2.10 Provisions and contingent liabilities

Provisions are recognised when there is a present
obligation as a result of a past event, it is probable
that an outflow of resources embodying economic
benefits will be required to settle the obligation
and there is a reliable estimate of the amount of
the obligation. Provisions are measured at the best
estimate of the expenditure required to settle the
present obligation at the Balance sheet date.

I f the effect of the time value of money is material,
provisions are discounted using a current pre-tax rate
that reflects, when appropriate, the risks specific to
the liability. When discounting is used, the increase in
the provision due to the passage of time is recognised
as a finance cost.

Contingent liabilities are disclosed when there is
a possible obligation arising from past events, the

existence of which will be confirmed only by the
occurrence or non-occurrence of one or more
uncertain future events not wholly within the control
of the Company or a present obligation that arises
from past events where it is either not probable that
an outflow of resources will be required to settle or a
reliable estimate of the amount cannot be made.

2.11 Corporate social responsibility (CSR)

Provisions are recognised for all CSR activity
undertaken by the Company for which an obligation
has arisen during the year and are recognised in
Statement of profit on loss on accrual basis. Provision
is made against unspent amount of CSR.

2.12 Cash and cash equivalents

Cash and cash equivalent in the balance sheet
comprise cash at banks, cash on hand and short¬
term deposits net of bank overdraft with an original
maturity of three months or less, which are subject to
an insignificant risk of changes in value.

For the purposes of the cash flow statement, cash
and cash equivalents include cash on hand, cash in
banks and short-term deposits net of bank overdraft.

2.13 Borrowing costs

Borrowing costs directly attributable to the acquisition,
construction or production of an asset that necessarily
takes a substantial period of time to get ready for its
intended use or sale are capitalised as part of the cost
of the asset. All other borrowing costs are expensed
in the period in which they occur. Borrowing costs
consist of interest and other costs that an entity incurs
in connection with the borrowing of funds. Borrowing
cost also includes exchange differences to the extent
regarded as an adjustment to the borrowing costs.

2.14 Financial instruments

A financial instrument is any contract that gives rise to
a financial asset of one entity and a financial liability or
equity instrument of another entity.

a) Financial assets

i. Initial recognition and measurement

At initial recognition, financial asset is
measured at its fair value plus, in the case

equity to Statement of Profit and Loss and
recognised in other gains/ (losses). Interest
income from these financial assets is
included in other income using the effective
interest rate method.

Fair value through profit or loss: Assets that
do not meet the criteria for amortised cost
or FVOCI are measured at fair value through
profit or loss. Interest income from these
financial assets is included in other income.

Equity instruments: All equity investments
in scope of Ind AS 109 are measured at fair
value. Equity instruments which are held
for trading and contingent consideration
recognised by an acquirer in a business
combination to which Ind AS103 applies
are classified as at FVTPL. For all other
equity instruments, the Company may
make an irrevocable election to present in
other comprehensive income subsequent
changes in the fair value. The Company
makes such election on an instrument- by¬
instrument basis. The classification is made
on initial recognition and is irrevocable.

If the Company decides to classify an equity
instrument as at FVTOCI, then all fair value
changes on the instrument, excluding
dividends, are recognised in the OCI. There
is no recycling of the amounts from OCI to
P&L, even on sale of investment. However,
the Company may transfer the cumulative
gain or loss within equity.

Equity instruments included within the
FVTPL category are measured at fair value
with all changes recognised in the profit and
loss.

Impairment of financial assets

In accordance with Ind AS 109, Financial
Instruments, the Company applies expected
credit loss (ECL) model for measurement
and recognition of impairment loss on
financial assets that are measured at
amortised cost and FVOCI.

For recognition of impairment loss on
financial assets and risk exposure, the
Company determines that whether there
has been a significant increase in the credit
risk since initial recognition. If credit risk
has not increased significantly, 12-month
ECL is used to provide for impairment
loss. However, if credit risk has increased
significantly, lifetime ECL is used. If in
subsequent years, credit quality of the
instrument improves such that there is no
longer a significant increase in credit risk
since initial recognition, then the entity
reverts to recognising impairment loss
allowance based on 12-month ECL.

