1.13 Provision, Contingent Liabilities and
Contingent Assets :

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

The amount recognized as a provision is the best
estimate of the consideration required to settle the
present obligation 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).

A contingent liability exists when there is a possible
but not probable obligation or a present obligation
that may, but probably will not; require an outflow
of resources, or a present obligation whose amount
cannot be estimated reliably. Contingent liabilities
do not warrant provisions, but are disclosed unless
the possibility of outflow of resources is remote.
Contingent assets are neither recognized nor
disclosed in the 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.

A contingent asset is a possible asset 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 Company.

1.14 Fair value measurement

Fair value is the price that would be received to
sell an asset or paid to transfer a liability in an
orderly transaction between market participants
at the measurement date, regardless of whether
that price is directly observable or estimated using
another valuation technique. In estimating the fair
value of an asset or a liability, the Company takes
into account the characteristics of the asset or
liability at the measurement date. The fair value
measurement is based on the presumption that the
transaction to sell the financial asset or settle the
financial liability takes place either:

• In the principal market for the asset or liability,
or

• I n the absence of a principal market, in the
most advantageous market for the asset or
liability.

The principal or the most advantageous market
must be accessible by the Company.

A fair value measurement of a non-financial asset
takes into account a market participant's ability to
generate economic benefits by using the asset in
its highest and best use or by selling it to another
market participant that would use the asset in its
highest and best use. Fair value for measurement
and/or disclosure purposes in these financial
statements is determined on such a basis, except
for measurements that have some similarities to fair
value but are not fair value, such as net realisable
value in Ind AS 2 or value in use in Ind AS 36.

The Company uses valuation techniques that are
appropriate in the circumstances and for which
sufficient data are available to measure fair value,
maximising the use of relevant observable inputs
and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is
measured or disclosed in the financial statements
are categorised within the fair value hierarchy,
described as follows, based on the lowest level input
that is significant to the fair value measurement as
a whole:

• Level 1 — Quoted (unadjusted) market prices
in active markets for identical assets or
liabilities.

• Level 2 — Valuation techniques for which the
lowest level input that is significant to the fair
value measurement is directly or indirectly
observable,

• Level 3 — Valuation techniques for which the
lowest level input that is significant to the fair
value measurement is unobservable,

At each reporting date, the Management analyses
the movements in the values of assets and
liabilities which are required to be remeasured or
re-assessed as per the Company's accounting
policies,

For the purpose of fair value disclosures, the
Company has determined classes of assets and
liabilities on the basis of the nature, characteristics
and risks of the asset or liability and the level of the
fair value hierarchy as explained above,

1.15 Financial instruments

Financial assets and financial liabilities are
recognized when a Company becomes a party to
the contractual provisions of the instruments,

Financial assets and financial liabilities are initially
measured at fair value, However, trade receivables
that do not contain a significant financing
component are measured at transaction price,
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 profit or loss,

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

1.16 Financial assets

All regular way purchases or sales of financial
assets are recognized and derecognized on a trade
date basis, Regular way purchases or sales are
purchases or sales of financial assets that require
delivery of assets within the time frame established
by regulation or convention in the market place,

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,

Classification of financial assets

Financial assets that meet the following conditions
are subsequently measured at amortized cost:

• The asset is held within a business model
whose objective is to hold assets in order to
collect contractual cash flows; and

• t he contractual terms of the instrument give
rise on specified dates to cash flows that are
solely payments of principal and interest on
the principal amount outstanding,

For the impairment policy on financial assets
measured at amortised cost, refer paragraph
of Impairment of financial assets,

A financial asset that meet the following
conditions are subsequently measured at fair
value through other comprehensive income
(FVOCI).

• The asset is held within a business model
whose objective is achieved both by
collecting contractual cash flows and selling
financial assets; and

• the contractual terms of the instrument give
rise on specified dates to cash flows that are
solely payments of principal and interest on
the principal amount outstanding,

I nterest income is recognized in profit or loss for
FVTOCI debt instruments, For the purposes of
recognizing foreign exchange gains and losses,
FVTOCI debt instruments are treated as financial
assets measured at amortized cost, Thus, the
exchange differences on the amortized cost are
recognized in profit or loss and other changes
in the fair value of FVTOCI financial assets are
recognized in other comprehensive income and
accumulated under the heading of 'Reserve for
debt instruments through other comprehensive
income' When the investment is disposed of, the
cumulative gain or loss previously accumulated in
this reserve is reclassified to profit or loss,

For the impairment policy on debt instruments at
FVTOCI, refer paragraph of Impairment of financial
assets,

Effective interest method

The effective interest method is a method of
calculating the amortized cost of a debt instrument
and of allocating interest income over the relevant
period, The effective interest rate is the rate that
exactly discounts estimated future cash receipts

(including all fees and points paid or received
that form an integral part of the effective interest
rate, transaction costs and other premiums or
discounts) through the expected life of the debt
instrument, or, where appropriate, a shorter period,
to the net carrying amount on initial recognition.

Income is recognized on an effective interest basis
for debt instruments other than those financial
assets classified as at FVTPL. Interest income is
recognized in profit or loss and is included in the
"Other income" line item.

Financial assets at fair value through profit or
loss (FVTPL)

A financial asset that does not meet the amortised
cost criteria or FVTOCI criteria (see above) is
measured at FVTPL. In addition, debt instruments
that meet the amortised cost criteria or the
FVTOCI criteria but are designated as at FVTPL
are measured at FVTPL.

