Material Accounting Policies

The material accounting policies applied by the
Company in the preparation of its financial statements
are listed below. Such accounting policies have been
applied consistently to all the periods presented in
these financial statements, unless otherwise indicated.

(b) Basis of measurement

The standalone financial statements have been
prepared on a historical cost convention and on an
accrual basis, except for the following material items
that have been measured at fair value as required by
relevant Ind AS:

i. Certain financial assets and liabilities measured
at amortised cost (refer accounting policy on
financial instruments);

ii. Defined benefit and other long-term employee
benefits.

Historical cost is generally based on the fair value of
the consideration given in exchange for goods and
services at the time of their acquisition.

The standalone financial statements are presented
in Indian Rupees (Rs.), which is the Company's
functional and presentation currency and all amounts
are rounded to the nearest lakhs (Rs. 00,000) and
two decimals thereof, as per the requirement of
Schedule III to the Companies Act, 2013, except where
mentioned otherwise.

(c) Basis of classifying Assets and Liabilities into
Current and Non-Current

Operating Cycle

The operating cycle is the time between the acquisition
of assets for processing and their realisation in cash
and cash equivalents. The Company has identified
twelve months as its operating cycle.

The Company presents assets and liabilities in
the Balance Sheet based on current/ non-current
classification. An asset is treated as current when it is:

a. Expected to be realised or intended to be sold or
consumed in normal operating cycle; or

b. Held primarily for the purpose of trading; or

c. Expected to be realised within twelve months
after the reporting period, or

d. Cash or cash equivalent - unless restricted from
being exchanged or used to settle a liability for at
least twelve months after the reporting period.

All other assets are classified as non-current.

A liability is current when it is:

a. Expected to be settled in normal operating cycle;
or

b. Held primarily for the purpose of trading; or

c. Due to be settled within twelve months after the
reporting period, or

d. There is no unconditionalright to defer the
settlement of the liability for at least twelve
months after the reporting period

All other liabilities are classified as non-current.

Deferred tax assets and liabilities are classified as
non-current assets and liabilities

(d) Use of estimates and judgement

The preparation of the Standalone financial statements
in conformity with Ind AS requires management to
make estimates and assumptions that affect the
application of accounting policies and the reported
amounts of assets, liabilities, income and expenses.
Actual results may differ from these estimates.

The estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the
estimate is revised if the revision effects only that
period or in the period of the revision and future
periods if the revision affects both current and future
years.

In particular, information about significant areas
of estimation, uncertainty and critical judgments
in applying accounting policies that have the most
significant effect on the amounts recognized in the
financial statements is included in the following notes:

a. Recognition and measurement of defined benefit
obligations, key actuarialassumptions; (Refer
Note No. 30)

b. Recognition and measurement of provisions
and contingencies, key assumptions about
the likelihood and magnitude of an outflow of
resources; (Refer Note No. 2 (h))

c. Recognition of deferred tax assets - availability of
future taxable profits against which deferred tax
assets (e.g. MAT) can be used (Refer Note No. 2
(o))

d. Measurement of lease liabilities and Right-of-use
assets (Refer Note No. 2 (f))

e. Impairment of Financial and Non- Financial
assets (Refer Note No. 2 (j) and (g))

(e) Property, plant and equipment

1. Property, Plant and equipment including capital work
in progress are stated at cost, less accumulated
depreciation and accumulated impairment losses, if
any. The cost will comprise of purchase price, taxes,
duties, freight and other incidental expenses directly
attributable and related to acquisition and installation
of the concerned assets and are further adjusted
by the amount of GST credit and other credits
availed wherever applicable. Recurring repair and
maintenance costs are recognized in profit or loss as
incurred.

2. Property, plant and equipment not ready for their
intended use as on the balance sheet date are
disclosed as "Capital work-in-progress". Such items
are classified to the appropriate category of property,
plant and equipment when completed and ready
for their intended use. Advances given towards
acquisition/ construction of property, plant and
equipment outstanding at each balance sheet date
are disclosed as Capital Advances under "Other non¬
current assets".

3. Subsequent costs are included in the asset's
carrying amount or recognised as a separate asset,
as appropriate, only when it is probable that future
economic benefits associated with the item will flow
to the Company and the cost of the item can be
measured reliably.

4. An item of property, plant and equipment and any
significant part initially recognised is derecognised
upon disposal or when no future economic benefits
are expected from its use or disposal. Any gain or loss
arising on de-recognition of the asset (calculated as
the difference between the net disposal proceeds
and the carrying amount of the asset) is included in
the statement of profit and loss in "other income /
(expenses)" when the asset is derecognised.

The residualvalues, useful lives and methods of
depreciation of property, plant and equipment are
reviewed at each financial year end and adjusted

prospectively, if appropriate.

5. Cost of Tangible Assets, less its residual value, are
depreciated to the residualvalues on a straight¬
line basis over the estimated useful lives based on
technical estimates which are different than those
specified by Schedule II to the Companies Act 2013, in
order to reflect the actual usage of the assets. Assets'
residual values and useful lives are reviewed at each
financial year end considering the physical condition
of the assets and benchmarking analysis or whenever
there are indicators for review of residual value and
useful life. Estimated useful lives of the assets are as
follows:

(iii) The Company has the right to direct the use of
the asset. The Company has this right when it has
the decision making rights that are most relevant
to changing how and for what purpose the asset
is used.

