5.1 Plant and Equipments of Rs. 4,07.22 lakhs (previous year Rs.4,07.72 lakhs) being contribution for laying the power line, the ownership of which does not vest with the Company.

5.2 Railway Siding represents the cost of construction of the assets allowed to be used by the Company over the specified period as per the terms of the agreement.

5.3 Freehold land includes Rs.3,35.81 lakhs (previous year Rs.3,35.81 lakhs) pertaining to Parbatpur Coal Mines for which the conveyance deeds have not been executed for the reason stated in note no. 49. Freehold land also includes Rs. 2,75.27 lakhs (previous year Rs. 2,75.27 lakhs) towards contribution in relation to the Joint Venture Company "North Dhadhu Mining Company Private Limited" (refer note no. 8.2).

5.4 Freehold land includes Rs. 18,89.04 lakhs (previous year Rs.18,89.04 lakhs) acquired on merger of erstwhile Mahadev Vyapar Private Limited and Rs.3,51,50.37 lakhs (previous year Rs.3,51,50.37 lakhs) on merger of erstwhile Srikalahasthi Pipes Limited (SPL) pending execution of the deeds in favour of the company.

5.5 Freehold land includes land amounting to Rs.2,94,93.58 lakhs (previous year Rs.2,94,93.58 lakhs) situated at Elavur plant of the Company and are mortgaged in the favour of lender to ESL Steel Limited, an erstwhile associate of the Company. (Also refer note no. 9.1)

5.6 During the previous year 1942.56 sq. mtr. of land was acquired by Union of India under the provisions of National Highways Act, 1956 and required adjustment with respect to compensation amounting to Rs. 16.24 lakhs received by the company was given effect to in the month of March 2023. The company aggrieved of the compensation granted has accepted the amount under protest and filed a petition before the Hon'ble Court of Andhra Pradesh demanding a higher compensation, which pending final determination as such, has not been recognised.

6.1 Right to use Wagon represents cost incurred in connection with wagon procured under "Wagon investment Scheme" (WIS) and handed over to the railway authorities for their normal operations and ensuring the availability of the wagons on priority for transportation etc. as and when required.

The company being deprived of the availability of the wagons as per the WIS had terminated the agreement with South Eastern Railway (SER) and lodged a claim of Rs. 2,32,44.82 lakhs for compensation in this respect. Arbitration award pursuant to the claim for compensation amounting to Rs. 2,52,85.27 lakhs (including interest) has been allowed in favour of the Company. SER objected to the said award and the matter is currently pending before the Hon'ble Calcutta High Court. Pending decision of the Hon'ble Court, Rs. 2,52,85.27 lakhs has been deposited by SER in respect of the said award. The company on submission of the Bank Guarantee has withdrawan Rs. 2,50,32.42 lakhs (net of Rs. 2,52.85 lakhs on account of comission and other charges) which has been deposited in fixed deposit with bank (refer note no. 10.1) and equivalent amount towards liability, if any arising on account of the guarantee issued has been recognised (refer note no. 25) in these financial statements.

Differential amount of Rs.2,52.85 lakhs deducted on account of commission and other charges and interest if any payable in this respect depending upon the outcome of the decision of the Hon'ble Calcutta High Court has been disclosed as contingent liabilities (refer note no. 55(i) (h)) in these financial statements. Adjustments with respect to ROU Assets as above and amount of claim (refer note no. 55(ii)(b)) will be given effect to on determination thereof upon final decision on the matter.

6.2 Refer note no 23 to financial statements in respect of charge created against borrowings.

6.3 Refer note no. 49 dealing with coal mine assets.

7.1 Refer note no 23 to financial statements in respect of charge created against borrowings.

7.2 Leasehold land includes Rs. 3,60.17 lakhs (previous year Rs.3,60.17 lakhs) acquired on merger of erstwhile Srikalahasthi Pipes Limited (SPL) pending execution of the deeds in favour of the company.

8.1 The Company had investment in Domco Private Limited (DPL), a Company incorporated in India and had joint control (proportion of ownership interest of the Company being 50%) over DPL along with other venturers (the Venturers) in terms of the Shareholder's Agreement dated March 27, 2004 for carrying out mining of Coal at Jharkhand. The Venturers had filed a petition before the Company Law Board, Principal Bench, New Delhi (CLB) against the Company on alleged operation and mismanagement of the company inter alia on various matters including for forfeiture of the Company's investment in equity shares of the DPL. The matter was later transferred to the Company Law Board, Kolkata Bench and was under consideration of the National Company Law Tribunal, Kolkata Bench (NCLT). The Company had also inter alia filed an arbitration proceeding under Arbitration & Conciliation Act, 1996 against recovery of the said amount against which the ventures also filed their counter claims on the company. Pursuant to a settlement arrived in respect of DPL, Investment in Equity shares of DPL amounting to Rs. 30.00 lakhs and advance of Rs. 7,00.00 lakhs given to them being no longer recoverable have been written off during the year and included under Sundry balances/ Advances/ Investment/ CWIP written off. Consequent to the said settlement Arbitration and other proceedings by or against the company have been withdrawn and DPL ceased to be a Joint Venture of the company. This, however, does not have any impact on the financial statements of the current year since impairment in value thereof was provided in earlier years and the same consequent to the write off as above, has been written back and included under other income during the year (refer note no. 37).

8.2 (a) The North Dhadhu Coal Block located in the state of Jharkhand was allocated to the Company, Amalgam Steel & Power Limited ('ASPL'),

Jharkhand Ispat Private Limited ('JPL') and Pawanjay Steel & Power Limited ('PSPL') (collectively referred to as 'venturers') for working through North Dhadhu Mining Company Private Limited ('NDMCPL'), a joint venture company. The Company has joint control (proportion of ownership interest of the Company being 48.98%) along with other venturers represented by investment of Rs. 8,22.81 lakhs in equity shares of NDMCPL.