Financial assets at FVTPL are measured at fair
value at the end of each reporting period, with
any gains or losses arising on remeasurement
recognized in profit or loss. The net gain or loss
recognized in profit or loss incorporates any
dividend or interest earned on the financial asset
and is included in the 'Other income' line item.
Dividend on financial assets at FVTPL is recognised
when the Company's right to receive the dividends
is established, it is probable that the economic
benefits associated with the dividend will flow to
the Company, the dividend does not represent a
recovery of part of cost of the investment and the
amount of dividend can be measured reliably.

investments in subsidiaries and associates

Investments in subsidiaries and associates are
carried at cost less accumulated impairment
losses, if any. 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 investments
in subsidiaries and associates, the difference
between net disposal proceeds and the carrying
amounts are recognised in the profit or 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
receivables, other contractual rights to receive cash
or other financial asset, and financial guarantees
not designated as at FVTPL.

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-impaired financial assets). The
Company estimates cash flows by considering all
contractual terms of the financial instrument (for
example, prepayment, extension, call and similar
options) through the expected life of that financial
instrument.

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

If the Company measured loss allowance for a
financial instrument at lifetime expected credit loss
in the previous period, but 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 as compared to
the previous period, 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 instrument 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
increases in credit risk since initial recognition.

For trade receivables or any contractual right to
receive cash or another financial asset that result
from transactions that are within the scope of Ind
AS 115, the Company always measures the loss
allowance at an amount equal to lifetime expected
credit losses.

Further, for the purpose 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

The Company derecognizes a financial asset when
the contractual rights to the cash flows from the
asset expire, or when it transfers the financial
asset and substantially all the risks and rewards of
ownership of the asset to another party.

On derecognition of a financial asset in its entirety,
the difference between the asset's carrying amount
and the sum of the consideration received and
receivable and the cumulative gain or loss that had
been recognized in other comprehensive income
and accumulated in equity is recognized in profit
or loss if such gain or loss would have otherwise
been recognized in profit or loss on disposal of that
financial asset.

On derecognition of a financial asset other than
in its entirety (e.g. when the Company retains an
option to repurchase part of a transferred asset),
the Company allocates the previous carrying
amount of the financial asset between the part
it continues to recognize under continuing
involvement, and the part it no longer recognizes
on the basis of the relative fair values of those parts
on the date of the transfer. The difference between
the carrying amount allocated to the part that is no
longer recognized and the sum of the consideration
received for the part no longer recognized and
any cumulative gain or loss allocated to it that
had been recognized in other comprehensive
income is recognized in profit or loss if such gain
or loss would have otherwise been recognized in
profit or loss on disposal of that financial asset. A
cumulative gain or loss that had been recognized in
other comprehensive income is allocated between
the part that continues to be recognized and the
part that is no longer recognized on the basis of the
relative fair values of those parts.

1.17 Financial liabilities

Classification as debt or equity

Debt and equity instruments issued by a 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.

Financial liabilities

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

Financial liabilities subsequently measured at
amortized cost

Financial liabilities that are not held-for-trading
and are not designated as at FVTPL are measured
at amortized cost at the end of subsequent
accounting periods. The carrying amounts of
financial liabilities that are subsequently 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' line item.

The effective interest method is a method of
calculating the amortized cost of a financial liability
and of allocating interest expense over the relevant
period. The effective interest rate is the rate that
exactly discounts estimated future cash payments
(including all fees and points paid or received
that form an integral part of the effective interest
rate, transaction costs and other premiums or
discounts) through the expected life of the financial
liability, or (where appropriate) a shorter period, to
the net carrying amount on initial recognition.

Derecognition of financial liabilities

The Company derecognizes financial liabilities
when, and only when, the Company's obligations
are discharged, cancelled or have expired. An
exchange with a lender of debt instruments with
substantially different terms is accounted for as an
extinguishment of the original financial liability and
the recognition of a new financial liability. Similarly,
a substantial modification of the terms of an existing
financial liability (whether or not attributable to
the financial difficulty of the debtor) is accounted
for as an extinguishment of the original financial
liability and the recognition of a new financial
liability. The difference between the carrying
amount of the financial liability derecognized and
the consideration paid and payable is recognized
in profit or loss.

Financial liabilities at FVTPL are stated at fair value,
with any gains or losses arising on remeasurement
recognized in profit or loss. The net gain or loss
recognized in profit or loss incorporates any interest
paid on the financial liability and is included in the
'Finance Costs' line item.

1.18 Derivative Financial instrument and Hedge
Accounting:

The Company enters into forward exchange
contracts to hedge the foreign currency risk on
trade receivables and borrowings. The Company
does not enter into any derivative instruments for
trading or speculative purposes.

Recognition and measurement of fair value
hedge:

Derivative financial instrument is initially recognized
at fair value on the date on which a derivative
contract is entered into and is subsequently
measured at fair value at each reporting date. Gain
or loss arising from changes in the fair value of
derivative financial instrument is recognized in the
Statement of Profit and Loss. Derivative financial
instrument is recognized as a financial asset in the
Balance Sheet if its fair value as at reporting dates
is positive as compared to carrying value and as a
financial liability if its fair value as at reporting date
is negative as compared to carrying value.

1.19 Cash Flow Statement:

Cash flows are reported using the indirect method,
whereby profit before tax is adjusted for the
effects of transactions of non-cash nature and any
deferrals or accruals of past or future cash receipts
or payments. The cash flows from operating,
investing and financing activities of the Company
are segregated based on the available information.

1.20 Current versus non-current classification

The Company presents assets and liabilities in the
Balance Sheet based on current / non- current
classification.

