(x) Provisions

Provisions are recognised when the Company has a
present obligation (legal or constructive) as a result of
a past event; it is probable that the Company will be
required to settle the obligation; and a reliable estimate
can be made of the amount of the obligation. The amount
recognised as a provision is the best estimate of the
consideration required to settle the present obligation
at the end of the reporting period, taking into account
the risks and uncertainties surrounding the obligation.
When the effect of the time value of money is material,

provision is measured at the present value of cash flows
estimated to settle the present obligation. When some or
all of the economic benefits required to settle a provision
are expected to be recovered from a third party, a
receivable is recognised as an asset if it is virtually certain
that reimbursement will be received and the amount of
the receivable can be measured reliably. Provisions are
reviewed at each balance sheet date.

(xi) Employee benefits

(a) Post-employment obligations

The Company operates the following post¬
employment schemes:

• defined benefit plans towards payment of
gratuity; and

• defined contribution plans towards employees'
provident fund & employee pension scheme,
employees' state insurance, superannuation
scheme and national pension scheme.

Defined benefit plan

The liability or asset recognised in the balance sheet
in respect of the defined benefit plan is the present
value of the defined benefit obligation at the end of
the reporting period less the fair value of plan assets.
The present value of the defined benefit obligation is
determined using projected unit credit method by
discounting the estimated future cash outflows with
reference to market yield at the end of the reporting
period on government bonds that have maturity
terms approximating the estimated term of the related
obligation, through actuarial valuations carried out at
the end of each annual reporting period.

The net interest cost is calculated by applying the
discount rate to the net balance of the defined benefit
obligation and the fair value of plan assets. Such net
interest cost along with the current service cost and,
if applicable, the past service cost and settlement
gain/loss, is included in employee benefit expense
in the statement of profit and loss. Remeasurement
gains and losses arising from experience adjustments
and changes in actuarial assumptions, comprising
actuarial gains/losses and return on plan assets
(excluding the amount recognised in net interest on
the net defined liability), are recognised in the period

in which they occur, directly in other comprehensive
income. They are included in retained earnings
in the statement of changes in equity and in the
balance sheet.

(b) Other long-term employee benefit obligations

Other long-term employee benefits include earned
leaves and sick leaves. The liabilities for earned leaves
and sick leaves are not expected to be settled wholly
within twelve months after the end of the period in
which the employees render the related service.
They are therefore measured at the present value
of expected future payments to be made in respect
of services provided by employees up to the end of
the reporting period using the projected unit credit
method, with actuarial valuations being carried out at
the end of each annual reporting period. The benefits
are discounted using the market yield on government
bonds at the end of the reporting period that have
maturity term approximating to the estimated term
of the related obligation. Remeasurements as a
result of experience adjustments and changes in
actuarial assumptions are recognised in profit or
loss. The obligations are presented as provisions in
the balance sheet.

(xii) Financial assets

(a) Classification

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

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

• those measured at amortised cost.

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

For assets measured at fair value, gains and losses
will either be recorded in profit or loss or other
comprehensive income. For assets in the nature of
debt instruments, this will depend on the business
model. For assets in the nature of equity instruments,
this will depend on whether the Company has made
an irrevocable election at the time of initial recognition

to account for the equity instrument at fair value
through other comprehensive income.

The Company reclassifies debt instruments when
and only when its business model for managing
those assets changes.

(b) Measurement

At initial recognition, the Company measures a
financial asset at its fair value plus, in the case of a
financial asset not at fair value through profit or loss,
transaction costs that are directly attributable to the
acquisition of the financial asset. Transaction costs
of financial assets carried at fair value through profit
or loss are expensed in profit or loss.

Debt instruments

Subsequent measurement of debt instruments
depends on the Company's business model for
managing the asset and the cash flow characteristics
of the asset. There are three measurement
categories into which the Company classifies its
debt instruments:

• Amortised cost: Assets that are held for
collection of contractual cash flows where
those cash flows represent solely payments of
principal and interest are measured at amortised
cost. A gain or loss on a debt investment that
is subsequently measured at amortised cost is
recognised in profit or loss when the asset is
derecognised or impaired. Interest income from
these financial assets is recognised using the
effective interest rate method.

• Fair value through other comprehensive
income (FVTOCI): Assets that are held for
collection of contractual cash flows and for
selling the financial assets, where the assets'
cash flows represent solely payments of
principal and interest, are measured at FVTOCI.
Movements in the carrying amount are taken
through OCI, except for the recognition of
impairment gains or losses, interest income and
foreign exchange gains and losses which are
recognised in profit or loss. When the financial
asset is derecognised, the cumulative gain or
loss previously recognised in OCI is reclassified

from equity to profit or 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 (FVTPL):

Assets that do not meet the criteria for
amortised cost or FVTOCI are measured at
fair value through profit or loss. A gain or loss
on a debt investment that is subsequently
measured at fair value through profit or loss is
recognised in profit or loss and presented net
in the statement of profit and loss within other
gains/(losses) in the period in which it arises.
Interest income from these financial assets is
included in other income.

Equity instruments

The Company subsequently measures all equity
investments at fair value, except for equity investments
in subsidiaries and joint venture where the Company
has the option to either measure it at cost or fair
value. The Company has opted to measure equity
investments in subsidiaries and joint venture at cost
hence investments in subsidiaries and joint venture
are carried at cost less impairment, if any. Where the
Company's management has elected to present fair
value gains and losses on equity investments in other
comprehensive income, there is no subsequent
reclassification of fair value gains and losses to
profit or loss. Dividends from such investments are
recognised in profit or loss as other income when the
Company's right to receive payments is established.

(c) 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 associated with its financial assets carried at
amortised cost and FVTOCI debt instruments.

For trade receivables or any contractual right to
receive cash or another financial asset that result
from transactions that are within the scope of Ind
AS 115 Revenue from Contracts with Customers,
the Company applies simplified approach permitted
by Ind AS 109 Financial Instruments, which requires
expected life time losses to be recognised after

initial recognition of receivables. For recognition of
impairment loss on other financial assets and risk
exposure, the Company determines whether there
has been a significant increase in the credit risk since
initial recognition. If credit risk has not increased
significantly, twelve months ECL is used to provide for
impairment loss. However, if credit risk has increased
significantly, lifetime ECL is used. If, in a subsequent
period, 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
twelve-months ECL.

