(vii) Provisions, contingent liabilities and contingent
assets
Provisions are recognised when the Company
has a present obligation as a result of past
events, for which it is probable that an outflow
of resources embodying economic benefits
will be required to settle the obligation and a
reliable estimate of the amount can be made.
Provisions are measured at the best estimate of
the expenditure required to settle the present
obligation at the balance sheet date. If the effect
of the time value of money is material, provisions
are discounted to reflect its present value using
a current pre-tax rate that reflects the current
market assessment of the time value of money
and the risks specific to the obligation. When
discounting is used, the increase in the provision
due to the passage of time is recognised as a
finance cost. Where the Company expects a
provision to be reimbursed, the reimbursement
is recognised as a separate asset, only when
such reimbursement is virtually certain.
A disclosure for a contingent liability is made
where there is a possible obligation that arises
from past events and the existence of which
will be confirmed only by the occurrence or
non-occurrence of one or more uncertain future
events not wholly within the control of the
Company or a present obligation that arises from
the past events where it is either not probable
that an outflow of resources will be required
to settle the obligation or a reliable estimate
of the amount cannot be made. Provisions are
reviewed regularly and are adjusted where
necessary to reflect the current best estimates
of the obligation.
Contingent asset is not recognised in the
standalone financial statements. However,
contingent assets are assessed continually and
if it is virtually certain that an inflow of economic
benefits will arise, the asset and related
income are recognised in the period in which
the change occurs.
(viii) Employee benefits
(a) Short-term employee benefits
All employee benefits payable wholly within
twelve months of rendering the service are
classified as short-term employee benefits
and are measured on undiscounted basis.
Benefits such as salaries, wages, and
performance incentive etc. are recognised
in the period in which the employee renders
the related service. A liability is recognised
for the amount expected to be paid if the
Company has a present legal or constructive
obligation to pay this amount as a result of
past service provided by the employee and
the obligation can be estimated reliably.
(b) Other long-term employee benefits
The Company’s net obligation in respect
of other long-term employee benefits, i.e.,
compensated absence is the amount of
future benefit that employees have earned
in return for their service in the current and
previous years. That benefit is discounted
to determine its present value. Liability for
such benefits is provided on the basis of
actuarial valuations, as at the balance sheet
date, carried out by an independent actuary
using the projected unit credit method.
Actuarial gains and loss are recognised in
the statement of profit and loss during the
period in which they arise. The Company
does not have unconditional right to defer
the settlement beyond 12 months from
reporting date.
(c) Gratuity - Defined benefit plan
Post-retirement benefit plan such as gratuity
for eligible employees of the Company in
India are calculated using projected unit
credit method on the basis of actuarial
valuation made by an independent actuary
as at the reporting date. The Company has
established the Antony Waste Handling
Cell Limited Employee Gratuity Scheme to
fund the gratuity plan. Re-measurement,
comprising actuarial gains and losses, is
recognised in OCI in the period in which
they occur. Re-measurement recognised in
OCI is presently separately in ‘Other equity’
and will not be reclassified to profit or loss.
The present value of the defined benefit
obligation is determined by discounting the
estimated future cash outflows by reference
to market yields at the end of the reporting
period on government bonds that have
terms approximating to the terms of the
related obligation.
The net interest cost is calculated by
applying the discount rate to the balance of
the defined benefit obligation. This cost is
included in ‘Employee benefits expense’ in
the statement of profit and loss.
Changes in the present value of the defined
benefit obligation resulting from plan
amendments or curtailments are recognised
immediately in the statement of profit and
loss as past service cost.
(d) Defined contribution plans
The Company has defined contribution plan
for post employment benefits in the form
of provident fund and employees' state
insurance. Under the defined contribution
plan, the Company has no further obligation
beyond making the contributions. Such
contributions are charged to the statement
of profit and loss as incurred.
(e) Termination benefits
Termination benefits are recognised in the
statement of profit and loss at the earlier of
the following dates:
- when the Company can no longer
withdraw the offer of those benefits; or
- when the Company recognises costs
for a restructuring that is within the
scope of Ind AS 37 ""Provisions,
Contingent Liabilities and Contingent
Assets"" and involves the payment of
termination benefits.
Benefits falling due more than 12 months
after the end of the reporting period are
discounted to their present value in the
statement of profit and loss.
(ix) Income recognition
Revenue recognition
When a performance obligation is satisfied, the
Company recognises as revenue the amount
of the transaction price (net of estimated
variable consideration) that is allocated to
that performance obligation. Transaction price
is the amount of consideration to which the
Company expects to be entitled in exchange
for transferring promised goods or services to
a customer, excluding amounts collected on
behalf of third parties.
Ind AS 115 ""Revenue from Contract with
Customers"" specifies five step model for
revenue recognition:
1. Identify the contract with a customer;
2. Identify the separate performance
obligations in the contract;
3. Determine the transaction price;
4. Allocate the transaction price to the
separate performance obligations; and
5. Recognize revenue when (or as) each
performance obligation is satisfied.
The Company accounts for a contract when
it has approval and commitment from all
parties, the rights of the parties are identified,
payment terms are identified, the contract has
commercial substance and collectability of
consideration is probable.
Revenue is recognised in the statement of profit
and loss with the contracted price showing
separately each of the adjustments made to the
contract price and specifying the nature and
amount of each such adjustment separately.
The Company satisfies a performance obligation
and recognises revenue over time, if one of the
following criteria is met:
1. The customer simultaneously receives
and consumes the benefits provided
by the Company's performance as the
Company performs; or
2. The Company's performance creates or
enhances an asset that the customer controls
as the asset is created or enhanced; or
3. The Company's performance does not
create an asset with an alternative use to the
Company and an entity has an enforceable
right to payment for performance
completed to date.
For performance obligations where one of
the above conditions are not met, revenue is
recognised at the point in time at which the
performance obligation is satisfied.
Revenue is measured based on the transaction
price (which is the consideration, adjusted to
deductions, if any) that is allocated to that
performance obligation. These are generally
accounted for as variable consideration estimated
in the same period the related sales occur.
The Company does not expect to have any
contracts where the period between the
transfer of the promised goods or services to
the customer and payment by the customer
exceeds one year. As a consequence, it does not
adjust any of the transaction prices for the time
value of money.
