1. Company Information:

Hindalco Industries Limited (“the Company”),
bearing Corporate Identity Number
L27020MH1958PLC011238, is a public limited
company incorporated in India in the year 1958. The
Company is domiciled in India and its registered office
is at 21st Floor, One Unity Center, Senapati Bapat
Marg, Prabhadevi, Mumbai 400013. The equity shares
of the Company are listed on the National Stock
Exchange of India Limited (NSE) and BSE Limited
(BSE) and its Global Depositary Receipts (GDR) are
listed on the Luxembourg Stock Exchange.

The Company along with its subsidiaries has
manufacturing operations in ten countries including
India spread over four continents viz North America,
South America, Asia and Europe. The Company is
primarily engaged in two main streams of business,
namely Aluminium and Copper.

In the Aluminium business, the Company has presence
across the entire value chain starting from mining
of bauxite and coal through production of primary
Aluminium (Upstream Segment) and value added
products (Downstream Segment) like flat rolled
product, extrusion and light gauge products for use in
various applications like packaging, can, foil, battery
enclosures, food and beverage as well as products
for use in aerospace, automotive, electronic, electric
vehicle, transportation, building and construction and
other industrial products.

In the Copper business, the Company has one of the
largest single location Copper smelting facility in India.
The Company produces copper cathode, copper rods
and precious metals. The Company is also expanding
its business horizon in Internally Grooved Copper Tube
and Copper Scrap Recycling.

The standalone financial statements (“the financial
statements”) which have been approved for issue by
the Board of Directors of the Company in their meeting
held on May 20, 2025 presents the financial position
of the Company as well as its interest in the Joint
Operations and trusts controlled by the Company.

1A. Joint operations :

The Company is engaged in various arrangements on
a joint basis with other companies. The principal place

2. Basis of Preparation and Accounting
Policy Information

The basis of preparation and the material accounting
policies have been applied consistently to all the
periods presented in the standalone financial
statements, except where newly issued accounting
standard are initially adopted or a revision to an existinj
accounting standard requires change in accounting
policy hitherto in use.

Compliance of Ind AS

The standalone financial statements comply in all
material aspects with the Indian Accounting Standards
(“Ind-AS”) as prescribed under section 133 of the
Companies Act 2013 (“the Act”), other relevant
provisions of the Act as notified under the Companies
(Indian Accounting Standards) Rules, 2015, (including
subsequent amendments) and other accounting
principles generally accepted in India.

2A. Basis of preparation

The standalone financial statements have been
prepared and presented on the going concern basis
using accrual basis of accounting and under the
historical cost convention except for following assets
and liabilities which are measured at fair value:

• Derivative financial instruments; see Note 5F for
accounting policy

• Certain financial assets and liabilities; see Note 5
12, 18 and 35 for accounting policy

• Assets held for sale; see Note 9 for accounting
policy

• Employee’s defined benefit plan assets and
liabilities; see Note 14B(a) for accounting policy

• Liability for cash based share-based payments;
see 14B(b) for accounting policy

• I nventories those are designated in a fair
value hedge relationship; see Note 8A, 5F for
accounting policy

• Assets and liabilities designated as hedged
items in fair value hedges that would otherwise
be carried at amortised cost are adjusted to
record changes in the fair values attributable to

the risks that are being hedged in effective hedge
accounting; see Note 5F for accounting policy

In preparing the financial statements, transactions
in currencies other than the Company’s functional
currency (foreign currencies) are recognised 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
translated at the rates prevailing at that date. Non¬
monetary items are measured at historical cost.

Exchange differences on monetary items are
recognised in the statement of profit and loss in the
period in which they arise, except for:

• eligible exchange differences on foreign currency
borrowings relating to qualifying assets under
construction are included in the cost of those
assets when they are regarded as an adjustment
to interest costs; and

• exchange differences on transactions entered
into in order to hedge certain foreign currency
risks (see Note 5F for accounting policies).

Changes in the fair value of non-monetary equity
instruments irrevocably classified as fair value through
other comprehensive income includes gain or loss on
account of exchange differences.

The fair value of financial liabilities and financial assets
denominated in a foreign currency are translated at
the spot rate at the end of the reporting period. The
foreign exchange component forms part of its fair value
gain or loss. Non-monetary items that are measured
at fair value in a foreign currency are translated using
the exchange rates at the date when the fair value was
measured.