(b) In pursuance of the Order dated September 24, 2014 issued by the Hon'ble Supreme Court of India ('the Order') followed by the Ordinance promulgated by the Government of India, Ministry of Law & Justice ('legislative department') dated October 21, 2014 ('Ordinance') for implementing the Order, The Ministry of Coal, Government of India had issued an order for de-allocation of North Dhadhu Coal Block. NDMCPL has submitted its claim for compensation which is awaiting acceptance. In the view of the management the compensation to be received in terms of ordinance is expected to cover the cost incurred by the Joint venture company including the cost of land as stated in note no. 5.3. However as an abundant precaution, the value of the investment amounting to Rs. 8,22.81 lakhs in Joint venture had fully been provided in earlier year and recognised as impairment thereagainst.

8.3 Particulars of investments as required in terms of section 186(4) of the Companies Act, 2013 have been disclosed under note 8, 9 and 14.

9.1 (a) The Company holds 19796000 equity shares (previous year 19796000 equity shares) of Rs. 10/- each in ESL Steel Limited ('ESL') out of

which 17334999 equity shares (previous year 17334999 equity share) of Rs. 10/- each amounting to Rs. 52,19.57 lakhs have been pledged with the consortium of lenders of ESL (lenders). The notices issued by the lenders for invocation of pledge of company's investment was set aside by the Hon'ble High Court at Calcutta in the earlier year and the company's plea for release of such pledge is pending before the said High Court.

(b) Further, in earlier years, certain land amounting to Rs. 2,94,93.58 lakhs (previous year Rs. 2,94,93.58 lakhs) of the company, situated at Elavur, Tamil Naidu were mortgaged to another lender SREI Infrastructure Finance Limited ('SREI') of ESL and SREI had subsequently assigned it's right in the said property to an Asset Reconstruction Company ('ARC') although the claims of the said lender were fully discharged by ESL as per the Resolution Plan approved by Hon'ble National Company Law Tribunal ('NCLT'), Kolkata. Subsequently the ARC had issued SARAFESI Notice and taken the symbolic possession of the said land. The Company had disputed the alleged assignment of the loan by the lender and as directed by the Hon'ble Supreme Court had filed an application before the Debt Recovery Tribunal ('DRT'), Chennai for setting aside the SARAFESI actions and release of the title deeds of the land which vide order dated April 08, 2022 (uploaded on April 27, 2022) had been dismissed by DRT. On filing the appeal before the Debt Recovery Appellate Tribunal (DRAT) against the order of DRT, DRAT has directed the Company to deposit 50% of the SARAFESI demand i.e. Rs. 2,93,55.04 lakhs (previous year Rs. 2,93,55.04 lakhs) against which revision application under Article 227 of the Indian Constitution and a Writ Application under Article 226 of Indian Constitution has been filed before Hon'ble Madras High Court and the matter is pending before the said court.

Earlier, the ARC had also filed an application before the Hon'ble NCLT, Cuttack for initiation of Corporate Insolvency and Resolution Process ('CIRP') against the Company which had been decided in the favour of the Company vide NCLT order dated June 24, 2022 ('the Order'). The said order on being challenged by ARC has been upheld by NCLAT vide it's order dated January 24, 2024 and thereby the order dismissing the application of ARC by NCLT as above stands valid and effective. The judgement of NCLAT has been challenged by the ARC before Hon'ble Supreme Court of India which is yet to be taken up by the said court.

(c) Pending finalization of the matters as per (a) and (b) above, the assets have been carried forward at their book value.

9.2 The Company has made an irrevocable decision to consider investment in equity instruments, other than in Subsidiaries and Joint ventures not held for trading (non current investments) to be recognized at FVTOCI.

14.1 The Company has invested in Debentures and AIF whereby an option has been granted to redeem/ liquidate these investments after the expiry of specified period. These being required pursuant to deployment of surplus fund of the company which may be liquidated as and when funds are required for business and other purposes and therefore have been considered under Current Investments and fair valued through profit and loss.

14.2 Subscription price of AIF has been taken to be fair value as on March 31,2024. The differential of Rs. 61.77 lakhs with respect to Net Asset Value as on March 31, 2024 in terms of the agreement has since been distributed and has therefore been disclosed under "Other Financial Assets" (refer note no. 19).

19.4 (a) Includes Rs. 46,80.58 lakhs (previous year Rs. 46,80.58 lakhs) related to claim made upto June 30, 2017 under West Bengal Incentive Scheme

(WBIS) 2000. In absence of any clarification from the Government of West Bengal regarding disbursal of incentive post implementation of GST, the company had filed a writ petition in Hon'ble High Court of Calcutta for recovery against the said claim for the period upto March 31,2015 which vide it's order dated April 08, 2024 has been decided in favour of the company and directed to release such funds.

The company is expecting the recovery of the remaining amount for the period from April 01, 2015 onward also based on the principles and criteria profounded in terms of the said judgement of the Hon'ble High Court. In view of the above, the claim amount under WBIS being carried forward from earlier years has been considered good and recoverable.

(b) Includes Rs. 12,02.49 lakhs (previous year Rs. 12,02.49 lakhs) in respect of sales tax subsidy receivable under Andhra Pradesh Industrial Investment Promotion Policy.