Revenue from collection and transportation
of municipal solid waste, collection and
processing of debris, and mechanical power
sweeping of roads
Revenue is recognised when the services have
been performed. Revenue is product of swept
kilometers of roads/ waste tonnage collected
to the rates agreed with the customer, i.e.,
Municipal Corporation.
Performance obligation is satisfied at a point in
time when the actual service is performed.
Revenue from sale of trade goods
Revenue is recognised at the point in time
when control of the goods is transferred to
the customer in accordance with the terms
of the contract.
Other operating income
Revenue from sale of scrap is recognised at
the point in time when control of the goods is
transferred to the customer in accordance with
the terms of the contract.
The Company collects goods and services tax
('GST') and other indirect taxes on behalf of
the government and, therefore, these are not
economic benefits flowing to the Company and
are accordingly excluded from the revenue.
Significant financing component
The Company considers all relevant facts and
circumstances in assessing whether a contract
contains a financing component and whether
that financing component is significant to the
contract, including both the conditions:
(a) the difference, if any, between the amount
of promised consideration and the cash
selling price of the promised goods
or services; and
(b) the combined effect of both the
following conditions:
- the expected length of time between
when the entity transfers the promised
goods or services to the customer and
when the customer pays for those
goods or services; and
- the prevailing interest rates in the
relevant market.
Cost to fulfil the contracts
Recurring operating costs for contracts with
customers are recognised as incurred. Revenue
recognition excludes any government taxes
but includes reimbursement of out-of-pocket
expenses. Provision towards onerous contracts
is recognised when the expected benefits to
be derived by the Company from a contract
are lower than the unavoidable cost of meeting
the future obligations under the contract. The
provision is measured at present value of the
lower of the expected cost of terminating the
contract and the expected net cost of continuing
with the contract.
Trade receivables and contract liabilities
Trade Receivable, net is primarily comprised of
billed receivables for which the Company has
an unconditional right to consideration, net of
loss allowance.
Contract liabilities consist of revenue received
in advance. The difference between opening
and closing balance of the contract liabilities
results from the timing differences between the
performance obligation and customer payment.
(x) Other income
Interest income from a financial asset is
recognised when it is probable that the
economic benefits will flow to the Company and
the amount of income can be measured reliably.
Interest income is accrued on a time basis, by
reference to the principal outstanding and at
the effective interest rate applicable, which is
the rate that discounts estimated future cash
receipts through the expected life of the financial
asset to that asset’s net carrying amount on
initial recognition.
Other income is recognised when it is probable
that the economic benefits will flow to the
Company and amount of income can be
measured reliably.
(xi) Share based payments
The Company determines the compensation
cost based on the fair value method using Black-
Scholes-Merton formula, in accordance with Ind
AS 102 ""Share-based Payment"". The Company
grants options to its employees which will be
vested in a graded manner and are to be exercised
within a specified period. The compensation cost
is amortised on graded basis over the vesting
period. The share based payment expense is
determined based on the Company's estimate
of equity instrument that will eventually vest.
The amounts recognised in ""Share options
outstanding account"" are transferred to share
capital and securities premium upon exercise of
stock options by employees. Where employee
stock options lapse after vesting, an amount
equivalent to the cumulative cost for the lapsed
option is transferred from ""Share options
outstanding account"" to ""General reserve"".
The Company has implemented the stock
option plan through creation of an employee
benefit trust. The Company treats such trust as
its extension and shares held by the trust are
treated as 'treasury shares'. The stock options
exercised by the eligible employees are settled
through the trust. The balance equity shares not
yet issued to eligible employee, and held by the
trust, are disclosed as a reduction from the share
capital and securities premium account.
(xii) Investment in subsidiaries, associate and joint
venture
Investment in subsidiary, associate and joint
venture is carried at cost less accumulated
impairment losses, if any. The cost of an investment
includes directly attributable acquisition costs.
Where an indication of impairment exists, the
carrying amount of the investment is assessed
and written down immediately to its recoverable
amount. On disposal of investment in subsidiary,
the difference between net disposal proceeds
and the carrying amounts are recognised in the
standalone statement of profit and loss.
(xiii) Exceptional items
An item of income or expense which by its size,
nature or incidence requires disclosure in order
to improve an understanding of the performance
of the Company is treated as an exceptional item
and the same is disclosed in statement of profit
and loss and in the notes forming part of the
standalone financial statements.
(xiv) Intangible assets
"Intangible assets acquired separately are initially
recognised at cost of acquisition which includes
purchase price including import duties and non¬
refundable taxes, if any and further includes
directly attributable cost of preparing the asset
for its intended use. Identifiable intangible assets
are recognised when it is probable that future
economic benefits attributed to the asset will
flow to the Company and the cost of the asset
can be reliably measured. Computer software
is amortised on a SLM basis over the estimated
useful economic life which is expected as 3
years. Following initial recognition, intangible
assets are carried at cost less accumulated
amortisation and impairment losses, if any.
The amortisation of an intangible asset with a
finite useful life reflects the manner in which the
economic benefit is expected to be generated.
The estimated useful life of amortisable
intangibles are reviewed and where appropriate
are adjusted, annually.
Intangible assets are de-recognised either on
their disposal or where no future economic
benefits are expected from their use. Gains or
losses arising from derecognition of an intangible
asset are measured as the difference between
the net disposal proceeds and the carrying
amount of the asset on the date of disposal and
are recognised in the standalone statement of
profit and loss when the asset is derecognised.
Amortisation on addition to intangible assets or
on disposal of intangible assets is calculated pro¬
rata from the month of such addition or up to
the month of such disposal as the case may be.
Intangible assets under development ('IAUD')
are initially measured at cost. Such intangible
assets are subsequently measured at cost less
accumulated amortisation and impairment
losses, if any. IAUD is not amortised as these
assets are not yet available for use.
(xv) Treasury shares - ESOP trust
Treasury shares issued to the ESOP trust are
recorded as a deduction from equity under a
separate line item titled "Shares held in ESOP
Trust”. These shares are measured at cost at
the time of transfer to the trust. The ESOP trust
is considered an extension of the Company;
hence, shares held by the trust are treated as
treasury shares until exercised or transferred to
employees. Treasury shares related to forfeited
options remain in the ESOP trust and can be
reallocated or cancelled.