Life time ECLs are the expected credit
losses resulting from all possible default
events over the expected life of a financial
instrument. The 12 month ECL is a portion
of the lifetime ECL which results from
default events that are possible within 12
months after the year end.

ECL 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 entity expects to receive
(i.e. all shortfalls), discounted at the original
EIR. When estimating the cash flows, an
entity is required to consider all contractual
terms of the financial instrument (including
prepayment, extension etc.) over the
expected life of the financial instrument.
However, in rare cases when the expected
life of the financial instrument cannot be
estimated reliably, then the entity is required
to use the remaining contractual term of
the financial instrument.

ECL impairment loss allowance (or reversal)
recognise during the year is recognised
as income/expense in the statement of
profit and loss. In balance sheet ECL for
financial assets measured at amortised
cost is presented as an allowance, i.e. as an
integral part of the measurement of those
assets in the balance sheet. The allowance

fair value through profit or loss. Separated
embedded derivatives are also classified as
held for trading unless they are designated
as effective hedging instruments. Gains
or losses on liabilities held for trading are
recognised in the Statement of Profit and
Loss.

Loans and borrowings

After initial recognition, interest-bearing
loans and borrowings are subsequently
measured at amortised cost using the EIR
method. Gains and losses are recognised
in Statement of Profit and Loss when the
liabilities are derecognised as well as through
the EIR amortisation process. Amortised
cost is calculated by taking into account
any discount or premium on acquisition
and fees or costs that are an integral part of
the EIR. The EIR amortisation is included as
finance costs in the Statement of Profit and
Loss.

iii. Non-cumulative redeemable non¬
cumulative non-convertible preference
shares

Redeemable non-cumulative non¬

convertible preference shares where
payment of dividend is discretionary and
which are mandatorily redeemable on a
specific date, are classified as compounded
Instruments. The fair value of the liabilities
portion is determined by discounting
amount repayable at maturity using
market rate of interest. Difference between
proceed receive and fair value of liability on
initial recognition is included in shareholder
equity, net off income tax effect and not
subsequently re-measured. Subsequently
liability component of preference share is
measured at amortised cost.

iv. Derecognition

A financial liability is derecognised when the
obligation under the liability is discharged
or cancelled or expires. When an existing
financial liability is replaced by another from

the same lender on substantially different
terms, or the terms of an existing liability are
substantially modified, such an exchange or
modification is treated as the derecognition
of the original liability and the recognition
of a new liability. The difference in the
respective carrying amounts is recognised
in the Statement of Profit and Loss as
finance costs.

c) Offsetting financial instruments

Financial assets and liabilities are offset and the
net amount is reported in the balance sheet
where there is a legally enforceable right to
offset the recognised amounts and there is an
intention to settle on a net basis or realise the
asset and settle the liability simultaneously. The
legally enforceable right must not be contingent
on future events and must be enforceable in
the normal course of business and in the event
of default, insolvency or bankruptcy of the
Company or the counterparty.

2.15 Employee benefits

a) Short-term obligations

Liabilities for wages and salaries, including non¬
monetary benefits that are expected to be settled
wholly within 12 months after the end of the year
in which the employees render the related service
are recognised in respect of employees' services
up to the end of the year and are measured at the
amounts expected to be paid when the liabilities
are settled. The liabilities are presented as current
employee benefit obligations in the balance sheet.

b) Other long-term employee benefit obligations

i. Defined contribution plan

Provident Fund: Contribution towards
provident fund is made to the regulatory
authorities, where the Company has no
further obligations. Such benefits are
classified as Defined Contribution Schemes
as the Company does not carry any further
obligations, apart from the contributions
made on a monthly basis which are charged
to the Statement of Profit and Loss.