An asset is current when it is:

• Expected to be realised or intended to be sold
or consumed in the normal operating cycle;

• Held primarily for the purpose of trading;

• Expected to be realised within twelve months
after the reporting period; or

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

All other assets are classified as non-current.

A liability is current when:

• It is expected to be settled in the normal
operating cycle;

• It is held primarily for the purpose of trading;

• It is due to be settled within twelve months
after the reporting period; or

• There is no unconditional right to defer the
settlement of the liability for at least twelve
months after the reporting period.

The Company classifies all other liabilities as non¬
current.

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

1.21 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.

1.22 Cash and Cash Equivalents:

The Company considers all highly liquid financial
instruments, which are readily convertible into
known amount of cash that are subject to an
insignificant risk of change in value and having
original maturities of three months or less from the
date of purchase, to be cash equivalents.

1.23 Borrowing Costs:

Borrowing costs attributable to the acquisition,
construction or production of qualifying assets,
are added to the cost of those assets, up to the
date when the assets are ready for their intended
use. All other borrowing costs are expensed in the
period they occur.

Interest income earned on the temporary
investment of specific borrowings pending their
expenditure on qualifying assets is deducted from
the borrowing costs eligible for capitalisation.
Where the funds used to finance a project form
part of general borrowings, the amount capitalized
is calculated using a weighted average of rates
applicable to relevant general borrowings of the
company during the year.

All other borrowing costs are recognised in profit
or loss in the period in which they are incurred.

1.24 Government grants and Subsidies:

Government grants are recognized when there
is a reasonable assurance that the Company will
comply with the conditions attached to them and
grants will be received.

Government grants are recognized in Statement
of Profit and Loss on a systematic basis over the
periods in which the Company recognises as
expenses the related costs for which the grants are
intended to compensate. Specifically, government
grants whose primary condition is that the
Company should purchase, construct or otherwise
acquire non-current assets are recognized as
deferred revenue in the Balance Sheet and
transferred to Statement of Profit and Loss on a
systematic and rational basis over the useful lives
of the related assets.

Government grants that are receivable as
compensation for expenses or losses already
incurred or for the purpose of giving immediate
financial support to the Company with no future
related costs are recognized in Statement Profit
and Loss in the period in which they become
receivable.

The benefit of a government loan at a below-market
rate of interest is treated as a governments grant,
measured as the difference between proceeds
received and the fair value of the loan based on
prevailing market interest rates.

I ncome from the above grants and subsidies are
presented under Revenue from Operations.

1.25 Offsetting of Financial Instruments:

Financial assets and financial liabilities are offset
and the net amount is reported in the Balance
Sheet if there is a currently enforceable legal right
to offset the recognised amounts and there is an
intention to settle on a net basis, to realise the
assets and settle the liabilities simultaneously.

1.26 Earnings per Share:

Basic earnings per equity share is computed by
dividing the net profit/(loss) attributable to the
equity holders of the Company by the weighted
average number of equity shares outstanding
during the period.

Diluted earnings per equity share is computed by
dividing the net profit attributable to the equity holders
of the Company by the weighted average number of
equity shares considered for deriving basic earnings
per equity share and also the weighted average
number of equity shares that could have been issued
upon conversion of all dilutive potential equity shares.

The dilutive potential equity shares are adjusted
for the proceeds receivable had the equity shares
been actually issued at fair value (i.e. the average
market value of the outstanding equity shares).
Dilutive potential equity shares are deemed
converted as of the beginning of the period, unless
issued at a later date. Dilutive potential equity
shares are determined independently for each
period presented. The number of equity shares
and potentially dilutive equity shares are adjusted
retrospectively for all periods presented for any
share splits and bonus shares issues including
for changes effected prior to the approval of the
standalone financial statements by the Board of
Directors.

1.27 Use of Estimates

The preparation of financial statements requires
management of the Company to make judgements,
estimates and assumptions that affect the reported
assets and liabilities, revenue and expenses
and disclosures relating to contingent liabilities.
Management believes that the estimates used
in the preparation of the financial statements are
prudent and reasonable. Estimates and underlying
assumptions are reviewed by management at each
reporting date. Actual results could differ from
these estimates. Any revision of these estimates is
recognised prospectively in the current and future
periods.

Followings are the critical judgements and
estimates:

1.27.1 Judgements

(i) Leases

Ind AS 116 -Leases requires lessees to
determine the lease term as the non-cancellable
period of a lease adjusted with any option to
extend or terminate the lease, if the use of such
option is reasonably certain. The Company
makes an assessment on the expected lease
term on a lease-by-lease basis and thereby
assesses whether it is reasonably certain that
any options to extend or terminate the contract
will be exercised. In evaluating the lease term,
the Company considers factors such as any
significant leasehold improvements undertaken
over the lease term, costs relating to the
termination of the lease and the importance of
the underlying asset to Company's operations
taking into account the location of the underlying
asset and the availability of suitable alternatives.
The lease term in future periods is reassessed to
ensure that the lease term reflects the current
economic circumstances.