(xvi) Recent accounting pronouncements
Ministry of Corporate Affairs ('MCA') has notified
the Companies (Indian Accounting Standards)
Second Amendment Rules, 2025:
- Lack on exchangeability -
Amendments to Ind AS 21
- Classification of liabilities as current or
non-current and non-current liabilities with
covenants - Amendments to Ind AS 1
- Supplier Finance Arrangements -
Amendment to Ind AS 7 and Ind AS 107
- International Tax Reforms - Pillar Two Model
Rules - Amendment to Ind AS 12
The Company has reviewed the new
pronouncements and based on its evaluation has
determined that it is not likely to have any material
impact in its standalone financial statements.
New standards and amendments issued but
not effective - MCA has issued Ind AS 118
"Presentation and Disclosure in standalone
financial statements" ('Ind AS 118'), which will
replace Ind AS 1 "Presentation of standalone
financial statements" and is effective for annual
reporting periods beginning on or after 1 April
2027. Ind AS 118 introduces revised presentation
requirements in the statement of profit and loss
and enhanced disclosure requirements. The
standard is expected to impact presentation
and disclosures but not the recognition and
measurement. The Company is currently
evaluating the impact of this standard on the
accompanying standalone financial statements.
(a) The title deeds of land and building are held in the name of the Company. Further, temporary structure include those
constructed on leasehold land held in the name of the Company.
(b) For capital commitments, note 41(B).
(c ) The Company has not revalued its PPE during the current and previous year.
(d) The Company is not holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of
1988) and rules made thereunder as at 31 March 2026 and 31 March 2025. Further, no proceedings have been
initiated or pending against the Company for holding any benami property under the said act and rules mentioned
above for the years ended 31 March 2026 and 31 March 2025.
(e) Refer note 18(A) for information on assets provided as collateral or security for borrowings or financing facilities
availed by the Company.
(a) Based on the impairment assessment performed as at the reporting date, no impairment in the value of investment
is warranted or recorded.
(b) As at 31 March 2026 and 31 March 2025, the Company has pledged the equity investment in favour of the respective
lenders of the subsidiary as a part of financing agreement for the facilities availed by such subsidiary.
(c) Rights, preferences, and restrictions attached to OCPS are as follows:
a) The OCPS carry a preferential right vis-a-vis equity shares of the issuer with respect to payment of dividend
and repayment of capital;
b) The holder is not entitled to participate in surplus funds nor in surplus assets and profits, on winding up of the
issuer which may remain after the entire capital has been repaid;
c) The OCPS may be redeemed, at the option of the issuer, after completing the term of 15 years from the original
date of issue/ allotment;
d) The OCPS may be converted, at the option of the issuer, into equal number of equity shares i.e., in the ratio of
1:1, having face value of H 10 each, any time after period between 5 years to 15 years from the original date of
issue/ allotment;
e) The payment of dividend, if any, on the OCPS shall be non-cumulative;
f) The voting rights of the holder is in accordance with the provisions of section 47 and other applicable provisions,
if any, of the Act; and
g) The OCPS carry a coupon rate of 0.50 % p.a.
(d) The Company has complied with the number of layers prescribed under section 2(87) of the Act for the years ended
31 March 2026 and 31 March 2025.
(e) Aggregate number of bonus shares issued or buy back of shares during the period of five years immediately
preceding the reporting date
The Company has neither issued bonus shares nor has there been any buy back of shares during five years
immediately preceding 31 March 2026.
(f) Shares issued for consideration other than cash
The Company has not issued shares for consideration other than cash during five years immediately
preceding 31 March 2026.
(g) Rights, preference and restriction on equity shares
The Company has only one class of equity shares having par value of H5 per share. Each holder of equity share is
entitled to one vote per equity share. The Company declares and pays dividends in H. The dividend, if any, proposed
by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting,
except for interim dividend which is approved by the Board.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive assets of the
Company remaining after distribution of all preferential amounts. The distribution will be in proportion to the
number of fully paid-up equity shares held by the shareholders.
(h) Employee stock option scheme
During the financial year ended 31 March 2023, the Company had granted 100,000 options to the employees of
the Company and its the subsidiaries. The shareholders of the Company at their meeting held on 27 September
2022 had approved AWHCL Employee Stock Option Plan 2022 ('AWHCL ESOP 2022'). Options granted under
AWHCL ESOP 2022 vest on the expiry of one year from the date of grant i.e.,19 December 2022. The options may
be exercised over a period of five years from the date of vesting and will be settled in equity on exercise. As per
the scheme, the employees selected by the Nomination and Remuneration Committee from time to time will be
entitled to options.
The Company formed "AWHCL Employee Welfare Trust” (AWHCL EWT’) for allotment of equity shares of the
Company under the AWHCL ESOP 2022. On 14 December 2023, the Company issued 94,930 equity shares to
AWHCL EWT. The Company consider equity shares held by AWHCL EWT as treasury shares and accordingly,
adjusted such shares issued from its share capital and securities premium account.
Volatility : Volatility is a measure of the amount by which a price has fluctuated or is expected to fluctuate during
the period. The measure of volatility used in Black-Scholes-Merton formula is the annualised standard deviation of
the continuously compounded rates of return on the stock over a period of time. Company considered the daily
historical volatility of Company's stock price on NSE over a period prior to the date of grant, corresponding with the
expected life of the options.
Risk free rate : The risk free rate being considered for the calculation is the interest rate applicable for a maturity
equal to the expected life of the options based on zero coupon yield curve for government securities.
17 Equity share capital (Contd..)
Expected life of the options : Expected life of the options is the period for which the Company expects the options
to be live. The minimum life of stock options is the minimum period before which the options cannot be exercised
and the maximum life of the option is the maximum period after which the options cannot be exercised. The
Company has calculated expected life as the average of the minimum and the maximum life of the options.
Dividend yield : Expected dividend yield has been calculated by dividing the last declared dividend per share by
the market price per share as on the date of grant.
Notes:
(a) The Company had used the borrowing for the specific purpose for which it was availed.
(b) Refer note 35 for information on market risk and liquidity risk.
(c) There is no default in repayment of borrowings and payment of interest thereon during the year ended 31 March
2026 and 31 March 2025.
(d) There are no charges which are yet to be registered/ satisfied with the ROC beyond the statutory period as at 31
March 2026 and 31 March 2025.