Employee's State Insurance Scheme:
Contribution towards employees' state
insurance scheme is made to the regulatory
authorities, where the Company has no
further obligations. Such benefits are
classified as Defined Contribution Schemes
as the Company does not carry any further
obligations, apart from the contributions
made on a monthly basis which are charged
to the Statement of Profit and Loss.

ii. Defined benefit plans

Gratuity (funded): The Company provides
for gratuity, a defined benefit plan (the
'Gratuity Plan") covering eligible employees
in accordance with the Payment of Gratuity
Act, 1972. The Gratuity Plan provides a
lump sum payment to vested employees
at retirement, death, incapacitation or
termination of employment, of an amount
based on the respective employee's
salary. The Company's liability is actuarially
determined (using the Projected Unit Credit
method) at the end of each year. Actuarial
losses/gains are recognised in the other
comprehensive income in the year in which
they arise.

iii. Other long- term employee benefit
obligations

Compensated Absences: Accumulated
compensated absences, which are
expected to be availed or encashed within
12 months from the end of the year are
treated as short term employee benefits. The
obligation towards the same is measured
at the expected cost of accumulating
compensated absences as the additional
amount expected to be paid as a result of
the unused entitlement as at the year end.

Accumulated compensated absences,
which are expected to be availed or
encashed beyond 12 months from the end
of the year end are treated as other long
term employee benefits. The Company's
liability is actuarially determined (using the

Projected Unit Credit method) at the end
of each year. Actuarial losses/gains are
recognised in the statement of profit and
loss in the year in which they arise.

2.16 Contributed equity

Equity shares are classified as equity share capital.
Incremental costs directly attributable to the issue
of new shares or options are shown in equity as a
deduction, net of tax, from the proceeds.

2.17 Earnings per share

Basic earnings per share is calculated by dividing the
net profit or loss for the year attributable to equity
shareholders by the weighted average number of
equity shares outstanding during the year. Earnings
considered in ascertaining the Company's earnings
per share is the net profit or loss for the year after
deducting preference dividends and any attributable
tax thereto for the year. The weighted average number
of equity shares outstanding during the year and for
all the years presented is adjusted for events, such as
bonus shares, other than the conversion of potential
equity shares that have changed the number of equity
shares outstanding, without a corresponding change
in resources.

For the purpose of calculating diluted earnings per
share, the net profit or loss for the year attributable
to equity shareholders and the weighted average
number of shares outstanding during the year is
adjusted for the effects of all dilutive potential equity
shares.

2.18 Segment reporting

Operating segments are reported in a manner
consistent with the internal reporting provided to the
chief operating decision maker. The Chief Operating
Decision Maker (CODM) reviews the operations of the
Company as contract manufacturing. Consequently,
no separate segment information has been furnished.

2.19 Business Combination

Business Combinations are accounted for using the
acquisition accounting method as at the date of
the acquisition, which is the date at which control
is transferred to the Company. The consideration

transferred in the acquisition and the identifiable
assets acquired and liabilities assumed are recognised
at fair values on their acquisition date. Goodwill
is initially measured at cost, being the excess of
the aggregate of the consideration transferred
and the amount recognised for non-controlling
interests, and any previous interest held, over the net
identifiable assets acquired and liabilities assumed.
Consideration transferred does not include amounts
related to settlement of pre-existing relationships.
Such amounts are recognised in the Statement of
Profit and Loss. Transaction costs are expensed as
incurred, other than those incurred in relation to the
issue of debt or equity securities. Any contingent
consideration payable is measured at fair value at the
acquisition date. Subsequent changes in the fair value
of contingent consideration are recognised in the
Statement of profit and loss.

Business Combinations under common control are
accounted as per Appendix C in Ind AS 103 - Business
combinations, at carrying amount of assets and
liabilities acquired and any excess of consideration
issued over the net assets acquired is recognised
as capital reserve on common control business
combination.

3(A) SIGNIFICANT ACCOUNTING JUDGEMENTS,
ESTIMATES AND ASSUMPTIONS

The preparation of financial statements requires
management to make judgements, estimates and
assumptions that affect the reported amounts of
revenues, expenses, assets and liabilities, and the
accompanying disclosures, and the disclosure
of contingent liabilities. Uncertainty about these
assumptions and estimates could result in outcomes
that require a material adjustment to the carrying
amount of assets or liabilities affected in future years.