21.2 The company as approved by the Shareholders vide their postal ballot resolution dated December 23, 2022 had allotted 23579344 warrants convertible into or exchangeable for 1 (one) fully paid-up equity shares of the company having face value of Re. 1 each at the issue price of Rs. 42.41 each payable in cash ('warrant issue price') on preferential basis to Promoter/ Promoter group on December 27, 2022. The said allotment was done upon receipt of Rs. 10.60 for each warrants aggregating to Rs. 24,99.41 lakhs included under other equity being the amount equivalent to 25% of the warrant issue price as upfront contribution received by the company in this respect entitling the warrant holders to apply for and get allotted one equity shares of the company against each warrant held in one or more tranche within a maximum period of eighteen months from the date of allotment on payment of balance amount of Rs. 31.81 each equivalent to remaining 75% of the warrant issue price.

On receipt of the entire consideration in this respect and on exercise of the conversion entitlement pursuant to the warrants as stated above, 23579344 Equity Shares of Re. 1 each have been allotted on January 24, 2024 to the warrant holders (Promoters/ Promoter Groups) thereof as on that date. Accordingly, Rs. 2,35.79 lakhs being the face value of the Equity Shares has been credited to Equity Share Capital and balance Rs. 97,64.21 lakhs has been transferred to Securities Premium.

22.2 Capital Reserve on Amalgamation

Capital Reserve on Amalgamation represent the excess of consideration paid i.e. equity shares issued with respect to net assets and reserves acquired consequent to amalgamation of erstwhile Mahadev Vyapaar Private Limited and Srikalahasthi Pipes Limited amounting to (Rs. 14,86.46 lakhs) and (Rs. 4,25,39.34 lakhs) respectively.

22.3 Securities Premium

Securities Premium represents the amount received in excess of par value of securities and is available for utilisation as specified under Section 52 of Companies Act, 2013.

22.4 General Reserve

General Reserve is a free reserve which is created by transfer of profit from retained earnings. As the Reserve is created by a transfer from one component to another and is not an item of OCI, item included in General Reserve is not reclassified subsequently to Statement of Profit and Loss.

22.5 Retained Earnings

Retained earnings generally represents the accumulated undistributed surplus earnings of the company. This includes Rs. 11,85,80.02 lakhs (previous year Rs. 11,82,84.60 lakhs) represented by changes in carrying amount of Property, Plant and Equipments being measured at fair value as on the date of transition as deemed cost. Further unrealised loss of Rs. 9,84,10.67 lakhs (previous year Rs. 9,84,10.67 lakhs) due to changes in carrying amount of investment has also been adjusted to the retained earning. Thereby Rs. 2,01,69.35 lakhs (previous year Rs. 1,98,73.93 lakhs) being represented by changes in carrying value of assets in terms of provisions of Companies Act 2013 is not available for distribution. This includes other comprehensive income of (Rs. 1,54.66 lakhs) (previous year (Rs. 2,29.43 lakhs)) relating to remeasurement of defined benefit plans (net of tax) which cannot be reclassified to statement of profit and loss.

22.6 Other Comprehensive Income

Other Comprehensive Income (OCI) represent the balance in equity for items to be accounted under OCI and comprises of the following: Items that will not be reclassified to Profit and Loss

a. The company has elected to recognise changes in the fair value of non-current investments (other than in subsidiaries, associates and joint ventures) in OCI. This reserve represents the cumulative gains and losses arising on equity instruments being measured at fair value. The company transfers amounts from this reserve to retained earnings when the relevant equity securities are disposed.

b. This also includes actuarial gains and losses arising on defined benefit obligations recognised in OCI which is transferred to retained earning as stated in note no. 22.5

22.7 Subsequent to the Balance Sheet date, the Board of Directors at its meeting held on May 13, 2024 has recommended a final dividend of Re. 0.90 per equity share to be paid on fully paid up equity shares in respect of financial year ended March 31,2024. The equity dividend is subject to approval by the shareholders at the ensuing Annual General Meeting and has not been included as a liability in these financial statement. The estimated amount of final dividend to be paid thereof amounts to Rs. 55,63.66 lakhs. This is over and above the Interim Dividend of Re. 0.50 (50%) per Equity Share of face value of Re. 1 each for the financial year 2023-24 declared by the Board of Directors in their meeting held on February 08, 2024 resulting in the outflow of Rs. 30,90.93 lakhs in this respect.

23.1.1 Rupee Term Loan of Rs. 1,50,00.00 lakhs from a bank is secured by way of first pari-passu charge on all immovable and movable Property, Plant and Equipment and other intangible assets, both present and future, of the Company other than assets located at Elavur and Srikalahasthi Unit and Freehold Land at Haldia . The outstanding as on March 31, 2024 is Rs. 22,04.74 lakhs (previous year Rs. 50,47.93 lakhs) and is repayable in 3 equal quarterly installments starting from June 2025.

23.1.2 Rupee Term Loan of Rs. 50,00.00 lakhs from a bank is secured by way of first pari-passu charge on all immovable and movable Property, Plant and Equipment and other intangible assets, both present and future, of the Company other than assets located at Elavur and Srikalahasthi unit and Freehold Land at Haldia. The outstanding as on March 31,2024 is Rs. 14,74.07 lakhs (previous year Rs. 33,12.65 lakhs) and is repayable in 6 equal quarterly installments starting from April 2025.

23.1.3 Rupee Term Loan of Rs. 4,00,00.00 lakhs from a bank was secured by way of first pari-passu charge on all immovable and movable Property, Plant and Equipment, both present and future, of the Company other than assets located at Elavur and Srikalahasthi unit and Freehold Land at Haldia. The said Loan has been fully repaid during the year.

23.1.4 Rupee Term Loan of Rs. 60,00.00 lakhs from a bank is secured by way of first pari-passu charge on all immovable and movable Property, Plant and Equipment and other intangible assets, both present and future, of the Company other than assets located at Elavur and Srikalahasthi unit and Freehold Land at Haldia. The outstanding as on March 31,2024 is Rs. 23,73.90 lakhs (previous year Rs. 51,00.92 lakhs) and is repayable in 19 structured monthly installments starting from April 2025.