ECL represents expected credit loss resulting from
all possible defaults and 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, discounted at
the original effective interest rate. While determining
cash flows, cash flows from the sale of collateral held
or other credit enhancements that are integral to the
contractual terms are also considered.

ECL is determined with reference to historically
observed default rates over the expected life of the
trade receivables and is adjusted for forward looking
estimates. Note 41 (i) details how the Company
determines expected credit loss.

(d) Derecognition of financial assets

A financial asset is derecognised only when
the Company

• has transferred the rights to receive cash flows
from the financial asset; or

• retains the contractual rights to receive the
cash flows of the financial asset, but assumes
a contractual obligation to pay the cash flows
to one or more recipients.

Where the Company has transferred an asset, it
evaluates whether it has transferred substantially all
risks and rewards of ownership of the financial asset.
In such cases, the financial asset is derecognised.
Where the Company has not transferred substantially

all risks and rewards of ownership of the financial
asset, the financial asset is not derecognised.

Where the Company has neither transferred a
financial asset nor retained substantially all risks
and rewards of ownership of the financial asset, the
financial asset is derecognised if the Company has
not retained control of the financial asset. Where the
Company retains control of the financial asset, the
asset is continued to be recognised to the extent of
continuing involvement in the financial asset.

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

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

(e) Effective interest method

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

through the expected life of the financial asset to the
gross carrying amount of a financial asset. When
calculating the effective interest rate, the Company
estimates the expected cash flows by considering
all the contractual terms of the financial instrument
but does not consider the expected credit losses.
Income is recognised on an effective interest basis
for debt instruments other than those financial assets
classified as at FVTPL.

(xiii)Financial liabilities and equity instruments

(a) Classification

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

Equity instruments

An equity instrument is any contract that evidences
a residual interest in the assets of the Company after
deducting all of its liabilities.

Financial liabilities

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

• those to be measured subsequently at fair value
through profit or loss, and

• those measured at amortised cost.

Financial liabilities are classified as at FVTPL
when the financial liability is held for trading or it is
designated as at FVTPL, other financial liabilities are
measured at amortised cost at the end of subsequent
accounting periods.

(b) Measurement
Equity instruments

Equity instruments issued by the Company are
recognised at the proceeds received. Transaction
cost of equity transactions shall be accounted for as
a deduction from equity.

Financial liabilities

At initial recognition, the Company measures a
financial liability at its fair value net of, in the case of

a financial liability not at fair value through profit or
loss, transaction costs that are directly attributable
to the issue of the financial liability. Transaction costs
of financial liability carried at fair value through profit
or loss are expensed in profit or loss.

Subsequent measurement of financial liabilities
depends on the classification of financial liabilities.
There are two measurement categories into which
the Company classifies its financial liabilities:

• Fair value through profit or loss (FVTPL):

Financial liabilities are classified as at FVTPL
when the financial liability is held for trading or
it is designated as at FVTPL. Financial liabilities
at FVTPL are stated at fair value, with any gains
or losses arising on remeasurement recognised
in profit or loss.

• Amortised cost: Financial liabilities that are
not held-for-trading and are not designated
as at FVTPL are measured at amortised cost
at the end of subsequent accounting periods.
The carrying amounts of financial liabilities that
are subsequently measured at amortised cost
are determined based on the effective interest
method. Interest expense that is not capitalised
as part of costs of an asset is included in the
‘Finance costs' line item.

(c) Derecognition

Equity instruments

Repurchase of the Company's own equity
instruments is recognised and deducted directly in
equity. No gain or loss is recognised in profit or loss
on the purchase, sale, issue or cancellation of the
Company's own equity instruments.

Financial liabilities

The Company derecognises financial liabilities
when, and only when, the Company's obligations
are discharged, cancelled or have expired. An
exchange with a lender of debt instruments with
substantially different terms is accounted for as an
extinguishment of the original financial liability and
the recognition of a new financial liability. Similarly,
a substantial modification of the terms of an existing
financial liability (whether or not attributable to the

financial difficulty of the debtor) is accounted for as
an extinguishment of the original financial liability
and the recognition of a new financial liability. The
difference between the carrying amount of the
financial liability derecognised and the consideration
paid and payable is recognised in profit or loss.

(d) Effective interest method

The effective interest method is a method of
calculating the amortised cost of a financial liability
and of allocating interest expense over the relevant
period. The effective interest rate is the rate that
exactly discounts estimated future cash payments
through the expected life of the financial liability to
the gross carrying amount of a financial liability.

(e) Foreign exchange gains and losses

For financial liabilities that are denominated in a
foreign currency and are measured at amortised
cost at the end of each reporting period, the foreign
exchange gains and losses are determined based
on the amortised cost of the instruments and are
recognised in ‘Other income'. The fair value of
financial liabilities denominated in a foreign currency
is determined in that foreign currency and translated
at the spot rate at the end of the reporting period.

(xiv)Derivatives and hedging activities

The Company undertakes transactions involving
derivative financial instruments, primarily foreign exchange
forward contracts, to manage its exposure to foreign
exchange risks.

Derivatives are initially recognised at fair value at the date the
relevant contracts are entered into and are subsequently
remeasured at their fair value at the end of each reporting
period. The resulting gain or loss is recognised in profit
or loss immediately unless the derivative is designated
and effective as a hedge, in which event the timing of the
recognition in profit or loss depends on the nature of the
hedging relationship and the nature of the hedged item.

Fair value hedges

The Company designates certain derivative instruments
as fair value hedges to mitigate the foreign exchange
risk of changes in the fair value of a recognised asset or
liability, or an unrecognised firm commitment. Changes
in fair value of the designated portion of derivatives that

qualify as fair value hedges are recognised in profit and
loss immediately, together with any changes in the fair
value of the hedged asset or liability that are attributable to
the hedged risk. When a hedged item is an unrecognised
firm commitment to acquire an asset or assume a liability,
the cumulative change in the fair value of the hedged item,
subsequent to its designation, is recognised as an asset
or a liability with a corresponding gain or loss recognised
in profit or loss. The initial carrying amount of the asset
or liability that results from meeting the firm commitment
is adjusted to include the cumulative change in the fair
value of the hedged item that was recognised in the
balance sheet.