(e) The Company has not been declared wilful defaulter by any bank or financial institution or any other lender for the
years ended 31 March 2026 and 31 March 2025.
(f) Refer note 47 for disclosure of borrowing secured against current assets.
19 Leases
Company as a lessee
The Company's lease includes offices and land for various project locations and office space. There is no extension
options in the lease agreements, however the contract has escalation clause. For termination options, management
exercises significant judgement in determining whether the termination option is reasonably expected to be exercised.
Since it is reasonably certain to not exercise termination option, the Company has opted to ignore termination option
in determination of lease term. Further, the Company is not exposed to any variable lease payments or residual
value guarantee.
(a) Performance obligation
Revenue from collection and transportation of municipal solid waste, mechanical power sweeping of roads and
collection & processing of debris is provided to various municipal corporations and the performance obligation is
satisfied at a point in time.
Revenue from sale of goods and scrap is recognised at the point in time when control of the goods is transferred to
the customer in accordance with the terms of the contract.
(f) Remaining performance obligation
As at 31 March 2026, the aggregate amount of transaction price allocated to remaining performance obligations
is H Nil (31 March 2025: H 83.94 lakhs of which approximately 100% is expected to be recognised as revenue
within next 1 year).
(g) The Company does not have any significant obligations for returns and refunds.
(h) The contracts do not have a significant financing component.
(i) During the year ended 31 March 2026, 3 of the customers (31 March 2025: 3 customers) are individually contributing
more than 10% of the Company's total revenue. These customers are contributing H13,481.40 lakhs (31 March 2025:
H9,278.74 lakhs), H9,062.32 lakhs (31 March 2025: H8,200.20 lakhs) and H7,512.44 lakhs (31 March 2025: H6,971.56
lakhs), respectively. These customers belongs to 'integrated waste management & allied activities' segment.
Note: The average market value of the Company's equity shares for the purpose of calculating the dilutive effect of share
options was based on quoted market prices for the year during which the options were outstanding.
34 Financial instruments
Financial Instrument by category and hierarchy
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged
in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and
assumptions are used to estimate the fair values:
1. Fair value of cash and cash equivalents, bank balances other than cash and cash equivalents, trade receivables, trade
payables and other current financial assets/ liabilities approximate their carrying amounts largely due to short term
maturities of these instruments. The trade receivables do not have a significant financing component and retention
is deducted under the contractual terms. There is no significant benefit of financing to either of the parties.
2. Financial instruments are evaluated by the Company based on parameters such as individual credit worthiness of the
counter-party. Based on this evaluation, allowances are taken to account for expected losses on these receivables.
Accordingly, fair value of such instruments is not materially different from their carrying amounts.
3. The fair value for deposits is calculated based on cash flows discounted using market interest rate on the date of
initial recognition and subsequently on each reporting date. The lease liability is initially recognised at the present
value of the future lease payments and is discounted using the interest rate implicit in the lease or, if not readily
determinable, using the incremental borrowing rates and subsequently measured at amortised cost.
4. Fair value of long term borrowings and long term loans (receivable) approximate their carrying amounts as the
interest rate is equal to the market interest rate.
5. Rights to reimbursement of expenditure is not fair valued as per the provisions of Ind AS 37 "Provisions, Contingent
Liabilities and Contingent Assets”.
The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments
by valuation technique:
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2: inputs other than quoted prices included in Level 1 that are observable for the financial asset or liability, either
directly (i.e. as prices) or indirectly (i.e., derived from prices).
Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on
observable market data (unobservable inputs). This means that fair values are determined in whole or in part using a
valuation model based on assumptions that are neither supported by prices from observable current market transactions
in the same instrument nor are they based on available market data. However, the fair value measurement objective
remains the same, that is, to estimate an exit price from the perspective of the Company.
There have been no transfer amongst the levels of fair value hierarchy during the year.
34 Financial instruments (Contd..)
For assets and liabilities that are recognised in the standalone financial statements on a recurring basis, the Company
determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on
the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.
35 Financial risk management objectives and policies
The Company’s activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Company’s
primary focus is to foresee the unpredictability of financial markets and seek to minimise potential adverse effects on
its financial performance. The Company has implemented a robust Business Risk Management framework to identify,
evaluate business risks and opportunities. This framework seeks to create transparency, minimise adverse impact on
the business objectives and enhance the Company’s competitive advantage. The business risk framework defines
the risk management approach across the enterprise at various levels including documentation and reporting. The
framework has different risk models which help in identifying risks trend, exposure and potential impact analysis at a
Company level. The Audit Committee of the Board periodically reviews the risk management framework. Such risks are
summarised below:
35 Financial risk management objectives and policies (Contd..)
(a) Market risk
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from adverse changes
in market rates and prices. The Company’s size and operations result in limited exposed to interest risk, which may
affect the Company’s income and expenses, or the value of its financial instruments.
The price risk is not applicable as the Company does not have any investment as at the reporting date.
Foreign exchange risk arises from commercial transactions and recognised assets and liabilities denominated in
a currency that is not the functional currency of the Company. The Company does not have dealing in foreign
currencies. There is no foreign currency receivables/ payable as at the reporting dates. Also, the asset balance i.e.,
investment and other financial assets in AED currency is fully impaired for in the past years.
Interest risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in market interest rates. The Company's exposure to the risk of changes in market interest rates relates
primarily to the Company's debt obligations.
(b) Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to
meet its contractual obligations, and arises from cash and cash equivalents, bank balances other than cash and cash
equivalents, security deposits, loans as well as credit exposures to customers including outstanding receivables. The
maximum exposure to credit risk is equal to the carrying value of the financial assets.
Trade receivables
The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. To
manage this, the Company periodically assesses the financial reliability of customers, taking into account the financial
condition, current economic trends, forward looking macroeconomic information, analysis of historical bad debts
and ageing of accounts receivables. Individual risk limits are set accordingly. The Company’s exposure to credit risk is
influenced mainly by the individual characteristics of each customer. The demographics of the customer including the
default risk of the industry and country in which the customer operates also has an influence on credit risk assessment.
35 Financial risk management objectives and policies (Contd..)
The expected credit loss rates are based on the payment profiles of sales over a period of 3 years before the
reporting date and the corresponding historical credit losses experienced within this period. The historical loss rates
are adjusted to reflect current and forward-looking information on macro-economic factors affecting the ability of
the customers to settle the receivables. The Company recognises lifetime expected losses for all trade receivables
that do not constitute a financing component.