23.1.5 Rupee Term Loan of Rs. 75,00.00 lakhs from a bank was secured by way of first pari-passu charge on all immovable and movable Property, Plant and Equipment and other intangible assets, both present and future, of the Company other than assets located at Elavur and Srikalahasthi unit and Freehold Land at Haldia. The said Loan has been fully repaid during the year.

23.1.6 Rupee Term Loan of Rs. 50,00.00 lakhs from a bank was secured by way of first pari-passu charge on all immovable and movable Property, Plant and Equipment and other intangible assets, both present and future, of the Company other than assets located at Elavur and Srikalahasthi unit and Freehold Land at Haldia. The said Loan has been fully repaid during the year.

23.1.7 Rupee Term Loan of Rs. 2,98,50.00 lakhs from a bank is secured by way of first pari-passu charge on all immovable and movable Property, Plant and Equipment and other intangible assets, both present and future, of the Company other than assets located at Elavur and Srikalahasthi unit and Freehold Land at Haldia. The outstanding as on March 31, 2024 is Rs. 2,74,23.00 lakhs (previous year nil) and is repayable in 16 structured quarterly installments starting from June 2024.

23.1.8 Rupee Term Loan of Rs.75,00.00 lakhs from a bank is secured by way of first pari-passu charge on all immovable and movable Property, Plant and Equipment and other intangible assets, both present and future, of the Company other than assets located at Elavur and Srikalahasthi unit and Freehold Land at Haldia. The outstanding as on March 31, 2024 is Rs. 33,60.83 lakhs (previous year Rs.33,60.83 lakhs) and is repayable in 9 equal quarterly installments starting from June 2024.

23.1.9 Rupee Term Loan of Rs.60,00.00 lakhs from a Bank was secured by way of first pari-passu charge on all immovable and movable Property, Plant and Equipment and other intangible assets, both present and future, of the Company other than assets located at Elavur and Srikalahasthi unit and Freehold Land at Haldia. The said Loan has been fully repaid during the year.

23.1.10 Rupee Term Loan of Rs.75,00.00 lakhs from a bank was secured by way of first pari-passu charge on all immovable and movable Property, Plant and Equipment and other intangible assets, both present and future, of the Company other than assets located at Elavur and Srikalahasthi unit and Freehold Land at Haldia. The said Loan has been fully repaid during the year.

23.1.11 Rupee Term Loan of Rs. 75,00.00 lakhs from a bank was secured by way of first pari-passu charge on all immovable and movable Property, Plant and Equipment, both present and future, of the Company located at Srikalahasthi unit. The said Loan has been fully repaid during the year.

23.1.12 Rupee Term Loan of Rs. 1,00,00.00 lakhs from a bank was secured by way of first pari-passu charge on all immovable and movable Property, Plant and Equipment, both present and future, of the Company located at Srikalahasthi unit. The said Loan has been fully repaid during the year.

23.1.13 Rupee Term Loan of Rs. 1,45,00.00 lakhs from a bank is secured by way of first pari-passu charge on all immovable and movable Property, Plant and Equipment, both present and future, of the Company located at Srikalahasthi unit. The outstanding as on March 31, 2024 is Rs. 25,77.11 lakhs (previous year Rs. 18,61.68 lakhs) and is repayable in 8 structured quarterly installments starting from May 2024.

23.1.14 Rupee Term Loan of Rs. 2,00,00.00 lakhs from a bank is secured by way of first pari-passu charge on all immovable and movable Property, Plant and Equipment and other intangible assets, both present and future, of the Company located at Srikalahasthi unit. The outstanding as on March 31,2024 is Rs. 98,88.73 lakhs (previous year Rs. 1,77,08.25 lakhs) and is repayable in 12 structured quarterly installments starting from June 2025.

23.1.15 Rupee Term Loan of Rs. 1,20,00.00 lakhs from a bank is secured by way of first pari-passu charge on all immovable and movable Property, Plant and Equipment, both present and future, of the Company located at Srikalahasthi unit. The outstanding as on March 31, 2024 is Rs. 23,96.34 lakhs (previous year Rs 20,27.81) and is repayable in 20 equal quarterly installments starting from June 2024.

23.2.1 Rupee Term Loan of Rs.50,00.00 lakhs from a financial institution was secured by way of first pari-passu charge on all immovable and movable

Property, Plant and Equipment and other intangible assets, both present and future, of the Company other than assets located at Elavur and

Srikalahasthi unit and Freehold Land at Haldia . The said Loan has been fully repaid during the year.

23.2.2 Rupee Term Loan of Rs.1,00,00.00 lakhs from a financial institution was secured by way of first pari-passu charge on all immovable and movable

Property, Plant and Equipment and other intangible assets, both present and future, of the Company other than assets located at Elavur and

Srikalahasthi unit and Freehold Land at Haldia. The said Loan has been fully repaid during the year.

23.2.3 Rupee Term Loan of Rs. 60,00.00 lakhs from a financial institution was secured by way of first pari-passu charge on all immovable and movable Property, Plant and Equipment and other intangible assets, both present and future, of the Company other than assets located at Elavur and Srikalahasthi unit and Freehold Land at Haldia. The said Loan has been fully repaid during the year.

23.3 The interest rate for the above loans ranges from 8.05% to 9.90%. p.a.

23.4 The outstanding balances disclosed in note 23.1 to 23.2 are based on the amortised cost in accordance with Ind AS 109 "Financial Instruments".

23.5 There are no registration/satisfaction of charges pending with Registrar of Companies beyond the statutory period as on the Balance Sheet date.