Hedge accounting is discontinued when the hedging
instrument expires or is sold, terminated or exercised, or
when it no longer qualifies for hedge accounting. The fair
value adjustment to the carrying amount of the hedged
item arising from the hedged risk is amortized to the profit
and loss from that date.

Cash flow hedges

The Company designates certain derivative instruments
as cash flow hedges to hedge the foreign exchange
risk relating to the cash flows attributable to certain firm
commitments / highly probable forecast transactions.
At the inception of the hedge relationship, the Company
documents the relationship between the hedging
instrument and the hedged item, along with its risk
management objectives and strategy. Furthermore, at
the inception of the hedge and on an ongoing basis,
the Company assesses the effectiveness of the hedging
instrument in offsetting changes in expected cash flows
of the hedged item attributable to the hedged risk. The
effective portion of changes in the fair value of derivatives
that are designated and qualify as cash flow hedges
is recognised in other comprehensive income and
accumulated under cash flow hedging reserve within
equity. The gain or loss relating to the ineffective portion
is recognised immediately in the profit or loss. In case
the Company opts to designate only the changes in the
spot element of a foreign currency forward contract as
a cash flow hedge, the changes in the forward element
of the relevant forward contract, is recognised in other
comprehensive income and accumulated under cost of
hedging reserve within equity, to the extent such forward
element is aligned with the critical terms of the hedged
item. The changes in the forward element of the relevant

forward contract which is not so aligned, is recognised
immediately in profit or loss.

Amounts previously recognised in other comprehensive
income and accumulated in equity relating to effective
and /or aligned portion (as described above) of the cash
flow hedges are reclassified to profit or loss in the periods
when the hedged item affects the profit or loss.

Hedge accounting is discontinued when the hedging
instrument expires or is sold, terminated, or exercised, or
when it no longer qualifies for hedge accounting. Any gain
or loss recognised in other comprehensive income and
accumulated in equity at that time remains in equity and
is recognised when the forecast transaction is ultimately
recognised in profit or loss. When a forecast transaction is
no longer expected to occur, the gain or loss accumulated
in equity is recognised immediately in profit or loss.

(xv) Financial guarantee contracts

Financial guarantee contracts are recognised as a financial
liability at the time the guarantee is issued. The liability is
initially measured at fair value and subsequently at the
higher of (i) the amount of expected credit loss; and (ii)
the amount initially recognised less, where appropriate,
cumulative amount of income recognised.

The fair value of financial guarantees is determined based
on the present value of the difference in cash flows
between the contractual payments required under the
debt instrument and the payments that would be required
without the guarantee or the estimated amount that would
be payable to a third party for assuming the obligations.

Where guarantees in relation to loans of subsidiary
company are provided for no compensation, the fair
values are accounted for as contributions and recognised
as part of the cost of the investment.

Note 3: Critical accounting judgements and
key sources of estimation uncertainty

The preparation of financial statements requires the use of
accounting estimates which, by definition, will seldom equal the
actual results. Management also needs to exercise judgement
in applying the Company's accounting policies.

This note provides an overview of the areas that involved a
higher degree of judgement or complexity, and of items which

are more likely to be materially adjusted due to estimates
and assumptions turning out to be different than those
originally assessed.

Estimates and judgements are continually evaluated. They are
based on historical experience and other factors, including
expectations of future events that may have a financial impact
on the Company and that are believed to be reasonable under
the circumstances.

(i) Critical accounting judgements

Following are the areas which involved complex and
subjective judgements:

(a) Incentives under the U.P. Sugar Industry
Promotion Policy, 2004

In a writ petition filed by the Company against the
illegal withdrawal of U.P. Sugar Industry Promotion
Policy, 2004 (“the Policy”) by the State Government
of Uttar Pradesh, the Hon'ble Allahabad High Court
had decided the matter in favour of the Company
and directed the State Government to quantify and
pay all the incentives that were promised under the
said Policy. The State Government however filed a
Special Leave Petition before the Hon'ble Supreme
Court challenging the decision of the Hon'ble High
Court against it.

While the case was sub-judice, the Company
continued to avail and account for the remissions
of statutory levies and duties aggregating to ' 41.58
crores, which it was entitled to under the Policy, in
accordance with the interim directions of the High
Court. Based on the aforesaid decision of Hon'ble
Allahabad High Court in its favour, the Company
shall continue to pursue its claim of ' 113.75 crores
filed towards one time capital subsidy and its claims
towards other incentives by way of reimbursements
against specified expenses aggregating to ' 130.16
crores, by filing necessary documents for the
verification of the State Government authorities.
The aforesaid amounts do not include any interest
towards delayed settlement.

In view of uncertainties involved on account of the
fact that the State Government has challenged the
decision rendered against it and since the process of
verification and quantification of claims by the State

Government for the incentive period of 10 years is
yet to be taken up, the Company has not recognised
the above benefits/incentives receivable under the
Policy.

(ii) Key sources of estimation uncertainty

Following are the key assumptions concerning the future,
and other key sources of estimation uncertainty at the end
of the reporting period that may have a significant risk of
causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial year:

(a) Fair value measurements and valuation
processes

Some of the Company's assets and liabilities
are measured at fair value for financial reporting
purposes. When the fair values of these assets and
liabilities cannot be measured based on quoted
prices in active markets, their fair value is measured
using valuation techniques by engaging third party
qualified external valuers or internal valuation team
to perform the valuation. The inputs to these models
are taken from observable markets where possible,
but where this is not feasible, a degree of judgement
is required in establishing fair values. Judgements
include considerations of inputs such as liquidity risk,
credit risk and volatility. Changes in assumptions
about these factors could affect the reported fair
value of financial instruments. See note 5, 7, 10, 22
and 43 for further disclosures.