(i) Estimates and assumptions

The key assumptions concerning the future
and other key sources of estimation uncertainty
at the year-end date, that have a significant
risk of causing a material adjustment to the
carrying amounts of assets and liabilities within
the next financial year, are described below.
The Company based its assumptions and

estimates on parameters available when the
financial statements were prepared. Existing
circumstances and assumptions about future
developments, however, may change due to
market changes or circumstances arising that
are beyond the control of the Company. Such
changes are reflected in the assumptions when
they occur.

a) Taxes

Deferred tax assets are recognised for
unused tax losses to the extent that it is
probable that taxable profit will be available
against which the losses can be utilised.
Significant management judgement is
required to determine the amount of
deferred tax assets that can be recognised,
based upon the likely timing and the level
of future taxable profits together with future
tax planning strategies.

b) Defined benefit plans and other long¬
term benefits (gratuity benefits and leave
encashment)

The cost of the defined benefit plans
such as gratuity and leave encashment
are determined using actuarial valuations.
An actuarial valuation involves making
various assumptions that may differ from
actual developments in the future. These
include the determination of the discount
rate, future salary increases and mortality
rates. Due to the complexities involved in
the valuation and its long-term nature, a
defined benefit obligation is highly sensitive
to changes in these assumptions. All
assumptions are reviewed at each year end.

The principal assumptions are the discount
and salary growth rate. The discount rate is
based upon the market yields available on
government bonds at the accounting date
with a term that matches that of liabilities.
Salary increase rate takes into account of
inflation, seniority, promotion and other
relevant factors on long term basis. For
details refer Note 35.

trade receivables. The Company uses a
provision matrix to determine impairment
loss allowance on the portfolio of trade
receivables. The provision matrix is based
on its historically observed default rates over
the expected life of the trade receivable and
is adjusted for forward looking estimates. At
every reporting date, the historical observed
default rates are updated and changes in
the forward-looking estimates are analysed.

3(B) RECENT PRONOUNCEMENTS

The Ministry of Corporate Affairs vide notification
dated September 09, 2024 and September 28, 2024
notified the companies (Indian Accounting Standards)
Second Amendment Rules, 2024 and Companies
(Indian Accounting Standards) Third Amendment
Rules, 2024, respectively, which amended/ notified
certain accounting standards (see below), and are
effective for annual reporting periods beginning on or
after April 01, 2024:

• Insurance Contracts - Ind AS 117; and

• Lease liability in sale and leaseback - Amendments
to Ind AS 116

These amendments are not applicable to the
Company, as there are no transactions of this nature
within the Company.

B) Nature of security :

For term loan from banks

i. Term loan from SVC bank has been secured by exclusive charge on entire land and building and plant and
machinery at Masat and Silvassa factory of the Company.

ii. Term loan from HDFC bank has been secured by charge on the current and future land and building and
Plant and machinery of Hyderabad factory of the Company and first pari passu charge on stock and book
debt along with yes bank and personal guarantee of Mr Sameer Kothari.

iii. Term loan from Yes bank has been secured by exclusive charge on the movable fixed assets and land and
building of the Coimbatore and Jammu and Goa factory of the Company and Pari passu charge over the
entire current assets of the Company with HDFC and SVC bank and personal guarantee of Mr Sameer
Kothari.

iv. Term loan from IDFC bank has been secured by exclusive charge on the movable fixed assets and intangible
assets including insurance assets and land and building of the Baddi factory of the Company and exclusive
charge over the current assets of the Baddi factory of the Company and personal guarantee of Mr Sameer
Kothari.

For term loan from others

i. Term loan from Bajaj Finance Limited has been secured by charge on the entire movable and immovable
fixed assets of the HFL Healthcare and Wellness Private Limited (formally known as Reckitt Benckiser Scholl
India Private Limited) and Company and current assets of the Reckitt Benckiser Scholl India Private Limited.

For vehicle loan

i. Vehicle loan from HDFC bank has been secured by charge on the vehicle.

C) Period and amount of default:

The Company has made no defaults in the payment of principal or interest during the year ended March 31, 2025.