The Company has low concentration of credit risk as the customer base is distributed. The Company has 3 customers
(31 March 2025: 3 customers) who are individually contributing more than 10% of outstanding trade receivables,
aggregating to 37.55% as at 31 March 2026 (31 March 2025: 40.82%). These customers are municipal corporations
and the credit risk is minimal with no history of dispute/ non-recovery.
Outstanding customer receivables are regularly monitored.
Other financial assets
The Company periodically monitors the recoverability and credit risks of its other financial assets. The Company
evaluates 12 months expected credit losses for all the financial assets for which credit risk has not increased
significantly. In case credit risk has increased significantly, the Company considers life time expected credit losses
for the purpose of impairment provisioning.
The Company has considered financial condition, current economic trends, forward looking macroeconomic
information, analysis of historical bad or doubtful receivables and ageing of receivables related to cash and cash
equivalents, bank balances other than cash and cash equivalents, security deposits and other financial assets. In
most of the cases, risk is considered low since the counterparties are reputed organisations with no history of
default to the Company and no unfavourable forward looking macro economic factors. Wherever applicable, loss
allowance is recorded.
Cash and cash equivalent, other bank balances including term/ margin deposits
The Company’s exposure to credit risk is considered low, as it places its surplus funds only with scheduled commercial
banks and reputed financial institutions having strong credit profiles. The Company continuously monitors the
creditworthiness of these counterparties and diversifies its deposits across multiple banks to mitigate concentration
risk. These financial assets are neither past due nor impaired as at the reporting date.
Security deposits for leased premise
The Company has provided interest-free, refundable security deposits to landlords in respect of rented building.
Such deposits are recoverable at the end of the lease tenure, subject to compliance with the terms and conditions
of the respective lease agreements. Credit risk associated with security deposits is considered low as (i) security
deposits are provided to identified and contractually bound lessors under legally enforceable lease agreements,
(ii) deposits are recoverable against possession of leased premises and are not subject to discretionary settlement,
(iii) the Company assesses the creditworthiness and reputation of the lessors at the time of entering into lease
arrangements, and (iv) there has been no instance of default or non-recovery of security deposits in the past.
Considering these facts, the probability of default is considered remote, and accordingly, no material loss allowance
has been recognised during the year.
Financial guarantee
The probability that guarantee given by the Company on behalf of its subsidiaries for its borrowings, will be invoked,
is remote. Antony Lara Enviro Solutions Private Limited and Antony Lara Renewable Energy Private Limited have
history of timely repayment and financial strength to repay the borrowings. Accordingly, such guarantees are not
expected to impact the credit risk profile of the Company.
The Company does not require collateral in respect of trade receivables. Also, there are no such receivables for
which no loss allowance is recognised because of collateral.
(c) Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The
Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet
its liabilities when due. The Company manages its liquidity needs by monitoring scheduled debt servicing payments
for financial liabilities as well as forecast cash inflow and outflows due in day to day business. In addition, processes
and policies related to such risks are overseen by senior management. The Company's management monitors the
net liquidation position through rolling forecast on the basis of expected cash flows. The Company have undrawn
facility of H 3,173.02 lakhs (31 March 2025: 924.59 lakhs) as at reporting date, that is secured and can be drawn
down to meet short-term financing needs. Interest would be payable at a rate mutually agreed with banks at the
time of drawdown.
Also, the probability that guarantee given by the Company on behalf of its subsidiaries for its borrowings, will be
invoked, is remote. Antony Lara Enviro Solutions Private Limited and Antony Lara Renewable Energy Private Limited
have history of timely repayment and financial strength to repay the borrowings. Accordingly, such guarantees are
not expected to impact the liquidity risk profile of the Company.
36 Capital risk management
The Company aims to manage its capital efficiently so as to safeguard its ability to continue as a going concern and to
optimise returns to its shareholders.
The capital structure of the Company is based on management’s judgement of the appropriate balance of key elements
in order to meet its strategic and day-to-day needs. Management considers the amount of capital in proportion to risk
and manage the capital structure in light of changes in economic conditions and the risk characteristics of the underlying
assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to
shareholders, return capital to shareholders or issue new shares.
The Company’s policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain
investor, creditors and market confidence and to sustain future development and growth of its business. The Company
will take appropriate steps in order to maintain, or if necessary adjust, its capital structure.
37 Details of significant investments in accordance with Ind AS 27
Section 129(3) of the Act requires preparation of consolidated financial statements of the holding company and of all the
subsidiaries including associate company and joint venture businesses in the same form and manner as that of its own.
Subsidiaries are all entities over which the group has control. The group controls an entity when the group is exposed to,
or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through
its power to direct the relevant activities of the entity. Subsidiaries are fully consolidated from the date on which control
is transferred to the group. They are deconsolidated from the date that control ceases.
Ind AS 28 defines associate as an entity over which the investor has significant influence. It mentions that if an entity
holds, directly or indirectly through intermediaries, 20% or more of the voting power of the enterprise, it is presumed
that the entity has significant influence, unless it can be clearly demonstrated that this is not the case. Also, the fact that
an investor does not have significant influence in an enterprise can be demonstrated through following conditions:
(i) The investor does not have any representation on the board of directors or corresponding governing body
of the investee.
(ii) The investor does not participate in policy making process.
(iii) The investor does not have any material transactions with the investee.
(iv) The investor does not interchange any managerial personnel.
(v) The investor does not provide any essential technical information to the investee.
Notes:
(i) All the amounts due to/ from related parties (as at year-end) are unsecured.
(ii) All the amounts due to/ from related parties (as at year-end), other than advances (if any), will be cash settled.
(iii) All the related party transactions are made on terms equivalent to those that prevail in an arm's length
transaction, for which prior approval of Audit Committee/ Board of Directors was obtained during the year ended
31 March 2026 and 31 March 2025.
(iv) The remuneration to the KMP does not include the provisions made for gratuity and compensated absences,
as they are determined on an actuarial basis for the Company as a whole.
38 Related party transactions (Contd..)
(v) The Company has paid the remuneration to its directors during the year in accordance with the provision of
and limits laid down under section 197 read with Schedule V to the Act.