(b) Employee benefit plans

The cost of employee benefits under the defined
benefit plan and other long term employee benefits
as well as the present value of the obligation there
against are determined using actuarial valuations.
An actuarial valuation involves making various
assumptions that may differ from actual developments
in the future. These include the consideration of
appropriate discount rate, future salary increases,
attrition and mortality rates. Due to the complexities
involved in the valuation and its long-term nature,
obligation amount is highly sensitive to changes in
these assumptions.

The parameter most subject to change is the discount
rate. In determining the appropriate discount rate for
plans, the management considers the market yields

on government bonds with a maturity term that is
consistent with the term of the concerned defined
benefit obligation. Future salary increases are based
on expected future inflation rates and expected salary
trends in the industry. Attrition rates are considered
based on past observable data of employees leaving
the services of the Company. The mortality rate is
based on publicly available mortality tables. Those
mortality tables tend to change only at intervals in
response to demographic changes. See note 38 for
further disclosures.

(c) Impairment of financial and non-financial
assets

The Company has a stringent policy of ascertaining
impairment, if any, of financial assets as a result
of detailed scrutiny of major cases and through
determining expected credit losses. Despite
best estimates and periodic credit appraisals of
customers, the Company's receivables are exposed
to delinquency risks due to material adverse changes
in business, financial or economic conditions that are
expected to cause a significant change to the party's
ability to meet its obligations. All such parameters
relating to impairment or potential impairment are
reviewed at each reporting date. See note 42(i) for
further disclosures.

In case of non-financial assets, assessment of
impairment indicators involves consideration of
future risks. Further, the Company estimates asset's
recoverable amount, which is higher of an asset's/
Cash Generating Units (CGU's) fair value less costs
of disposal and its value in use. In assessing value in
use, the estimated future cash flows are discounted
to their present value using pre-tax discount rate
that reflects current market assessments of the time
value of money and the risks specific to the asset. In
determining fair value less costs of disposal, recent
market transactions are taken into account, if no
such transactions can be identified, an appropriate
valuation model is used.

(d) Revenue and cost estimation for long-duration
construction & supply contracts

The revenue recognition pertaining to long-duration
construction & supply contracts are determined on
proportionate completion method based on actual

contract costs incurred till balance sheet date
and total budgeted contract costs. An estimation
of total budgeted contract cost involves making
various assumptions that may differ from the actual
developments in the future. These include delays in
execution due to unforeseen reasons, inflation rate,
future material rates, future labour rates etc. The
estimates/assumptions are made considering past
experience, market/inflation trends and technological
developments etc. All such estimates/ assumptions
are reviewed at each reporting date.

(e) Provision for warranty claims

The Company, in the usual course of sale, provides
warranties on certain products and services,
undertaking to repair or replace the items that fail to
perform satisfactorily during the specified warranty
period. Provisions made represent the amount
of expected cost of meeting such obligations of
rectifications / replacements based on best estimate
considering the historical warranty claim information
and any recent trends that may suggest future
claims could differ from historical amounts. The
assumptions made in relation to the current period
are consistent with those in the prior years.

(f) Provision for litigations and contingencies

The provision for litigations and contingencies
are determined based on evaluation made by the
management of the present obligation arising from
past events the settlement of which is expected to
result in outflow of resources embodying economic

benefits, which involves judgements around
estimating the ultimate outcome of such past events
and measurement of the obligation amount.

(g) Useful life and residual value of plant, property
equipment and intangible assets

The useful life and residual value of plant, property
equipment and intangible assets are determined
based on technical evaluation made by the
management of the expected usage of the asset, the
physical wear and tear and technical or commercial
obsolescence of the asset. Due to the judgements
involved in such estimations, the useful life and
residual value are sensitive to the actual usage in
future period.

(h) Current taxes and deferred taxes

Significant judgement is required in determination
of taxability of certain incomes and deductibility
of certain expenses during the estimation of the
provision for income taxes.

Deferred tax assets are recognised for deductible
temporary differences and carry forward of unused
tax losses and tax credits to the extent that it is
probable that taxable profit would be available
against which such deferred tax assets could 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 optimisation strategies.

(a) Contract assets are initially recognised for revenue earned but not billed pending successful achievement of milestones.
Upon achievement of milestones and billing, contract assets are reclassified to trade receivables.

Contract costs incurred to date plus recognised profits or less recognised losses are compared with progress billings
raised on the customer - any surplus is considered as contract assets and shown as amounts due from customers
under long-duration construction & supply contracts, whereas any shortfall is considered as contract liabilities and
shown as the amounts due to customers under long-duration construction & supply contracts. Amounts billed for work
performed which will become due upon fulfillment of specified conditions is considered as contract assets and shown
as customer retentions. Amounts received before the related work is performed is considered as contract liabilities
and is shown as advances from customers.

(b) Significant changes in contract assets and liabilities:

Decrease in contract assets (Due from customers under long-duration construction & supply contracts) has resulted due
to billing in the current year of substantial work carried out in the previous year upon achieving contractual milestones,
mainly in respect of sewage treatment projects in the municipal segment.

Decrease in contract assets (customer retentions) is mainly due to the release of retentions by the customers upon
fulfillment of specified conditions in respect of sewage/wastewater treatment projects in the municipal/industrial segment.

Increase in contract liabilities (Amount due to customers under long-duration construction & supply contracts) is due
to the reason that against the billing done during the current year, the revenue recognised in accordance with Ind AS
115 ‘Revenue from Contracts with Customers' is lower, mainly in respect of certain sewage treatment projects in the
municipal segment.

Decrease in contract liabilities (Advances from Customers) is mainly attributable to adjustment of advances against
billings under sewage treatment projects and supplies under power transmission business.

(c) Revenue recognised in relation to contract liabilities:

The following table shows how much of the revenue recognised in the current reporting period relates to carried-forward
contract liabilities and how much relates to performance obligations that were satisfied in a prior year.

