be exercised.

The right-of-use assets are initially recognised at cost, which comprises the initial amount of the lease liability adjusted for any lease
payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are
subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over useful life of the underlying asset.

The lease liability is initially measured at amortised cost at the present value of the future lease payments. The lease payments are
discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the
country of domicile of the leases. Lease liabilities are remeasured with a corresponding adjustment to the related right-of-use assets if
the Company changes its assessment of either exercising an extension or a termination option.

Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as
financing cash flows.

Company as a Lessor

Leases can be classified as finance or operating leases. In making the assessment, certain indicators, such as whether the substantial
risks and rewards of ownership of the underlying asset continue with the Company, and whether the contract is for a major part of the
economic life of the asset, are considered.

Based on the aforementioned assessment, the time charter contracts for vessels of the Company contain operating lease component
for the purpose of Ind AS 116, 'Leases' - Refer Note 35.

(o) Employee Benefits :

(i) Short-Term Employee Benefits :

All employee benefits payable wholly within twelve months of rendering the service are classified as short-term employee benefits.
Benefits such as salaries, performance incentives, etc., are recognised as an expense at the undiscounted amount in the Statement
of Profit and Loss of the year in which the employee renders the related service.

(ii) Post-Employment Benefits :

Liability is provided for retirement benefits of Provident Fund, Superannuation, Gratuity, Post Retirement Medical Benefit Scheme
and Compensated Absences in respect of all eligible employees and for pension benefit to eligible Whole-time Directors of the
Company.

(a) Defined Contribution Plan

Employee benefits in the form of Superannuation Fund and other Seamen's Welfare Contributions are considered as defined
contribution plans and the contributions are charged to the Statement of Profit and Loss of the period when the contributions
to the respective funds are due.

(b) Defined Benefit Plan

Retirement benefits in the form of Provident Fund administered by the Company, Gratuity, Post Retirement Medical Benefit
Scheme in respect of all eligible employees and Pension plan for eligible Whole-time Directors are considered as defined
benefit obligations and are provided for on the basis of actuarial valuations, using the projected unit credit method, as at the
date of the Balance Sheet.

(iii) Other Long-Term Benefits :

Long-term compensated absences are provided for on the basis of an actuarial valuation, using the projected unit credit method,
as at the date of the Balance Sheet.

Actuarial gain/loss, comprising of experience adjustments and the effects of changes in actuarial assumptions is recognised in
the Statement of Other Comprehensive Income except for Long-term compensated absences where the same is immediately
recognised in the Statement of Profit and Loss.

(p) Foreign Exchange Transactions :

(i) Items included in the financial statements of the Company are measured using the currency of the primary economic environment
in which the entity operates ('the functional currency'). The financial statements are presented in 'Indian Rupees' (INR), which is
also the Company's functional currency.

(ii) The transactions in currencies other than the entity's functional currency (foreign currencies) are recorded at the rate of exchange
that approximates the actual rate at the date of transaction. Non-monetary items, which are measured in terms of historical costs
denominated in a foreign currency are reported using the exchange rate at the date of the transaction. Monetary assets and
liabilities denominated in foreign currency, remaining unsettled at the year end are translated at closing rates. The difference in
translation of long-term monetary assets acquired and liabilities incurred prior to April 01, 2016 and gains and losses on foreign
currency transactions relating to acquisition of depreciable capital assets are added to or deducted from the cost of the asset and
depreciated over the balance life of the asset; and in other cases, accumulated in a Foreign Currency Monetary Item Translation
Difference Account and amortised over the balance period of such long-term asset/liability, by recognition as income or expense
but not beyond March 31, 2020. The difference in translation of all other monetary assets and liabilities and realised gains and
losses on other foreign currency transactions are recognised in the Statement of Profit and Loss.

(q) Financial Instruments :

Initial Recognition :

Financial assets and financial liabilities are recognised when a Company becomes a party to the contractual provisions of the instruments.

Financial assets and financial liabilities are initially measured at fair value, except for trade receivables which are initially measured at
transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities
(other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the
financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of
financial assets or financial liabilities at fair value through profit or loss are recognised immediately in the Statement of Profit and Loss.

Subsequent measurement :

Financial Assets :

All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value through profit or loss
(FVTPL) or fair value through other comprehensive income (FVTOCI), depending on the classification of the financial assets. The
purchase and sale of financial assets are accounted for at trade date.

Cash and Cash Equivalents :

Cash and cash equivalents include cash in hand, demand deposits with banks, other short-term highly liquid financial instruments
which are readily convertible into known amounts of cash that are subject to an insignificant risk of change in value and having original
maturities of three months or less.

Fixed deposits with an original maturity period of more than twelve months are classified under Other Financial Assets. Such deposits
are further classified as current or non-current based on their residual maturity as at the reporting date. Fixed deposits with an original
maturity period of less than twelve months but more than three months are classified under Bank Balances. Whereas, fixed deposits
with an original maturity period of three months or less are classified as Cash and Cash Equivalents.