(ii) income taxes

Significant judgements are involved in
determining the provision for income taxes
including judgement on whether tax positions
are probable of being sustained in tax
assessments, A tax assessment can involve
complex issues, which can only be resolved
over extended time periods, The recognition
of taxes that are subject to certain legal or
economic limits or uncertainties is assessed
individually by management based on the
specific facts and circumstances,

In assessing the realisability of deferred tax
assets, management considers whether
some portion or all of the deferred tax assets
will not be realised, The ultimate realisation
of deferred tax assets is dependent upon the
generation of future taxable income during the
periods in which the temporary differences
become deductible, Management considers
the scheduled reversals of deferred income
tax liabilities, projected future taxable income
and tax planning strategies in making this
assessment, Based on the level of historical
taxable income and projections for future
taxable income over the periods in which the
deferred income tax assets are deductible,
management believes that the company
will realise the benefits of those deductible
differences, The amount of the deferred income
tax assets considered realisable, however,
could be reduced in the near term if estimates
of future taxable income during the carry
forward period are reduced,

(iii) Provisions and contingent liabilities

The Company exercises judgement in
measuring and recognising provisions and the
exposures to contingent liabilities related to
pending litigation or other outstanding claims
subject to negotiated settlement, mediation,
government regulation, as well as other
contingent liabilities, Judgement is necessary
in assessing the likelihood that a pending
claim will succeed, or a liability will arise, and
to quantify the possible range of the financial
settlement, Because of the inherent uncertainty
in this evaluation process, actual losses may be
different from the originally estimated provision,
Provisions are reviewed at each balance sheet
date and adjusted to reflect the current best
estimate, If it is no longer probable that the
outflow of resources would be required to
settle the obligation, the provision is reversed,

1.27.2 Estimates

(i) Useful lives of property, plant and
equipment, and intangible assets

Property, plant and equipment, and
intangibles assets represent a significant
proportion of the asset base of the Company,
The charge in respect of periodic depreciation
is derived after determining an estimate
of an asset's expected useful life and the
expected residual value at the end of its
life, The useful lives and residual values of
Company's assets are determined by the
management at the time the asset is acquired
and reviewed periodically, including at each
financial year end, The lives are based on
historical experience with similar assets as
well as anticipation of future events, which
may impact their life, such as changes in
technology,

(ii) Expected credit loss

The Company applies Expected Credit
Losses ("ECL") model for measurement and
recognition of loss allowance on the following:

• Trade receivables and lease receivables,

• Financial assets measured at amortised
cost (other than trade receivables and
lease receivables),

I n accordance with In accordance with Ind
AS 109 - Financial Instruments, the Company
applies ECL model for measurement and
recognition of impairment loss on the trade
receivables or any contractual right to receive
cash or another financial asset that result
from transactions that are within the scope
of Ind AS 115 - Revenue from Contracts with
Customers,

(iii) Accounting for defined benefit plans

In accounting for post-retirement benefits,
several statistical and other factors that
attempt to anticipate future events are used
to calculate plan expenses and liabilities,
These factors include expected return on plan
assets, discount rate assumptions and rate of
future compensation increases, To estimate
these factors, actuarial consultants also use
estimates such as withdrawal, turnover, and
mortality rates which require significant
judgement, The actuarial assumptions
used by the Company may differ materially
from actual results in future periods due to
changing market and economic conditions,

regulatory events, judicial rulings, higher or
lower withdrawal rates, or longer or shorter
participant life spans,

(iv) impairment of non-financial assets

An impairment loss is recognised for the
amount by which an asset's or cash-generating
unit's carrying amount exceeds its recoverable
amount, To determine the recoverable amount,
management estimates expected future cash
flows from each asset or cash generating unit
and determines a suitable interest rate in order
to calculate the present value of those cash
flows, in the process of measuring expected
future cash flows, management makes
assumptions about future operating results,
These assumptions relate to future events and
circumstances, The actual results may vary
and may cause significant adjustments to the
Company's assets,

in most cases, determining the applicable
discount rate involves estimating the
appropriate adjustment to market risk and the
appropriate adjustment to asset specific risk
factors,

(v) Fair value of financial instruments

Management uses valuation techniques
in measuring the fair value of financial
instruments where active market quotes

are not available, in applying the valuation
techniques, management makes maximum
use of market inputs and uses estimates
and assumptions that are, as far as possible,
consistent with observable data that
market participants would use in pricing

the instrument, Where applicable data is
not observable, management uses its best
estimate about the assumptions that market
participants would make, These estimates
may vary from the actual prices that would be
achieved in an arm's length transaction at the
reporting date,

(vi) Fair value of assets held for sale

Management uses valuation techniques
in measuring the fair value of financial
instruments where active market quotes

are not available, in applying the valuation
techniques, management uses its best

estimate about the assumptions that market
participants would make, These estimates
may vary from the actual prices that would be
achieved in an arm's length transaction at the
reporting date,

(vii) Government Grants / Subsidy

The recognition and measurement of
government grants and subsidies involve
significant management judgement,
particularly in assessing compliance with the
eligibility criteria, conditions, and obligations
prescribed under the relevant grant or
incentive schemes, Management evaluates
the applicable notifications, scheme
guidelines, and other regulatory requirements,
and obtains expert advice where considered
necessary, Based on such assessment, the
Company recognises government grants/
subsidies when it concludes that there is
reasonable assurance that the prescribed
conditions have been or will be complied with
and the grants will be received,

1.28 Business Combinations

The Company accounts for its business
combinations under acquisition method of
accounting, Acquisition related costs are
recognised in the standalone statement of profit
and loss as incurred, The acquiree's identifiable
assets, liabilities and contingent liabilities that
meet the condition for recognition are recognised
at their fair values at the acquisition date,

Purchase consideration paid in excess of the fair
value of net assets acquired is recognised as
goodwill, Where the fair value of identifiable assets
and liabilities exceed the cost of acquisition, after
reassessing the fair values of the net assets and
contingent liabilities, the excess is recognised as
capital reserve,