(i) Secured by pledge/hypothecation of the stock-in-trade, raw material, stores and spare parts, work-in-progress and trade
receivables and second charge created/to be created on the properties of all the Engineering units, an immovable property
at New Delhi and third charge on the properties of Sugar, Co-Generation and Distillery units of the Company on pari-passu
basis except borrowings of ' 162.05 crores pertaining to Shamli Unit, which is secured by pledge/hypothecation of the
stock-in-trade, raw material, stores and spare parts, work-in-progress and trade receivables and second charge created/
to be created on the all movable/immovable properties of the Shamli Unit. Interest rates on the above loans outstanding as
at the year end range between 6.25% to 8.90% p.a. (weighted average interest rate: 6.66% p.a.)

(ii) Commercial papers issued at the interest rate of 6.5% p.a. for a tenor of 3 months, to be fully repaid on April 2026.

(iii) There are no differences in the quantities of stocks reported in the quarterly returns/statements filed with the banks vis-a¬
vis the books of accounts. In the books of accounts, the stocks are valued at lower of cost or net realizable value, whereas
for the determination of drawing power, the sugar stocks are valued at rates which are lower than the book value as well as
the valuation as per the RBI guidelines prescribed for commodities covered under selective credit control.

(i) Basic earnings per share is calculated by dividing the profit attributable to owners of the Company by the weighted average
number of equity shares outstanding during the financial year, adjusted for bonus elements in equity shares issued during
the year, if any, and excluding treasury shares, if any.

(ii) Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account
the after income tax effect of interest and financing costs associated with dilutive potential equity shares and the weighted
average number of additional equity shares that would have been outstanding assuming the conversion of all dilutive potential
equity shares.

(iii) Earnings per share (Basic and Diluted) for both the periods presented above are calculated after considering the impact of
amalgamation of SSEL and issuance of equity shares, pursuant to the composite scheme of arrangement as stated in note
45, post the date of acquisition of SSEL (i.e. 20 June 2024).

Note 38: Segment information

(i) Description of segments and principal activities

The operating segments are classified under two major businesses which the Company is engaged in, and are briefly
described as under:

Sugar & Allied Businesses

(a) Sugar : The Company is a manufacturer of white crystal sugar, having eight manufacturing plants situated in the state
of Uttar Pradesh. The sugar is sold to wholesalers and institutional users as well as in the export market. The Company
uses its captively produced bagasse, generated as a by-product in the manufacturing of sugar, as a feed stock for
generating power. Apart from meeting the captive power requirements of sugar plants and distilleries, the surplus power
is exported to the state grid. Molasses, another by-product in the manufacturing of sugar, is used as raw material for
producing alcohol/ethanol. The Company sells the surplus molasses and bagasse after meeting its levy obligation and
captive requirements.

(b) Distillery : The Company operates six distilleries with an aggregate capacity of 960 kilo-litres per day, all located in
the state of Uttar Pradesh, to produce ethanol and extra neutral alcohol, by using a variety of feedstocks. As forward
integration of distillery operations, the Company also produces potable liquor, both Indian Made Indian Liquor (IMIL or
Country Liquor) and Indian Made Foreign Liquor (IMFL) under its own brands.

Engineering Businesses

(a) Power transmission : This business segment is focused on manufacturing of high speed and niche low speed gears &
gear boxes covering supply to OEMs, after market services and retrofitment of gearboxes, catering to the requirement
of power sector, other industrial segments and defence. The manufacturing facility is located at Mysore, Karnataka.

(b) Water/Wastewater treatment : The business segment operates from Noida, Uttar Pradesh and provides engineered-
to-order process equipment and comprehensive solutions in the water and wastewater management. This segment
includes EPC contracts, Equipment supply and Operations & Maintenance contracts.

(viii)Information about major customers

There is no single customer who has contributed 10% or more to the Company's revenue in the years ended 31 March
2026 and 31 March 2025.

Note 39: Employee benefit plans

(i) Defined contribution plans

(a) The Company contributes to certain defined contribution retirement benefit plans under which the Company pays fixed
contributions to separate entities (funds) or financial institutions or state managed benefit schemes. The Company
has no further payment obligations once the contributions have been paid. Following are the schemes covered under
defined contributions plans of the Company:

Provident Fund Plan & Employee Pension Scheme: The Company makes monthly contributions at prescribed
rates towards Employee Provident Fund/ Employee Pension Scheme administered and managed by the Government
of India.

Employee State Insurance: The Company makes prescribed monthly contributions towards Employees State
Insurance Scheme.

Superannuation Scheme: The Company contributes towards a fund established to provide superannuation benefit
to certain employees in terms of Group Superannuation Policies entered into by such fund with the Life Insurance
Corporation of India.

National Pension Scheme: The Company makes contributions to the National Pension Scheme fund in respect of
certain employees of the Company.

(b) The expense recognised during the period towards defined contribution plans are as follows:

(ii) Defined benefit plan (Gratuity)

(a) The Company operates a defined benefit retirement plan under which the Company pays certain defined benefit by
way of gratuity to its employees. The Gratuity Plan provides a lump sum payment to vested employees at retirement/
termination of employment or upon death of an employee, based on the respective employees' salary and years of
employment with the Company.

(b) Risk exposure

The plan typically exposes the Company to number of actuarial risks, the most significant of which are detailed below:

Investment risk: The plan liabilities are calculated using a discount rate set with references to government bond yields
as at end of reporting period; if plan assets underperform compared to the government bonds discount rate, this will
create or increase a deficit.

Interest risk: A decrease in government bond yields will increase plan liabilities, although this is expected to be partially
offset by an increase in the value of the plan's debt instruments.

Life expectancy: The present value of the defined benefit plan liability is calculated by reference to the best estimate
of the mortality of plan participants during their employment. A change in the life expectancy of the plan participants
will impact the plan's liability.

Salary risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of
plan participants. As such, an increase in the salary of the plan participants will increase the plan's liability.

