1.17 Provisions and contingencies

Provisions are recognised, when the
Company has a present obligation (legal
or constructive) as a result of a past event,
it is probable that an outflow of resources
embodying economic benefits will be
required to settle the obligation and a reliable
estimate can be made of the amount of the
obligation.

The amount recognised as a provision
is the best estimate of the consideration
required to settle the present obligation and
are reviewed at the end of the reporting
period, taking into account the risks and
uncertainties surrounding the obligation.
When a provision is measured using the
cash flows estimated to settle the present
obligation, its carrying amount is the present
value of those cash flows (when the effect of
the time value of money is material).

Contingent liability is disclosed for (i)
a possible obligation that arises from
past events and whose existence will be
confirmed only by the occurrence or non¬
occurrence of one or more uncertain future
events not wholly within the control of the
entity or (ii) Present obligations arising
from past events where it is not probable
that an outflow of resources embodying
economic benefits will be required to settle
the obligation or a reliable estimate of the
amount of the obligation cannot be made.

When some or all of the economic benefits
required to settle a provision are expected to
be recovered from a third party, a receivable
is recognised as an asset if it is virtually
certain that reimbursement will be received
and the amount of the receivable can be
measured reliably.

Contingent assets are disclosed in the
Financial Statements by way of notes to
accounts only in case of inflow of economic
benefits is probable.

1.18 Taxes on income

Curremt tax is the expected tax payable
on the taxable profit for the year using tax
rates and tax laws enacted or substantively
enacted by the end of the reporting period
and any adjustments to the tax payable in
respect of previous years.

The tax currently payable is based on taxable
profit for the year, if any. Taxable profit differs
from 'profit before tax'as reported in the
Statement of Profit and Loss because of
items of income or expense that are taxable
or deductible in other years and items that
are never taxable or deductible.

Deferred tax is recognised on temporary
differences between the carrying amounts
of assets and liabilities in the financial
statements and the corresponding tax
bases used in the computation of taxable
profit. Deferred tax liabilities are generally
recognised for all taxable temporary
differences. Deferred tax assets are
generally recognised for all deductible
temporary differences to the extent that it is
probable that taxable profits will be available
against which those deductible temporary
differences can be utilised.

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

Deferred tax liabilities and assets are
measured at the tax rates that are expected

to apply in the period in which the liability is
settled or the asset realised, based on tax
rates (and tax laws) that have been enacted
or substantively enacted by the end of the
reporting period.

The measurement of deferred tax liabilities
and assets reflects the tax consequences
that would follow from the manner in which
the Company expects, at the end of the
reporting period, to recover or settle the
carrying amount of its assets and liabilities.

Current and deferred tax are recognised
in profit or loss, except when they relate
to items that are recognised in other
comprehensive income or directly in equity,
in which case, the current and deferred tax
are also recognised in other comprehensive
income or directly in equity respectively.

Current tax assets and current tax liabilities
are offset when there is a legally enforceable
right to set off the recognised amounts and
there is an intention to settle the asset and
the liability on a net basis. Deferred tax
assets and deferred tax liabilities are offset
when there is a legally enforceable right to
set off assets against liabilities representing
current tax and where the deferred tax assets
and the deferred tax liabilities relate to taxes
on income levied by the same governing
taxation laws.

Current tax is the expected tax payable
on the taxable profit for the year using tax
rates and tax laws enacted or substantively
enacted by the end of the reporting period
and any adjustments to the tax payable in
respect of previous years.

The tax currently payable is based on taxable
profit for the year, if any. Taxable profit differs
from 'profit before tax' as reported in the
Statement of Profit and Loss because of
items of income or expense that are taxable
or deductible in other years and items that
are never taxable or deductible.

1.19 Financial Instruments

Financial assets and financial liabilities are
recognized when the Company becomes

a party to the contractual provisions of the
instruments.

Initial Recognition

Financial assets and financial liabilities are
initially measured at fair value. Transaction
costs that are directly attributable to the
acquisition or issue of financial assets and
financial liabilities (other than financial
assets and financial liabilities at fair value
through profit or loss) are added to or
deducted from the fair value of the financial
assets or financial liabilities, as appropriate,
on initial recognition. Transaction costs
directly attributable to the acquisition of
financial assets or financial liabilities at fair
value through profit or loss are recognized
immediately in the statement of profit and
loss.