The Company has determined current and non¬
current classification of its assets and liabilities in the
standalone financial statements as per the Company’s
normal operating cycle, and other criteria set out
in Schedule III of the Companies Act, 2013. Based
on the nature of products and the time lag between
the acquisition of assets for processing and their
realisation in cash and cash equivalents, the Company
has ascertained its normal operating cycle as 12
months for the purpose of current and non-current
classification of its assets and liabilities.

The standalone financial statements have been
presented in Indian Rupees (' ), which is the functional
currency of the Company and the currency of the
primary economic environment in which the Company
operates. All financial information presented in Indian
Rupees has been rounded off to nearest Crore Rupees
(' 1 Crore = ' 10,000,000) without any decimal
unless otherwise stated. Amounts below rounding off
convention or equal to zero are represented as “-” in
the standalone financial statements.

The Company determines materiality depending
on the nature or magnitude of information, or both.
Information is material if omitting, misstating or
obscuring it could reasonably influence decisions
made by the primary users, on the basis of those
financial statements.

2B. Accounting policy information

The material accounting policies adopted in
preparation of standalone financial statements has
been disclosed in the pertinent note along with other
information in italics. All accounting policies has been
consistently applied to all the period presented in the
standalone financial statements unless otherwise
stated.

2C. Recent Accounting Pronouncements

a) New and amended standards adopted by the
Company

The Ministry of Corporate Affairs vide notification
dated 9^th September 2024 and 28^th September
2024 notified the Companies (Indian Accounting
Standards) Second Amendment Rules, 2024 and
Companies (Indian Accounting Standards) Third
Amendment Rules, 2024, respectively, which
amended/ notified certain accounting standards
(see below), and are effective for annual reporting
periods beginning on or after 01^st April 2024:

• Insurance contracts - Ind AS 117; and

• Lease Liability in Sale and Leaseback -
Amendments to Ind AS 116

These amendments did not have any material
impact on the amounts recognised in prior
periods and are not expected to significantly
affect the current or future periods.

b) New and amended standards issued but not
effective -

The Ministry of Corporate affairs vide notification
dated 07^th May, 2025 notified Companies (Indian
Accounting Standards) Amendment Rules,

2025 which amended Ind AS 21, ‘The Effects
of Changes in Foreign Exchange Rates’. The
amendments are not expected to significantly
affect the current or future periods.

3A.Property, Plant and Equipment

Property, plant and equipment held for use in the
production or/and supply of goods or services, or for
administrative purposes are stated in the balance
sheet at cost, less any subsequent accumulated
depreciation and subsequent accumulated impairment
losses except for freehold land (other than freehold
land used for mining) which is carried at historical cost.

The present value of obligatory decommissioning
cost related to assets are included in the initial cost
of such assets. Cost may also include effective
portion on qualifying cash flow hedges of foreign
currency purchases of property, plant and equipment
transferred from hedge reserve as basis adjustment.

Subsequent expenditure on major maintenance or
repairs includes the cost of the replacement of parts
of assets and overhaul costs. Where an asset or
part of an asset is replaced and it is probable that
future economic benefits associated with the item
will be available to the Company, the expenditure
is capitalised and the carrying amount of the item
replaced is derecognised. Similarly, overhaul costs
associated with major maintenance which can be
measured reliably are capitalised and depreciated
over their useful lives where it is probable that future
economic benefits will be available and any remaining
carrying amounts of the cost of previous overhauls
are derecognised. All other costs are charged to profit
and loss during the reporting period in which they are
incurred.

The Company based on the technical assessment
made by the technical expert/ management estimate,
depreciates certain items of building, plant and
equipment’s over the estimated useful lives which are
different from the useful life prescribed in Schedule II to
the Companies Act, 2013. The management believes
that these estimated useful lives are realistic and
reflect fair approximation of the period over which the
assets are likely to be used.

The Company reviews the estimated residual values
and expected useful lives of assets at least annually.

In particular, the Company considers the impact of
the health, safety and environmental legislation in its
assessment of expected useful lives and estimated
residual values. Furthermore, the Company considers
environment-related matters, including physical
and transition risks. Specifically, the Company
determines whether environment-related legislation
and regulations might impact either the useful lives
or residual values.Depreciation is calculated on a
straight-line basis over the estimated useful lives of the
assets as follows:

(b) Refer Note 12A for details of Property, Plant and Equipment’s (except Jointly owned assets) pledged and hypothecated
against borrowings.