Attrition rate: The present value of the defined benefit plan liability is impacted by the rate of employee turnover,
disability and early retirement of plan participants. A change in the attrition rate of the plan participants will impact the
plan's liability.

c) The significant actuarial assumptions used for the purposes of the actuarial valuations were as follows:

(iii) Defined benefit plan (Provident fund)

(a) Apart from the contributions made by the Company to defined contribution provident fund plan referred in (i) above, the
Company has also set up a provident fund trust, to secure the provident fund dues in respect of certain employees,
which is administered by the concerned trustees. The rules of the such provident fund require that if the Board of
Trustees are unable to pay interest at the rate declared by the Employees' Provident Fund Organisation, Government
of India, under para 60 of the Employees' Provident Fund Scheme, 1952 for the reason that the return on investment
is less or for any other reason, then the deficiency shall be made good by the Company when determined.

(b) For the year ended 31 March 2026, the Company contributed ' 0.01 crores (31 March 2025: ' 0.01 crores) to the
defined benefit provident fund plan.

The remuneration of key management personnel is determined by the remuneration committee having regard to the
performance of individuals, market trends and applicable provisions of Companies Act, 2013.

(iv) Remuneration and outstanding balances of key management personnel does not include long term employee benefits by
way of gratuity and compensated absences, which are payable only upon cessation of employment and provided on the
basis of actuarial valuation by the Company.

(v) The Company has provided corporate guarantees amounting to ' 100 crores (31 March 2025: ' 158 crores) in connection
with loans agreed to be granted by the lender to wholly owned subsidiaries of the Company. Outstanding balance of loans
under such lending arrangements as at 31 March 2026 is ' 64.19 crores (31 March 2025: ' 77.53 crores).

(vi) Terms & conditions:

(a) Transactions relating to dividends were on same terms and conditions that applied to other shareholders.

(b) Loans to subsidiaries were given at normal commercial terms & conditions at prevailing market rate of interest.

(c) Other transactions are made on terms equivalent to those that prevail in arm's length transactions.

(d) The outstanding balances at the year-end are unsecured and settlement to take place in cash.

Note 41: Capital management

For the purpose of capital management, capital includes net debt and total equity of the Company. The primary objective of the
capital management is to maximize shareholders' value along with an objective to keep the leverage in check in view of cyclical
and capital intensive sugar business of the Company.

The sugar business is the major business of the Company which is seasonal in nature. The entire production of sugar takes
place in about six months and is sold throughout the year. It thus necessitates maintaining high levels of sugar inventory requiring
high working capital funding. Sugar business being a cyclical business, it is prudent to avoid high leverage and the resultant
high finance cost. It is the endeavour of the Company to prune down debts to acceptable levels based on its financial position.

The Company may resort to further issue of capital for projects which can not be fully funded through internal accruals/debt and/
or to finance working capital requirements.

The Company monitors capital structure through gearing ratio represented by debt-equity ratio (debt/total equity). In addition
to the gearing ratio, the Company also looks at long-term loans and lease liabilities to operating profit ratio (long-term loans
and lease liabilities/EBITDA) which provides an indication of adequacy of earnings to service the debts. The Company diligently
negotiates the terms and conditions of the loans and ensures adherence to all the financial covenants. The Company generally
incorporates a clause in loan agreements for prepayment of loans without any premium. The gearing ratio and long-term loans
and lease liabilities/EBITDA ratio for the Company as at the end of reporting period were as follows:

No changes were made in the objectives, policies or processes for managing capital during the years ended 31 March 2026
and 31 March 2025.

The Company is not subject to any externally imposed capital requirements.

Note 42: Financial risk management

The Company's principal financial liabilities comprise borrowings, lease liabilities, trade payables and other payables. The main
purpose of the financial liabilities is to finance the Company's operations. The Company's principal financial assets include loans,
trade and other receivables and cash and bank balances. The Company also holds certain investments, measured at fair value
through profit or loss / amortised cost and enters into derivative transactions, which are not extensive.

The Company's activities expose it mainly to market risk, liquidity risk and credit risk. The monitoring and management of such
risks is undertaken by the senior management of the Company and there are appropriate policies and procedures in place through
which such financial risks are identified, measured and managed. The Company has a specialised team to undertake derivative
activities for risk management purposes and such team has appropriate skills, experience and expertise. It is the Company policy
not to carry out any trading in derivative for speculative purposes. The Audit Committee and the Board are regularly apprised of
the exposures and risks every quarter and mitigation measures are extensively discussed.

(i) Credit risk

Credit risk is associated with the possibility of a counterparty defaulting on its contractual obligations to pay, resulting in
financial loss to the Company. The Company is exposed to credit risks from its operating activities, primarily trade receivables
and retentions. The credit risks in respect of deposits with the banks, foreign exchange transactions and other financial
instruments are nominal. As required, the Company also advances loans to its subsidiary companies and there is some
credit risk associated with it.

(a) Credit risk management

The customer credit risk is managed by each business subject to the Company's established policy, procedure and
controls relating to customer credit risk management. Various businesses require different processes and policies to
be followed based on the business risks, industry practice and customer profiles.

In the case of Sugar business, majority of the sales are made either against advance payments or at a very short credit
period upto 15-30 days to reputed institutional buyers through established sugar agents whereas in Cogeneration

business, forming part of Sugar business, and Distillery, most of the sales are made to Government customers, such
as, State Electricity Board (UPPCL) and Oil Marketing Companies (OMCs). There may be delays in receiving payments
from UPPCL but the risk in respect of realisation of dues is minimal. In Power transmission business, it is the policy of
the Company to receive payment prior to delivery of the material except in the case of some well established OEMs,
including group companies and public sector undertakings, where credit up to 90 days is extended. Water business is
engaged in Engineering, Procurement and Construction (EPC) business in the municipal and industrial sectors where
it is customary to have prescribed retentions which are payable upon completion of the project and after satisfactory
performance of the plant.

In order to contain the business risk especially with respect to long-duration construction & supply contracts,
creditworthiness of the customer is ensured through scrutiny of its financials, status of financial closure of the project,
if required, market reports and reference checks. The Company remains vigilant and regularly assesses the financial
position of customers during execution of contracts with a view to restrict risks of delays and default. In view of its
diversified business profile and considering the size of the Company, credit risks from receivables are well contained
on an overall basis.

