2. Material Accounting Policies:

(a) Statement of Compliance:

The financial statements of the Company are prepared
in accordance with the Indian Accounting Standards (Ind
AS) notified under the Companies (Indian Accounting
Standards) Rules, 2015 with relevant amendment rules
issued thereafter and guidelines issued by the Securities
and Exchange Board of India.

The financial statements are authorized for issue by the
Board of Directors of the Company at their meeting held on
May 21st, 2025

(b) Basis of Preparation and Presentation:

Basis of Preparation:

The financial statements have been prepared on the
historical cost basis except for following assets and
liabilities:

(i) Financial Instruments measured at fair value.

(ii) Certain financial assets and liabilities measured at
fair value (refer accounting policy regarding financial
instruments).

(iii) Employee's Defined Benefit Plan as per actuarial
valuation.

Fair value is the price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date,
regardless of whether that price is directly observable or
estimated using another valuation technique. In estimating
the fair value of an asset or liability, the Company takes into
account the characteristics of the asset or liability if market
participants would take those characteristic into account
when pricing the asset or liability at the measurement date.

Functional and Presentation Currency:

The financial statements are presented in Indian Rupees,
which is the functional currency of the Company and

currency of primary economic environment in which
Company operates. All amounts disclosed in financial
statements which also include the accompanying notes
have been rounded off to nearest million as per the
requirement of Schedule III (Division II) to the Companies
Act 2013, unless otherwise stated.

Operating Cycle :

The Company has ascertained its operating cycle as
twelve months for the purpose of Current / Non-Current
classification of its Assets and Liabilities.

An asset is treated as current when it is:

(i) Expected to be realized or intended to be sold or
consumed in normal operating cycle;

(ii) Held primarily for the purpose of trading, or

(iii) Expected to be realized within twelve months after the
reporting period, or

(iv) 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:

(i) It is expected to be settled in normal operating cycle;

(ii) It is held primarily for the purpose of trading.

(iii) It is due to be settled within twelve months after the
reporting period, or

(iv) There is no unconditional right to defer the settlement
of the liability for at least twelve months after the
reporting period. Terms of liability that could result
in its settlement by the issue of equity instruments
at the option of the counterparty does not affect this
classification.

All other liabilities are classified as non-current.

(c) Property, plant and equipment (PPE) :

The initial cost of PPE comprises its purchase price,
including import duties and non-refundable purchase
taxes, and any directly attributable costs of bringing an
asset to working condition and location for its intended
use, including relevant borrowing costs and any expected
costs of decommissioning. Subsequent expenditures
related to an item of Property, plant and equipment are
added to its book value only if they meet the definition of
PPE as specified in Ind AS 16 - Property, Plant and
Equipment.

Expenditure/ Income during construction period (including

financing cost related to borrowed funds for construction
or acquisition of qualifying PPE) is included under Capital
Work-in-Progress, and the same is allocated to the
respective PPE on the completion of their construction.
Advances given towards acquisition or construction of PPE
outstanding at each reporting date are disclosed as Capital
Advances under "Other non-current Assets".

The cost of an item of PPE is recognised as an asset if, and
only if, it is probable that the economic benefits associated
with the item will flow to the Company in future periods and
the cost of the item can be measured reliably. Expenditure
incurred after the PPE have been put into operations, such
as repairs and maintenance expenses, are charged to the
Standalone Statement of Profit and Loss during the year in
which they are incurred.

An item of PPE is de-recognised upon disposal or when no
future economic benefits are expected to arise from the
continued use of the assets. Any gain or loss arising on the
disposal or retirement of an item of PPE, is determined as
the difference between the sales proceeds and the carrying
amount of the asset, and is recognised in Statement of Profit
and Loss

Material items such as spare parts, stand-by equipment and
service equipment are classified as PPE when they meet
the definition of PPE as specified in Ind AS 16 - Property,
Plant and Equipment.

If significant part of an item of PPE have different useful life,
then they are accounted for as separate items of PPE.

(d) Depreciation:

Depreciable amount for PPE is the cost of an PPE less its
estimated residual value. Depreciation on PPE are charged
based on straight line method on an estimated useful life as
prescribed in Schedule II to the Companies Act, 2013 or as
per technical assessment.

Depreciation on items of property, plant and equipment
acquired / disposed off during the year is provided on
pro-rata basis with reference to the date of addition /
disposal.