(c) The Company has not revalued its property, plant and equipment during the current and previous year.

(d) Refer Note 3I for the details of Immovable properties for which registration/ transfer of title deeds are pending.

(e) The carrying value of gross assets as on 31/03/2025 includes ' 102 Crore towards cost of land, building, plant and
machinery incurred at one of the mines which was surrendered to the Ministry of Coal during the current year. The claim
is submited to the Ministry of Coal for refund of the same.

3B.Capital Work-in-Progress

Capital work-in-progress comprises of tangible items in the course of construction for production or/and supply of
goods or services or administrative purposes are carried at cost, less any accumulated impairment loss. At the point
when an asset is capable of operating at management’s intended use, the cost of construction is transferred to the
appropriate category of property, plant and equipment. Costs associated with the commissioning of an asset are
capitalised.

Temporarily suspended projects do not include those projects where temporary suspension is a necessary part of the
process of getting an asset ready for its intended use.

The changes in carrying value of Capital Work-in-Progress are given below:

(e) The Company has tested the carrying value of Capital Work-in-Progress for impairment as at reporting date and has
recorded an impairment of ' 70 Crore (year ended 31/03/2024 Nil), Refer Note 3H (a) for further details.

(f) During the current year, interest capitalised on qualifying assets is ' 270 Crore (year ended 31/03/2024'100 Crore),
Refer Note 22 (c) for further details.

(g) Refer Note 31B(a) for capital expenditures contracted but not incurred.

(h) Refer Note 40 for reclassification of previous year amounts in current year.

3C. Right of Use Assets

The Company assesses whether a contract is or contains a lease, at inception of the contract. The Company
recognises a right of use asset and a corresponding lease liability with respect to all lease arrangements in which it is
the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low
value assets. For short term leases, the Company recognises the lease payments as other expenses on a straight-line
basis over the lease term, unless another systematic basis is more representative of the time pattern in which economic
benefits from the leased assets are consumed. Contingent and variable rentals are recognized as expense in the
periods in which they are incurred.

The Right of Use assets comprise the initial measurement of the corresponding lease liability, lease payments
made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less
accumulated depreciation and impairment losses.

For certain class of assets, the Company allocates lease or non-lease components on the basis of their relative stand¬
alone prices while assessing a contract at its inception or on reassessment.

The Company tests Impairment of right-of-use asset and accounts for any identified impairment loss as per its
accounting policy on ‘Property, Plant and Equipment’.

Extension and termination options are included in many of the leases. In determining the lease term, the management
considers all facts and circumstances that create an economic incentive to exercise an extension option, or not
exercise a termination option.

When the Company is an intermediate lessor, it accounts for the head lease and sublease as two separate contracts.
The sublease is classified as finance or operating lease by reference to the right-of-use asset arising from the head
lease.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial
direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased
asset and recognised on a straight-line basis over the lease term.

When a contract includes lease and non-lease components, the Company applies Ind AS 115, Revenue from Contracts
with Customers to allocate the consideration under the contract to each component.

The accounting policy on depreciation and impairment of non-current assets are described in note 3G and 3H,
respectively.

The change in the carrying value of Right of Use assets are given below:

3D. Lease Liabilities

The lease payments that are not paid at the commencement 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 uses a build-up approach that starts with a risk-free interest
rate adjusted for credit risk and makes adjustments specific to the lease, e.g. term, security etc.

Lease payments included in the measurement of the lease liability comprise:

• Fixed lease payments (including in-substance fixed payments) payable during the lease term and under
reasonably certain extension options, less any lease incentives;

• Variable lease payments that depend on an index or rate, initially measured using the index or rate at the
commencement date;

• The amount expected to be payable by the lessee under residual value guarantees;

• The exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and

• Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the
lease.

Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the
lease period so as to produce a constant periodic rate of interest on the remaining balance liability for each period.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability
(using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The Company remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset)
to reflect any re-assessment, lease modification, or revised in-substance fixed lease payments.

(a) The total cash outflows for the leases for the year was ' 344 Crore (31/03/2024'348 Crore).

(b) Extention and termination options are included in a number of property and equipment leases across the Company.
These are used to maximize operational flexibilitity in terms of managing the assets used in the Company’s operations.
The majority of extention and termination options held are excercisable only by the Company and not by the respective
Lessor.