24.1 Lease liability represents present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates. The lease liability is subsequently remeasured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made.

26.1 Provision for Mines closure and restoration charges had been made in terms of statutory obligations specified for the purpose and Rs. 4,40.00 lakhs (cumulative value as on March 31,2024 Rs. 9,20.05 lakhs) deposited in the Escrow account in terms of the stipulation made by Ministry of Coal, for Mines Closure Plan. In view of cancellation of allotment of coal mines no further provision in this respect and accrual of interest thereagainst on fixed deposit lying in Escrow account has been considered necessary. (refer note no. 17 and 49)

29.1 (a) Includes Rs. 9,92.53 lakhs (net) (previous year Rs. 16,40.53 lakhs (net)) being interest received in respect of the refund granted pertaining to

Assessment Years 2008-09 to 2015-16 (previous years from Assessment year 2003-04 to 2015-16), pending decision by Hon'ble High Court at Calcutta in respect of the grounds contested by the Income Tax Department against the orders of the Income Tax Appellate Tribunal, Kolkata.

(b) Pursuant to the decision of the Hon'ble High Court at Calcutta in respect of the appeals filed by the Income Tax Department, provision for income tax amounting to Rs. 36,47.00 lakh being no longer required has been written back during the year pertaining to certain issues relating to assessment years from 2003-04 to 2016-17 decided in favor of the company. Further, Interest received in earlier years in this respect amounting to Rs. 6,48.00 lakhs (net) have been recognised as Interest Income and included under Other Income in note no. 37 in the Statement of Profit and Loss.

30.1 Working Capital facilities from Banks (both fund based and non fund based) are secured by first pari passu charge by way of hypothecation of current assets namely raw materials, finished goods, work in progress, consumable stores and spares, book debts/receivables and all other moveable assets of the company both present and future.

30.2 There are no registration/satisfaction of charges pending with Registrar of Companies beyond the statutory period as on the Balance Sheet date.

30.3 The quarterly returns or statement of current assets filed by the Company with banks or financial institutions are in agreement with the then unaudited books of accounts. The return or statement for quarter ended March 24 are yet to be filed.

(iii) The amounts receivable from customers become due after the expiry of credit period which on an average is ranging between 90 to 270 days.

(iv) Majority of the Company's sales are against advance or are against letters of credit/ cash against documents/ guarantees of banks of national standing. Where sales are made on credit, the amount of consideration does not contain any significant financing component. As per the terms of the contract with its customers, either all performance obligations are to be completed within one year from the date of such contracts or the Company has a right to receive the consideration. Accordingly, the Company has availed the practical expedient in terms of Ind AS 115 and disclosures with respect to performance obligations remaining unsatisfied (or partially unsatisfied) at the balance sheet date have not been made.

b) Fair Valuation Techniques

The fair values of the financial assets and liabilities are included at the amount 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.

The following methods and assumptions were used to estimate the fair values:

1. The fair value of cash and cash equivalents, current trade receivables and payables, current loans, current financial liabilities and assets and borrowings approximate their carrying amount largely due to the short-term nature of these instruments. The management considers that the carrying amounts of financial assets and financial liabilities recognised at nominal cost/amortised cost in the financial statements approximate their fair values. In respect of non current trade receivables and loans, fair value is determined by using discount rates that reflect the present borrowing rate of the company.

2. A substantial portion of the company's long-term debt has been contracted at floating rates of interest, which are reset at short intervals. Fair value of variable interest rate borrowings approximates their carrying value subject to adjustments made for transaction cost. In respect of fixed interest rate borrowings, fair value is determined by using discount rates that reflects the present prevailing rates for similar borrowing in the market.

3. Investments (other than Investments in Joint Venture and Subsidiaries) traded in active market are determined by reference to the quotes from the stock exchanges as at the reporting date. Investment in liquid and short term mutual fund/Alternate Investment Funds, which are classified as Fair value through Profit and Loss are measured using quoted net assets value at the reporting date and in case of debentures, bonds and goverment securities, where the net present value at current yield to maturity have been considered. Unquoted investments in shares have been valued based on the historical net asset value as per the latest audited financial statements.

4. The fair value of derivative financial instruments is determined based on observable market inputs including currency spot and forward rates, yield curves, currency volatility etc. The said valuation has been carried out by the counter party with whom the contract has been entered with and management has evaluated the credit and non-performance risks associated with the counterparties and believes them to be insignificant and not requiring any credit adjustments.

2. During the year ended March 31,2024 and March 31,2023, there were no transfers between Level 1, Level 2 and Level 3.

3. The Inputs used in fair valuation measurement are as follows:

i) Fair valuation of Financial assets and liabilities not within the operating cycle of the company is amortised based on the borrowing rate of the company.

ii) Derivative financial instruments are valued based on quoted prices for similar assets and liabilities in active markets or inputs that are directly or indirectly observable in the marketplace. The inputs used for forward contracts are Forward foreign currency exchange rates and Interest rates to discount future cash flow.

iii) Unquoted investments in equity shares have been valued based on the amount available to shareholder's as per the latest audited financial statements wherever available. In case of AIF and Debentures these are based on valuation provided by external agencies.

(d) Derivatives financial assets and liabilities:

The Company follows established risk management policies, including the use of derivatives to hedge its exposure to foreign currency fluctuations on foreign currency assets / liabilities. The counter party in these derivative instruments is a bank and the Company considers the risks of non-performance by the counterparty as non-material.