The impairment analysis is performed on each reporting period on individual basis for major customers. In addition, a
large number of receivables are grouped and assessed for impairment collectively. The calculation of impairment loss
is based on historical data of losses, current conditions and forecasts and future economic conditions. The Company's
maximum exposure to credit risk at the reporting date is the carrying amount of each financial asset as detailed in note
7, 8, 9, 10 and 13.

Authorities / entities where there is no track record of short receipts. ECL arising from delays in receiving payments
from the Government customers pursuant to sale of goods or under construction contracts are not considered if such
delays are commonly prevalent in the industry and / or the delays are not exceeding one year. All short receipts, other
than arising from expense claims offset by the counter-party, are duly considered in determining ECL. In view of the
business model of the Company's engineered-to-order products and the profile of trade receivables, the determination
of provision based on age analysis may not be realistic and hence, the provision of expected credit loss is determined
for the total trade receivables outstanding as on the reporting date. This provision for ECL is made in addition to the
specific credit losses, if any, provided on specific financial assets.

In the case of Water and Power transmission businesses, the percentage receivables to external sales is high whereas
the overall ratio for the Company is much lower. In the case of EPC projects undertaken by Water business, the
receivables are high as per the norms of the industry and terms of the contracts. A majority of such projects are
executed for the municipalities and before bidding for any contract, the Water business carries out due-diligence to
ensure that the customer has made satisfactory funding arrangements. In the case of Power transmission business,
negotiated credit is allowed to reputed OEMs. The percentage receivables to external sales is also high due to higher
year end sales.

Overall, the credit risk from receivable is low in view of diverse businesses and government customers.

(b) Provision for expected credit losses

Basis as explained above, life time expected credit loss (“ECL”) is determined on trade receivables except in cases
where advance payment terms are prescribed or payment is due from Central / State Government or Government

has not defaulted at any point of time in the past and is maintaining healthy credit ratings (viz. short term A1 and long
term AA under watch with developing implications from ICRA), as a result of which it does not experience any difficulty in
arranging funds from its lenders. However, when the sugar fundamentals are unfavourable, either due to market forces or
due to excessive cane pricing by the Government, the payment of cane price gets delayed though it is the endeavour of
the Company to make cane payment on a priority basis. It is the objective and focus of the Company to reduce debts to
be able to meet the cyclicalities of the sugar business.

Apart from cyclical sugar business, the Company has alternate revenue streams in the form of distillery and engineering
business, which, to a large extent, offset the impact of sugar cyclicalities.

In view of seasonal nature of sugar business, which is a dominant business of the Company, there is a peak build-up of
sugar inventories at the year end, resulting in peak working capital requirement. With the liquidation of such inventories over
the year, the working capital requirement is gradually reduced. Thus, the current ratio computed at the year end is not a
reflection of average and realistic ratio for the year.

(a) Maturities of financial instruments

Maturities of non-derivative financial liabilities:

The following table details the remaining contractual maturity for its non-derivative financial liabilities with agreed
repayment periods. The amounts disclosed in the table have been drawn up based on the undiscounted cash flows
of financial liabilities. The contractual maturity is based on the earliest date on which the Company may be required
to pay.

Maturities of derivative financial instruments:

The Company enters into derivative contracts (foreign exchange forward contracts) that are generally settled on a net
basis to manage some of its foreign currency exposures. Derivative liabilities (net) of ' 2.75 crores as at 31 March 2026
(31 March 2025: Derivative liabilities (net) ' 0.05 crores), shall mature within one year from reporting date.

(iii) Market risk

The Company is exposed to following key market risks:

(a) Interest rate risk on loans and borrowings

(b) Sugar price risk

(c) Other market risks

(a) Interest rate risk

Most of the borrowings availed by the Company are subject to interest on floating rate basis linked to the Repo rate /
MCLR (Marginal Cost of funds based Lending Rate). In view of the fact that the total borrowings of the Company are
quite substantial, the Company is exposed to interest rate risk.

The strategy of the Company to opt for floating interest rates is helpful in maintaining market related realistic rates.
Further, most of the loans and borrowings have a prepayment clause through which the loans could be prepaid without
any prepayment premium. The said clause helps the Company to arrange debt substitution to bring down the interest
costs or to prepay the loans out of the surplus funds held. The interest rate risk is mitigated upto certain extent as
28% of the long term debts as at 31 March 2026 (31 March 2025: 49% of long term debts) comprises loans carrying
concessional interest rates/interest subvention.

While declining interest rates would be beneficial to the Company, adverse interest rate fluctuations could increase
the finance cost. The total impact, in respect of borrowings on floating interest rate basis, is limited as per sensitivity
analysis provided here under:

(b) Sugar price risk

The sugar prices are dependent inter-alia on domestic and global sugar balance - higher supplies lead to softening
of sugar prices whereas higher demand than available supplies lead to hardening of sugar prices. The Company sells
most of its sugar in the domestic market where there are no effective mechanism available to hedge sugar prices in view
of limited breadth in the commodity exchanges. The Company also exports sugar in the years of surplus production
based on Government policy on exports.

Adverse changes in sugar price impact the Company in the following manner:

- The Company values sugar stocks at lower of cost of production (COP) and net realisable value (NRV). In the
event, the COP of sugar is higher than the NRV, the stocks are written down to NRV leading to recognition of loss
on such inventory.

The cost of production of sugar is generally lower than the net realisable value of sugar and hence, chances of significant
losses due to inventory write down are low. Further, the Central Government has prescribed Minimum Selling Price
(MSP) for sugar, which is subject to revision from time to time. It ensures that there is no steep decline in the sugar prices.

(c) Other market risks

The other market risks includes Equity price risk and Foreign currency risk.

Equity price risk arise in respect of listed and unlisted equity securities which may be susceptible to market price
fluctuations. In view of nominal value of investments being held by the Company, other than strategic investments, the
magnitude of risk is not significant.

The Company is exposed to foreign currency exchange risk on certain contracts in connection with export and import
of goods and services. The Company mitigates such risk by entering into off-setting derivative contracts with Banks,
mainly foreign exchange forward contracts, of appropriate maturity and amounts at adequate intervals.