(vi) Equity investment (as at balance sheet date) are not considered under 'Amount due to/ from related parties
(as at year-end)' as these are not considered 'outstanding' exposure.
(E) Other arrangements
(i) As agreed between the Board of Directors of the Company and Antony Recycling Private Limited ('Antony
Recycling'), an amount equivalent to the Company's net carrying value of investment in Antony Recycling will
be invested in bank deposits by Antony Recycling and it will not be available for working capital requirement
of the investee. Also, Jose Jacob Kallarakal has given personal guarantee on behalf of Antony Recycling.
(ii) The Company has extended the term of repayment by one year for unsecured loans receivable from Antony
Recycling Private Limited, note 10.
(iii) Refer note 10 for the loans to related parties that are repayable on demand or without specifying any terms or
period of repayment.
(iv) The Company has unsecured borrowings from related party which is interest-free, note 18.
(v) The cash credit facility and overdraft facility is secured by :
31 March 2026
- Personal guarantee of Jose Jacob Kallarakal and Shiju Jacob Kallarakal
31 March 2025
- Personal guarantee of Jose Jacob Kallarakal and Shiju Jacob Kallarakal"
(vi) Term loan from financial institution is secured by :
31 March 2026
- Corporate guarantee given by Varanasi Waste Solutions Private Limited
- Personal Guarantee of Mr. Jose Jacob Kallarakal
31 March 2025
- Corporate guarantee given by Varanasi Waste Solutions Private Limited
- Personal Guarantee of Mr. Jose Jacob Kallarakal"
(vii) Refer note 50 for the arrangement between the Company and Antony Recycling for onward funding.
(viii) The Company has given commitment for unconditional financial support to Antony Recycling and Antony Lara
Renewable Energy Private Limited .
(ix) The Company's investment in equity shares of Antony Lara Enviro Solutions Private Limited is pledged in
favour of the respective lenders of the subsidiary as a part of financing agreement for the facilities availed by
such subsidiary.
(x) The interest income on loan given to Antony Recycling Private Limited is not recorded in the books of the
Company due to uncertainty around collection.
(xi) 51% of Company's investment in Antony Lara Renewable Energy Private Limited is pledged with the lender of
investee company as a part of financing agreement for the facilities availed by such entity.
(xii) The Company has capital commitment with Antony Commercial Vehicle Private Limited and Antony Garages
Private Limited aggregating to HNil (31 March 2025: H 197.21 lakhs).
(xiii) For common control business combination, note 49.
39 Segment reporting
The Company is primarily engaged into business of providing service pertaining to collection and transportation of
waste along with processing of construction and debris waste and mechanical power sweeping of roads. The Chief
Operating Decision Maker ('CODM') reviews the Company's performance as a single business segment, i.e., integrated
waste management & allied activities. As the activities of the Company comprise of only one segment and accordingly,
the standalone financial statements are reflective of the information required by Ind AS 108 'Operating Segments'. Also,
the entire operations of the Company in terms of location of assets are within India.
40 Audit trail
The Ministry of Corporate Affairs (‘MCA’) has prescribed a requirement for companies under the proviso to Rule 3(1) of the
Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules, 2021 requiring companies,
which uses accounting software for maintaining its books of account, shall use only such accounting software which has
a feature of recording audit trail of each and every transaction, creating an edit log of each change made in the books of
account along with the date when such changes were made and ensuring that the audit trail cannot be disabled.
The Company has used an accounting software for maintaining its books of account which has a feature of audit trail
(edit log) facility and the same was enabled at the application level throughout the year. However, the audit trail feature
at the database level was not enabled up to 24 April 2025 and the same did not operate throughout the year for all
relevant transactions recorded in the software. Additionally, the audit trail has been preserved by the Company as per
the statutory requirements for record retention, where such feature was enabled.
Footnotes:
(a) It represents claims for vehicle accident cases.
(b) It represents demands raised by the direct tax authority on various grounds, which are contested by the Company.
Additionally, the Company is carrying a provision of H162.00 lakhs for the disputed tax demands.
(i) The Income Tax Department conducted searches at two of the Company’s business premises and certain
Directors’ residences in October 2021 under the Income-tax Act, 1961 (‘IT Act’). The Company fully cooperated
during and after the proceedings.
Until 31 March 2024, the Company received demand orders u/s 143(3) and 147 of the IT Act for multiple years
ranging between AY 2015-16 and AY 2022-23, primarily related to expense disallowances. After considering all
the available records and information, appeals against these demand orders were filed with the Commissioner
of Income Tax (Appeals). The Company also filed rectification application with the Assessing Officer in respect
of certain adjustments made by them for multiple assessment years.
41 Contingent liabilities and commitments (Contd..)
During the year ended 31 March 2025, demand orders u/s 147 were received for AY 2019-20 and AY 2020¬
21 relating to similar expense disallowances. The Company filed appeals and rectification applications, as
applicable, with CIT(A) and AO, respectively, against these demand orders. Further, favourable rectification
orders were received by the Company for AY 2017-18 and AY 2021-22.
While the outcome of these proceedings remains uncertain, management, after consulting external experts on
its tax position and reviewing all available relevant documentation, believes the Company’s position is well-
supported. Accordingly, no material adjustments have been made in these standalone financial statements.
(ii) The Company is contesting all of the above demands in respect of income tax and the management believes
that its positions are likely to be upheld at the appellate stage. No expense has been accrued in the standalone
financial statements for the aforesaid demands, except as disclosed above. The management believes that the
ultimate outcome of these proceedings are not expected to have a material adverse effect on the Company's
financial position and results of operations and hence no provision has been made in this regard, except as
disclosed above.
(iii) It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above,
pending resolution of the respective proceedings.
(iv) The amounts disclosed above represent the best possible estimates arrived at on the basis of available
information and does not include any penalty payable.
(v) The Company does not expect any reimbursements in respect of the above contingent liabilities.
(vi) Amount outstanding as at balance sheet date represents gross demand raised by the tax authorities, as amount
paid under protest is not charged to the standalone statement of profit and loss by the Company.
