(xiii) Provisions, contingent liabilities and
contingent assets

Provisions are recognised when the Company
has a present obligation as a result of past
events, for which it is probable that an outflow
of resources embodying economic benefits
will be required to settle the obligation and a
reliable estimate of the amount can be made.
A disclosure for a contingent liability is made
where there is a possible obligation that arises
from past events and the existence of which
will be confirmed only by the occurrence or
non-occurrence of one or more uncertain
future events not wholly within the control
of the Company or a present obligation that
arises from the past events where it is either
not probable that an outflow of resources
will be required to settle the obligation or
a reliable estimate of the amount cannot
be made. Provisions are reviewed regularly
and are adjusted where necessary to reflect
the current best estimates of the obligation.
Where the Company expects a provision

to be reimbursed, the reimbursement is
recognised as a separate asset, only when
such reimbursement is virtually certain.
Contingent asset is not recognised in the
standalone financial statements. However,
it is recognised only when an inflow of
economic benefits is probable.

(xiv) Borrowing costs

Borrowings are initially recognised at net of
transaction costs incurred and measured
at amortised cost. Any difference between
the proceeds (net of transaction costs)
and the redemption amount is recognised
in the standalone statement of profit and
loss over the period of the borrowings
using the effective interest method.
Borrowing costs majorly includes interest
and amortisation of ancillary costs incurred
in connection with the arrangement of
borrowings. 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 respective asset. All
other borrowing costs are expensed in the
period in which they occur. The Company
ceases capitalising borrowing costs when
substantially all the activities necessary to
prepare the qualifying asset for its intended
use or sale are complete.

(xv) Inventories

Inventories are valued at cost or net realisable
value, whichever is lower. Goods-in-transit
are stated at cost. The cost is determined
based on FIFO, weighted average, or specific
identification basis, as applicable, and
includes all costs incurred in bringing the
inventories to their present location and
condition including nonrecoverable taxes.
In the case of work-in-progress and finshed
goods, cost also includes costs of conversion.
Net realisable value is the estimated selling
price in the ordinary course of business,
less estimated costs of completion and
estimated costs necessary to make the sale.
The net realisable value is estimated and
inventory is written down for defective
and obsolete items, wherever necessary.
Property under development comprises

cost of land, rates and taxes, construction
costs, overheads and expenses incidental
to the project undertaken by the Company.
Costs towards development of property are
charged to the standalone statement of profit
and loss proportionate to area sold and when
corresponding revenue is recognised.

(xvi) Income recognition
Revenue recognition

When a performance obligation is satisfied,
the Company recognises as revenue the
amount of the transaction price (which
excludes estimates of variable consideration)
that is allocated to that performance
obligation. Transaction price is the amount of
consideration to which the Company expects
to be entitled in exchange for transferring
promised goods or services to a customer,
excluding amounts collected on behalf of
third parties.

Ind AS 115 “Revenue from Contract with
Customers” specifies five step model for
revenue recognition:

1. Identify the contract with a customer;

2. Identify the separate performance
obligations in the contract;

3. Determine the transaction price;

4. Allocate the transaction price to the
separate performance obligations; and

5. Recognize revenue when (or as) each
performance obligation is satisfied.

Company accounts for a contract when
it has approval and commitment from
all parties, the rights of the parties are
identified, payment terms are identified, the
contract has commercial substance and
collectability of consideration is probable.
Revenue is recognised in the standalone
statement of profit and loss with the
contracted price showing separately each
of the adjustments made to the contract
price and specifying the nature and amount
of each such adjustment separately.
The lifestyle business of the Company derives
revenues primarily from sale of manufactured
goods, traded goods and related services.
The Company is also engaged in real estate
property development.

The Company satisfies a performance

obligation and recognises revenue over time,
if one of the following criteria is met:

1. The customer simultaneously receives

and consumes the benefits provided
by the Company’s performance as the
Company performs; or

2. The Company’s performance creates

or enhances an asset that the

customer controls as the asset is
created or enhanced; or

3. The Company’s performance does

not create an asset with an alternative
use to the Company and an entity has
an enforceable right to payment for
performance completed to date.

For performance obligations where one of
the above conditions are not met, revenue is
recognised at the point in time at which the
performance obligation is satisfied.

Sale of products and services (lifestyle
business and civil aviation business)

The performance obligation of Company
is satisfied at a point in time. Revenue
recognition for sale of products and services
is recognised at a point in time and revenue
is recognised upon satisfaction of the
performance obligation.

Revenue is measured based on the
transaction price (which is the consideration,
adjusted to discounts, incentives and
returns, etc., if any) that is allocated to that
performance obligation. These are generally
accounted for as variable consideration
estimated in the same period the related sales
occur. The methodology and assumptions
used to estimate rebates and returns are
monitored and adjusted regularly in the light
of contractual and legal obligations, historical
trends, past experience and projected market
conditions.

The Company operates a loyalty programme
for the customers and franchisees for the sale
of goods. The customers accumulate points
for purchases made which entitles them to
discount on future purchases. A contract
liability for the award points is recognised at
the time of the sale. Revenue is recognised
when the points are redeemed or on expiry.

The expenditure of loyalty programme is
netted-off to revenue.

The Company does not expect to have any
contracts where the period between the
transfer of the promised goods or services to
the customer and payment by the customer
exceeds one year. As a consequence, it does
not adjust any of the transaction prices for
the time value of money.

The Company collects goods and services
tax (‘GST’) and other indirect taxes on behalf
of the government and, therefore, these
are not economic benefits flowing to the
Company and are accordingly excluded from
the revenue.

Sale of products (real estate business)

Revenue from real estate property
development is recognised over the time, from
the financial year in which the entity’s right
to payment for performance completed, is
established. In determining whether an entity
has right to payment, the entity shall consider
whether it would have an enforceable right to
demand or retain payment for performance
completed to date if the contract were to be
terminated before completion for reasons
other than entity’s failure to perform as per
the terms of the contract.

The revenue recognition of real estate
property under development requires
forecasts to be made of total budgeted costs
with the outcomes of underlying construction
contracts, which further require assessments
and judgements to be made on changes
in work scopes and other payments to the
extent they are probable and they are capable
of being reliably measured. However, where
the total project cost is estimated to exceed
total revenues from the project, the loss is
recognized immediately in the standalone
statement of profit and loss.

Cost to fulfil the contracts
Recurring operating costs for contracts
with customers are recognised as
incurred. Revenue recognition excludes
any government taxes but includes
reimbursement of out of pocket expenses.
Provision towards onerous contracts are
recognised when the expected benefits to be

derived by the Company from a contract are
lower than the unavoidable cost of meeting
the future obligations under the contract.
The provision is measured at present value of
the lower of the expected cost of terminating
the contract and the expected net cost of
continuing with the contract.