Debt Instruments :

Debt instruments are initially measured at amortised cost, fair value through other comprehensive income (FVTOCI) or fair value
through profit or loss (FVTPL) till derecognition on the basis of (i) the entity's business model for managing the financial assets and (ii)
the contractual cash flow characteristics of the financial asset.

(i) Measured at Amortised Cost :

Financial assets that are held within a business model whose objective is to hold financial assets in order to collect contractual cash
flows that are solely payments of principal and interest, are subsequently measured at amortised cost using the effective interest rate
(EIR) method less impairment, if any. The amortisation using EIR and loss arising from impairment, if any, is recognised in the Statement
of Profit and Loss.

Under the effective interest method, the future cash receipts are exactly discounted to the initial recognition value using the effective
interest rate. The cumulative amortisation using the effective interest method of the difference between the initial recognition amount
and the maturity amount is added to the initial recognition value (net of principal repayments, if any) of the financial asset over the
relevant period of the financial asset to arrive at the amortised cost at each reporting date. The corresponding effect of the amortisation
under effective interest method is recognised as interest income over the relevant period of the financial asset. The same is recognised
in the Statement of Profit and Loss.

(ii) Measured at Fair value through Other Comprehensive Income (FVTOCI) :

Financial assets that are held within a business model whose objective is achieved by both, selling financial assets and collecting
contractual cash flows that are solely payments of principal and interest and the contractual terms of the instrument give rise on
specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding, are subsequently
measured at fair value through other comprehensive income. Fair value movements are recognised in the other comprehensive income
(OCI). Interest income measured using the EIR method and impairment losses, if any are recognised in the Statement of Profit and Loss.
On derecognition, cumulative gain or loss previously recognised in OCI is reclassified to profit or loss.

Further, the Company, through an irrevocable election at initial recognition, has measured certain investments in equity instruments
at FVTOCI. The Company has made such election on an instrument by instrument basis. These equity instruments are neither held for
trading nor are contingent consideration recognised under a business combination. Pursuant to such irrevocable election, subsequent
changes in the fair value of such equity instruments are recognised in OCI. However, the Company recognises dividend income from
such instruments in the Statement of Profit and Loss.

On derecognition of such financial assets, cumulative gain or loss previously recognised in OCI is not reclassified from the equity to
Statement of Profit and Loss. However, the Company may transfer such cumulative gain or loss into retained earnings within equity.

(iii) Measured at Fair value through Profit or Loss (FVTPL) :

A financial asset not classified at either amortised cost or FVTOCI, is classified as FVTPL. Such financial assets are measured at fair
value with all changes in fair value, including interest income and dividend income if any, recognised in the Statement of Profit and Loss.

Impairment of Financial Assets :

Expected credit losses (ECL) are recognised for all financial assets subsequent to initial recognition other than financials assets in FVTPL
category. The Company's trade receivables do not contain significant financing component and loss allowance on trade receivables
is measured at an amount equal to lifetime expected losses i.e. expected cash shortfall. The impairment losses and reversals are
recognised in the Statement of Profit and Loss.

In case of other assets, the Company determines if there has been a significant increase in credit risk of the financial asset since
initial recognition. If the credit risk of such assets has not increased significantly, an amount equal to 12-month ECL is measured and
recognised as loss allowance. However, if credit risk has increased significantly, an amount equal to lifetime ECL is measured and
recognised as loss allowance.

ECL impairment loss allowance recognised during the period is recognised in the Statement of Profit and Loss.

Derecognition of Financial Assets :

The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers
the financial asset and substantially all the risks and rewards of ownership of the asset to another party. On derecognition of a financial
asset, (except as mentioned above for financial assets measured at FVTOCI), the difference between the carrying amount and the
consideration received is recognised in the Statement of Profit and Loss.

Financial liabilities and Equity Instruments :

Classification as Debt or Equity :

Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in accordance with the
substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

Equity Instruments :

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity
instruments issued by the Company are recognised at the proceeds received, net of direct issue costs.

Financial Liabilities :

All financial liabilities are subsequently measured at amortised cost using the effective interest method or at FVTPL.

Financial liabilities are classified as at FVTPL when the financial liability is held for trading or it is designated as at FVTPL.

For financial liabilities that are designated as at FVTPL, the amount of change in the fair value of the financial liability that is attributable
to changes in the credit risk of that liability is recognised in other comprehensive income, unless the recognition of the effects of
changes in the liability's credit risk in other comprehensive income would create or enlarge an accounting mismatch in profit or loss.
The remaining amount of change in the fair value of liability is recognised in profit or loss. Changes in fair value attributable to a financial
liability's credit risk that are recognised in other comprehensive income are not subsequently reclassified to profit or loss; instead,
they are transferred to retained earnings upon derecognition of the financial liability.