(b) Defined benefit plan (funded)
Under the gratuity plan, every employee who has completed at least five years of service gets a gratuity on departure
at 15 days of last drawn salary for each completed year of service. This defined benefit plan is governed by The
Payment of Gratuity Act, 1972. The gratuity plan is a funded plan and the Company makes contributions to Antony
Waste Handling Cell Limited Employees Gratuity Scheme. Liabilities in respect of the gratuity plan are determined
by an actuarial valuation, based upon which the Company makes contributions to the abovementioned fund. The
trustees of the fund are responsible for the overall governance of the plan in accordance with the provisions of
the trust deed and rules in the best interests of the plan participants. They are tasked with periodic reviews of the
solvency of the fund and play a role in the long-term investment, risk management and funding strategy.
The Company’s investment strategy in respect of its funded plan is implemented within the framework of the
applicable statutory requirements. The plan expose the Company to a number of actuarial risks such as investment
risk, interest rate risk, longevity risk and inflation risk. The Company has developed policy guidelines for the
allocation of assets to different classes with the objective of controlling risk and maintaining the right balance
between risk and long-term returns in order to limit the cost to the Company of the benefits provided. To achieve
this, investments are well diversified, such that the failure of any single investment would not have a material impact
on the overall level of assets.
Each year, the Board of Trustees reviews the level of funding in the plan assets. Such a review includes the asset-
liability matching strategy and investment risk management policy. This includes employing the use of annuities and
longevity swaps to manage the risks.
Following are the principal assumptions used as at the balance sheet date:"
Sensitivity analysis:
Significant actuarial assumptions for the determination of the defined benefit obligation are discount rate, salary
growth rate, attrition rate and mortality rate. The sensitivity analysis below have been determined based on
reasonably possible changes of the assumptions occurring at the end of the reporting period, while holding all other
assumptions constant. The results of the sensitivity analysis is given below:
On 21 November 2025, the Government of India notified the four Labour Codes - the Code on Wages, 2019, the Industrial
Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions
Code, 2020 (collectively, ‘New Labour Code’) - consolidating 29 existing labour laws. The Ministry of Labour & Employment
published draft Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations.
The Company has assessed the incremental impact of these changes on the basis of the best information available,
consistent with the guidance provided by the ICAI and recognised the impact of H 486.34 lakhs in the standalone
financial statement under ‘Employee benefits expense’. The Company continues to monitor the finalisation of Central
and/ or State Rules and clarifications from the Government on other aspects of the New Labour Code and would provide
appropriate accounting effect on the basis of such developments as needed.
(c) Compensated absences
Privilege leave is earned at a prescribed rate based on days worked and may be accumulated subject to a specified
cap. Accumulated privilege leave in excess of specified limits lapses at the end of the financial year. During separation,
leave balances are considered as part of final settlement subject to the Company’s policy.
Accumulating compensated absences (primarily privilege leave) give rise to an obligation as employees render
service that increases their entitlement to future paid absences. The obligation is recognised based on the additional
amount expected to be paid as a result of unused entitlement existing at the reporting date.
The provision for compensated absences is presented as current since the Company does not have an unconditional
right to defer settlement for this obligation. However, based on past experience, the Company does not expect all
employees to take the full amount of accrued leave or require payment within the next 12 months.
43 Corporate Social Responsibility (CSR)
As per section 135 of the Act, and rules therein, the Company is required to spend at least 2% of its average net profits
for three immediately preceding financial years towards CSR activities. The Company has CSR committee as per the
Act. The funds are utilised on the activities which are specified in Schedule VII of the Act. Details of CSR expenditure
are as follows:
The Company's spend towards CSR does not involve any long term projects and accordingly, disclosure requirements
relating to ongoing projects is not applicable as at reporting dates.
* Including liability assumed in the common control business combination during the year ended 31 March 2026
amounting to C71.92 lakhs.
** Includes C102.10 lakhs paid by AG Enviro Infra Projects Private Limited, which is now merged with the
Company
44 In the prior years, trade receivables (non-current) include long overdue receivables from a Municipal Corporation
of H398.06 lakhs which was under litigation. During the year ended 31 March 2025, the Hon'ble High Court of
Bombay ruled in the Company's favor. The Company had received H2,786.70 lakhs (including interest), and the
excess amount of H2,388.64 lakhs was recognized as an exceptional gain in the standalone financial statements.
During the year ended 31 March 2026, the Municipal Corporation has filed an appeal against the aforesaid order
before the Divisional Bench of High Court of Bombay. The said appeal is not yet admitted by the High Court.
Further, trade receivables (non-current) for the prior years also included long overdue receivables from another
Municipal Corporation of H168.33 lakhs which was under litigation. Owing to the legal case, the recoverability of the
amount was expected to take some time. However, management was confident of the recovery of such outstanding
receivables in due course and hence the same was considered good and recoverable. During the year ended 31
March 2025, an arbitration award is received in the Company's favour, however it was further challenged by the
other party with a higher jurisdiction authority. In view of the ongoing proceedings and the prevailing uncertainties
surrounding the enforceability and timely realization of the aforesaid dues and having regard to the substance of
discussions with the Municipal Corporation, the management, on grounds of prudence, deemed it appropriate to
recognise a loss allowance for the outstanding amount.
45 As at 31 March 2026, trade receivables (current) include an amount of H1,500.00 lakhs (31 March 2025: H1,500.00
lakhs) due from a Municipal Corporation. This amount has been outstanding for a significant period and pertains
to contractual dues that were thoroughly reviewed and approved by the standing committee of the Municipal
Corporation, following which a conciliation agreement was executed, Subsequently, the Municipal Corporation
contested the standing committee's decision before the Hon'ble High Court, The High Court ruled in favour of the
Company, but the Municipal Corporation had since appealed the decision to the Hon'ble Supreme Court.
Subsequent to the year end, the Hon’ble Supreme Court, vide its order dated 5 May 2026, dismissed the
aforementioned Special Leave Petition filed by the Municipal Corporation, thereby upholding the validity of the
conciliation arrangement entered into between the parties. The Hon’ble Supreme Court has further directed the
Municipal Corporation to discharge the outstanding dues within a stipulated period, with applicable interest
consequences in case of delay.
In view of the favourable judicial outcome and the enforceability arising therefrom, management expects recovery
of the aforesaid amount in accordance with the terms of the order. Accordingly, the receivable continues to be
considered good and recoverable as at the reporting date.