Incremental costs of obtaining a contract
The incremental costs of obtaining a contract
are those costs that an entity incurs to obtain
a contract with a customer that it would not
have incurred if the contract had not been
obtained. In such cases, Company applies
practical expedient by recognising such cost
as expense, when incurred, in the standalone
statement of profit and loss instead of
creating an asset as the amortisation period
of the asset that the Company otherwise
would have recognised is one year or less.
Significant financing component
Company considers all relevant facts and
circumstances in assessing whether a
contract contains a financing component
and whether that financing component is
significant to the contract, including both the
conditions:

(a) the difference, if any, between the
amount of promised consideration and
the cash selling price of the promised
goods or services; and

(b) the combined effect of both the
following conditions:

(i) the expected length of time
between when the entity
transfers the promised goods
or services to the customer and
when the customer pays for
those goods or services; and

(ii) the prevailing interest rates in
the relevant market.

Other operating revenue
It includes revenue arising from the
Company’s ancillary revenue-generating
activities. Revenue from these activities are
recorded only when Company is reasonably
certain of such income. Export Incentives
under various schemes are accounted in the
year of export.

Other income

Other income majorly comprises interest
income which is recognised using the effective
interest method and on time proportion
basis. Rental income is recognised based
on contractual terms. Dividend income is
recognised only when the right to receive
payment is established.

The 'effective interest rate’ is the rate that
exactly discounts estimated future cash
payments or receipts through the expected
life of the financial instrument to:

- the gross carrying amount of the
financial asset; or

- the amortised cost of the financial
liability.

In calculating interest income and expense,
the effective interest rate is applied to the
gross carrying amount of the asset (when
the asset is not credit impaired) or to the
amortised cost of the liability. However, for
financial assets that have become credit
impaired subsequent to initial recognition,
interest income is calculated by applying
the effective interest rate to the amortised
cost of the financial asset. If the asset is no
longer credit impaired, then the calculation
of interest income reverts to the gross basis.
Trade receivables, contract assets and
contract liabilities

Trade Receivable, net is primarily comprised
of billed receivables for which the Company
has an unconditional right to consideration,
net of loss allowance. A contract asset is a
right to consideration that is conditional upon
factors other than the passage of time, net
of loss allowance. The promised amount of
consideration is not adjusted for the effects
of a significant financing component if the
period between the transfer of the promised
good or service and the payment is one year
or less.

Contract liabilities consist of advance
payments. The difference between opening
and closing balance of the contract liabilities
results from the timing differences between
the performance obligation and customer
payment.

The difference between opening and closing
balance of the contract assets and liabilities
results from the timing differences between
the performances obligation and customer
payment.

(xvii) Income tax

Tax expense for the year comprises of current
tax and deferred tax. Current tax is measured
by the amount of tax expected to be paid
to the taxation authorities on the taxable
profits after considering tax allowances
and exemptions and using applicable tax
rates and laws. Deferred tax is recognised
on temporary differences between the
accounting base and the tax base for the year
and quantified using the tax rates and tax
laws enacted or substantively enacted as on
the balance sheet date.

There are certain transactions and
calculations for which the ultimate tax
determination is uncertain. The Company
recognises liabilities for anticipated tax
issues based on estimates of whether
additional taxes will be due. The uncertain
tax positions are measured at the amount
expected to be paid to taxation authorities
when the Company determines that the
probable outflow of economic resources will
occur. Where the final tax outcome of these
matters is different from the amounts that
were initially recorded, such differences will
impact the current and deferred income tax
assets and liabilities in the period in which
such determination is made.

Deferred tax is recognised using the balance
sheet approach. Deferred tax assets and
liabilities are recognised for deductible
and taxable temporary differences arising
between the tax base of assets and
liabilities and their carrying amount in
standalone financial statements, except
when the deferred tax arises from the initial
recognition of goodwill or an asset or liability
in a transaction that is not a business
combination and affects neither accounting
nor taxable profits or loss at the time of the
transaction.

Deferred tax asset is recognised to the
extent it is probable that taxable profit will
be available against which the deductible

temporary differences, and the carry forward
of unused tax credits and unused tax losses
can be utilised. Deferred tax liabilities
are recognised for all taxable temporary
differences. Deferred tax is measured at
the tax rates that are expected to apply to
the period when the asset is realised or the
liability is settled, based on the laws that have
been enacted or substantively enacted by the
reporting date.

The measurement of deferred tax reflects the
tax consequences that would follow from
the manner in which the Company expects,
at the reporting date, to recover or settle the
carrying amount of its assets and liabilities.
For this purpose, the carrying amount of
investment property is presumed to be
recovered through sale.

Current tax and deferred tax assets and
liabilities are offset when there is a legally
enforceable right to set off the recognised
amount and there is an intention to settle the
asset and liability on a net basis.

(xviii) Government grant

Grant from government are recognised at
their fair value, when there is reasonable
assurance that the grant will be received
and the Company will comply with all the
attached conditions.

Government grant related to income are
deferred and recognised in the standalone
statement of profit and loss over the period
necessary to match them with the costs the
grants are intended to compensate.
Government grant related to PPE are included
in the non current liabilities/ current liabilities
as deferred income, and are credited to the
standalone statement of profit and loss on
straight line basis over the expected lives of
the related assets and presented within other
income.

(xix) Exceptional items

When items of income and expense within
profit or loss from ordinary activities are
of such size, nature or incidence that their
disclosure is relevant to assist users in
understanding the financial performance
achieved and in making projections of
future financial performance, the nature and

amount of such material items are disclosed
separately as exceptional items.

(xx) Manufacturing and operating expenses
and costs towards development of
property

Manufacturing and operating expenses and
costs towards development of property which
are directly linked to respective activities,
are disclosed separately as a part of 'Other
expenses’.

(xxi) Asset held for sale/ distribution

Non-current assets or disposal groups
comprising of assets and liabilities are
classified as 'held for sale/ distribution’
when all the following criteria are met: (i)
decision has been made to sell/ distribute,
(ii) the assets are available for immediate
sale/ distribution in its present condition, (iii)
the assets are being actively marketed and
(iv) sale/ distribution has been agreed or is
expected to be concluded within 12 months
of the balance sheet date.

Subsequently, such non-current assets and
disposal groups classified as 'held for sale/
distribution’ are measured at the lower of its
carrying value and fair value less costs to sell.
Once classified as held for sale/ distribution,
intangible assets, PPE and investment
properties are no longer amortised or
depreciated

Any impairment loss on a disposal group
is allocated first to goodwill, and then to
the remaining assets and liabilities on a pro
rata basis, except that no loss is allocated
to inventories, financial assets, deferred tax
assets, or employee benefit assets, which
continue to be measured in accordance with
the Company’s other accounting policies.
Impairment losses on initial classification as
held for sale/ distribution and subsequent
gains and losses on remeasurement are
recognised in profit or loss.

Non-current assets classified as held for
sale/ distribution and the assets of a disposal
group classified as held for sale/ distribution
are presented separately from the other
assets in the standalone balance sheet.