In certain classes of PPE, the Company uses different
useful lives than those prescribed in Schedule II to the Act.
The useful lives have been assessed based on technical
advice, taking into account the nature of the PPE and
the estimated usage of the PPE on the management's
estimation of obtaining economic benefits from those
classes of assets.

Gains or Losses arising from derecognition of an intangible
asset are recognized in the statement of profit and Loss
when the asset is derecognized.

Internally generated Intangible assets (Research and
Development expenditure)

Expenditure pertaining to research is expensed as incurred.
Expenditure incurred on deveLopment is capitaLised if such
expenditure Leads to creation of an asset, otherwise such
expenditure is charged to the Statement of Profit and Loss.

(f) Impairment of Non-Financial Assets :

At the end of each reporting period, the Company reviews
the carrying amounts of non-financiaL assets to determine
whether there is any indication that those assets have
suffered an impairment Loss. If any such indication exists,
the recoverabLe amount of the asset is estimated in
order to determine the extent of the impairment Loss (if
any). When it is not possibLe to estimate the recoverabLe
amount of an individuaL asset, the Company estimates the
recoverabLe amount of the cash-generating unit to which
the asset beLongs. When a reasonabLe and consistent basis
of aLLocation can be identified, corporate assets are aLso
aLLocated to individuaL cash-generating units, or otherwise
they are allocated to the smallest group of cash-generating
units for which a reasonable and consistent allocation basis
can be identified.

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

If the recoverable amount of an asset (or cash-generating
unit) is estimated to be less than its carrying amount, the
carrying amount of the asset (or cash-generating unit) is
reduced to its recoverable amount. An impairment loss is
recognised immediately in Statement of Profit and Loss,
unless the relevant asset is carried at a revalued amount, in
which case the impairment loss is treated as a revaluation
decrease.

When an impairment loss subsequently reverses, the
carrying amount of the asset (or a cash-generating unit) is
increased to the revised estimate of its recoverable amount,
but to the extent that the increased carrying amount does
not exceed the carrying amount that would have been
determined had no impairment loss been recognised for

the asset (or cash-generating unit) in prior years. A reversal
of an impairment loss is recognised immediately in the
Statement of Profit and Loss, unless the relevant asset is
carried at a revalued amount, in which case the reversal of
the impairment loss is treated as a revaluation increase.

(g) Inventories :

Raw materials, stores & spare parts and packing materials:

Valued at lower of cost and net realisable value (NRV).
However, these items are considered to be realisable at
cost, if the finished products, in which they will be used,
are expected to be sold at or above cost. Cost is determined
on first-in-first-out (FIFO) basis. The cost of inventory
comprises its purchase price, including non-refundable
purchase taxes, and any directly attributable costs related
to the inventories.

Work-in- progress (WIP), finished goods, stock-in-trade :

Valued at lower of cost and NRV. Cost of Finished goods
and WIP includes cost of raw materials, direct labour, other
direct costs and related production overheads upto the
relevant stage of completion.

Net realisable value is the estimated selling price in the
ordinary course of business, less the estimated costs of
completion and the estimated costs necessary to make the
sale.

(h) Employee Benefits :

Employee benefits include Gratuity, Provident Fund,
Employee Family Pension, Employee State Insurance
Scheme, Compensated Absences and share based
payments.

Defined benefit plans:

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

(i) service cost (including current service cost, past service

cost, as well as gains and losses on curtailments and
settlements);

(ii) net interest expense or income; and

(iii) re-measurement

The present value of the defined benefit plan Liability is
calculated using a discount rate which is determined by
reference to market yields at the end of the reporting period
on government bonds.

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

Defined Contribution Plan:

The Company's contribution to Provident Fund and Pension
Fund is considered as defined contribution plans and are
charged as an expense based on the amount of contribution
required to be made and when services are rendered by the
employees. Company has no further obligation beyond its
contributions

Short-term employee benefits:

The undiscounted amount of short-term employee benefits
expected to be paid in exchange for the services rendered
by employees are recognized during the year when the
employees render the service. These benefits include
compensated absences which are expected to occur within
twelve months after the end of the period in which the
employee renders the related service.