Subsequent Measurement
Financial assets

All recognized financial assets are
subsequently measured in their entirety at
either amortized cost or fair value, depending
on the classification of the financial assets,
except for investment forming part of interest
in subsidiary, which are measured at cost.

Classification of financial assets

The Company classifies its financial assets
in the following measurement categories:

a) those to be measured subsequently at fair
value (either through other comprehensive
income, or through profit or loss), and

b) those measured at amortized cost

The classification depends on the Company's
business model for managing the financial
assets and the contractual terms of the cash
flows.

(a) Amortised Cost

Assets that are held for collection of
contractual cash flows where those
cash flows represent solely, payments
of principal and interest are measured at
amortized cost. A gain or loss on these
assets that is subsequently measured

at amortized cost is recognized in profit
or loss when the asset is derecognized
or impaired. Interest income from these
financial assets is included in finance
income using the effective interest rate
method.

(b) Fair value through other
comprehensive income (FVTOCI)

Assets that are held for collection of
contractual cash flows and for selling
the financial assets, where the assets
cash flows represent solely, payments of
principal and interest, are measured at
fair value through other comprehensive
income (FVTOCI). Movements in the
carrying amount are taken through OCI.
When the financial asset is derecognized,
the cumulative gain or loss previously
recognized in OCI is reclassified from
equity to profit or loss and recognized in
other income/ (expense).

(c) Fair value through profit or loss
(FVTPL)

Assets that do not meet the criteria for
amortised cost or FVTOCI are measured
at fair value through profit or loss. A gain or
loss on these assets that is subsequently
measured at fair value through profit or loss
is recognized in the statement of profit and
loss.

Impairment of financial assets

The Company applies the expected credit
loss model for recognizing impairment loss
on financial assets measured at amortized
cost, trade receivable, other contractual
rights to receive cash or other financial asset,
and financial guarantees not designated as
at Fair value through profit or loss.

Expected credit losses are the weighted
average of credit losses with the respective
risks of default occurring as the weights.
Credit loss is the difference between all
contractual cash flows that are due to the
Company in accordance with the contract
and all the cash flows that the Company
expects to receive (i.e., all cash shortfalls),
discounted at the original effective interest

rate (or credit-adjusted effective interest
rate for purchased or originated credit-
impairment financial assets). The Company
estimates cash flows by considering all
contractual terms of the financial instrument
( for example, prepayments, extension, call
and similar options) through the expected
life of that financial instruments.

The Company measures the loss allowance
for the financial instruments at an amount
equal to the lifetime expected credit losses if
the credit risk on those financial instruments
has increased significantly since initial
recognition.

If the credit risk on financial instruments
has not increased significantly since initial
recognition, the Company measures the loss
allowance for that financial instruments at an
amount equal to 12 months expected credit
losses. The twelve months expected credit
losses are portion of the lifetime expected
credit losses and represents lifetime cash
shortfalls that will result if default occurs
within 12 months after the reporting date
and thus, are not cash shortfalls that are
predicted over the 12 months.

If the Company has already measured loss
allowance for the financial instruments at
life time expected credit loss model in the
previous period and determines at the end
of a reporting period that the credit risk
has not increased significantly since initial
recognition due to improvement in credit
quality, then the Company again measures
the loss allowance based on 12 month
expected credit losses.

When making the assessment of whether
there has been a significant increase in
credit risk since initial recognition, the
Company uses the change in the risk of a
default occurring over the expected life of the
financial instruments instead of the change
in the amount of expected credit losses.
To make that assessment, the Company
compares the risk of a default occurring on
the financial instrument as at the reporting
date with the risk of a default occurring on
the financial instrument as at the date of
initial recognition and considers reasonable

and supportable information, that is available
without undue cost or effort, that is indicative
of significant increase in credit risk since
initial recognition.

For trade receivables or any contractual
rights to receive cash or other financial
assets that results from transactions that are
within the scope of Ind AS 115, the Company
always measures the loss allowance at an
amount equal to life time expected credit
losses.

Further, for the purposes of measuring
lifetime expected credit loss allowance for
trade receivables, the Company has used a
practical expedient as permitted under Ind
AS 109. This expected credit loss allowance
is computed based on a provision matrix
which takes into account historical credit
loss experience and adjusted for forward -
looking information.