(xxii) Discontinued operations

A discontinued operation is a component

of the Company’s business, the operations
and cash flows of which can be clearly
distinguished from the rest of the Company
and which may:

- represents a separate major line
of business or geographic area of
operations;

- is part of a single co-ordinated plan
to dispose of a separate major line
of business or geographic area of
operations; or

- is a subsidiary acquired exclusively
with a view to resale.

Classification as a discontinued operation
occurs at the earlier of disposal or when the
operation meets the criteria to be classified
as held for sale/ distribution.

When an operation is classified as a
discontinued operation, the comparative
standalone statement of profit and loss
is re-presented as if the operation had
been discontinued from the start of the
comparative year.

(xxiii) Recent accounting pronouncements

Ministry of Corporate Affairs ('MCA’) notifies
new standards or amendments to the
existing standards under Companies (Indian
Accounting Standards) Rules, 2015 (as
amended). For the year ended 31 March,
2025, MCA has notified amendments to
Ind AS 116 “Leases”, relating to sale and
leaseback transactions, which is applicable
w.e.f. 01 April 2024. The Company has
reviewed the new pronouncements and
based on its evaluation has determined
that it is not likely to have any impact in its
standalone financial statements.

New standards and amendments issued
but not effective - New standards and
amendments issued but not effective - On
7 May 2025, MCA notifies the amendments
to Ind AS 21 “Effects of Changes in Foreign
Exchange Rates”. These amendments aim
to provide clearer guidance on assessing
currency exchangeability and estimating
exchange rates when currencies are not
readily exchangeable. The amendments are
effective for annual periods beginning on or
after 1 April 2025. The Company is currently
assessing the probable impact of these
amendments on its standalone financial
statements.

Notes:

(i) During the earlier years, the Company had invested an amount of ' 2,000 lakhs in the FY 2014-15 and ' 6,168 lakhs in FY 2015-16 by
subscription to the rights issue of equity shares of Raymond Luxury Cottons Limited (‘RLCL') enhancing the Company's shareholding from
62.00% to 75.69%.

In the FY 2012-13, Cotonificio Honegger S.p.A (‘CH'), Italy, the erstwhile JV partner with Raymond Limited through one of its joint venture Company in
India, RLCL had submitted request for voluntary winding up including composition of its creditors in the Court of Bergamo, Italy. Consequent to this,
RLCL as at 31 March 2013, had provided for its entire accounts receivable from CH of USD 1,255,058 and Euro 612,831, equivalent to ' 1,122.24
lakhs (aggregated). In the FY 2013-14, RLCL had put up its claim of receivable from CH of ' 1,122.24 lakhs before the Judicial Commissioner of the
Composition (the Commissioner) appointed by the Court of Bergamo, Italy. In protraction of matter with CH, Italy, the Judicial Commissioner of the
Composition (the ‘Commissioner') appointed by the Court of Bergamo, Italy, has declared RLCL as unsecured creditor for the amount outstanding
from CH. Further, CH also sought permission from the Court of Bergamo, Italy, for initiating proceeding against RLCL in India.

RLCL had received a notice dated 23 November, 2015 notifying that CH had filed a petition against them before the Hon'ble Company Law
Board (‘CLB'), Mumbai Bench under sections 397 and 398 of Companies Act, 1956. RLCL responded to the petition filed by CH. The CLB in
its order dated 26 November, 2015 had recorded the statement made by the counsel for RLCL that CH's shareholding in RLCL shall not be
reduced further and the fixed assets of RLCL also shall not be alienated till further order. Subsequently, the proceedings were transferred to
the National Company Law Tribunal (‘NCLT'), Mumbai bench. RLCL had filed a Miscellaneous Application on 29 January 2019 seeking part
vacation of the interim order dated 26 November 2015. The NCLT, Mumbai Bench had allowed the application filed by RLCL and had directed
that the main company petition along with the application for vacating the stay be listed for hearing. The NCLT had heard the matter both side
on 19 April 2023 and passed an interim order for settlement and adjourn this matter to 9 June 2023 for reporting settlement.

The interlocutory application was filed jointly by the parties seeking withdrawal of the company [etition along with all pending applications in
the matter. The matter was settled amicably by the parties by way of a settlement agreement dated 17 January 2023, for an amount of Euros
2,100,000 to be paid by Raymond Limited to CH, for buyback of its shares in RLCL. Basis the said Settlement Agreement entered between the
parties, the matter has been withdrawn by consent, as recorded by the NCLT, Mumbai Bench, in its order dated 9 June 2023. Consequently,
RLCL became a wholly-owned subsidiary of the Company.

(ii) The management has considered that the losses suffered by Raymond UCO Denim Private Limited (‘RUCO'), indicate an impairment in the
carrying value of the investment. In addition to the above investment, the Company has also outstanding loans amounting to ' 2,500 lakhs
(31 March 2024: ' 2,500 lakhs), have interest receivable of ' 69.26 lakhs (31 March 2024: ' 65.21 lakhs) and other receivable of ' 855.04 lakhs
(31 March, 2024: ' 912.85 lakhs) as at 31 March 2025.

The RUCO has undertaken cost reduction measures as a mitigatory factor and basis its performance in the recent past, it has shown a
marginal growth in the demand which management believes will further improve in the future quarters/ periods in the coming years. Further,
the Company along with its joint venture partner, vide their letter of support, have committed necessary level of unconditional financial and
other support to ensure that RUCO continues to operate as a going concern and to meet its liabilities as and when they fall due for payment for
the year ending 31 March 2026.

However, the management with the help of a valuation specialist, has carried out an impairment assessment for the entire investment in and
other receivables from RUCO and, on a conservative basis, has recognised an estimated provision of ' 3,250 lakhs (31 March 2024: ' 2,900
lakhs) as loss allowance in the investment value during the year ended 31 March 2025. The carrying value represents recoverable amount,
which is also the value in use. The impairment assessment is carried out based on revenue multiple approach of comparable companies.
Significant Estimates : The recoverable value of exposure in RUCO is determined by an independent registered valuer. The Company uses
judgement to select from variety of methods and make assumptions which are mainly based on market conditions existing at the end of each
reporting period.

(iii) During the year ended 31 March 2020, pursuant to approval from NCLT to RUCO towards reduction of its preference share capital, the investment of the
Company in preference share capital of RUCO having a carrying value of ? 8,700 lakhs was settled at an aggregate consideration of ? 10 lakhs. Accordingly, the
balance amount of ? 8,690 lakhs representing reduction in preference share capital investment, had been treated as deemed equity investments in RUCO.