Long-term employee benefits:

Accumulated compensated absences, which are expected
to be availed or encashed beyond 12 months from the end of
the year are treated as other long-term employee benefits.
The company's liability is actuarially determined (using
the Projected Unit Credit method) at the end of each year.
Actuarial losses/gains are recognised in the Statement of
Profit and Loss in the year in which they arise.

Employee Share based payment:

Equity settled share based payments to employees are
measured at the fair value of the equity instruments at the
grant date.

The fair value determined at the grant date of the equity
settled share based payments is amortised on a straight
line basis over the vesting period, based on the Company's
estimate of equity instruments that will eventually vest,
with a corresponding increase in equity.

At the end of each reporting period, the Company revises its
estimate of the number of equity instruments expected to
vest. The impact of the revision of the original estimates, if
any, is recognised in the Statement of Profit and Loss such

that the cumulative expense reflects the revised estimate,
with a corresponding adjustment to the equity-settled
employee benefits reserve.

(i) Borrowing costs :

Borrowing cost (General and Specific) includes interest
(calculated as per effective interest method), amortization of
ancillary costs incurred in connection with the arrangement
of borrowings and exchange differences arising from foreign
currency borrowings to the extent they are regarded as an
adjustment to the interest cost.

Borrowing costs directly attributable to the acquisition,
construction or production of qualifying assets, which are
assets that necessarily takes a substantial period of time
to get ready for their intended use or sale, are added to
the cost of those assets, until such time as the assets are
substantially ready for their intended use or sale.

Interest income earned on the temporary investment of
specific borrowings pending their expenditure on qualifying
assets is deducted from the borrowing costs eligible for
capitalization.

All other borrowing costs are recognized in the statement
of profit and loss in the period in which they are incurred.

(j) Foreign Currencies :

In preparing the financial statements of the Company,
transactions in currencies other than the Company's
functional currency (i.e. 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
carried at fair value that are denominated in foreign
currencies are translated at the rates prevailing at the date
when the fair value was determined. Non-monetary items
that are measured in terms of historical cost in a foreign
currency are translated using the exchange rate as at the
date of initial transactions.

Exchange differences on monetary items are recognised in
the Statement of Profit and Loss in the period in which they
arise except for, exchange differences on foreign currency
borrowings relating to assets under construction for future
productive use, which are included in the cost of those
assets when they are regarded as an adjustment to interest
costs on those foreign currency borrowings.

(k) Revenue Recognition :

a Revenue from operations

Revenue is recognized on the basis of approved
contracts regarding the transfer of goods or services
to a customer for an amount that reflects the
consideration to which the entity expects to be entitled
in exchange for those goods or services. Revenue is
measured at the fair value of consideration received or
receivable taking into account the amount of discounts,
rebates, outgoing taxes on sales of goods or services.

Revenue from contract with customer are recognised
when goods are dispatched and the control over the
goods sold are transferred to customers.

Revenue from turnkey contracts having performance
obligation to be fulfilled over the time are recognised
measuring the progress towards complete satisfaction
of that performance obligation. The Company
measures the progress using the Output method.

Costs to fulfill a contract which is directly related to
a contract or to an anticipated contract, generates or
enhance resources of the Company that will be used
in satisfying performance obligations in the future and
expected to be recovered are recognised as an Asset.

Variable consideration includes discounts and
incentives provided to the customers. It is estimated
at contract inception considering the terms of
contract with customers and constrained until it is
highly probable that a significant revenue reversal
in the amount of cumulative revenue recognised will
not occur when the associated uncertainty with the
variable consideration is subsequently resolved. It is
reassessed at end of each reporting period.

Generally, the Company receives short-term advances
from its customers. The Company does not expect
to have any contracts where the period between the
transfer of goods and payment by customer exceeds
one year. Hence, the Company does not adjust revenue
for the time value of money.

Other Income

(i) Dividend Income is accounted for when the right
to receive the income is established.

(ii) Interest income is recognized on time proportion
basis taking into account the amount outstanding
on effective interest rate.

(iii) Difference between the sale price and carrying
value of investment is recognised as profit or loss
on sale / redemption on investment on trade date
of transaction.

(l) Lease:

l.1 The Company as a Lessee:

The Company, at the inception of a contract, assesses
whether the contract is a lease or not lease. A contract
is, or contains, a lease if the contract conveys the right
to control the use of an identified asset for a time in
exchange for a consideration.