(e) Sale of Financial Assets

In the normal course of business, the Company transfers its bill receivables to banks. Under the terms of the agreements, the Company surrenders control over the financial assets and the transfer is with recourse. Under arrangement with recourse, the company is obligated to repurchase the uncollected financial assets, subject to limits specified in the agreement with banks. Accordingly, in such cases the amount transferred are recorded as borrowings in the statement of financial position and cash flows from financing activities. As at March 31, 2024 and March 31, 2023 the maximum amount of recourse obligation in respect of financial assets are Rs 5,03,36.40 lakhs and Rs. 3,79,16.20 lakhs respectively.

(f) Financial Risk Management

The Company's activities are exposed to variety of financial risks. The key financial risks includes market risk, credit risk and liquidity risk. The Company's focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. The Board of Directors reviews and approves policies for managing these risks. The risks are governed by appropriate policies and procedures and accordingly financial risks are identified, measured and managed in accordance with the Company's policies and risk objectives.

1. Market Risk

Market risk is the risk or uncertainty arising from possible market fluctuations resulting in variation in the fair value of future cash flows of a financial instrument. The major components of Market risks are currency risk, interest rate risk, commodity price risk and other price risk. Financial instruments affected by market risk includes trade receivables, borrowings, investments in fixed deposit/ Mutual Funds/ Bonds/ Alternative Investment funds and trade and other payables.

i) Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company's exposure to the risk of changes in foreign exchange rates relates primarily to the Company's foreign currency denominated borrowings, trade receivables and trade or other payables.

In order to mitigate forex losses, the Company over and above the natural hedge available against foreign currency transaction has adopted a comprehensive risk management review system wherein it actively hedges its foreign exchange exposures within defined parameters through use of hedging instruments such as forward contracts, options and swaps. The Company periodically reviews its risk management initiatives and also takes experts advice on regular basis on hedging strategy.

ii) Interest rate risk

The company's exposure in market risk relating to change in interest rate primarily arises from floating rate borrowing with banks and financial institutions. Considering the same, the carrying amount of said borrowing was considered to be at fair value. Borrowings at fixed interest rate exposes the company to the fair value interest rate risk. The company maintains a portfolio mix of fixed and floating rate borrowings. As at March 31,2024, approximately 74.28% (previous year 64.42%) of the company's borrowings are at fixed rate.

Further there are deposits with banks which are for short term period are exposed to interest rate risk, falling due for renewal. These deposits are however generally for trade purposes as such do not cause material implication.

A decrease in 0.50 basis point in Rupee Loan would have an equal and opposite effect on the Company's financial statements.

iii) Commodity Risk

The company's revenue is exposed to the market risk of price fluctuation related to sale of products which is generally determined by market forces. These prices may be influenced by factors such as supply and demand, production costs (including cost of raw material inputs) and global and regional economic conditions and growth. Adverse changes in any of these factors may reduce revenue for the company. The company is subject to fluctuation in prices of iron ore, coking coal, ferro alloys, zinc and other raw material inputs.

The company aims to sell the products at prevailing market prices. Similarly the company procures key raw material based on prevailing market rates. However, these contracts with the customers generally with a delivery period of 90-180 days, results in the mismatch of cost and sales realisation.

iv) Other price risk

The Company's equity exposure in Subsidiaries and Joint Ventures are carried at cost or deemed cost and these are subject to impairment testing as per the policy followed in this respect. The company's current investments are fair valued through profit and loss and non current investment at fair value through OCI. The company invests in mutual fund schemes, AIF and Debentures of leading fund houses. Such investments are susceptible to market price risk that arise mainly from changes in interest rate which may impact return and value of such investments. However, given the relatively short tenure of underlying protfolio in which the company has invested, such price risk is not significant.

2. Credit Risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables). The management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Major water infrastructure projects are Government funded or foreign aided and the risk involved in payment default is minimum with respect to these customers. Besides, export receivables are primarily from subsidiaries and sales made by them is covered under Credit Insurance. The Company periodically assesses the financial reliability of customers, taking into account the financial condition, current economic trends and ageing of accounts receivable. Individual risk limits are set accordingly. Further the company obtains necessary security including letter of credits and/or bank guarantee to mitigate its credit risk.

The carrying amount of respective financial assets recognised in the financial statements, (net of impairment losses) represents the Company's maximum exposure to credit risk. The concentration of credit risk is limited due to the customer base being large and unrelated. Of the trade receivables balance at the end of the year (other than subsidiaries), there are no single customer accounted for more than 10% of the accounts receivable and 10% of revenue as at March 31,2024 and March 31,2023. The company takes collateral or other credit enhancements to secure its credit risk.

The Company extends credit to customers as per the internal credit policy. Any deviation are approved by appropriate authorities, after due consideration of the customers credentials and financial capacity, trade practices and prevailing business and economic conditions. The Company's historical experience of collecting receivables and the level of default indicate that credit risk is low and generally uniform across markets; consequently, trade receivables are considered to be a single class of financial assets. All overdue customer balances are evaluated taking into account the age of the dues, specific credit circumstances, the track record of the customers etc. The company

computes credit loss allowance based on a matrix based historically observed default rates over the expected life of trade receivables and is adjusted for forward-looking estimates.

Financial assets that are neither past due nor impaired

Cash and cash equivalents, investment and deposits with banks are neither past due nor impaired. Cash and cash equivalents with banks are held with reputed and credit worthy banking institutions.

Financial assets that are past due but not impaired

Trade receivables amounts that are past due at the end of the reporting period, no credit losses there against are expected to arise. The company also takes advance, letter of credit and bank guarantee from its customers, which mitigates the credit risk to that extent.