(iv) The Board of Directors of the Company at its meeting held on 27 September 2021 had approved a Scheme of Arrangement (‘RAL Scheme') between the
Company and Raymond Apparel Limited (‘RAL' or ‘Demerged Company') (earlier, wholly owned subsidiary of the Company) for demerger of the business
undertaking of RAL comprising of B2C business including apparel business (and excluding balances identified as quasi equity) as defined in the RAL Scheme,
into the Company on a going concern basis. RAL Scheme was approved by the NCLT vide its order dated 23 March 2022. The Appointed Date was 1 April 2021.
Accordingly, the Company had accounted for the Scheme under the ‘pooling of interests' method in accordance with Appendix C of Ind AS 103 “Business
Combinations”. Pursuant to the RAL Scheme, all assets and liabilities pertaining to business undertaking of the Demerged Company were transferred to the
Company without any consideration. Further, on 23 March 2022, the balances recoverable towards ICDs, trade receivables and other financial assets, by
Raymond from RAL, on implementation of the RAL Scheme, were considered as quasi equity and hence re-classified as deemed equity. Since, these balances
would continue to be retained in RAL, on the basis of the business potential of the remaining business in RAL, the aforesaid balances were not expected to be
recoverable from RAL. Accordingly, loss allowance on such investment was recognised.

During the year ended 31 March 2024, the Company has sold its entire investment in wholly owned subsidiaries namely Raymond Apparel Limited and
Ultrashore Realty Limited (erstwhile Colorplus Realty Limited) for a consideration of ? 125 lakhs and ? 1 lakhs, respectively. Accordingly, the Company had
recognised gain on sale of investment in subsidiaries of '126 lakhs (net of amounts fully provided in earlier year) [refer note 40(a)].

(v) During the FY 2019-20, the NCLT had vide its order dated 7 February 2020 approved the Composite Scheme of Amalgamation and Arrangement between
J. K. Helene Curtis Limited (‘JKHC'), J. K. Investo Trade (India) Limited (‘JKIT'), Raymond Consumer Care Private Limited (‘RCCPL'), Ray Global Consumer
Trading Limited (‘RGCTL') and Ray Universal Trading Limited (‘RUTL') and their respective shareholders (the ‘2020 Scheme'). Pursuant to said 2020 Scheme,
RCCPL was amalgamated with JKIT and the FMCG business of JKHC was transferred to JKIT. The combined FMCG business was then transferred to and
vested in RUTL. In consideration for the transfer and vesting of the combined FMCG business undertaking in RUTL, RGCTL had issued and allotted equity
shares to all the shareholders of JKIT during the FY 2020-21.

Pursuant to approval of lifestyle demerger scheme of the Company by the NCLT vide its order dated 21 June 2024 as further explained in note 40(a), RGCTL has
been amalgamated in Raymond Lifestyle Limited w.e.f. 30 June 2024.

(vi) During the year ended 31 March 2024, Ring Plus Aqua Limited (‘RPAL'), a step-down subsidiary of Raymond Limited [direct subsidiary of JK Files & Engineering
Limited (‘JKFEL')] had acquired 59.25% stake in Maini Precision Products Limited (‘MPPL') for a total cash consideration of ' 68,209 lakhs in accordance with
the share purchase agreement (‘SPA') entered between RPAL and shareholders of MPPL.

The Board of Directors of JKFEL in its meeting held on 2 May 2024 had approved Composite Scheme of Arrangement between JKFEL, MPPL, RPAL, JK Maini
Precision Technology Limited (formerly known as JKFEL Tools and Technologies Limited) and JK Maini Global Aerospace Limited (formerly known as Ray Global
Consumer Enterprise Limited) (the ‘Scheme') under the provisions of sections 230 to 232 read with section 66 and other applicable provisions of the Act and
the rules framed thereunder, subject to the requisite regulatory approvals. The Appointed Date proposed under this scheme was 1 April 2024. Based on the
directions of NCLT to convene the meetings of shareholders' and creditors', meetings were held on 20 December 2024 wherein the Scheme was approved by
the members and creditors of the respective companies. The next motion of hearing in the said matter is awaited. Pending receipt of statutory approvals as
required, no adjustments are made in the books of account of respective companies and in these financial statements.

(vii) During the year ended 31 March 2024, the Company had made an investment in 12,500,000 0.01% Non- Convertible Redeemable preference shares (‘NCRPS')
with face value of ? 10 each of Ten X Realty Limited (‘Ten X') of ? 12,500 lakhs [refer note 40(b)] and 5,000,000 NCRPS with face value of ? 100 each of JKFEL
of ' 5,000 lakhs for a period of 8 years and 20 years, respectively. The same had been presented as follows:

Dues from directors or other officers of the Company - -

Dues from firms or private companies in which director is a partner or a director or a member - -

Note:

Imported garments were fully exempted from payment of CVD under Notification No. 30/2004- C.E. dated 9 July 2004, subject to the
condition that no CENVAT credit has been availed on the inputs or on capital goods. However, during the relevant period (FY 2011 to 2014),
there was a dispute between the importers and the customs department regarding the applicability of the said benefit and the fulfilment
of the aforesaid conditions. The customs department had taken a view that the condition of “where NO CENVAT credit has been availed
on the inputs by suppliers” was not applicable on the imported goods and accordingly, the importers were not eligible for the benefit of
the aforesaid notification. Based on the above notification, Raymond Apparel Limited (business undertaking of Raymond Apparel Limited
merged with Raymond Limited w.e.f. 23 March 2022) had paid CVD under protest amounting to ' 2,257 lakhs and expensed it out during the
relevant period, as aforesaid.

Also, Raymond Apparel Limited had filed refund applications of CVD paid under protest based on the order passed by the Hon’ble Supreme
Court of India in the case of M/s. SRF Ltd. vs Commissioner of Customs, Chennai reported at 2015 (318) E.L.T. 607 (SC) on 26.03.2015
interpreted condition No. 20 of Notification No. 06/2002-CE (Sl. No. 122). The Hon’ble Supreme Court held that importers of goods could
claim benefit of such notification at the time of import for exemption from payment of CVD.

Based on above, Raymond Apparel Limited had brought the said amount in the books of account as “Claim receivables” and created a loss
allowance for an equivalent amount in financial year ended 31 March 2019, as prudent practice.

During the FY 2013-14, out of total claim the Company had received a refund of ' 1,215 lakhs, which is classified under 'Other income’.
Pursuant to demerger scheme of lifestyle business [Refer note 40(a)], the remaining receivables are transferred to Raymond Lifestyle Limited.

Trade receivables include ' Nil (31 March 2024: ' 2,449.84 lakhs) for which credit risk is retained by the Company under a factoring
arrangement and are net of ' Nil lakhs (31 March 2024: ' 22,048.54 lakhs) de-recognised (along with corresponding liability) on
transfer 'without recourse’ under a factoring arrangement. Company retains interest liability up to an agreed date on the entire
amount, the costs for which are recognised as part of finance costs.

The trade receivables includes ' Nil (31 March 2024: ' 1,137.75 lakhs) receivables against which bills are discounted. Under this
arrangement, Company has transferred the relevant receivables to the banks in exchange for cash. However, the Company has
retained late payment liability and credit risk. The Company therefore continues to recognize the transferred assets in entirety in its
standalone balance sheet. The amount repayable under the bills discounted is presented as current borrowings.