The Company recognises a right-of-use asset and
a lease liability at the lease commencement date.
The right-of-use asset is initially measured at cost,
which comprises the initial amount of the lease
liability adjusted for any lease payments made at or
before the commencement date, plus any initial direct
costs incurred and an estimate of costs to dismantle
and remove the underlying asset or to restore the
underlying asset or the site on which it is located, less
any lease incentives received.

The right-of-use asset is subsequently depreciated
using the straight-line method from the commencement
date to the end of the lease term. The right-of-use
asset is periodically reviewed for impairment losses, if
any, and adjusted for certain re-measurements of the
lease liability.

The lease liability is initially measured at the present
value of the lease payments that are not paid at
the commencement date, discounted using the the
Company's incremental borrowing rate.

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

- fixed payments, including in-substance fixed
payments;

- variable lease payments that depend on an index
or a rate, initially measured using the index or
rate as at the commencement date;

- amounts expected to be payable under a residual
value guarantee; and

- the exercise price under a purchase option that
the company is reasonably certain to exercise,

lease payments in an optional renewal period if
the company is reasonably certain to exercise an
extension option, and penalties for early termination
of a lease unless the company is reasonably certain
not to terminate early

It is remeasured when there is a change in future lease
payments arising from a change in an index or rate,
if there is a change in the Company's estimate of the
amount expected to be payable under a residual value
guarantee, or if the Company changes its assessment
of whether it will exercise a purchase, extension
or termination option. When the lease liability is
remeasured in this way, a corresponding adjustment is
made to the carrying amount of the right-of-use asset,
or is recorded in profit or loss if the carrying amount of
the right-of-use asset has been reduced to zero.

l.2 Short-term leases and leases of low-value assets

The Company has chosen not to recognise right-of-
use assets and lease liabilities for short-term leases

that have a Lease term of 12 months or Less and Leases
of Low-vaLue assets. The Company recognises the
Lease payments associated with these Leases as an
expense over the Lease term.

(m) Income Taxes:

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

Current Tax

The tax currently payable is based on taxable profit for the
year. Current tax is measured at the amount expected to be
paid to the tax authorities, based on estimated tax LiabiLity
computed after taking credit for aLLowances and exemption
in accordance with the Local tax Laws. The Company's current
tax is caLcuLated using tax rates that have been enacted or
substantiveLy enacted by the end of the reporting period.

Deferred tax

Deferred tax is provided, on aLL temporary differences at the
reporting date between the tax bases of assets and Liabilities
and their carrying amounts for financial reporting purposes.
Deferred tax assets and LiabiLities are measured at the tax
rates that are expected to be appLied to the temporary
differences when they reverse, based on the Laws that have
been enacted or substantiveLy enacted at the reporting
date. Tax reLating to items recognised directLy in equity or
OCI is recognised in equity or OCI and not in the Statement
Profit and Loss.

Deferred tax assets and LiabiLities are offset if there is a
LegaLLy enforceabLe right to offset current tax LiabiLities and
assets, and they reLate to income taxes Levied by the same
tax authority.

A deferred tax asset is recognized to the extent that it is
probabLe that future taxabLe profits wiLL be avaiLabLe against
which the temporary difference can be utilised. Deferred tax
assets are reviewed at each reporting date and are reduced
to the extent that it is no Longer probable.

(n) Earnings per share :

A basic earnings per share is computed by dividing the
profit/(Loss) after tax for the year attributabLe to equity
sharehoLders by the weighted average number of equity
shares outstanding during the year. Diluted earnings per
share is computed by dividing the profit/(Loss) after tax
for the year attributabLe to equity sharehoLders by the
weighted average number of equity shares considered for
deriving basic earnings per share and the weighted average
number of equity shares which couLd have been issued on
the conversion of aLL diLutive potentiaL equity shares.

PotentiaL equity shares are deemed to be diLutive onLy
if their conversion to equity shares wouLd decrease the
net profit per share from continuing ordinary operations.
PotentiaL diLutive equity shares are deemed to be converted

as at the beginning of the period, unLess they have been
issued at a Later date. The diLutive potentiaL equity shares
are adjusted for the proceeds receivabLe had the shares
been actuaLLy issued at fair vaLue (i.e. average market vaLue
of the outstanding shares). DiLutive potentiaL equity shares
are determined independently for each period presented.