D) The Bank loans contain certain debt covenants relating to limitation on indebtedness, debt-equity ratio, current
ratio, net Borrowings to EBITDA ratio and debt service coverage ratio. The limitation on indebtedness covenant
gets suspended if the Company meets certain prescribed criteria. The debt covenant related to limitation on
indebtedness remained suspended as of the date of the authorisation of the financial statements.

The Company has also satisfied all other debt covenants prescribed in the terms of bank loan.

(D) Terms and conditions of transactions with related parties

The transactions with related parties are made on terms equivalent to those that prevail in arm's length transactions.
Outstanding balances at the year-end are unsecured and interest free except for borrowings and settlement occurs in
cash.

The Company, during the year ended March 31, 2025, has provided corporate guarantee to the bank of subsidiaries
amounting upto Rs. 188.59 cr (March 31, 2024: 42.13cr). The Company has not recorded any impairment of receivables
relating to amounts owed by related parties (March 31, 2024: Nil). This assessment is undertaken each financial year
through examining the financial position of the related parties and the market in which the related parties operates.

39 SEGMENT REPORTING

The Company's operations predominantly relate to contract manufacturing. The Chief Operating Decision Maker
(CODM) reviews the operations of the Company as contract manufacturing. Consequently, no separate segment
information has been furnished herewith.

The Company has disclosed in the consolidated financial statement, the revenue contribution from major external
customer.

40 FAIR VALUES OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES

Financial Instrument measured at Amortised cost:

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be
exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The amortised cost using effective interest rate (EIR) of non-current financial assets/liabilities are not significantly
different from the carrying amount and therefore the impact of fair value is not considered for above disclosure.

Financial assets that are neither past due nor impaired include cash and cash equivalents, security deposits, term
deposits, and other financial assets.

41 FAIR VALUE HIERARCHY

The following is the hierarchy for determining and disclosing the fair value of financial instruments by valuation
technique:

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

• Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices).

• Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

No financial assets/liabilities have been valued using level 1 fair value measurements.

No fair value hierarchy of assets and liabilities which is measured at fair value in current year as well as previous financial
year under level 3.

Management has assessed that Cash and cash equivalents, Other balances with banks, Loans, Trade receivables,
Other financial assets, Short term Borrowings, Trade payables and Other financial liabilities carried at amortised cost
approximate their carrying amounts largely due to the short-term maturities of these instruments.

42 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company is exposed to various financial risks. These risks are categorised into market risk, credit risk and liquidity
risk. The Company's risk management is coordinated by the Board of Directors and focuses on securing long term and
short term cash flows. The Company does not engage in trading of financial assets for speculative purposes.

(A) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price
risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include borrowings
and derivative financial instruments.

(i) Interest rate risk

I nterest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. The Company exposure to the risk of changes in market
interest rates relates primarily to the Company's long-term debt obligations with floating interest rates.
The Company manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans
and borrowings.

Interest rate sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that
portion of loans and borrowings. With all other variables held constant, the Company's profit before tax is
affected through the impact on floating rate borrowings, as follows:

During the year ended March 31, 2025, the Company has spent Rs.1.71 cr on activities for promoting preventive health
care, poverty and malnutrition, promoting education, supporting homeless young women.

During the year ended March 31, 2025 the Company has not incurred any CSR Expenditure with related Party/
contribution made to related party.

44 CAPITAL MANAGEMENT

For the purpose of the Company's capital management, capital includes issued equity capital, equity component of
redeemable non cumulative non convertible preference shares, share premium and all other equity reserves attributable
to the equity holders. The primary objective of the Company's capital management is to maximise the shareholder
value and to ensure the Company's ability to continue as a going concern.

The Company has not distributed any dividend to its shareholders. The Company monitors gearing ratio i.e. total debt
in proportion to its overall financing structure, i.e. equity and debt. Total debt comprises of non-current borrowing,
current borrowings and lease liabilities which represents borrowings from bank and others, lease liabilities and liability

(C) No proceedings have been initiated on or are pending against the Company for holding benami property under the
Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

(D) The Company has not been declared wilful defaulter by any bank or financial institution or government or any
government authority.