Derecognition of financial assets

A financial asset is derecognized only when
the Company has transferred the rights to
receive cash flows from the financial asset.
Where the Company has transferred an
asset, it evaluates whether it has transferred
substantially all risks and rewards of
ownership of the financial asset. Where the
Company has neither transferred a financial
asset nor retains substantially all risks and
rewards of ownership of the financial asset,
the financial asset is derecognised if the
Company has not retained control of the
financial asset.

Financial liabilities and equity
instruments-:

Classification as equity or financial
liability

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

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

Equity instruments

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

Financial liabilities at amortised cost

Financial liabilities that are not held-for-
trading and are not designated as FVTPL,
are measured at amortized cost at the end of
the reporting period. The carrying amounts
of financial liabilities that are measured at
amortized cost are determined based on the
effective interest method. Interest expense
that is not capitalized as part of costs of an
asset is included in the 'Finance costs'.

Financial liabilities at FVTPL

Liabilities that do not meet the criteria for
amortized cost are measured at 'fair value
through profit or loss' (FVTPL). A gain or
loss on these assets that is subsequently
measured at 'fair value through profit or loss'
(FVTPL) is recognized in the statement of
profit and loss.

Derecognition of financial liabilities

The Company derecognizes financial
liabilities when, and only when, the
Company's obligations are discharged,
cancelled or have expired. The difference
between the carrying amount of the financial
liability derecognized and the consideration
paid and payable is recognized in profit or
loss.

Derivative financial instruments
Initial recognition

The Company uses derivative financial
instruments such as futures contracts, to
hedge a portion of its foreign currency risks.
Such derivative financial instruments are
initially recognised at fair value on the date
on which a derivative contract is entered.
Derivatives are carried as financial assets
when the fair value is positive and as financial
liabilities when the fair value is negative.

Subsequent measurement

Derivative financial instruments are
subsequently re-measured at fair value with
any gains or losses arising from changes in
the fair value taken directly to the statement
of profit or loss.

1.20 earnings Per Share

Basic earnings per share is computed
by dividing the net profit/(loss) after tax
(including the post tax effect of exceptional
items, if any) for the period 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 (including
the post tax effect of exceptional items, if
any) for the period attributable to equity
shareholders as adjusted for dividend,
interest and other charges to expense or
income (net of any attributable taxes) relating
to the dilutive potential equity shares, by the
weighted average number of equity shares
considered for deriving basic plus dilutive
shares during the year / period.

1.21 Use of estimates and judgements

In preparing these financial statements,
management has made judgements,
estimates and assumptions that affect the
application of accounting policies and the
reported amounts of assets, liabilities, the
disclosures of contingent assets & contingent
liabilities at the date of financials statements,
income and expenses during the year. The
estimates and associated assumptions
are based on the historical experiences
and other factors that are considered to be
relevant. Actual results may differ from these
estimates.

Estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions
to accounting estimates are recognized
prospectively.

Judgements are made in applying accounting
policies that have the most significant effects

assumptions about the likelihood and
magnitude of an outflow of resources

e. Measurement of defined benefit
obligation: key actuarial assumptions

f. Lease: Whether an contract contains a

lease

g. Write down in value of Inventories

h. Estimation for litigations

i. Impairment of Non Financial Asset

j. Estimation of washing loss

1.22 Operating Cycle

Based on the nature of products / activities of
the Company and the normal time between
acquisition of assets and their realization in
cash or cash equivalents, the Company has
determined its operating cycle as 12 months
for the purpose of classification of its assets
and liabilities as current and non-current. For
salt at crystalizers, the operating cycle is 24
months and consistently applied.

Note:

(a) The Company entered into Memorandum of Undertaking ( MOU) dated August 10,2010, with
Government of Gujarat (GOG) for the Land lease which expired on July 31,2018 and the Company had
made an application for renewal on December 28, 2017. As per the MOU with GOG, the lease term can
be further extended for a duration and conditions as mutually agreed at that time. There is also a GOG
circular no 1597/1372/w dated October 9, 2017 which states that such leases can be extended for a
period of thirty years. The company has also been receiving demand note annually for the revised lease
rents as per GoG circular and the company has been meeting this payment.

Management made an assessment of the facts disclosed above and taking into consideration of similar
experiences during renewal in group company, is confident of obtaining the renewal of land lease. The
Useful life of PPE and ROU assets have been determined by the management considering that the
lease would be extended. The entire production facility is located on this leased land.