Business Combination under Common control

Transactions arising from transfers of assets /
liabilities, interest in entities or businesses between
entities that are under the common control, are
accounted at historical carrying amounts, The
difference, between any consideration paid /
received and the aggregate historical carrying
amounts of assets / liabilities and interests
in entities acquired / disposed (other than
impairment, if any), is recorded in capital reserve /
retained earnings, as applicable,

1.29 Goodwill

Goodwill is initially measured at cost, being the
excess of the aggregate of the consideration
transferred and the amount recognised for the net
identifiable assets acquired and liabilities assumed,
if the fair value of the net assets acquired is in
excess of the aggregate consideration transferred,
the Company reassesses whether it has correctly

identified all of the assets acquired and all of the
liabilities assumed and reviews the procedures
used to measure the amounts to be recognised at
the acquisition date. If the reassessment still results
in an excess of the fair value of net assets acquired
over the aggregate consideration transferred, then
the gain is recognised in other comprehensive
income (OCI) and accumulated in equity as capital
reserve. However, if there is no clear evidence of
bargain purchase, the Company recognises the
gain directly in equity as capital reserve, without
routing the same through OCI.

After initial recognition, goodwill is measured at cost
less any accumulated impairment losses. For the
purpose of impairment testing, goodwill acquired
in a business combination is, from the acquisition
date, allocated to each of the Company's cash
generating units that are expected to benefit from
the combination, irrespective of whether other
assets or liabilities of the acquire are assigned to
those units.

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

1.30 Dividend distribution to equity shareholders

The Company recognises a liability to make
dividend distributions to its equity holders when
the distribution is authorised and the distribution
is no longer at its discretion. As per the corporate
laws in India, a distribution is authorised when it
is approved by the shareholders. A corresponding
amount is recognised directly in equity.

In case of Interim Dividend, the liability is recognised
on its declaration by the Board of Directors.

1.31 Non-current assets held for sale/ distribution
to owners and discontinued operations

The Company classifies non-current assets (or
disposal group) as held for sale if their carrying
amounts will be recovered principally through a
sale rather than through continuing use.

Actions required to complete the sale should
indicate that it is unlikely that significant changes to
the sale will be made or that the decision to sell will
be withdrawn. Management must be committed to
the sale expected within one year from the date of
classification.

The criteria for held for sale classification is
regarded met only when the assets is available
for immediate sale in its present condition, subject
only to terms that are usual and customary for sales
of such assets, its sale is highly probable; and it will
genuinely be sold, not abandoned. The Company
treats sale of the asset to be highly probable when:

• The appropriate level of management is
committed to a plan to sell the asset,

• An active programme to locate a buyer
and complete the plan has been initiated (if
applicable),

• The asset is being actively marketed for sale
at a price that is reasonable in relation to its
current fair value,

• The sale is expected to qualify for recognition
as a completed sale within one year from the
date of classification , and

• Actions required to complete the plan indicate
that it is unlikely that significant changes to
the plan will be made or that the plan will be
withdrawn.

Non-current assets held for sale are measured
at the lower of their carrying amount and the
fair value less costs to sell. Assets and liabilities
classified as held for sale are presented separately
in the balance sheet.

An impairment loss is recognised for any initial
or subsequent write-down of the assets to fair
value less cost to sell. A gain is recognised for any
subsequent increases in the fair value less cost to
sell of an assets but not in excess of the cumulative
impairment loss previously recognised, A gain or
loss previously not recognised by the date of sale
of the non-current assets is recognised on the date
of de-recognition.

Property, plant and equipment and intangible
assets once classified as held for sale/ distribution
to owners are not depreciated or amortised.

1.32 Segment Reporting

Operating segments are reported in a manner
consistent with the internal reporting provided to
the chief operating decision maker.

1.33 Recent Accounting Pronouncements

a. New and amended standards adopted by
the Company

Effective 1 April 2025 the Company has
applied the following amendments to existing
standards which has been notified by the
Ministry of Corporate Affairs ("MCA"), The
Companies (Indian Accounting Standards)
Second Amendment Rules, 2025 on 13 August
2025 (published in the Official Gazette on 19
August 2025), introducing key amendments
to:

Ind AS 1 (Classification of liabilities as current
or non-current and non-current liabilities with
covenants);

Ind AS 7 and Ind AS 107 (Disclosures for
supplier finance arrangements); and

I nd AS 12 (Global implementation of OECD
Pillar Two model rules),

These amendments primarily relate to the
classification of liabilities with covenants,
additional disclosures for supplier finance
arrangements, and a temporary exception
for Pillar Two deferred taxes, The adoption of
these amendments did not have a material
impact on the measurement of the Company's
assets or liabilities, though it resulted in
enhanced disclosures and reclassifications in
the financial statements,

b. New and amended standards issued but
not effective

In exercise of the powers conferred by
section 133 read with section 469 of the

17.2 Rights, preferences and restrictions attached to shares
Equity shares

The Company has only one class of equity shares having a par value of 2/- per share, Each shareholder Is eligible for
one vote per share, In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the
Company, after distribution of all preferential amounts, in proportion of their shareholding, The dividend proposed by the
board of directors is subject to the approval of the shareholders in the ensuing annual general meeting, except in case of
interim dividend,

Preference shares

The Company has only one class of non-convertible, non-cumulative redeemable preference shares having a par value of
'. 10/- per share, Each shareholder shall have a right to attend general meeting of the Company and vote on resolutions
directly affecting their interest, In the event of liquidation, the preference shareholders shall be entitled to a preferential right
of return of the amount paid up on the shares, but shall not have any further right or claim over the surplus asset of the
Company, The holder of these shares shall be entitled to receive dividend at fixed rate i,e, @ 9% on paid up value of shares
subject to declaration of dividend by the Company but do not have right to participate in surplus profit,