Notes:

1. Trade receivables are non-interest bearing and are generally settled in 60 to 120 days.

2. Refer note 45 for information on credit risk and market risk.

3. Refer note 35 for information on assets provided as collateral or security for borrowings or financing facilities availed by the
Company.

Notes:

Refer note 44 for information on interest risk, market risk and liquidity risk.

The Company had used the borrowing for the specific purpose for which it was availed.

There is no default in repayment of borrowings and payment of interest thereon during the year ended 31 March 2025 and

31 March 2024.

Refer note 35 for information on assets provided as collateral or security for borrowings or financing facilities availed by the Company.

Quarterly statements of current assets filed by the Company with banks are in agreement with the books of account.

Security

(i) These loans, along with commercial papers which were fully redeemed during the year ended 31 March 2024, are secured
as per the consortium agreement by hypothecation of inventories, receivables, book debts and other current assets of the
Company excluding liquid investments and assets pertaining to realty division, both present and future. Also, refer note 40(a).
The applicable rate of interest is 1 month MIBOR, 3 months T-Bill or overnight MIBOR spread of 0.6%. Effective interest rate
ranges from 6.83% to 11.05% p.a. (31 March 2024: 7.00% to 9.45% p.a.).

(ii) Bill discounting facility is secured against book debts, receivables, claims and bills discounted under this facility. Also, refer
note 40(a).

(iii) Effective rate of interest ranges from 9.20% to 10.01% p.a. (31 March 2024: 7.00% to 9.45% p.a.).

* Full or partial liability has been transferred to Raymond Lifestyle Limited, refer note 40(a)

** A demand order has been received by real estate division of the Company amounting to Rs. 900 lakhs during the year ended 31
March 2025 which is contested by the management. Under the scheme of demerger of real estate business undertaking [refer note
40(b)], the contingent liability will be transferred to Raymond Realty Limited and accordingly, it is not forming part of above disclosure.

Notes:

1. The Company is contesting all of the above demands and the management believes that its positions are likely to be upheld.
No expense has been accrued in the standalone financial statements for the aforesaid demands. The management believes
that the ultimate outcome of these proceedings are not expected to have a material adverse effect on the Company’s financial
position and results of operations and hence no provision has been made in this regard.

2. It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above, pending resolution
of the respective proceedings.

3. The amounts disclosed above represent the best possible estimates arrived at on the basis of available information and do not
include any penalty payable.

4. The Company does not expect any reimbursements in respect of the above contingent liabilities, other than stamp duty matter
mentioned in (a) above.

5. Amount outstanding as at balance sheet date represents gross demand raised by the tax authorities, as amount paid under
protest is not charged to the standalone statement of profit and loss by the Company.

6. Also refer notes 2A(vi) and 5 (i) for other disputes.

7. Raymond Limited, Silver Spark Apparel Limited (‘SSAL’), Sanven Apparel Limited (formerly known as Raymond Apparel Limited)
(‘RAL’), Ring Plus Aqua Limited (‘RPAL’), are in receipt of income tax demand notices in April 2025 related to assessment year
(‘AY’) 2019 to AY 2023. The additions are made to the taxable income as unexplained expenditure in relation to cars which were
procured in the previous years and later sold to JKIB by the respective entities. These additions are in relation to disallowance
of depreciation claim and unexplained expenditure.

Pursuant to scheme of arrangement between Raymond Limited and Raymond Lifestyle Limited [refer note 40(a)], the income
tax demand related to Raymond Limited (lifestyle division), SSAL and RAL, as aforementioned, has been transferred to Raymond
Lifestyle Limited.

As the underlying assets are now in ownership and possession of JKIB, the management/ Board of JKIB has given an undertaking
that the tax demand (past, present and future) will be borne by JKIB. Accordingly, no provision/ contingent liability is recorded/
disclosed in the standalone financial statements of the Company. The demand as shown below is exclusive of penalty that

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(B) DEFINED BENEFIT PLAN

(i) Gratuity

Under the gratuity plan, every employees who have completed at least five years of service gets a gratuity on departure
at 15 days of last drawn salary for each completed year of service. This defined benefit plan is governed by The Payment
of Gratuity Act, 1972. The gratuity plan is a funded plan and the Company makes contributions to Raymond Limited
Employees Gratuity Fund and other recognised funds in India. Each year, the Board of Trustees reviews the [eve! of
funding in the gratuity plan. Such a review includes the asset-liability matching strategy and investment risk management
policy. This includes employing the use of annuities and longevity swaps to manage the risks.

(ii) Pension

The Company operates defined benefit pension plans which provide benefits to certain employees in the form of
a guaranteed level of pension payable for certain years after retirement. The level of benefits provided depends on
members’ length of service and their salary in the final years leading up to retirement. The plan is unfunded.

(iii) Provident fund

In case of certain employees, the contribution is made to a trust administered by the Company. In terms of the guidance
note issued by the institute of Actuaries of India, the actuary has provided a valuation of provident fund liability based on
the assumptions listed above and determined that there is no shortfall as at 31 March 2025.

NOTE 40(A): DEMERGER OF LIFESTYLE BUSINESS UNDERTAKING

During the previous year, the Board of Directors of the Company at its meeting held on 27 April 2023 had approved the Composite
Scheme of Arrangement for the demerger of the lifestyle business undertaking of Raymond Limited ('Demerged Company’) into
Raymond Lifestyle Limited ('Resulting Company’) on a going concern basis. The appointed date proposed under this scheme was 1
April 2023.

During the current year, the Company has received requisite approval from NCLT vide its order dated 21 June 2024. Respective
companies have filed the certified true copy of NCLT order along with the sanctioned scheme with the Registrar of Companies on 30
June 2024 (closing hours). Accordingly, the scheme was effective w.e.f. 30 June 2024. The accounting of this scheme in the books of
Demerged Company was done based on Appendix A to Ind AS 10 “Distribution of Non-cash Assets to Owners” ('Ind AS 10’).

The Demerged Company has accordingly debited the fair value of lifestyle business undertaking amounting to ' 851,600 lakhs to
retained earnings as dividend distribution attributable to each of the shareholders of Demerged Company. The difference between
the aforementioned fair value and the carrying amount of net liability of ' 26,376 lakhs of lifestyle business undertaking as at 30
June 2024 was recognised as gain on demerger in the standalone statement of profit and loss as an exceptional item amounting to
' 877,976 lakhs. Further, upon the scheme becoming effective, the investment made by the Demerged Company in the Resulting
Company stands cancelled.

As a consideration for the demerger, the Resulting Company has issued its equity shares to each shareholder of the Demerged
Company as on record date in 4:5 swap ratio (i.e., four shares of ' 2 each have been issued by the Resulting Company for every five
shares of ' 10 each held in the Demerged Company). The equity shares of Resulting Company are listed on NSE and BSE w.e.f. 05
September 2024.