Lease accounting as a Lessee
Initial Recognition
Right of Use Asset (ROU)

The Company recognises a right-of-use asset and a
lease liability at the lease commencement date. At
the commencement date, a lessee shallmeasure
the right-of-use asset at cost which comprises initial
measurement of the lease liability, any lease payments
made at or before the commencement date, less
any lease incentives received, any initial direct costs
incurred by the lessee; and an estimate of costs to be
incurred by the lessee in dismantling and removing
the underlying asset, restoring the site on which it
is located or restoring the underlying asset to the
condition required by the terms and conditions of the
lease.

The ROU asset is depreciated as per the depreciation
requirements in Ind AS 16 Property, Plant and
Equipment.

The Company's lease asset classes primarily consist of
leases for Building and Investment Properties.

Lease Liability

At the commencement date, a lessee measures the
lease liability at the present value of the lease payments
that are not paid at that date. The lease payments
shall be discounted using the interest rate implicit in
the lease, if that rate can be readily determined. If that
rate cannot be readily determined, the lessee shall
use the lessee's incremental borrowing rate.

Subsequent measurement

Subsequent measurement of the right-of-use asset
after the commencement date is at cost model,
the value of right-of-use asset is initially measured
at cost less accumulated depreciation and any
accumulated impairment loss and adjustment for any
re-measurement of the lease liability.

The right-of-use asset is depreciated from the
commencement date to the earlier of the end of the
useful life of the asset or the end of lease term, unless
lease transfers ownership of the underlying asset to
the Company by the end of the lease term or if the
cost of the right-of-asset reflects that the Company will
exercise a purchase option, in such case the Company
will depreciate asset to the end of the useful life.

Right-of-use asset and lease liability are presented
on the face of balance sheet. Depreciation charge
on right-to-use is presented under depreciation
expense as a separate line item. Interest charge on
lease liability is presented under finance cost as a
separate line item. Under the cash flow statement,
cash flow from lease payments including interest are
presented under financing activities. Short-term lease
payments, payments for leases of low-value assets
and variable lease payments that are not included in
the measurement of the lease liabilities are presented
as cash flows from operating activities.

Short-term lease and leases of low-value assets

The Company has elected not to recognise right-of-
use assets and lease liabilities for short- term leases
that have a lease term of less than 12 months or
less and leases of low-value assets. The Company
recognises the lease payments associated with these
leases as an expense on a straight-line basis over the
lease term. The election for short-term leases shall
be made by class of underlying asset to which the
right of use relates. A class of underlying asset is a
grouping of underlying assets of a similar nature and
use in Company's operations. The election for leases
for which the underlying asset is of low value can be
made on a lease-by-lease basis.

Lease Accounting by lessor

Leases in which the Company does not transfer
substantially all the risks and benefits of ownership
of the asset is classified as operating lease. Assets
subject to operating leases other than land, building
and vehicles are included in PPE. Lease income on
an operating lease is recognised in the statement of
profit and loss on a straight-line basis over the lease
term. Costs, including depreciation, are recognised as
an expense in the statement of profit and loss.

(g) Impairment of non-financial assets

The Company assesses at each reporting date
whether there is an indication that an asset may be
impaired. If any indication exists, or when annual
impairment testing for an asset is required, the
Company estimates the asset's recoverable amount.
An asset's recoverable amount is the higher of an
asset's or cash generating units' (CGUs) fair value less
cost of disposal and its value in use. The recoverable

amount is determined for an individual asset, unless
the asset does not generate cash inflows that are
largely independent of those from other assets or
group of assets. When the carrying amount of an
asset or CGU exceeds its recoverable amount, the
asset is considered impaired and is written down to
its recoverable amount.

In assessing value in use, the estimated future cash
flows are discounted to their present value using a
pre-tax discount rate that reflects current market
assessments of the time value of money and the risks
specific to the asset. In determining net selling price,
recent market transactions are taken into account,
if available. If no such transactions can be identified,
an appropriate valuation modelis used. These
calculations are corroborated by valuation multiples,
quoted share prices for publicly traded companies or
other available fair value indicators.

In determining fair value less cost of disposal, recent
market transactions are taken into account.

The Company bases its impairment calculation on
detailed budgets and forecast calculations, which are
prepared separately for each of the Company's CGUs
to which the individual assets are allocated. These
budgets and forecast calculations generally cover a
period of five years. For longer periods, a long-term
growth rate is calculated and applied to project future
cash flows after the fifth year. To estimate cash flow
projections beyond periods covered by the most
recent budgets/forecasts, the Company extrapolates
cash flow projections in the budget using a steady or
declining growth rate for subsequent years, unless
an increasing rate can be justified. In any case, this
growth rate does not exceed the long-term average
growth rate for the products, industries, or country
or countries in which the entity operates, or for the
market in which the asset is used.

Impairment losses of continuing operations, are
recognised in the statement of profit and loss. After
impairment, depreciation is provided on the revised
carrying amount of the asset over its remaining useful
life.

For assets, an assessment is made at each reporting
date to determine whether there is an indication
that previously recognised impairment losses no
longer exist or have decreased. If such indication
exists, the Company estimates the asset's or CGU's
recoverable amount. A previously recognised
impairment loss is reversed only if there has been

a change in the assumptions used to determine the
asset's recoverable amount since the last impairment
loss was recognised. The reversal is limited so that
the carrying amount of the asset does not exceed its
recoverable amount, nor exceed the carrying amount
that would have been determined, net of depreciation,
had no impairment loss been recognised for the
asset in prior years. Such reversal is recognised in the
statement of profit or loss unless the asset is carried
at a revalued amount, in which case, the reversal is
treated as a revaluation increase.