Capital Redemption Reserve

Capital redemption reserve is created during redemption of Preference Shares and it is a non-distributable reserve.
Securities Premium

Securities Premium has been created consequent to issue of shares at premium, These reserves can be utilised in
accordance with Section 52 of the Companies Act, 2013,

Employee Stock Options Outstanding Account

The fair value of the equity-settled share based payment transactions is recognised in Statement of Profit and Loss with
corresponding credit to Employee Stock Options Outstanding Account,

General Reserve

General reserve is created from time to time by way of transfer profits from retained earnings for appropriation purposes,
Retained Earnings

Retained earnings represents net profits after distributions and transfers to other reserves

19.1 Nature of security and terms of repayment for non-current secured borrowings:

(A) Term loan amounting to '. 3,488,62 million (P. Y, : '. 4,357,23 million) at rate of interest from 8,70% to 9,95% (P. Y,
8.70% to 9,95%)

The loan is repayable in 23 quarterly instalments, the first instalment payable in June 2023 and the last instalment
payable in December 2028,

These facilities are secured by first paripassu mortgage /hypothecation and charge on all the Company's movable
and immovable properties created or acquired at

i) Unit VII - Block No, 804, Village - Dudhwada, Ta, Padra, Dist, Vadodara, Gujarat

ii) Unit VIII - Block No, 106, 108, Village: Ekalbara, Ta, Padra, Dist, Vadodara, Gujarat

iii) Unit X - Plot No, 525, Village: Dudhwada, Ta: Padra, Dist, Vadodara, Gujarat

iv) Saykha - Plant / Unit at Saykha project

v) Plant / Unit at SIEL Chemical Complex

A second paripassu charge on all Company's current assets and receivables, including book debts, operating cash
flows, receivables, commissions, revenues of whatsoever nature and wherever arising, present and future,

(B) Term loan amounting to '. 581,66 million (P, Y, 850,00 million) carries an interest rate of 9,50% (PY 9,50%)

The loan is repayable in 23 quarterly instalments, the first instalment payable in June 2025 and the last instalment
payable in December 2027

These facilities are secured by Exclusive Charge over movable and immovable fixed assets located at Unit-1, Unit-2,
Unit-3 , Unit-4 and Unit-11 of the Company,

(C) Term loan amounting to '. 745,99 million (P, Y, : Nil) carries an interest rate of 11,25% (PY Nil)

The loan is repayable in 20 quarterly instalments, the first instalment payable in June 2027 and the last instalment
payable in March 2032,

These facilities are secured by Exclusive Charge over movable and immovable fixed assets located at Unit-6 and
freehold land located at village-Saran,Taluka-Vagra, Dist, Bharuch,

19.2 Current Maturities of Long Term Borrowings (Refer Note 21) of '.1414,60 million (PY : '.1142,41million)

21.1 Secured Loan : Working capital loans from banks are secured by hypothecation of inventories, book debts and bills drawn
under letters of credit and confirmed contracts and collaterally secured by equitable mortgage of immovable property
and hypothecation of Plant and Machinery of Unit-1, Unit-2, Unit-3, Unit-4, Unit-5, Unit-7, Unit-8, Unit-10, Unit-11 and Unit-
12 of the Company.

Rate of interest is from 760% to 9.90% (PY. 7.75% to 10.45%)

21.2 There were no discrepancies between the quarterly returns/statements submitted to bank for current assets given as
security and the books of account for the respective quarter.

* Others include lifting charges, neutralisation charges, shortage recovery, etc,

#The Company has undertaken a project for Modernisation and Technology Upgradation with bipolar cells at its Unit-
XII situated at Rajpura, Punjab and is eligible for reimbursement of Net SGST under the Punjab Industrial and Business
Development Policy, 2017 notified by the Government of Punjab, Under the Scheme, the Company is eligible to receive
reimbursement of Net SGST for a period of seven years, subject to a maximum of 100% of the approved Fixed Capital
Investment (FCI).

Subsequent to the reporting date, the State Level Committee approved the Company's incentive application (iCAF)
and the eligible Fixed Capital Investment of ' 150.09 crore, The approval provided additional evidence regarding the
Company's entitlement existing as at the reporting date and, accordingly, has been considered as an adjusting event in
accordance with Ind AS 10, Events after the Reporting Period,

Accordingly, the Company has recognised SGST incentive income of 269,80 million during the year ended 31 March
2026 (Previous Year: '. 34,89 million), pertaining to eligible reimbursement of Net SGST for FY 2022-23, FY 2023-24 to FY
2025-26,

As at the reporting date, the incentive recognised is subject to compliance with the applicable terms and conditions of the
Scheme, Based on its assessment, the management is not aware of any material unfulfilled conditions or contingencies
that are expected to result in reversal of the incentive recognised,

The Company has disclosed financial instruments such as cash and cash equivalents, other bank balances, trade
receivables, loans, other financial assets, borrowings, trade payables and other financial liabilities at carrying value
because their carrying amounts are a reasonable approximation of the fair values due to their short term nature.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity
instruments and mutual funds that have quoted price. The fair value of all equity instruments (including bonds) which are
traded in the stock exchanges is valued using the closing price as at the reporting period. The mutual funds are valued
using the closing NAV.

Level 2: The fair value of financial instruments that are not traded in an active market (for example, traded bonds, over-the
counter derivatives) is determined using valuation techniques which maximize the use of observable market data and rely
as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable,
the instrument is included in level 2.

Level 3: The fair value of financial instruments that are measured on the basis of entity specific valuations using inputs
that are not based on observable market data (unobservable inputs).