The net results of lifestyle business undertaking for the comparative year are disclosed separately as discontinued operations in the
standalone statement of profit and loss, as required by Ind AS 105 “Asset Held for Sale and Discontinued Operations” ('Ind AS 105’)
and Division II of Schedule III to the Act.

The Board of Directors of the Company had recommended final dividend of ' 10 per share the year ended 31 March 2024 (refer note
45), which was approved by the shareholders of the Company in the annual general meeting held on 27 June 2024. Subsequently,
NCLT approved the scheme of arrangement for demerger of lifestyle business undertaking and it was effective w.e.f. 30 June 2024.
In terms of provision contained in the aforesaid scheme whereby certain powers are given to the Board of Directors of the Company,
both the companies agreed and allocated dividend declared/ paid of ' 6,000 lakhs to Raymond Lifestyle Limited. The compliance
with respect to declaration of dividend under the Act and other relevant rules has been ensured by the Company.

Under the aforesaid scheme of arrangement, specific properties related to the lifestyle business at Vapi, Jalgaon, Chhindwara,
DodabaUapur and retail shops were transferred from the Company to Raymond Lifestyle Limited. Transfer under the aforesaid scheme
does not include the properties owned by and in possession of the Company, being the Thane office building and the retail shops at JK
House, Ballard Estate and Thane. These properties are neither explicitly referred to nor form part of or transferred under the aforesaid
scheme and they continue to be owned and possessed by the Company, though temporarily allowed to be used by Raymond Lifestyle
Limited. None of the applications, annexures forming part of the aforesaid scheme or any subsequent applications explicitly refer to
these properties as the same were never intended to be transferred to Raymond Lifestyle Limited. Based on the legal advice sought
by the the Company, it has been interpreted and agreed between both the Boards that aforementioned properties will continue to be
owned and possessed by the Company.

NOTE 40(B): DEMERGER OF REAL ESTATE BUSINESS UNDERTAKING

The Board of Directors of the Company at its meeting held on 4 July 2024, has approved the Scheme of Arrangement of Raymond
Limited ('Demerged Company’) and Raymond Realty Limited ('Resulting Company’) and their respective shareholders ('Real Estate
Scheme’) as per the provisions of sections 230 to 232 read with section 66 of the Act and the rules framed thereunder. The appointed
date proposed under this scheme is 1 April 2025.

FOR THE YEAR ENDED 31^st MARCH, 2025

(Amount in Rupees lakhs, unless otherwise specified)

The Real Estate Scheme, inter alia, provides for demerger of real estate business carried on by the Demerged Company (‘Real Estate
Business Undertaking’), into Resulting Company, a wholly owned subsidiary of Raymond Limited and issue of equity shares by the
Resulting Company to each shareholder of the Demerged Company, along with the consequential reduction and cancellation of the
paid-up share capital of Resulting Company held by Demerged Company.

During the current year, the Company has received requisite approval from NCLT, Mumbai Bench, vide its order dated 27 March
2025. Respective companies have subsequently filed the certified true copy of NCLT order along with the sanctioned scheme with
the Registrar of Companies on 30 April 2025 (closing hours). Accordingly, the Real Estate Scheme is effective w.e.f. 30 April 2025. The
accounting of this Real Estate Scheme in the books of Demerged Company will be done based on Appendix A to Ind AS 10.
Accordingly, the assets and liabilities as at 31 March 2025 related to Real Estate Business Undertaking have been classified as “held
for distribution” and the net results of Real Estate Business Undertaking for the current and previous year are disclosed separately as
“discontinued operations” in the standalone statement of profit and loss, as required by Ind AS 105 and Division II of Schedule III to
the Act.

Cumulative income or expenses included in OCI relating to the disposal group - The remeasurement gain/ loss on defined
benefit obligation is included in the OCI and provision for employee benefits. However, it is not reasonably possible to compute such
cumulative impact related to real estate business undertaking. The impact is not expected to be material to the standalone financial
statements.

The non-recurring fair value measurement for the disposal group has been categorised as a level 3 fair value based on the inputs to
the valuation technique used. The major asset in the disposal group is land in Panchpakhadi, Thane. The fair valuation is based on
current prices in the active market for similar land. The main inputs used are quantum, area, location, demand, restrictive entry to
the complex, age, and trend of fair market rent in village Panchpakhadi area. This fair value is based on best evidence of fair value in
an active market for similar land (ready reckoner rate - 1,825 lakhs per acre). Fair valuation is based on replacement cost method.

41 Segment disclosure

The Company has presented data related to its segments in its consolidated financial statements. No disclosures regarding
segments are therefore presented in these standalone financial statements.

NOTE: 43 FINANCIAL INSTRUMENTS

Financial Instrument by category and hierarchy

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

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

1. Fair value of cash and cash equivalents, bank balances other than cash and cash equivalents, trade receivables, trade payables,
other current financial assets/ liabilities (except derivative financial instruments) and short term borrowings approximate their
carrying amounts largely due to short term maturities of these instruments.

2. Financial instruments are evaluated by the Company based on parameters such as individual credit worthiness of the counter¬
party. Based on this evaluation, allowances are taken to account for expected losses on these receivables. Accordingly, fair
value of such instruments is not materially different from their carrying amounts.

3. The fair values for deposits were calculated based on cash flows discounted using market interest rate on the date of initial
recognition and subsequently on each reporting date. The lease liability is initially recognised at the present value of the
future lease payments and is discounted using the interest rate implicit in the lease or, if not readily determinable, using the
incremental borrowing rates and subsequently measured at amortised cost.

4. The fair value of long term borrowings approximate their carrying amounts due to the fact that no upfront fees is paid as
compensation to secure the borrowing and the interest rate is equal to the market interest rate.

5. The fair value of investment in quoted investment in equity shares and debentures is based on the bid price of respective
investment as at the balance sheet date.

6. The fair value of investments in mutual fund units is based on the net asset value (‘NAV’) as stated by the issuers of these
mutual fund units in the published statements as at 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 the investors.

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

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

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

Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market
data (unobservable inputs).

There have been no transfer amongst the levels of fair value hierarchy during the year.

For assets and liabilities that are recognised in the standalone financial statements on a recurring basis, the Company determines
whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that
is significant to the fair value measurement as a whole) at the end of each reporting period.

The investment in government securities and equity instruments (level 3) are not material to the standalone financial statements.
Thus, the disclosure of valuation techniques and significant unobservable inputs is not presented.

NOTE 44: FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company’s activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Company’s primary focus
is to foresee the unpredictability of financial markets and seek to minimise potential adverse effects on its financial performance. The
Company’s management oversees these risks and formulates the policies which are reviewed and approved by the Board of Directors
and Audit Committee. Such risks are summarised below:

a) Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of change in market
prices. The primary market risk to the Company is currency risk and interest risk.