3. Liquidity Risk

The company determines its liquidity requirement in the short, medium and long term. This is done by drawing up cash forecast for short term and long term needs. The company manages its liquidity risk in a manner so as to meet its normal financial obligations without any significant delay or stress. Such risk is managed through ensuring operational cash flow while at the same time maintaining adequate cash and cash equivalent. The management has arranged for diversified funding sources and adopted a policy of managing assets with liquidity monitoring future cashflows and liquidity on a regular basis. Surplus funds not immediately required are invested in certain mutual funds, AIF, bonds, debentures, fixed deposits etc. which provide flexibility to liquidate. Besides, the current committed line of credit are sufficient to meet its short to medium term fund requirement.

i) 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 shows principal cash flows as at balance sheet date:

The company has current financial assets which will be realised in ordinary course of business. The Company ensures that it has sufficient bandwith on demand to meet expected operational expenses. The company relies on mix of borrowings and operating cash flows to meet its need for funds and ensures that it does not breach any financial covenants stipulated by the lender. g) Capital Management

The primary objective of the Company's capital management is to ensure that it maintains a healthy capital ratio in order to support its business and maximise shareholder value. The Company's objective when managing capital is to safeguard their ability to continue as a going concern so that they can continue to provide returns for shareholders and benefits for other stake holders. The Company is focused on keeping strong total equity base to ensure independence, security, as well as a high financial flexibility for potential future borrowings, if required without affecting the risk profile of the Company.

b) Post Employment Defined Benefit Plans

Post Employment Defined Benefit Plans are managed by Life Insurance Corporation of India and ICICI Prudential Life Insurance Company Limited. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. Details of such funds are as follows:

Gratuity (Funded)

The company's gratuity scheme, a defined plan is as per the Payment of Gratuity Act 1972, covers the eligible employees and is administered through gratuity fund trust. Such gratuity fund, whose investments are managed by Life Insurance Corporation of India and ICICI Prudential Life Insurance Company Limited an insurer makes payment to vested employees or their nominee upon retirement, death, incapacitation or cessation of employment of an amount based on the respective employee's salary and tenure of employment. Vesting occurs on completion of five year of service. The amount of gratuity payable is the last drawn basic salary per month computed proportionately for 15 days of salary multiplied for the number of year service.

The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (projected unit credit method) has been applied as when calculating the defined benefit obligation recognised within the Balance Sheet. The method and type of assumption used in preparing the sensitivity analysis did not change compared to prior period.

Risk analysis

Through its defined benefit plans, the Company is exposed to a number of risks in the defined benefit plans. Most significant risks pertaining to defined benefit plans and management's estimation of the impact of these risks are as follows:

Investment risk

The Gratuity plan is funded with Life Insurance Corporation of India and ICICI Prudential Life Insurance Company Limited and the company does not have any liberty to manage the fund provided to them. The present value of the defined benefit plan liability is calculated using a discount rate determined by reference to Government of India bonds. If the return on plan asset is below this rate, it will create a plan deficit.

Interest risk

A decrease in the interest rate on plan assets will increase the plan liability.

Longevity risk / Life expectancy

The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and at the end of the employment. An increase in the life expectancy of the plan participants will increase the plan liability.

Salary growth risk

The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. An increase in the salary of the plan participants will increase the plan liability.

49. (a) In pursuance of the Order dated September 24, 2014 issued by the Hon'ble Supreme Court of India ('the Order') followed by the Ordinance

promulgated by the Government of India, Ministry of Law & Justice ('legislative department') dated October 21, 2014 ('Ordinance') for implementing the Order, allotment of Parbatpur coal block ('coal block/mines') to the Company which was under advanced stage of implementation, had been cancelled w.e.f. April 01,2015. In terms of the Ordinance, the Company was allowed to continue the operations in the said block till March 31, 2015. Accordingly, the said block had been handed over to Bharat Coking Coal Limited ('BCCL') as per the direction from Coal India Limited ('CIL') with effect from April 01, 2015 and the same was thereafter allotted to Steel Authority of India Limited ('SAIL') and pending final determination, compensation of Rs. 83,12.14 lakhs was received. The company also came to understand that SAIL subsequently handed over back the said coal block to the custody of BCCL.

Following a petition filed by the Company, the Hon'ble High Court at Delhi had pronounced its judgement on March 09, 2017. Accordingly, based on the said judgement, the Company has so far claimed Rs.15,49,44.48 lakhs towards compensation against the said coal block and acceptance of the same is awaited. The Nominated Authority appointed for deciding the amount of compensation had upheld its decision of compensation already paid which was set aside by the Hon'ble High Court with a direction to the Nominated Authority to reconsider the same. The Nominated authority further passed an order dated November 11, 2019 awarding an additional compensation of Rs. 1,80.00 lakhs and with a further direction to re-determine the value of certain assets by the appropriate authority. Subsequently, a newly appointed Nominated Authority ('New Nominated Authority') had appointed a valuer to determine the value of those specified assets as per the direction of Nominated Authority dated November 11,2019. The company came to understand that valuation report recommending a valuation of total direct/hard cost for specified assets has been submitted to the New Nominated Authority and the same being under consideration, a final compensation is yet to be decided. The company had also earlier approached the New Nominated Authority/ Ministry of Coal ('Ministry') to reconsider the compensation determined by the previous Nominated Authority, for land and some other major assets.

In the meantime, JSW Steel Limited ('JSW') has been declared as successful bidder for Parbatpur Coal Block in "16th Tranche of Auction Under Coal Mines (Special Provisions) Act, 2015” and vesting order dated June 08, 2023 has been issued by the Ministry of Coal in favour of JSW. JSW as being claimed by them has taken the physical possession of said coal block and has therefore requested to initiate negotiations for utilization of movable property/ assets used in coal mining. The Company has approached Hon'ble Delhi High Court in this respect and the matter is pending as on this date. The company's management is actively pursuing to revise and determine the amount of entire compensation for the coal block including mine infrastructure and land and all other related assets in terms of Coal Mines (Special Provisions) Act, 2015 read with judgement dated March 09, 2017 pronounced by the Hon'ble High Court of Delhi and is taking all the necessary legal and other steps for the same.