Valuation technique used to determine fair value:

Specific valuation techniques used to value financial instruments include:

S the use of quoted market prices or dealer quotes for similar instruments

S the fair value of forward foreign exchange contracts is determined using forward exchange rates at the balance sheet
date

S The fair value of investments in Mutual Fund Units is based on Net Asset Value ("NAV") as stated by the issuers of

these mutual fund units in the published statements as at the Balance Sheet Date. NAV represents the price at which
the issuer will issue further units of Mutual Fund and the price at which issuers will redeem such units from investors.

36 FINANCIAL RISK MANAGEMENT

The Company's activities expose it to market risk, liquidity risk and credit risk. In order to minimize any adverse effects on
the financial performance of the Company, derivative financial instruments, such as foreign exchange forward contracts
are entered to hedge certain foreign currency risk exposures. Derivatives are used exclusively for hedging purposes and
not as trading or speculative instruments.

This note explains the sources of risk which the Company is exposed to and how the Company manages the risk and the
impact of hedge accounting in the financial statements

Credit Risk

Liquidity Risk

Market Risk

- Foreign Exchange Risk

- Interest Rates

- Security Price

(A) Credit Risk Management

Credit risk refers to risk that a counterparty will default on its contractual obligations resulting in financial loss to the
Company. Credit risk arises primarily from financial assets such as trade receivables, investment in mutual funds, derivative
financial instruments, other balances with banks, loans and other receivables.

Credit risk arising from investment in quoted equity shares, mutual funds, derivative financial instruments and other
balances with banks is limited and there is no collateral held against these because the counterparties are banks and
recognised financial institutions with high credit ratings assigned by the international credit rating agencies.

(B) Liquidity Risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of
funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market
positions. Due to the dynamic nature of the underlying businesses, Company treasury maintains flexibility in funding by
maintaining availability at all times.

The table below analyses financial liabilities of the Company into relevant maturity groupings based on the
remaining period from the reporting date to the contractual maturity date. The amounts disclosed in the table are the
contractual undiscounted cash flows.

(C) Market Risk Management

i) Foreign Currency Risk

The Company operates internationally and is exposed to foreign exchange risk arising from foreign currency
transactions, primarily with respect to the US$ and EURO. Foreign exchange risk arises from future commercial
transactions and recognised assets and liabilities denominated in a currency that is not the Company's functional
currency (INR). The risk is measured through a forecast of highly probable foreign currency cash flows.

ii) Cash flow and fair value interest rate risk

The Company's interest rate risk arises mainly from borrowings with variable rates, which expose the Company to
cash flow interest rate risk. During 31^st March, 2026 and 31^st March, 2025, the Company's borrowings at variable rate
were mainly denominated in INR and USD.

The Company's fixed rate borrowings are carried at amortised cost. They are therefore not subject to interest rate
risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of a
change in market interest rates.

iii) Security Price Risk

The Company's exposure to securities price risk arises from investments held by the Company and classified in
the balance sheet at fair value through profit or loss. At 31^st March, 2026, the investments in quoted equity Shares /
mutual funds amounts to Nil (31^st March, 2025: 0.94 million).

To manage its price risk arising from investments in equity securities, the Company diversifies its portfolio.
Diversification of the portfolio is done in accordance with the limits set by the Company.

37 CAPITAL MANAGEMENT

The Company's objectives when managing capital are to

S safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders

and benefits for other stakeholders, and

S Maintain an optimal capital structure to reduce the cost of capital.

Consistent with others in the industry, the Company monitors capital on the basis of the following gearing ratio:

Net debt (total borrowings including lease liabilities net of cash and cash equivalents and current investments) divided by
Total 'equity' (as shown in the balance sheet).

39 Segment information

The company is engaged in Dyes, Dyes intermediates and Basic Chemicals, Considering the nature of company's
business and operations as well as reviews of operating results by the Chief Operating Decision Makers to make decisions
about resource allocation, performance allocation and performance measurement, the company has identified Dyes,
Dyes intermediates and Basic Chemicals activities as only reportable segment in accordance with the requirements of
ind AS 108 operating segment,

42 EMPLOYEE BENEFITS

Short-term employee benefits

A liability is recognized for benefits accruing to employees in respect of wages and salaries in the period the related
service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that service.

Liabilities recognized in respect of short-term employee benefits are measured at the undiscounted amount of the benefits
expected to be paid in exchange for the related service

Defined Benefits Plan

Gratuity: The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of
service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The scheme
is funded with Life Insurance Corporation of India in the form of qualifying insurance policy.

The following table sets out the funded status of the gratuity plan and the amounts recognised in the Company's financial
statements based on actuarial valuations being carried out As at 31^st March, 2026.

The estimates of future salary increases, considered in actuarial valuation have taken into account inflation, seniority,
promotion and other relevant factors, such as supply and demand in the employment market.

The rate used to discount defined benefit obligation (both funded and unfunded) is determined by reference to
market yield at the Balance Sheet date on high quality corporate bonds. In countries where there is no deep market
in such bonds the market yields (at the Balance Sheet Date) on government bonds shall be used. The currency and
term of the corporate bonds or government bonds shall be consistent with currency and estimated term of the post
employment benefit obligations.

The estimated term of the Obligation is around 9.39 years (PY. 9.10 years). The yields on the government bonds as at
the valuation date were 6.70% (PY. 7.20%). The expected contribution in the next year is 1714 million.