3E. Investment Properties

Investment properties (held to earn rentals or for capital appreciation or both) are stated in the balance sheet at cost,
less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Transfer to, or from,
investment property is done at the carrying amount of the property.

(b) The Company has no contractual obligations to purchase, construct or develop investment properties or for repairs,
maintenance and enhancements. There is no restrictions on the realisability of investment properties or the remittance
of income and proceeds of disposal on the Company.

(c) Fair value of the Investment properties :

(i) The fair value of the Company’s investment properties as at March 31, 2025 and March 31, 2024 have been
arrived at on the basis of valuation carried out at the respective dates by an external, independent valuer who is
registered under Rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017.

(ii) The fair value measurement for all the investments properties has been categorised as Level 2 based on the
inputs to the valuation technique used. Considering the type of the assets, market approach (sales comparable
method) to estimate the fair value of the subject properties is adopted. Fair Value of Investment Properties are
given below :

3F. Other Intangible Assets and Intangible Assets under Development

Intangible assets acquired separately

Intangible assets acquired are reported at cost less accumulated amortization and accumulated impairment losses.
Mineral Reserves, Resources and Rights (Mining Rights)

Mineral reserves, resources and rights (together referred to as ‘mining rights’) which can be reasonably valued, are
recognised in the assessment of fair values on acquisition. Mining rights also includes stripping cost.

Stripping cost

Stripping costs incurred during the mining production phase are allocated between cost of inventory produced
and the existing mine asset. The stripping ratio, as approved by the regulatory authority, for the life of the mine is
obtained by dividing the estimated quantity of overburden by the estimated quantity of mineable coal / bauxite reserve
to be extracted over the life of the mine. This ratio is periodically reviewed and changes, if any, are accounted for
prospectively.

Stripping costs are allocated and included as a component of the mine asset when they represent significantly
improved access to ore, provided all the following conditions are met:

• it is probable that the future economic benefit associated with the stripping activity will be realised;

• the component of the ore body for which access has been improved can be identified; and

• the costs relating to the stripping activity associated with the improved access can be reliably measured.

The overburden removal costs are included in Mining Rights under Intangible assets and amortised based on stripping
ratio on the quantity of coal / bauxite excavated.

(c) There are no Intangible asset under development projects whose completion is overdue or has exceeded its cost
compared to its original plan as at 31/03/2025 and 31/03/2024.

(d) Refer Note 40 for reclassification of previous year amounts in current year.

3G. Depreciation and Amortisation Expenses

Property, Plant & Equipment

Depreciation is charged so as to write off the cost or value of assets, net off their residual values, over their estimated
useful lives. Depreciation is recorded using the straight line basis. The estimated useful lives and residual values
are reviewed at each year end, with the effect of any changes in estimate accounted for on a prospective basis. Each
component of an item of property, plant and equipment with a cost that is significant in relation to the total cost of that
item is depreciated separately if its useful life differs from the other components of the asset.

Depreciation commences when the assets are ready for their intended use. Depreciated assets and accumulated
depreciation amounts are retained fully until they are removed/retired from active use.

Leasehold improvements 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.

The useful life of the items of Property, Plant and Equipment is based on the technical assessment by management for
the current and comparative period which is in line with the useful life precribed in Schedule II of the Companies Act,
2013.

Right of Use assets

ROU assets are depreciated over the shorter period of the lease term and useful life of the underlying asset using
the 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. The depreciation starts at the commencement date of the lease.

Investment Properties

Depreciation is charged on a straight line basis over their estimated useful lives.

Intangible Assets

Amortization is charged on a straight line basis over their estimated useful lives other than Mining rights. The estimated
useful life and amortization method are reviewed at the end of each annual reporting period, with the effect of any
changes in estimate being accounted for on a prospective basis.

Mining rights

Exploitable mineral rights are amortised using the unit of production basis over the commercially recoverable reserves.
Commercially recoverable reserves are proved and probable reserves. Mineral resources are included in amortisation
calculations where there is a high degree of confidence that they will be extracted in an economic manner.

Changes in the commercial recoverable reserves affecting unit of production calculations are dealt with prospectively
over the revised remaining reserves.

Amount of asset class-wise depreciation and amortizaztion are given below:

3H. Impairment Loss/ (Reversal) on Non-Current Assets (Net)

Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually
for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Non
current assets other than goodwill are tested for impairment whenever events or changes in circumstances indicate
that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the
asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value
less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest
levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from
other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an
impairment are reviewed for possible reversal of the impairment at the end of each reporting period.