Interest risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s
debt obligations.

The Company’s exposure to risk of change in foreign currency exchange rates arising from foreign currency transactions,
is primarily with respect to the currencies where the exchange rates are not fixed. Foreign exchange risk arises from future
commercial transactions and recognised assets and liabilities denominated in a currency that is not the functional currency
of the Company. The Company uses derivative financial instruments to mitigate foreign exchange related risk exposures. The
counter party of these derivative instruments are primarily banks. These derivative financial instruments are valued based on
inputs that is directly or indirectly observable in the marketplace.

The Company procures/ sell goods in their functional currency and in case of imports/ exports, it primarily deals in United States
Dollars (‘USD’) and Australian Dollar (‘AUD’). Other currencies are Euro, Great Britain Pound (‘GBP’), United Arab Emirates
Dirham (‘AED’), Chinese Yuan (‘RMB’), Bangladeshi Taka (‘BDT’) and Swiss Franc (‘CHF’). The Company evaluates exchange
rate exposure arising from foreign currency transactions and follows established risk management policies. There are earnings
from customers in foreign currency which act as a natural hedge against foreign currency risk.

All derivative activities for risk management purposes are carried out by specialist teams that have the appropriate skills,
experience and supervision. It is the Company’s policy that no trading in derivative for speculative purposes may be undertaken.
These derivative financial instruments are forward contracts which are used to mitigate the foreign exchange exposure of highly
probable future forecasted sales or purchase.

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its
contractual obligations, and arises from cash and cash equivalents, bank balances other than cash and cash equivalents,
other financial assets as well as credit exposures to customers including outstanding receivables and contract assets. The
maximum exposure to credit risk is equal to the carrying value of the financial assets.

Trade receivables and contract assets

The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. To manage
this, the Company periodically assesses the financial reliability of customers, taking into account the financial condition,
current economic trends, forward looking macroeconomic information, analysis of historical bad debts and ageing of accounts
receivables. Individual risk limits are set accordingly. The Company’s exposure to credit risk is influenced mainly by the
individual characteristics of each customer. The demographics of the customer including the default risk of the industry and
country in which the customer operates also has an influence on credit risk assessment.

The expected credit loss rates are based on the payment profiles of sales over a period of 36 months before the reporting
date and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to
reflect current and forward-looking information on macro-economic factors affecting the ability of the customers to settle
the receivables. The Company recognises lifetime expected losses for all trade receivables and contract assets that do not
constitute a financing component.

The Company has no concentration of credit risk as the customer base is widely distributed both economically and
geographically. Revenue of ' 216 lakhs (31 March 2024: ' 385 lakhs) is derived from two customers, who are individually
contributing more than 10% of the Company’s revenue.

Outstanding customer receivables and contract assets are regularly monitored.

Other financial assets

The Company periodically monitors the recoverability and credit risks of its other financial assets. The Company evaluates 12
months expected credit losses for all the financial assets for which credit risk has not increased significantly. In case credit risk
has increased significantly, the Company considers life time expected credit losses for the purpose of impairment provisioning.
The Company has considered financial condition, current economic trends, forward looking macroeconomic information,
analysis of historical bad or doubtful receivables and ageing of receivables related to cash and cash equivalents, bank
balances other than cash and cash equivalents, margin deposits, security deposits and other financial assets. In most of the

The Company does not require collateral in respect of trade receivables and contract assets. Also, there are no such receivables
for which no loss allowance is recognised because of collateral.
c) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company
manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due.
Also, the Company has unutilized credit limits with banks. The Company manages its liquidity needs by monitoring scheduled
debt servicing payments for financial liabilities as well as forecast cash inflow and outflows due in day to day business. In
addition, processes and policies related to such risks are overseen by senior management. The Company’s management
monitors the net liquidation position through rolling forecast on the basis of expected cash flows.

The Company has undrawn ' 1,350 lakhs (31 March 2024: ' 120,149 lakhs) credit facility that is secured and can be drawn down
to meet short-term financing needs. Interest would be payable at a rate mutually agreed with banks at the time of drawdown.
NOTE 45: CAPITAL RISK MANAGEMENT

The Company aims to manage its capital efficiently so as to safeguard its ability to continue as a going concern and to optimise
returns to its shareholders. The capital structure of the Company is based on management’s judgement of the appropriate balance
of key elements in order to meet its strategic and day-to-day needs. Management considers the amount of capital in proportion to
risk and manage the capital structure in light of changes in economic conditions and the risk characteristics of the underlying assets.
In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return
capital to shareholders or issue new shares. The Company’s policy is to maintain a stable and strong capital structure with a focus on
total equity so as to maintain investor, creditors and market confidence and to sustain future development and growth of its business.
The Company will take appropriate steps in order to maintain, or if necessary adjust, its capital structure.

Note 47: Employees stock option plan

The Company had implemented employee share-based payment plans for the employees of the Company and group companies.
AH the options issued by the Company are equity-settled options. The equity shares to be allotted to employees under the
Employee Stock Option Plan (‘ESOP Plan 2023’) will be acquired by the Raymond Limited ESOP Trust (the ‘Trust’) formed for this
specific purpose. The equity shares would be acquired through fresh issue made by the Company or through secondary acquisition
through recognised stock exchanges. The shareholders through postal ballet had approved grant of 1,680,588 stock options on
27 March 2023. The Nomination and Remuneration Committee and Board of Directors of the Company had approved the ESOP Plan
2023 at their respective meetings held on 17 February 2023. The options are granted at an exercise price, which is in accordance with
the relevant Securities and Exchange Board of India (‘SEBI’) guidelines in force, at the time of such grants.

* WAEP denotes weighted average exercise price of the option

** Weighted average of remaining contractual life of options outstanding at the end of the respective year
Weighted average share price for options exercised during the year ended 31 March 2025 is ' Nil (31 March 2024:' Nil).

For the options outstanding as at 31 March 2025, the exercise price range is ' 1,615 to ' 2,295 (31 March 2024: ' 1,615 to ' 1,738)
The weighted average fair value of the stock options outstanding as at 31 March 2025 is ' 851 (31 March 2024: ' 849).

Volatility: Volatility is a measure of the amount by which a price has fluctuated or is expected to fluctuate during the period. The
measure of volatility used in BLack-SchoLes-Merton formula is the annualised standard deviation of the continuously compounded
rates of return on the stock over a period of time. Company considered the daily historical volatility of Company’s stock price on NSE
over a period prior to the date of grant, corresponding with the expected Life of the options.

Risk free rate: The risk free rate being considered for the calculation is the interest rate applicable for a maturity equal to the expected
Life of the options based on zero coupon yield curve for government securities.

Expected life of the options: Expected Life of the options is the period for which the Company expects the options to be Live. The
minimum Life of stock options is the minimum period before which the options cannot be exercised and the maximum Life of the
option is the maximum period after which the options cannot be exercised. The Company has caLcuLated expected Life as the average
of the minimum and the maximum Life of the options.