Financial liabilities that are not held-for-trading and are not designated as at FVTPL are measured at amortised cost at the end of
subsequent accounting periods. The carrying amounts of financial liabilities that are subsequently measured at amortised cost are
determined based on the effective interest method.

Derecognition of Financial Liabilities :

The Company derecognises financial liabilities when, and only when, the Company's obligations are discharged, cancelled or have
expired. A substantial modification of the terms of an existing financial liability (whether or not attributable to the financial difficulty of
the debtor) is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The
difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in
the Statement of Profit and Loss.

Offsetting Financial Instruments :

Financial assets and liabilities are offset and the net amount is reported in the Balance Sheet where there is a legally enforceable right to
offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.
The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in
the event of default, insolvency or bankruptcy of the Company or the counterparty.

Derivative Financial Instruments :

The Company enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange
rate risks, including foreign exchange forward contracts, interest rate swaps, currency swaps, commodity swaps etc. Further details of
derivative financial instruments are disclosed in Note 39.

Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently remeasured
to their fair value at the end of each reporting period. The resulting gain or loss is recognised in the Statement of Profit and Loss
immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the
Statement of Profit and Loss depends on the nature of the hedging relationship and the nature of the hedged item. The gains or losses
on derivative contracts related to the acquisition of depreciable capital assets are added to or deducted from the cost of the assets and
not recognised in the Statement of Profit and Loss.

Embedded Derivatives :

Derivatives embedded in non-derivative host contracts that are not financial instruments within the scope of Ind AS 109, 'Financial
Instruments' are treated as separate derivatives when their risks and characteristics are not closely related to those of the host contracts
and the host contracts are not measured at FVTPL.

Hedge Accounting :

The Company designates certain hedging instruments, which include derivatives and non-derivatives in respect of foreign currency
risk, as either fair value hedges or cash flow hedges.

At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item,
along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of
the hedge and on an ongoing basis, the Company documents whether the hedging instrument is highly effective in offsetting changes
in fair values or cash flows of the hedged item attributable to the hedged risk. Note 39 sets out details of the fair values of the derivative
instruments used for hedging purposes.

Fair Value Hedges :

Changes in fair value of the designated portion of derivatives that qualify as fair value hedges are recognised in the Statement of Profit
and Loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged
risk. The change in the fair value of the designated portion of hedging instrument and the change in the hedged item attributable to the
hedged risk are recognised in the Statement of Profit and Loss in the line item relating to the hedged item.

Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer
qualifies for hedge accounting. The fair value adjustment to the carrying amount of the hedged item arising from the hedged risk is
amortised to the Statement of Profit and Loss from that date.

Cash Flow Hedges :

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in
Other Comprehensive Income and accumulated under the heading of Cash Flow Hedging Reserve. The gain or loss relating to the
ineffective portion is recognised immediately in the Statement of Profit and Loss.

Amounts previously recognised in Other Comprehensive Income and accumulated in equity (relating to effective portion as described
above) are reclassified to the Statement of Profit and Loss in the periods when the hedged item affects profit or loss, in the same line
as the recognised hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a
non-financial liability, such gains and losses are transferred from equity (but not as a reclassification adjustment) and included in the
initial measurement of the cost of the non-financial asset or non-financial liability.

Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer
qualifies for hedge accounting. Any gain or loss recognised in other comprehensive income and accumulated in equity at that time
remains in equity and is recognised when the forecast transaction is ultimately recognised in the Statement of Profit and Loss. When a
forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in the Statement
of Profit and Loss.

(r) Taxation :

Tax expense for the year comprises current and deferred tax. The tax currently payable is based on taxable profit for the year.
The Company's liability for current tax is calculated using tax rates and tax laws that have been enacted or substantively enacted by
the end of the reporting period. Significant judgments are involved in determining the provision for income taxes, including amount
expected to be paid/recovered for uncertain tax positions.

Deferred tax is recognised 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 recognised for all
taxable temporary differences. In contrast, deferred tax assets are only recognised to the extent that it is probable that future taxable
profits will be available against which the deductible temporary differences can be utilised.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period when the liability is settled or the
asset is realised based on the 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 cover or settle the carrying value of its assets and liabilities.

Current and deferred tax are recognised as an expense or income in the Statement of Profit and Loss, except when they relate to
items credited or debited either in other comprehensive income or directly in equity, in which case the tax is also recognised in other
comprehensive income or directly in equity respectively.

Deferred tax assets and liabilities are offset to the extent that they relate to taxes levied by the same tax authority and there are legally
enforceable rights to set off current tax assets and current tax liabilities within that jurisdiction. Deferred tax assets include Minimum
Alternate Tax (MAT) paid in accordance with the tax laws which is likely to give future economic benefits in the form of availability of
set off against future income tax liability.