Pending finalisation of the matter as above;

(i) Rs.12,88,84.11 lakhs incurred pertaining to the coal block till March 31,2015 after setting off income, stocks etc. there against as per the accounting policy then followed by the Company has been continued to be shown as freehold land, capital work in progress, other fixed assets and other respective heads of account.

(ii) Interest and other finance cost for the year ended March 31,2016 against the fund borrowed and other expenses directly attributable in this respect amounting to Rs. 95,14.74 lakhs has been considered as other recoverable under current assets; and

(iii) Compensation of Rs. 83,12.34 lakhs so far received and net realisations/claims against sale of assets, advances, input credits etc. amounting to Rs. 20,90.04 lakhs have been adjusted. Bank guarantee amounting to Rs. 9,20.00 lakhs (previous year Rs. 9,20.00 lakhs) has been given against the compensation received.

Necessary disclosures and adjustments arising with respect to above and determination of resultant claims will be given effect to on final acceptance/settlement of the amount thereof.

49. (c) Due to reasons stated in note no. 49(a) and pending determination of the amount of the claim, balances under various heads which

otherwise would have been measured and disclosed as per the requirements of various Indian Accounting Standard have been continued to be included under various heads as disclosed under note no. 49(b) considering the prevailing circumstances and objective as dealt with herein above.

50. Due to delay in grant of forest, environment and other clearances from various authorities and execution of mining lease of an area of 192.50 ha. by the State Government of Jharkhand for iron and manganese ores at Dirsumburu in Kodilabad Reserve Forest, Saranda of West Singhbhum, Jharkhand, the validity period of letter of intent granted in this respect got expired on January 11, 2017. Pending decision of Hon'ble High Court at Jharkhand on the matter pursuant to the writ petition filed before the said court, the company without prejudice to the decision to pursue the said petition has decided in earlier years, as a matter of abundant caution to charge off Rs. 27,56.99 lakhs being the amount so paid pertaining to the said mine and carried forward under Capital work in progress and advances. Further, security deposit of Rs. 2,60.59 lakhs paid for the said mine had also been provided for and recognised as impairment thereagainst in earlier year.

51. In respect of company's claim against private railway siding at Durgachak near Haldia, the construction of which was stalled on withelding the commissioning of the same by South Eastern Railways (SER), the matter was pending before a Sole Arbitrator appointed by Hon'ble High Court at Kolkata vide it's order dated July 01,2019. The arbitration award allowing the claim of Rs. 2,28,00.02 lakhs has been granted in favour of the company. The award being appealable, claim arising in this respect will be recognised on completion of the time period stipulated for the appeal etc., and acceptance of the said claim by SER.

52. (a) The expenses incurred for projects/assets during the construction/mine development period are classified as "Project Development

Expenses” and pending capitalization are included under capital work in progress and are allocated to the cost of the assets on completion of the project/assets. Consequently expenses disclosed under the respective heads are net of amount classified as project development expenses by the Company (refer note no. 49 and 50). The details of these expenses are as follows :

52. (c) Projects overdue and expected completion date:

(i) As stated in note no. 49, the allotment of Parbatpur coal mine which were under advanced stage of implementation was cancelled vide order dated September 24, 2014. Thereby, as dealt with in note no. 49, the project could not be further progressed and completed. Pending determination of the amount of claim, the balances as were appearing prior to the cancellation, i.e. capital work in progress and other assets balances pertaining to said coal mine have not been adjusted and carried forward in the financial statement.

(ii) Status with respect to other projects are as follows:

D. Terms and conditions of transactions with related parties

a. The transactions with related parties have been entered at an amount which are not materially different from those on normal commercial terms. For the year ended March 31, 2024, the company has not recorded impairment of receivable relating to amount owned by the parties. The measurement is undertaken each financial year considering the financial position of the related party and the market in which the related party operates.

b. The amounts outstanding are unsecured and will be settled in cash and cash equivalent. No guarantees have been given or received.

c. The remuneration of directors is determined by the Nominations & Remuneration Committee having regard to the performance of individuals and market trends.

56.1 Details of Loans, Investments and Guarantees covered u/s 186(4) of the Companies Act, 2013:

a) Details of Loans and Investments are given under the respective heads (refer note no. 8, 9, 14 and 18).

59. Additional Information pursuant to amendments made in Schedule III to the extent applicable to the company (Other than those that have been disclosed under the respective Notes to the financial statements):

(A) Utilisation of borrowed funds and share premium

(i) The Company has not advanced or loaned or invested funds to any other persons or entities, 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 persons or entities, 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.

(B) Details of crypto currency or virtual currency

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

(C) Undisclosed income

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

(D) Compliance with number of layers of companies

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

61. The company has opted for continuing accounting policy in respect of exchange difference arising on reporting of long term foreign currency monetary items in accordance with Ind AS 101 "First time adoption of Indian Accounting Standards". The unamortised balance in the carrying amount of Property, Plant and Equipments / capital work in progress is Rs. 2,76,58.60 lakhs (previous year Rs 2,80,06.55 lakhs).

62. These financial statements have been approved by the Board of Directors of the Company on May 13, 2024 for issue to the shareholders for the adoption.

63. The previous year figures have been regrouped/reclassified wherever necessary to correspond with current year's classification/disclosure.

1

Pre Goods & Service Tax (GST), the Company was entitled for benefits under Industrial Promotion scheme of state government. Post implementation of GST, pending notifications by the state government, the amount of claim as a matter of prudence has not recognised under the scheme for the period from July 01,2017 to March 31,2019.