Critical Accounting Judgment and Key Sources of Estimation Uncertainty

The Company assesses conditions that could cause an asset or a Cash Generating Unit (CGU) to become impaired
and to test recoverability of potentially impaired assets. These conditions include changes resulting from market and
economic environment, including internal and external factors such as the Company’s market capitalization, significant
changes in the Company’s planned use of the assets or a significant adverse change in the expected prices, sales
volumes or raw material cost. The identification of CGUs involves judgment, including assessment of where active
markets exist, and the level of interdependency of cash inflows. CGU is usually the individual plant, unless the asset or
asset group is an integral part of a value chain where no independent prices for the intermediate products exist, a group
of plants is combined and managed to serve a common market, or where circumstances otherwise indicate significant
interdependencies.

Determination of the recoverable amount involves management estimates on highly uncertain matters, such as
commodity prices and their impact on markets and prices for upgraded products, demand for products, inflation,
currency rate movements, input cost prices, operating expenses and tax and legal environment. The Company uses

4. Goodwill

Goodwill arising on acquisition of a business is carried at cost as established at the date of acquisition of the business
less accumulated impairment losses, if any. For the purpose of impairment testing, goodwill is allocated to each of the
cash-generating units expected to benefit from the synergies of the combination.

Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently
when there is an indication that the unit may be impaired. If the recoverable amount of the cash generating unit is less
than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill
allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in
the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period.

(i) Goodwill was generated on acquisition of extrusion business of SAPA Extrusion India Pvt. Ltd. (Unit located at
Kuppam) during the year ended 31/03/2022. The Company tested the goodwill for impairment by applying “fair
value less cost to sell method” as at 31/03/2025 and no impairment has been identified.

5. Financial Assets

All financial assets are recognised on trade date when the purchase of a financial asset is under a contract whose term
requires delivery of the financial asset within the timeframe established by the market concerned. Financial assets are
initially measured at fair value, plus transaction costs, except for those financial assets which are classified as at fair
value through profit or loss (FVTPL) at inception. All recognised financial assets are subsequently measured in their
entirety at either amortised cost or fair value.

Classification of financial assets

Financial assets are classified as ‘equity instrument’ if these are non-derivative and meets the definition of ‘equity’ for
the issuer. All other non-derivative financial assets are ‘debt instruments’.

Initial recognition and subsequent measurement
Financial assets at amortised cost

The Company measures debt instrument at amortised cost if both of the following conditions are met:

1) the asset is held within a business model whose objective is to hold asset in order to collect contractual cash
flows; and

2) 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.

Debt instruments meeting these criteria are subsequently measured at amortised cost using the effective interest
method less any impairment, with interest recognised on an effective yield basis in Other income.

Financial assets classified at amortised cost comprises of trade receivables, loans, deposits, matured derivatives
pending realisation, accrued interest and other receivables.

Financial assets at fair value through other comprehensive income (FVTOCI)

A) Equity instrument

At initial recognition, an irrevocable election is made (on an instrument-by-instrument basis) to designate
investments in equity instruments (other than held for trading purpose) at FVTOCI.

An Investment is held for trading if:

1) it has been acquired principally for the purpose of selling it in the near term; or

2) on initial recognition it is part of a portfolio of identified financial instruments that the Company manages
together and has evidence of a recent actual pattern of short-term profit-taking; or

3) it is a derivative that is not designated in an effective hedge relationship as a hedging instrument or a financial
guarantee.

Investments in equity instruments at FVTOCI are subsequently measured at fair value with gains and losses
arising from changes in fair value recognised in other comprehensive income and accumulated in the ‘Gain/

(Loss) on Equity Instruments FVTOCI’. Where the asset is disposed of, the cumulative gain or loss previously
accumulated in the ‘Gain/ (Loss) on Equity Instruments FVTOCI’ is directly reclassified to retained earnings.

B) Debt instrument

Debt instrument are measured at FVTOCI if both of the following conditions are met:

1) Debt Instrument is held within a business model whose objective is to hold asset in order to collect
contractual cash flows and selling assets; and

2) 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.