(E) The Company does not have any transactions or balance outstanding with companies struck off under section 248 of
the Companies Act, 2013 or section 560 of Companies Act, 1956.

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

(G) The Company is in compliance with the number of layers prescribed under clause (87) of section 2 of the Companies
Act, 2013 read with the Companies (Restriction on number of Layers) Rules, 2017 (as amended).

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

(I) The Company has not traded or invested in Crypto currency or Virtual Currency during the year ended March 31, 2025.

(J) Utilisation of Borrowed funds and share premium

(i) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), 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."

(K) During the year the Company has not entered into scheme of arrangement and amalgamation having an accounting
impact.

(L) The Company has not revalued its property, plant and equipment during the year ended March 31, 2024 and March 31,
2025.

(M) The Company has not given loans and advances to promoters and directors.

48 The Code on Social Security 2020 ('the Code') relating to employee benefits, during the employment and post¬
employment, has received Presidential assent on September 28, 2020. The Code has been published in the Gazette
of India. Further, the Ministry of Labour and Employment has released draft rules for the Code on November 13, 2020.
However, the effective date from which the changes are applicable is yet to be notified and rules for quantifying the
financial impact are also not yet issued. The Company will assess the impact of the Code and will give appropriate
impact in the standalone financial statements in the period in which, the Code becomes effective and the related rules
to determine the financial impact are published.

49 (i) During the current year, the Company has received balance 75% amount towards 29,29,060 warrants from two

of the allottee towards the conversion of Warrants into Equity Shares as approved by the shareholders in the Extra
Ordinary General Meeting held on October 20, 2023. The Share Allotment Committee of Board of Directors of the
Company at their Meeting held on December 28, 2024, has allotted 29,29,060 Equity Shares having face value of
Rs. 2/- each at a premium of Rs. 544.25 per share.

(ii) During the previous year, the Company has received 25% amount towards issue of 72,71,081 Convertible Warrants
("Warrants") on Preferential basis to certain Qualified Institutional Buyers and to certain Non-Qualified Institutional
Buyers under Non-Promoter category, approved by the shareholders in the Extra Ordinary General Meeting held
on October 20, 2023. On January 25, 2024, the Company has received balance 75% amount towards 18,30,663
warrants from one of the allottee towards the conversion of Warrants into Equity Shares. The Share Allotment
Committee of Board of Directors of the Company at their Meeting held on February 02, 2024, has allotted
18,30,663 Equity Shares having face value of Rs. 2/- each at a premium of Rs. 544.25 per share.

50 HFL Multiproducts Private Limited, a wholly owned subsidiary of the Company was incorporated on June 23, 2023.

51 No significant subsequent events have been observed which may require an adjustments to the financial statements.

52 On September 24, 2024, the Board of directors had approved the Composite Scheme of Arrangement for de-merger
of Contract Manufacturing (Nashik) Business of Avalon Cosmetics Private Limited and Amalgamation of Vanity Case
India Private Limited with the Company with effect from the appointment date April 01, 2024 and October 01, 2024

respectively. The Company has received the approval of Bombay Stock Exchange and National Stock Exchange and
now is in the process of getting the required approval from National Company Law Tribunal.

53 Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's
classification / disclosure.

54 From current year, the Company has changed presentation denomination from "Rs.in lakhs" to "Rs.in cr". Accordingly,
the figures for the previous year end have been re-presented in "Rs.in cr".

55 These financial statements were authorised for issue by the Board of Directors on May 19, 2025.

As per our report of even date attached

For M S K A & Associates For and on behalf of the Board of Directors of

Chartered Accountants Hindustan Foods Limited

Firm's Registration No.:105047W CIN: L15139MH1984PLC316003

VIRENDRA KANAK SAMEER R. KOTHARI GANESH T. ARGEKAR

Partner Managing Director Executive Director

Membership No: 110811 DIN: 01361343 DIN: 06865379

Place : Mumbai MAYANK SAMDANI BANKIM PUROHIT

Date : May 19, 2025 Chief Financial Officer Company Secretary

Membership

No:ACS21865

Place : Mumbai
Date : May 19, 2025