46 As at 31 March 2026, other financial assets (current) and trade receivables (current) include amount of H497.53
lakhs (31 March 2025: H1,505.96 lakhs) and H2,449.00 lakhs, respectively, receivable from a Municipal Corporation
towards reimbursement of minimum wages and regular business activities. Although this amount has been overdue
for a considerable period, the overall outstanding balance has reduced by H1,008.43 lakhs during the year ended 31
March 2026 and H1,000.00 lakhs subsequent to the year-end, indicating that the Municipal Corporation has been
making steady repayments. The Company has received a balance confirmation as of 31 March 2026, along with
communication from the Municipal Corporation confirming that approval for remittance has been obtained from the
State Government and that arrangements are underway to settle the remaining dues. In view of these developments
and ongoing discussions with the Municipal Corporation, management is confident that the outstanding balance will
be realized in due course. Accordingly, the receivables, as aforementioned, are considered good and recoverable as
at the reporting date.
47 Borrowing secured against current assets
The Company has sanctioned borrowings/ facilities from a bank on the basis of security of current assets. The quarterly
returns or statements of trade receivables, reimbursement from municipal corporation and margin money deposits,
as applicable, are filed by the Company with bank regularly and the required reconciliation is presented below. The
Company is not required to submit the quarterly returns or statements of other current assets which are pledged.
Notes :
1. Debt = Non current borrowings
2. Net worth = Paid up share capital Reserves created out of profit - Accumulated losses
3. Earnings available for debt service = Net profit after tax (excluding OCI) Non cash operating expenses Interest
expenses - Non cash income
4. Debt service = Interest expenses Lease payment within next 12 months Principal repayment of borrowings
within next 12 months
5. Working capital = Current assets - Current liabilities
6. EBIT = Earnings before finance costs, other income and tax
7. Capital employed = Tangible net worth (i.e., net worth - intangible assets) total borrowings deferred tax liabilities
8. Profit for the year excludes exceptional gain during the year
Reason for variance of more than 25% as compared to the previous year :
Net capital turnover ratio : The combined effect of higher revenue generation and reduced working capital base has
resulted in a more efficient utilisation of working capital during the current year.
49 Common control business combination
Pursuant to the scheme of merger by absorption (the ‘Scheme’), as approved by the Hon’ble National Company Law
Tribunal (‘NCLT’), Mumbai on 18 December 2025 AG Enviro Infra Projects Private Limited, wholly owned subsidiary
of the Company (the ‘Transferor Company’) has merged with Antony Waste Handling Cell Limited (the ‘Company’
or ‘Transferee Company’), with the appointed date being 1 April 2025. Both the companies have filed the approved
Scheme with Registrar of Companies, Mumbai on 31 December 2025, which has been considered as effective date as
per the Scheme.
Pursuant to merger, the assets, liabilities and reserves of the Transferor Company are transferred to and vested in the
Transferee Company. The said transfer has been accounted for in accordance with the accounting treatment prescribed
in the approved Scheme which is in line with the accounting principles as laid down under Appendix C to Ind AS 103
"Business Combinations”, applicable to common control business combination and the comparative financial information
presented in the standalone financial statements has been restated from the beginning of the earliest period presented
being 1 April 2024.
The Scheme has accordingly been given effect to in the standalone financial statements, pursuant to which the
comparative financial information for the year ended 31 March 2025 has been restated. The impact of the restatement
is summarized below:
Description of acquiree
AG Enviro Infra Projects Private Limited was incorporated in India and it was a public company engaged in the business
of collection and transportation of waste and mechanical power sweeping of roads.
Primary reasons for merger
Both companies belong to the same group, with the Transferor Company being a wholly owned subsidiary, and the
merger is intended to achieve greater operational efficiency and streamline business operations. After the merger, the
combined entity will continue to engage in business of mechanical power sweeping of the roads and collection &
transportation of municipal solid waste.
50 Additional regulatory information required by Division II Schedule III of the Act
(a) Relationship with struck off companies
There is no transaction and year-end balance as at 31 March 2026 and 31 March 2025 with struck off companies.
(b) Compliance with approved scheme of arrangements
The Company has not entered into any scheme of arrangement in terms of section 230 to 237 of the Act for the
years ended 31 March 2026 and 31 March 2025, except as disclosed in note 49 where the Company has ensured the
necessary compliances.
(c) Utilisation of borrowed funds and share premium (for the years ended 31 March 2026 and 31 March 2025)
The Company has not received any fund from any person or entity, including foreign entity ('Funding Party') with
the understanding (whether recorded in writing or otherwise) that the Company shall:
a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party ('Ultimate Beneficiaries') or
b. provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
The Company has not advanced or loaned or invested (either from borrowed funds or share premium or any
other sources or kind of funds) to any other person or entity, including foreign entity ('Intermediaries') with the
understanding (whether recorded in writing or otherwise) that the Intermediary shall:
a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Company ('Ultimate Beneficiaries') or
b. provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries, except for the following:
The relevant provisions of Foreign Exchange Management Act, 1999 (42 of 1999) and the Act were complied with
for such transactions and the transactions was not in violative of the Prevention of Money-Laundering Act, 2002 (15
of 2003). The Company had ensured the compliance with the terms and conditions of the arrangement and with
the SEBI (LODR), wherever applicable. The end use certificate of the aforementioned funds was obtained from the
Intermediary. The funds were loaned/ invested through owned accumulated funds.
(d) Undisclosed income
The Company has not made any such transaction which is not recorded in the books of account that has been
surrendered or disclosed as income during the year in the tax assessments under the Income-tax Act, 1961 (such as,
search or survey or any other relevant provisions of the Income-tax Act, 1961).
(e) Details of crypto currency or virtual currency
The Company has not traded or invested in crypto currency or virtual currency during the current and previous year.
51 Disclosure under section 186(4) of the Act
The provisions of section 186 of the Act is not applicable to the Company as its business falls under infrastructural
projects/ infrastructural facilities (urban development including solid waste management systems) as defined under
Schedule VI to the Act.
52 Subsequent events
There are no subsequent events which warrant adjustment or disclosure in the standalone financial statements.
53 Authorisation of standalone financial statements
The standalone financial statements have been reviewed and recommended by the Audit Committee and were
thereafter approved by the Board of Directors of the Company, at their respective meetings held on 29 May 2026.
Previous year figures have been regrouped, reclassified and rearranged wherever necessary, to conform to this
year’s presentation, and these are not material to the standalone financial statements.
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