Dividend yield: Expected dividend yield has been caLcuLated by dividing the Last decLared dividend per share by the market price per
share as on the date of grant.

The Company’s spend towards CSR does not involve any long term projects and accordingly, disclosure requirements relating to
ongoing projects is not applicable as at reporting dates. Also, there are no related party transactions in CSR.

NOTE 49: CYBERSECURITY INCIDENT

The Company had identified a ransomware infection within their network that resulted in the encryption of critical user data and
disrupted the operations for a brief period. The threat actor infiltrated the network via VPN using compromised credentials associated
with a local VPN user from 11 February 2025 to 16 February 2025. The Company immediately involved external experts and isolated
the infected infrastructure. Also, the Company promptly took steps to contain and remediate the impact of the incident and short¬
term goals were agreed and implemented. The Company implemented alternate controls and conducted containment, evaluation,
restoration, and remediation activities as part of its response to the cyberattack with the assistance of external cybersecurity and
information technology specialists. The Company has assessed and concluded that the accuracy and completeness of the financial
information post the aforesaid remediation activities has not been affected as a result of the incident. The Company continues to
strengthen its cybersecurity infrastructure and is in the process of implementing certain long-term measures including improvements
to its cyber and data security systems to safeguard against such risks in future.

NOTE 50: AUDIT TRAIL

The Ministry of Corporate Affairs (‘MCA’) has prescribed a requirement for companies under the proviso to Rule 3(1) of the Companies
(Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules, 2021 requiring companies, which uses accounting
software for maintaining its books of account, shall use only such accounting software which has a feature of recording audit trail
of each and every transaction, creating an audit log of each change made in the books of account along with the date when such
changes were made and ensuring that the audit trail cannot be disabled. The Company has used accounting software for maintaining
its books of account which have a feature of audit trail (edit log) facility and the same was enabled at the application level. During the
year ended 31 March 2025, the Company has not enabled the feature of recording audit trail (edit log) at the database level for the
said accounting software to log any direct data changes. Additionally, the audit trail has been preserved by the Company as per the
statutory requirements for record retention where such feature was enabled.

FOR THE YEAR ENDED 31^st MARCH, 2025

(Amount in Rupees lakhs, unless otherwise specified)

Reason for variance of more than 25% as compared to the previous year :

Debt-equity ratio: Ratio has increased mainly due to decrease in net worth and increase in overall debt

Debt service coverage ratio: There is a significant improvement in operations (earnings available for debt service) as compared to
previous year

Return on equity ratio: The net worth has experienced a significant decline in the current year due to current year loss and thus
resulted into a decrease in the overall ratio

Net capital turnover ratio: Though revenue has increased, reduction in ratio is attributable to negative working capital in current year
Return on capital employed : Ratio has improved on account of reduction in losses
Return on investment : Ratio has improved on account of reduction in loss for the year
Net profit ratio : Ratio has improved on account of reduction in loss for the year

**Cost of Good sold = Cost of materials consumed Purchases of stock-in-trade Changes in inventories of finished goods,
stock-in-trade, work-in-progress and property under development Manufacturing and operating expenses Costs towards
development of property

Note: Pursuant to demerger schemes of lifestyle and real estate undertaking, the above-mentioned ratios are not comparable.

NOTE 52: ADDITIONAL REGULATORY INFORMATION REQUIRED BY DIVISION II SCHEDULE III OF THE ACT

a) Details of benami property

Company is not holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules
made thereunder as at 31 March 2025 and 31 March 2024. Further, no proceedings have been initiated or pending against the
Company for holding any benami property under the said act and rules mentioned above for the years ended 31 March 2025
and 31 March 2024.

b) Willful defaulter

The Company has not been declared willful defaulter by any bank or financial institution or any other lender for the years ended
31 March 2025 and 31 March 2024.

c) Relationship with struck off companies

There is no transaction and year-end balance as at 31 March 2025 and 31 March 2024 with struck off companies.

d) Compliance with number of layers of companies

The Company has complied with the number of layers prescribed under section 2(87) of the Act for the years ended 31 March
2025 and 31 March 2024.

e) Compliance with approved scheme of arrangements

Scheme of arrangements mentioned in note 40 are in compliance with sections 230 to 232 read with section 66 of the Act and
the rules framed thereunder.

f) Utilisation of borrowed funds and share premium (for the years ended 31 March 2025 and 31 March 2024)

The Company has not advanced or loaned or invested (either from borrowed funds or share premium or any other sources or
kind of funds) to any other person or entity, including foreign entity ('Intermediaries’) with the understanding (whether recorded
in writing or otherwise) that the Intermediary shall:

a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Company ('Ultimate Beneficiaries’) or

b. provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries. The Company has not received
any fund from any person or entity, including foreign entity ('Funding Party’) with the understanding (whether recorded in
writing or otherwise) that the Company shall: a. directly or indirectly lend or invest in other persons or entities identified
in any manner whatsoever by or on behalf of the Funding Party ('Ultimate Beneficiaries’) or b. provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.

g) Undisclosed income

No income has been surrendered or disclosed as income during the current and previous year.

h) Details of crypto currency or virtual currency

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

i) Registration of charges or satisfaction with Registrar of Companies (‘ROC’)

There are no charges which are yet to be registered with the ROC beyond the statutory period as at 31 March 2025 and
31 March 2024.

j) Revaluation

The Company has not revalued its PPE, ROU assets and intangible assets during the current and previous year.

k) Loans or advances to specified persons

The Company has not granted any loan or advance in the nature of loan, during the current and previous year, to promoters,
directors, KMPs or other related parties, either severally or jointly with any other person, that is repayable on demand or without
specifying any terms or period of repayment. Refer notes 6 and 14 for outstanding loans as at reporting dates.

Note 56: As per the transfer pricing rules, the Company has examined international transactions and documentation in respect
thereof to ensure compliance with the said rules. The management does not anticipate any material adjustments with regard to the
transactions involved.

NOTE 57: AUTHORISATION OF STANDALONE FINANCIAL STATEMENTS

The standalone financial statements as at and for the year ended 31 March 2025 were approved by the Board of Directors on
12 May 2025.

Note 58: Previous year figures have been regrouped, reclassified and rearranged wherever necessary, to conform to this year’s
presentation, and these are not material to the standalone financial statements.

These are the material accounting policies and other explanatory information referred to in our report of even date

For Walker Chandiok & Co LLP For and on behalf of Board of Directors

Chartered Accountants

Firm’s Registration No. 001076N / N500013

Bharat Shetty Amit Agarwal Gautam Hari Singhania

Partner Chief Financial Officer Chairman and Managing Director

Membership No.: 106815 DIN: 00020088

Rakesh Darji

Company Secretary

Place: Mumbai Place: Mumbai

Date: 12 May 2025 Date: 12 May 2025