Other long-term employee benefits

The Company provides for accumulation of compensated absences by certain categories of its employees. These
employees can carry forward a portion of the unutilised compensated absences and utilise them in future periods or
receive cash in lieu thereof as per the Company's policy. The Company records a liability for compensated absences
in the period in which the employee renders the services that increases this entitlement. The total liability recorded
by the Company towards this obligation was 10.84 million and 10.07 million as at 31^st March, 2026 and 31^st March,
2025, respectively.

Liabilities recognized in respect of other long-term employee benefits such as compensated absences are measured
at the present value of the estimated future cash outflows expected to be made by the Company in respect of
services provided by employees up to the reporting date. These are determined actuarially using the projected unit
credit method.

47 SHARE BASED PAYMENTS

a) The Company initiated the "ESOP 2017" for all eligible employees in pursuance of the special resolution approved
by the Shareholders in the Annual General Meeting held on 23^rd September, 2017. The Scheme covers eligible
employees (except promoters or those belonging to the promoters' group, independent directors and directors who
either by himself or through his relatives or through any body-corporate, directly or indirectly holds more than 10%
of the outstanding Shares of the Company). Under the Scheme, the Nomination and Remuneration Committee of
directors of the Company, administers the Scheme and grants stock options to eligible directors or employees of the
Company. The Committee determines the employees eligible for receiving the options and the number of options to
be granted subject to overall limit of 1,000,000 options.

48 in month of December 2024, a fire incident occurred at blending operations area i.e, part of Dyes Plant at Unit 7 of the
company, located at Block No. 804, Village- Dudhwada, Ta. Padra, Dist. Vadodara, Gujarat. The fire was spread to nearby
storage area only. The fire was successfully controlled without disturbing or stoppage of major operational activities at
the said unit. Further, there has been no injury or loss to human life at our plant. This incident led to damage to mainly
inventories and some part of property, plant andequipment.

the Company received an insurance claim of 4711 million against a total claim of 59.91 million. The balance amount of
12.80 million has been recognized as Loss due to Fire as exceptional items, out of which '. 12.50 million was recognised in
FY 2024-25, and the remaining amount of '. 0.30 million has been recognised in FY 2025-26.

Notes:

(a) Since there is increase in profit after tax during the current year, return on equity is increased from 1.71% to 4.00%

(b) Since there is increase in turnover during the current year, trade receivable turnover ration is increased from 4.48 to 4.82

(c) Since there is increase in net profit for the year, net profit ratio is higher as compared to previous financial year.

(d) Since there is increase in earnings before interest and tax for the year, return on capital employed is higher as
compared to previous financial year.

(e) Since there is increase in net profit for the year, return on investments is higher as compared to previous financial year.

50 The management has committed to sale certain land parcels located at its Unit - XII, Rajpura, Punjab, These assets are
available for immediate sale in their present condition, Total book value of these assets is 191,99 million which has been
disclosed as "Assets held for Sale" in the Balance Sheet at 31^st March 2026.

Further, the management has committed to sale land, Building and plant and machinery located at its Unit-I, Plot No, 110,
132 and 215 to 219, GIDC, Vatva, Ahmedabad, These assets are available for immediate sale in their present condition, The
book value of these assets is '. 62,96 million which has been disclosed as "Assets held for Sale" in the Balance Sheet as
at 31^st March 2026,

During the year ended 31^st March, 2026, the Company has sold out Unit - II located at Plot 123 - 124 and Plot No 111
- 114, Phase - I, Vatva, G,I,D,C,, Ahmedabad -382445 and Unit - III, located at Plot No: 2102, Phase-III, Vatva, G,I,D,C,,
Ahmedabad-382445, The said units were inoperative and not generating any revenue since long and not a significant unit
in terms of any other matters of the company, Above said units were already closed by the company and the same was
intimated vide its letter number Sec/24-25/18 dated 24^th May 2024, The disposal forms part of the Company's ongoing
rationalisation and monetisation of non-core assets,"

51 The Company has changed the classification of an Item during the year ended March 31, 2026 for better presentation, The
figures for the corresponding year have been regrouped/reclassified wherever necessary, to make them comparable, The
detail thereof has been provided below,

52 OTHER STATUTORY INFORMATION :

(i) Disclosure pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Section 186
of the Companies Act, 2013,

The Company has not given loan and guarantee to any of the subsidiaries, With regards to investment in subsidiary
refer note 6,

(ii) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies) other than as
disclosed below, including foreign entities (Intermediaries) with the understanding 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, "

(ii) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (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,"

(iii) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (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,

(iv) The Company do not have any such transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the tax assessments under the Income-tax Act, 1961,

(v) Title deeds of all the Immovable Property are held in name of the Company,

(vi) The Company has not entered into any scheme of arrangement which has an accounting impact on the current or
previous financial year,

(vii) There are no proceedings which have been initiated or pending against the Company for holding any benami
property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.

(viii) The Company has not been declared a wilful defaulter by any bank or financial institution.

(ix) The Company has not identified any transaction with Companies struck off under section 248 of the Companies Act,
2013 or section 560 of the Companies Act, 1956 and has no balances outstanding from struck of Companies.

(x) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with
Companies (Restriction on number of Layers) Rules, 2017.

(xi) The Company does not have any charges or satisfaction of charges which is yet to be registered with Registrar of
Companies beyond the statutory period.

(xii) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

53 Subsequent events occurring after the reporting date that provide evidence of conditions existing at the reporting date
have been recognised in these financial statements, wherever applicable, in accordance with Ind AS 10, Events after the
Reporting Period. There are no other material non-adjusting events occurring after the reporting date up to the date of
approval of these financial statements that require disclosure.