In respect of firm commitments under certain contracts involving receipt/payment of consideration in foreign currency,
the Company has chosen to follow hedge accounting to hedge the risks attributable to the cash flows/fair value in
respect of such firm commitments. The foreign exchange risk arises in respect of the movement in the foreign currency
from the time the contract is negotiated/entered into and till the time the consideration under the contract is actually
settled. In accordance with its risk management policy, the Company manages such risks, generally by entering into
foreign exchange forward contracts for the appropriate maturity with banks. The risk mitigation strategy involves
determination of the timing and the amount of hedge to be taken in a progressive manner, with a view to protect the
exchange rate considered at the time of acceptance of the contract. The Company, generally hedges the foreign
currency risk directly to INR and for hedge accounting, designates a hedge ratio of generally 1:1 in respect of all such
cash flow hedges/fair value hedges. Besides monitoring the movements in the foreign exchange market, the Company
also takes the advice of outside consultants in arriving at its hedging decision. Refer note 2 (xiv) for further details on
accounting policy in respect of hedge accounting.

(ii) Fair value hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are
recognised and measured at fair value. To provide an indication about the reliability of the inputs used in determining fair
value, the Company has classified its financial instruments into the three levels prescribed under the accounting standard.
An explanation of each level follows underneath the table.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted unadjusted market prices in active markets
for identical assets or liabilities. This includes listed equity instruments that have quoted price. The fair value of all equity
instruments which are traded in the stock exchanges is valued using the closing price as at the reporting date.

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

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
There are no transfers between levels 1 and 2 during the year.

(iii) Valuation technique used to determine fair value

Specific valuation techniques used to value financial instruments include the fair value of derivatives (viz. foreign exchange
forward contracts) is determined using market observable inputs, including prevalent forward rates for the maturities of the
respective contracts and interest rate curves as indicated by banks and third parties.

All of the resulting fair value estimates are included in level 2.

(iv) Valuation processes

The Corporate finance team has requisite knowledge and skills in valuation of financial instruments. The team headed by
Group CFO directly reports to the audit committee on the fair value of financial instruments.

(v) The management considers that the carrying amounts of financial assets and financial liabilities recognised in the financial
statements approximate their fair values.

(ii) Demerger of PTB undertaking

Upon the Scheme becoming effective, the PTB undertaking, primarily engaged in the business of manufacturing of high
speed and niche low speed gears & gear boxes, together with all its rights, benefits, interests and obligations therein, shall
stand transferred to and vested into TPTL, as a going concern, and become the property of, and an integral part of TPTL
from the demerger appointed date of 1 April 2026. As a consideration for the demerger, 73454339 equity shares of face
value of ' 2 each are to be issued to the shareholders of the Company by TPTL, in the ratio of 1 equity share of face value
of ' 2 each of TPTL for every 3 equity shares of face value of ' 1 each of the Company. The existing equity shares in TPTL
shall continue to be held by the Company.

As the Hon'ble NCLT's approval was received after 31 March 2026, the demerger is treated as a non-adjusting event for
the financial year ended 31 March 2026. Consequently, the assets, liabilities and the specific reserves pertaining to PTB
undertaking continue to be recognised in the financial statements of the Company as of 31 March 2026 and accounting
impact of demerger will be reflected in the next financial year. As at the demerger appointed date of 1 April 2026, the carrying
values of net assets (including specific reserves) pertaining to PTB undertaking of ' 445.28 crores shall be derecognised
and transferred to TPTL. The net carrying values so derecognised proportionate to the continued holding of the Company
in TPTL, of ' 133.05 crores shall be added to the carrying value of investment held by the Company in TPTL. The difference,
between the carrying values of net assets (including specific reserves) derecognised and the said addition to the investments
held by the Company in TPTL, of ' 312.23 crores shall be adjusted against other equity.

Note 46: Leases
As Lessee

Assets taken under lease mainly include various residential, office, godown premises and plots of land. These are generally
not non-cancellable leases (except for few premises) having unexpired period upto sixty four years. Except a few, the leases
are generally renewable by mutual consent and on mutually agreeable terms. The Company has given refundable interest free
security deposits under certain lease agreements. There is no contingent rent, sublease payments or restriction imposed in the
lease agreement.

As Lessor

The Company has given certain portion of its office / factory premises under operating leases [including lease of investment
property (refer note 5)]. These leases are not non-cancellable and are extendable by mutual consent and at mutually agreeable
terms. The gross carrying amount, accumulated depreciation and depreciation recognised in the statement of profit and loss
in respect of such portion of the leased premises are not separately identifiable. There is no impairment loss in respect of such
premises. No contingent rent has been recognised in the statement of profit and loss. There are no minimum future lease
payments as there are no non-cancellable leases. Lease income is recognised in the statement of profit and loss under “Other
income” (refer note 26). Lease income earned by the Company from its investment properties and direct operating expenses
arising on the investment properties for the year is set out in note 5.

Note 52: Recent accounting pronouncements not yet effective

Ministry of Corporate Affairs, vide notification dated 13 August 2025, has made amendments to Ind AS 1 ‘Presentation of Financial
Statements' regarding classification of long-term loans as current, in the event of breach of covenant on or before the end of the
reporting period with the effect that the loan becomes payable on demand even if the lender agreed, after the reporting period
and before the approval of financial statements, not to demand payment as a consequence of the breach. Amendments clarify
that classification depends on rights existing at the reporting date, removing the Indian ‘carve-out' allowing post-balance sheet
covenant waivers to keep liabilities non-current. This amendment is effective from 1 April 2026 and the Company intends to
adopt these amendments when they become effective. The Company does not expect these amendments to have any significant
impact on its financial statements.

Note 53: Comparatives

The Company has reclassified certain items of financials of comparative year to conform to this year's classification, however,
impact of these reclassification are not material. Figures of the comparative year have been restated to give the accounting effect
of amalgamation of SSEL with the Company, as per the composite scheme of arrangement (refer note 45).

Note 54: Approval of standalone financial statements

The standalone financial statements were approved for issue by the Board of Directors on 29 May 2026 subject to approval
of shareholders.