The Company has used a practical expedient by computing the expected credit loss allowance for trade
receivables by adopting a simplified approach by using provision matrix which is based on historical
credit loss experience. The expected credit loss allowance is based on the ageing of the days the
receivables are due, the rates as given in the provision matrix and other factors. The range of provision
created as a percentage of outstanding under various age groups below 180 days past due comes to
0% - 30%. The Company as a policy provides for 100% for outstanding above 180 days past due taking
into account other factors.

The Company has completed the Initial Public Offer (IPO) of 3,59,28,869 Equity shares of face value
of Rs. 2 each at an issue price of Rs. 407 per equity share comprising offer for sale of 1,61,50,000
equity shares by selling shareholders and fresh issue of 1,97,78,869 shares. The equity shares of
the Company were listed on National Stock Exchange of India Limited ("NSE") and Bombay Stock
Exchange of India limited ("BSE") on November 21,2022.

Pursuant to the resolution passed by the Board and resolution passed at the Nomination Remuneration
Committe on October 07,2022 the Company has granted the issuance of 4,91,400 Employee Stock
Options (ESOP's) to the eligible employees of the Company in accordance with Archean Chemical
-Employee Stock Option Plan 2022. The Vesting Period of ESOP is between 12 months to 60 months.
The first lot of shares (3,43,980) were exercised and allotted on November 03,2023 and December
02, 2023. The second lot of shares (30,713) shares were exercised and allotted on October 16, 2024.

Nature and purpose of other reserves

(a) Securities premium

Securities premium is used to record the premium on issue of shares. The reserve is utilised in
accordance with the provisions of the Companies Act 2013.

(b) Retained earnings

Retained earnings represents company's cumulative earnings since its formation less the dividends/
Capitalisation, if any.

(c) Debenture Redemption Reserve

Pursuant to Rule 18(7)(b)(iv) of the Companies (Share Capital and Debentures) Rules, 2014, as
amended vide the Companies (Share Capital and Debentures) Amendment Rules dated August
16, 2019, the Company, being an unlisted company, is required to create a Debenture Redemption
Reserve out of profits of the company available for payment of dividend,at the rate of ten percent of
outstanding value of debentures. Post IPO, the debentures have been redeemed fully and balance
in DRR account has been transferred to General Reserve.

(d) Share options outstanding Account

Pursuant to the resolution passed by the Board and resolution passed at the Nomination
Remuneration Committe on October 07,2022 the Company has granted the issuance of 4,91,400
Employee Stock Options (ESOP's) to the eligible employees of the Company in accordance with
Archean Chemical -Employee Stock Option Plan 2022. The amount of options(difference between
fair value and exercise price) granted under the ESOP scheme has been recognized in the share
options outstanding account.

Note 33 Employee benefit plans

A. Defined contribution plans

The Company makes Provident fund contributions which are defined contribution plans, for qualifying
employees. Under the Schemes, the Company is required to contribute a specified percentage of the
payroll costs to fund the benefits. The Company recognised Rs. 190.87 lakhs (Previous year ended
March 31, 2024 - Rs. 178.87 lakhs) for Provident Fund contributions in the Statement of Profit and Loss.
The contributions payable to the plans by the Company are at rates specified in the rules of the schemes.

B. Defined benefit plans
Gratuity

The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible
employees. The plan provides for a lump-sum payment to vested employees at retirement, death while
in employment or on termination of employment of an amount equivalent to 15 days salary payable for
each completed year of service. Vesting occurs upon completion of five years of service. The Company
makes annual contributions to Life Insurance Corporation of India(LIC). The Company accounts for the
liability for gratuity benefits payable in the future based on an actuarial valuation.

The Company is exposed to various risks in providing the above gratuity benefit which are as follows:

Interest Rate risk : The plan exposes the Company to the risk of fall in interest rates. A fall in interest
rates will result in an increase in the ultimate cost of providing the above benefit and will thus result in an
increase in the value of the liability (as shown in financial statements).

Investment Risk : The probability or likelihood of occurrence of losses relative to the expected return
on any particular investment.

Salary Escalation Risk : The present value of the defined benefit plan is calculated with the assumption
of salary increase rate of plan participants in future. Deviation in the rate of increase of salary in future
for plan participants from the rate of increase in salary used to determine the present value of obligation
will have a bearing on the plan's liability.

Demographic Risk : The Company has used certain mortality and attrition assumptions in valuation of
the liability. The Company is exposed to the risk of actual experience turning out to be worse compared
to the assumption.