Investment meeting these criteria are subsequently measured at fair value with any gains or losses arising on
re-measurement recognised in other comprehensive income, except for impairment gains or losses, interest
income and foreign exchange gains or losses which are recognised in the statement of profit and loss. Interest
calculated using the effective interest method is recognised in the statement of profit and loss as Other
income. When the debt instrument is derecognised the cumulative gain or loss previously recognised in other
comprehensive income is reclassified to the statement of profit and loss as a reclassification adjustment.

Financial assets at fair value through profitand loss (FVTPL)

Financial assets that do not meet the criteria of classifying as amortised cost or fair value through other comprehensive
income described above, or that meet the criteria but the entity has chosen to designate as at FVTPL at initial
recognition, are measured at FVTPL.

Investments in equity instruments are classified as at FVTPL, unless the Company designates an investment that is
not held for trading at FVTOCI at initial recognition.Financial assets at FVTPL are subsequently measured at fair value,
with any gains or losses arising on re-measurement recognised in the statement of profit and loss. Interest income from
these investment is included in Other income.

Impairment of financial assets

On initial recognition of the financial assets, a loss allowance for expected credit loss is recognised in the statement of
profit and loss for debt instruments carried at amortised cost and FVTOCI.

Expected credit losses of a financial instrument is measured in a way that reflects:

1) an unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes;

2) the time value of money; and

3) reasonable and supportable information that is available without undue cost or effort at the reporting date about
past events, current conditions and forecasts of future economic conditions.

At each reporting date, the Company assesses whether the credit risk on a financial instrument has increased
significantly since initial recognition.

When making the assessment, the Company compares the risk of a default occurring on the financial instrument as
at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition
and consider reasonable and supportable information, that is available without undue cost or effort, that is indicative o
significant increases in credit risk since initial recognition.

If, at the reporting date, the credit risk on a financial instrument has not increased significantly since initial recognition,
the Company measures the loss allowance for that financial instrument at an amount equal to 12-month expected
credit losses. If, the credit risk on that financial instrument has increased significantly since initial recognition, the
Company measures the loss allowance for a financial instrument at an amount equal to the lifetime expected credit
losses.

The amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date is
recognised as an impairment loss or gain in the statement of profit and loss.

De-recognition of financial assets

The Company derecognises financial asset on trade date only when the contractual rights to the cash flows from the
asset expire, or when it transfers the financial assets and substantially all the risks and rewards of ownership to anothe
entity or when it retains contractual rights to retain contractual cash flows from asset, but assumes a contractual
obligation to pay the cash flows to one or more recipient. If the Company neither transfers nor retains substantially
all the risks and rewards of ownership and continues to control the financial assets, the Company recognises its
retained interest in the financial assets and an associated liability for amounts it may have to pay. If the Company
retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to
recognise financial assets and also recognises a collateralised borrowing for the proceeds received.

On de-recognition of a financial assets other than in its entirety (e.g. when the Company retains an option to repurchas
part of a transferred assets), the Company allocates the previous carrying amount of the financial assets between the
part it continues to recognise under continuing involvement, and the part it no longer recognises on the basis of the
relative fair values of those parts on the date of the transfer. The difference between the carrying amount allocated to
the part that is no longer recognised and the sum of the consideration received for the part no longer recognised and
any cumulative gain or loss allocated to it that had been recognised in other comprehensive income is recognised in
the statement of profit and loss. A cumulative gain or loss that had been recognised in other comprehensive income is
allocated between the part that continues to be recognised and the part that is no longer recognised on the basis of the
relative fair values of those parts.

Investment in Subsidiaries and Joint Ventures

The investments in subsidiaries and joint ventures are carried in the financial statements at historical cost except
when the investment, or a portion thereof, is classified as held for sale, in which case it is measured at lower of
carrying amount and fair value less costs to sell. When the Company is committed to a sale plan involving disposal
of an investment, or a portion of an investment, in any subsidiary or joint venture, the investment or the portion of the
investment that will be disposed of is classified as held for sale when the criteria described above are met. Any retained
portion of an investment in a subsidiary or a joint venture that has not been classified as held for sale continues to be
accounted for at historical cost.

Investments in subsidiaries and joint ventures carried at cost are tested for impairment in accordance with Ind AS 36
Impairment of Assets. The carrying amount of the investment is tested for impairment as a single asset by comparing
its recoverable amount with its carrying amount, any impairment loss recognised reduces the carrying amount of the
investment.

Investment in Associates

The investments in associates are carried in these financial statements at fair Value through Other Comprehensive
Income (FVTOCI).