Longevity risk: The present value of the defined benefit obligation is calculated by reference to the best
estimate of the mortality of plan participants during their employment. An increase in the life expectancy
of the plan participants will increase the plan's liability.

The company has generally invested the plan assets with the insurer managed funds. The insurance
company has invested the plan assets in Government Securities, Debt Funds, Equity shares, Mutual
Funds, Money Market Instruments and Time Deposits. The expected rate of return on plan asset is
based on expectation of the average long term rate of return expected on investments of the fund during
the estimated term of the obligation.

(i) The discount rate is based on the prevailing market yields of Government of India securities as at the
Balance Sheet date for the estimated term of the obligations.

(ii) The estimate of future salary increases considered, takes into account the inflation, seniority,
promotion, increments and other relevant factors.

(iii) The entire Plan Assets are managed by Life Insurance Corporation of India (LIC). The data on Plan
Assets has not been furnished by LIC.

(iv) Experience adjustments has been disclosed based on the information available in the actuarial
valuation report.

34.3 Financial risk management objectives

The Company's Corporate Treasury function provides services to the business, co-ordinates access
to domestic and international financial markets, monitors and manages the financial risks relating to
the operations of the Company through internal risk reports which analyse exposures by degree and
magnitude of risks. These risks include market risk (including currency risk, interest rate risk and other
price risk), credit risk and liquidity risk.

The Company has implemented a hedging policy during the period /year, to minimise the effects of
foreign exchange fluctuations.

The Corporate Treasury function reports quarterly to the Chief Financial Officer and overseen by the
board.

34.4 Market Risk

The company's activities expose it primarily to the financial risks of changes in foreign currency exchange
rates and interest rates.

Market risk exposures are measured using sensitivity analysis.

There has been no change to the Company's exposure to market risks or the manner in which these
risks are being managed and measured.

The Company is exposed to foreign exchange risk arising from foreign currency transactions on account
of sale / purchase of goods. Foreign exchange risk arises from recognised assets denominated in a
currency that is not the Company's functional currency (Rs). The risk is measured through a forecast
of foreign currency cash flows that would arise due to the underlying assets and liabilities held. The
Company has entered into futures contracts to manage a portion of foreign currency risk arising out
of realisation of foreign currency receivables. The strategy followed by the Company is tracking the
foreign currency exchange rates and settlement of the payables at the time when the exchange rates
are favourable.

34.5.1 Foreign currency sensitivity analysis

The company is mainly exposed to the currency of USD and EURO.

The following table details the company's sensitivity to a 5% increase and decrease against the relevant
foreign currencies. 5% is the sensitivity rate used when reporting foreign currency risk internally to
key management personnel and represents management's assessment of the reasonably possible
change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency
denominated monetary items and adjusts their translation at the period end for a 5% change in foreign
currency rates. A positive number below indicates an increase in profit where the rupee strengthens
5% against the relevant currency. For a 5% weakening of the rupee against the relevant currency, there
would be a comparable impact on the profit.

The long term borrowings appearing in the balance sheet carries a fixed rate of interest and hence the
company is not exposed to interest rate variability.

Note 34.7 Interest rate sensitivity analysis

The sensitivity analyses below have been determined based on the exposure to interest rates at the
end of the reporting period. For floating rate liabilities, the analysis is prepared assuming the amount
of the liability outstanding at the end of the reporting period was outstanding for the whole period. A 50
basis point increase or decrease is used when reporting interest rate risk internally to key management
personnel and represents management's assessment of the reasonably possible change in interest
rates.

If interest rate had been 50 basis points higher/lower and all other variables were held constant, the
Company's 'Profit for the year ended March 31, 2025 would not have any significant impact as there
are no liabilities with floating rate as at March 31, 2025. This is mainly attributable to the Company's
exposure to interest rates on its variable rate borrowings.

Note 34.8 Credit risk management

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in
financial loss to the Company. The company has adopted a policy of only dealing with creditworthy
counterparties. The company uses other publicly available financial information and its own trading
records to rate its major customers. The company's exposure and the credit ratings of its counterparties
are continuously monitored and the aggregate value of transactions concluded is spread amongst
approved counterparties. Credit exposure is controlled by counterparty limits that are reviewed and
approved on a regular basis. Also majority of sales are carried out through letter of credit and secured .

The Company does not have significant credit exposure to any single customer. Concentration of Credit
Risk to single customer did not exceed 10% of receivables in FY 2024-254 except for three customers
whose outstanding balance was Rs.8114.16 Lakhs. (FY 2023-24 - 8601.62 Lakhs).

Ultimate responsibility for liquidity risk management rests with the board of directors, which has established
an appropriate liquidity risk management framework for the management of the company's short-term,
medium-term and long-term funding and liquidity management requirements. The company manages
liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by
continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial
assets and liabilities.

Note 34.9.1 Liquidity and interest risk tables

The following tables detail the company's remaining contractual maturity for its non-derivative financial
liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted
cash flows of financial liabilities based on the earliest date on which the Company can be required to
pay. The tables include both interest and principal cash flows. To the extent that interest flows are floating
rate, the undiscounted amount is derived from interest rate curves at the end of the reporting period.
The contractual maturity is based on the earliest date on which the Company may be required to pay.

Note: Closing balance of amount paid under protest Rs. 55.58 Lakhs (March 31, 2024: Rs. 55.08)

** Company opted for VSV scheme and accordingly matters pending with CIT (Appeals) for the FY 2021¬
22 & 22-23 are settled & paid after waiver of 75% interest by the Department.

# Compay has not paid any tax amount under Protest against the demand. In addition to that we have
received High Pitched Scrutiny Assessment communication from the department.

Future cashflows in respect of the above matters are determinable only on receipts of judgments/
decisions pending at various forums / authorities.

Note 38 : Dues to Micro, Small and Medium Enterprises:

The Ministry of Micro, Small and Medium Enterprises has issued an office memorandum dated August 26,
2008 which recommends that the Micro and Small Enterprises should mention in their correspondence
with its customers the Entrepreneurs Memorandum Number as allocated after filing of the Memorandum
in accordance with the 'Micro, Small and Medium Enterprises Development Act, 2006' ('the Act').
Accordingly, the disclosure in respect of the amounts payable to such enterprises as at March 31, 2025
and March 31, 2024 has been made in the financial statements based on information received and
available with the Company. Further in view of the Management, the impact of interest, if any, that may
be payable in accordance with the provisions of the Act is not expected to be material. The Company has
not received any claim for interest from any supplier as at the balance sheet date.

B. The borrowings from banks and financial institutions have been used for the purposes for which it was
taken at the balance sheet date.

C. The Company does not have any Benami property, where any proceeding has been initiated or
pending against the company and benami property.

D. The Company does not have any charges or satisfaction which is yet to be registered with ROC
beyond statutory period.

E. The Company has not traded or invested in Crypto currency or virtual currency during the financial
period.

F. The Company does not have any transaction which is not recorded in the books of account that has
been surrendered, disclosed as income during the year in the tax assessments under the income tax
act, 1961 (such as, search or survey or any of the relevant provisions of the Income tax Act, 1961.)

G. Relationship with Struck-off Companies: The Company has searched for transactions with Struck-off
companies by comparing company's counter parties with publicly available database of struck-off
companies through a manual name search. Based on such a manual search, there are no transactions
with the struck off comapnies for the FY 2024-25.

H. Dividend of Re. 3 per equity share amounting to Rs. 3,702.83 Lakhs for the Financial Year 2024-25
recommended by Board of Directors which is subject to approval of shareholders at the ensuing
Annaul General Meeting is not recognized as liability at the Balance Sheet date.

Note 41. Approval of financial statements

The financial statements were approved for issue by the Board of Directors on May 02, 2025

Note 42. The implementation of the Code on Social Security, 2020 is getting postponed. The Company

will assess the impact thereof and give effect in the Financial Statements when the date of implementation

of the codes and the Rules / Schemes thereunder are notified.

Note 43. The previous year figures have been regrouped / rearranged to conform to current period

classification.

for Variances above 25% only

As per our report of even date attached For and on behalf of the Board of Directors

For PKF Sridhar & Santhanam LLP

Chartered Accountants S.Meenakshisundaram P. Ranjit

Firm Registration No:003990S/S200018 Director Managing Director

DIN: 01176085 DIN: 01952929

S. Prasana Kumar

Partner R.Natarajan Vijayaraghavan N E

Membership No:212354 Chief Financial Officer Company secretary &

Compliance Officer
M.No. A 41671

Place : Chennai
Date : May 2, 2025